According to the Zhitong Finance App, Jiahua Department Store Holdings (00602) announced the results for the year ended December 31, 2023. The group recorded revenue of RMB 354 million, an increase of 5.6% over the previous year. The company owner should have accounted for a loss of RMB 153 million, an increase of 46.8% over the previous year. The basic loss per share was approximately RMB 14.71 points.
The report shows that the decline in income is mainly due to the closure of factories and the increase in unemployment, which has led to a decline in the general social consumption climate. Furthermore, the withdrawal of foreign investment and the closure of factories reduced the resident population. The main reason during the year was to upgrade and switch businesses to maintain operating capacity to increase revenue, and to reduce manpower and retain key employees to maintain strength to meet future challenges. Product sales decreased by approximately RMB 14.6 million, commission from counter sales decreased by approximately RMB 8.6 million, revenue from sub-leasing of store properties increased by about RMB 2 million, revenue from investment properties increased by about RMB 400,000, rental income from shopping mall properties increased by approximately RMB 42.2 million, and interest income from financial services decreased by approximately RMB 2.7 million.