Gelonghui, March 26, 丨 Rongyang Industrial (02078.HK) announced that for the year ended December 31, 2023, the Group recorded revenue of approximately HK$1,037 million, a year-on-year decrease of about 35.7%. Profit attributable to the owners of the company was approximately HK$28.2 million, and the net loss for the year ended 31 December 2022 was approximately HK$105 million. Earnings per share were HK0.1 cents.
In 2023, despite the challenging global economic environment, which led to a slowdown in global economic growth, the Group continued to review its product segments from time to time and actively adjust its business portfolio to minimize manageable operating risks and ensure sustainable revenue and profit growth. On the other hand, through continuous implementation of effective cost control measures, the company has improved operating efficiency and achieved a steady increase in gross margin.
The overall decline in revenue was mainly due to (i) a decrease in the average price of aluminum ingots compared to 2022, leading to a decrease in average selling price; (ii) a slowdown in economic growth, which led to a decrease in sales; and (iii) a number of technologies under development that have not yet reached the mass production stage.