China Water Industry Group (01129) announced its 2023 annual results, achieving revenue of HK$734 million, a year-on-year decrease of 3...
According to the Zhitong Finance App, China Water Industry Group (01129) announced its 2023 results, achieving revenue of HK$734 million, a year-on-year decrease of 39.81%; losses attributable to shareholders of HK$243 million, an increase of 172.93% year-on-year; and a loss of 8.47 HK cents per share.
The main reasons for the decline in performance were (i) the local development of incineration projects and the closure of some landfills, resulting in a sharp drop in feed-in electricity; (ii) several large-scale water supply projects were completed in fiscal year 2022, while installation and construction activities in similar businesses declined in fiscal year 2023 due to the downturn in the real estate market in China; (iii) completion of the Linyi Phoenix sale; and (iv) compared with fiscal year 2023, there was no confirmed revenue from completed property sales for the Nanjing property project. The impact of these factors has been partially offset by increased sewage treatment and increased sales of compressed natural gas products.