CNT GROUP (00701) announced results for the year ended December 31, 2023. The group...
According to the Zhitong Finance App, CNT GROUP (00701) announced the results for the year ended December 31, 2023. The group achieved revenue of HK$496 million during the period, a decrease of 25.5% year on year; loss attributable to shareholders was HK$685.79 million, a decrease of 27.1% year on year; basic loss per share was HK3.6 cents.
According to the announcement, the total profit of the paint and coatings industry declined in 2023 due to intense competition among manufacturers, price differentiation, and declining profit margins. However, the reduction in international crude oil prices has led to a reduction in raw material costs for paint and coating products, which has reduced production costs, and enabled the industry to benefit from these challenges. As a result, gross margin increased 8.8 percentage points from 21.7% in 2022 to 30.5% in 2023. Despite this improvement, a classification loss of approximately HK$58.15 million was recorded this year, a sharp decrease of 32.7% over the previous year.