GLONGHUI March 26 | Cinda International Holdings (00111.HK) announced the final results of 2023. The Group's overall loss decreased for the whole year, recording a loss of HK$12.85 million after tax, while last year it recorded a loss of HK$22.41 million after tax. Total revenue for the year was HK$136 million, down 4% from last year. Of this, operating income was HK$126 million, down 7% from last year. Other revenue was HK$23.76 million, down 20% from last year. Other net losses were HK$13.56 million, down 43% from last year. In terms of expenses, the Group is focusing on cost control. Under the circumstances of streamlining manpower, personnel costs fell 6% year on year; in addition, active reduction in other operating expenses, the annual operating costs (excluding commission expenses, impairment losses on financial assets and financial expenses) were HK$116 million, down 7% from last year. Financial expenses, on the other hand, are 29% higher than last year, mainly due to rising market interest rates offsetting the impact of the decline in average overall loan size.
The Group's annual profit attributable to associated companies was HK$24.36 million (2022: HK$6.46 million), an increase of 277% over last year, mainly due to the transformation of absolute return funds from loss to profit, and the performance of an associated company engaged in fund management and private equity investment all improved compared to last year. As a result, the Group's annual pre-tax loss was only HK$170,000 (2022: loss of HK$11.38 million), and the after-tax loss attributable to equity holders of the company was HK$12.85 million (2022: loss of HK$22.41 million).