Glonghui, March 18, 丨 Jiarui International (00822.HK) announced that the company expects to record a net loss of approximately HK$24.9 million to HK$31.9 million for the year ended 31 December 2023, while the net profit attributable to equity holders of the company was approximately HK$74.8 million for the same period in 2022.
The net loss was mainly due to the following reasons: (i) after the Group acquired Global Plastic Solutions, S. de R.L. de C.V., and Avery Plastics Consulting Group Inc. Group, which has manufacturing and assembling plastic products in Mexico in July 2023; and (ii) Western countries faced tremendous economic pressure due to inflation and interest rate hikes by the Federal Reserve. Consumer motivation has been weakened. As a result, demand in the Group's main markets declined significantly, and as a result, the Group's sales revenue fell by approximately 14.8% compared to the same period in 2022.
Despite ongoing geopolitical tension and the reshaping of the global supply chain pattern, the Group will take a proactive stance to develop new businesses and markets, develop new products and technologies, deal with the intricate pattern of global trade and logistics with a diversified business strategy, and continue to prioritize strict cost control measures.