Zhitong Financial App News, CWT INT'L (00521) released interim results for the six months ended June 30, 2023, with revenue of HK $16.941 billion, down 24.2% from a year earlier; profit attributable to company owners was HK $135 million, up 6.3% from a year earlier; earnings per share were HK1.18 cents.
In the first half of 2023, the top priority for most of the world's economies remains to reduce inflation while ensuring financial stability. Business and consumer confidence are recovering, and China's reopening has boosted global economic activity. However, global economic growth remains overshadowed by the trauma caused by the COVID-19 epidemic, extreme weather events and structural macroeconomic challenges such as weak investment and worsening debt problems. The Organization for Economic Cooperation and Development (OECD) expects global GDP growth to slow from 3.3 per cent in 2022 to 2.7 per cent in 2023 and to 2.9 per cent in 2024.
In such cases, for the sake of risk diversification, the company considers it necessary to continue to enhance its core competitiveness while focusing on core industries and to look for business opportunities in developing countries. Hainan Free Trade Port has become one of the ports with the highest level of openness in the world. More and more global enterprises have set up regional headquarters or branches in Hainan Province. The Group continues to explore the business opportunities of Hainan Free Trade Port and Southeast Asian countries through a variety of ways, such as strategic cooperation and joint ventures with local business partners. As the company's footprint in mainland China continues to expand, the company will strive to learn from and replicate the company's successful experience in Singapore and other parts of the world.
In the second half of 2023, in addition to prudently operating its traditional business, the Group will continue to strive to seize the rare opportunity in Hainan, China, to maximize the interests of shareholders and create a brighter future.