According to the Zhitong Finance App, China Energy Storage Technology Development (01143) announced the results for the year ended December 31, 2023. The group achieved revenue of HK$502 million during the period, a year-on-year decrease of 5.15%; profit attributable to shareholders was HK$5.257 million. Shareholders' losses were HK$54.42 million during the same period last year, turning a loss into a profit; basic profit per share was HK3.06 cents.
According to the announcement, revenue from electronics manufacturing services decreased by 11.6% to HK$444.2 million (2022: HK$502.6 million), while revenue from the distribution division decreased by 43.7% to HK$10.4 million (2022: HK$18.5 million).
The decline in revenue from the electronics manufacturing services business was mainly due to the decline in business in the European market. Revenue from the telecommunications distribution business continues to decline, mainly due to a decrease in demand for communication products in the North American market. More and more full-time employees are working from home or choosing a hybrid work model, and online meetings are becoming increasingly popular, reducing the use of office communication products.