Hefeng Group (02320) disclosed its 2023 annual results announcement. The company achieved revenue of HK224 million during the reporting period...
According to the Zhitong Finance App, Hefeng Group (02320) disclosed the 2023 annual results announcement. The company achieved revenue of HK$224 million during the reporting period, a year-on-year decrease of 47.14%. Gross profit was HK$13.928 million, up 88.29% year over year. The owner of the company owes a loss of HK$101 million, and the loss narrowed by 47.70% year-on-year. Loss per share was HK12.33 cents.
During the reporting period, the decrease in losses was mainly due to (1) reduced earnings due to the closure of a plant in China in 2022; (2) impairment losses on deposits paid for the acquisition of businesses, plants and machinery; (3) fixed costs such as depreciation of certain properties, plants and equipment that were temporarily suspended from upstream operations; and (4) a drop in average sales prices.