Gelonghui, Feb. 28 | IMAX CHINA (01970.HK) announced that the Group's revenue increased from US$73.33 million in fiscal year 2022 to US$86.982 million in fiscal year 2023, an increase of 18.7%. This was due to an increase of US$10.6 million in content solutions revenue, US$2.6 million in technology products and services, and an increase of US$500,000 in all other revenue.
The Group's gross profit for fiscal year 2023 was US$54.533 million, accounting for 62.7% of total revenue, while in fiscal year 2022 it was US$396.97 million, accounting for 54.1% of total revenue. The increase in gross profit was mainly due to a $9.4 million increase in gross margin for content solutions and a $5.7 million increase in gross margin for technology products and services, partially offset by $200,000 in all other decreases.
In fiscal year 2023, the Group recorded annual profit of US$27.5 million, while in fiscal year 2022 it recorded a profit of US$10.8 million. Adjusted profit includes profit during the year after adjustments to share-based compensation and related tax effects. It recorded US$29.8 million in fiscal year 2023, compared to US$12.4 million in fiscal year 2022, an increase of 140.3%.