On February 8, GLONGHUI | Qianhai Health (00911.HK) announced that the company expects to record losses of about 77% for the year ended December 31, 2023, and recorded a loss of about HK$233.7 million compared to the previous year.
Despite a decline in the average sales price (lower than inventory price) and sales volume of electronic components sold by the Group this year, which led to a decrease in the Group's total revenue and recorded gross loss (gross profit recorded in the previous year), the Group expects to record a decrease in losses this year. The improvement was mainly due to a slight rebound in the average semiconductor sales price in the last quarter of the year, resulting in no additional provisions for confirming inventory and loss contracts in the current year. The prior year's inventory and loss contracts recorded provisions of HK$230.0 million and HK$93.2 million respectively, so net other (loss) /revenue decreased.