According to the Zhitong Finance App, Bank of Hong Kong Holdings (08162) announced results for the year ended December 31, 2023, with revenue of approximately HK$10.74 billion, an increase of 22,188%; profit attributable to company owners was HK$17.375 million, while a loss of HK$22.74 million was recorded in the same period in 2022; and earnings per share were HK$2.1 million.
According to the announcement, the conversion of loss to profit was mainly due to the net effects of: (a) an increase in total Group revenue of approximately HK$10.692.2 billion; (b) confirmation of the book value of sold inventory of approximately HK$10.687 billion (2022: approximately HK$34.1 million); (c) revenue from the sale of a subsidiary confirmed approximately HK$1.6 million; (d) loss reduction of approximately HK$3.2 million in employee costs; (f) a reduction in other operating expenses of approximately HK$3.7 million; and (g) Tax expenses increased by approximately HK$8.8 million.