According to the Zhitong Finance App, Xinlong Mobile (01362) announced its annual results for the year ended January 31, 2023. The group achieved revenue of HK$1,936 million during the period, up 5.36% year on year; annual profit of HK$9.01 million, a decrease of 58% year on year; basic profit per share of HK3.22 cents; and plans to pay a final dividend of HK1.5 cents per share.
The announcement said that despite a moderate increase in earnings, net profit for the period fell to HK$9.01 million. This challenging period was characterized by high operating costs, weak economic recovery in Hong Kong, China, falling demand for smartphones, and fierce market competition. All of these situations had an impact on the Group's financial performance. The Group is actively monitoring these challenges and continues to work to improve the Group's business, costs and operating efficiency.