Zhitong Financial APP News, Huaxun (00833) announced interim results for 2023, with earnings of about HK $729 million, down 15% from the same period last year; profit attributable to company owners was HK $52.219 million, up 29.12% from the same period last year; earnings per share were HK11 cents, with an interim dividend of HK2 cents per share.
The overall gross profit margin improved from 15.3% in the same period last year to 18.7% in the current period. The increase was mainly due to a decrease in unit costs of certain raw materials, including wafers and plastic resins; a decrease in labour costs due to a decrease in the number of workers; and an increase in the proportion of sales of electronic products with higher profit margins.
According to the announcement, the decrease in turnover was due to a decrease in sales of electronic products during the period. The increase in net profit was mainly due to an improvement in gross profit margin and a decrease in impairment losses on financial assets during the period.