Financial Performance - For the year ended December 31, 2023, the company reported total revenue of $36.039 million, a decrease of 61.0% compared to $9.254 million in 2022[2]. - The cost of sales and services was $2.877 million, down from $4.731 million in the previous year, reflecting a 39.2% reduction[2]. - Gross profit for the year was $3.162 million, compared to $4.523 million in 2022, indicating a decline of 30.1%[2]. - Other income increased to $1.044 million from $457,000, representing a significant growth of 128.5%[2]. - The company recorded a profit before tax of $4.120 million, compared to $1.833 million in the prior year, marking an increase of 124.5%[2]. - Net profit attributable to owners of the company was $451,000, a decrease of 73.3% from $1.683 million in 2022[2]. - The earnings per share for the year was 0.06 cents, down from 0.23 cents in the previous year, reflecting a decline of 73.9%[2]. - The company reported a total comprehensive income of $725,000, compared to a loss of $1.809 million in 2022, indicating a turnaround[2]. - The group recorded a net profit after tax of $451,000 for the year ended December 31, 2023, down from $1,683,000 in 2022, with revenue decreasing by 34.7% from $9,254,000 to $6,039,000[42][50]. - The net profit after tax was $451,000, down from $1,683,000 in the previous year, resulting in basic earnings per share of $0.06 compared to $0.23 in 2022[51]. Revenue Breakdown - Total revenue for the year 2023 was $6,039,000, a decrease of 34.5% from $9,254,000 in 2022[17]. - Revenue from the production and sale of footwear products was $1,687,000, down 66.7% from $5,051,000 in the previous year[17]. - Rental income from properties was $4,352,000, an increase of 3.5% from $4,203,000 in 2022[17]. - Revenue from the United States for footwear products was $675,000, a decrease of 74.5% from $2,644,000 in 2022[24]. - Major customer A contributed $1,687,000 to total revenue in 2023, down from $5,051,000 in 2022[25]. Assets and Liabilities - As of December 31, 2023, total non-current assets amounted to $86,952,000, a slight decrease of 1% from $87,822,000 in 2022[5]. - Current assets increased to $12,064,000, up from $11,792,000, reflecting a growth of approximately 2.3%[5]. - The company's cash and cash equivalents rose to $9,858,000, representing an increase of 14.8% compared to $8,588,000 in the previous year[5]. - Total liabilities decreased to $17,034,000 from $17,166,000, indicating a reduction of about 0.8%[5]. - The total equity increased to $78,780,000, up from $78,547,000, marking a growth of approximately 0.3%[5]. - Trade and other receivables decreased significantly to $1,279,000 from $2,196,000, a decline of about 41.8%[5]. - The company reported a net current asset value of $8,862,000, an increase of 12.3% from $7,891,000 in 2022[5]. - The company’s non-current assets in China were valued at $86,513,000, slightly down from $87,616,000 in 2022[24]. Cost Management - Total employee costs for 2023 amounted to $2,299,000, slightly down from $2,333,000 in 2022, reflecting a decrease of 1.46%[27]. - Total trade and other payables decreased to $2,137,000 in 2023 from $2,601,000 in 2022, a reduction of 17.8%[36]. - The company incurred a net foreign exchange loss of $53,000 in 2023, a significant improvement compared to a loss of $405,000 in 2022[28]. - The company’s total inventory capitalization improved to $(965,000) in 2023 from $(1,138,000) in 2022, indicating better inventory management[27]. - Deferred tax expenses for 2023 were $(331,000), compared to $(150,000) in 2022, reflecting a significant increase in tax liabilities[28]. Strategic Plans - The company plans to focus on market expansion and new product development in the upcoming year[2]. - The company is exploring potential mergers and acquisitions to enhance its market position and growth prospects[2]. - The management will continue to seek suitable new tenants for property leasing to enhance value amid a tough economic environment[47]. - The group anticipates a challenging outlook for 2024 due to high interest rates and ongoing geopolitical tensions affecting consumer spending[47]. Corporate Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial performance for the year[8]. - The company has changed its functional currency to Renminbi, effective from the reporting period, with the financial statements continuing to be presented in US dollars[7]. - The company did not buy, sell, or redeem any of its shares during the reporting period[58]. - The company fully complied with the corporate governance code throughout the fiscal year[59].
创信国际(00676) - 2023 - 年度业绩