Gelonghui April 1 | Dynasty Home (01198.HK) announced its annual results. For the year ended December 31, 2023, the Group recorded revenue of RMB 827.9 million, a decrease of 43.3% over last year. The decline in revenue was due to the Group's termination of its commodity trading business during the year. The Group's overall gross margin decreased from 14.4% in 2022 to 3.2% in 2023 due to a decrease in the gross margin of the furniture and hotel business. As far as the furniture business is concerned, gross margin decreased from 24.6% in 2022 to 7.4% in 2023, due to (i) the company's increased sales through discount promotions, and (ii) increased direct material costs.
The annual loss was RMB 386.0 million, equivalent to a decrease of 3,727.5%. The annual loss attributable to parent company owners was RMB 381.5 million (2022: profit attributable to parent company owners RMB 4.7 million), which is equivalent to a decrease of 8,264.7%. The sharp decrease was due to a decline in the Group's gross profit, an increase in operating expenses, the conversion of fair value of investment properties into profit and loss, impairment of trade receivables and financial assets included in advance payments, deposits and other receivables, the conversion of profits attributable to associated companies to losses attributable to associated companies, and a reduction in excess income tax provisions.