Tongda Group (00698) announced its annual results for the year ended December 31, 2023. The group achieved revenue of 65...
According to the Zhitong Finance App, Tongda Group (00698) announced its annual results for the year ended December 31, 2023. The group obtained revenue of HK$6.522 billion, a year-on-year decrease of 18.2%; losses attributable to the company owners were HK$1.23 billion, while net profit of HK$137 million was achieved during the same period last year; and a basic loss of HK$12.64 per share.
In response to the rapidly changing and extremely challenging peripheral business environment, the Group continues to review itself, and has carried out a series of optimization adjustments to the operating structure, including but not limited to measures such as shutting down factories that continue to lose money and consolidating the customer base. Although it causes one-time losses to the Group's books in the short term, it can reduce cash outflow and invest in other higher quality businesses in the long run. At the same time, the Group has sufficient cash reserves, and related losses do not affect the Group's ability to continue operating its business.