According to the Zhitong Finance App, Sinos Group (01418) announced its annual results for the year ended December 31, 2023. The Group's revenue was about HK$3.609 billion, up about 13.8% year on year; net profit was about HK$80.5 million, while a loss of about HK$37.2 million was recorded in the same period last year; and a proposed final dividend of HK1.3 cents per share.
According to the announcement, turning losses into profits was mainly due to increased sales and expenses saved by the Group's adoption of various cost reduction measures, including: (1) improving production efficiency; (2) controlling labor costs more strictly; and (3) reducing raw material costs.