On February 28, GLONGHUI | Siwei Technology (01202.HK) announced that the company expects to record a net profit of about RMB 3.47 million and net profit attributable to the company owner of about RMB 2.77 million for the year ended December 31, 2023, while the net loss attributable to the owner of the company was approximately RMB 2.22 million in the previous year.
The portion of the Group's corporate owners turned into a profit mainly due to the year-on-year increase in revenue from the company's cable component business and cable manufacturing business by about 144% and 126%, respectively, during this period, while taking various measures to control costs.