Gelonghui, March 27, 丨 Huaxi Holdings (01689.HK) announced the final results for the year ended 31 December 2023. Revenue decreased by 20.1% to HK$155 million. Losses attributable to company owners were reduced by 22.5% to HK$41.18 million. Basic loss per share decreased by 22.5% to HK5.87 cents. The Board does not recommend payment of a final dividend for the year ended 31 December 2023 (2022: none).
Although China further relaxed COVID-19 prevention and control policies in December 2022 and introduced various policies and measures in an orderly manner to help the Chinese economy recover steadily in 2023, the global and Chinese economy will remain unstable in 2023. Under fierce market competition, sales declined and raw material prices rose, which had an adverse financial impact on the overall revenue and profitability of the cigarette packaging business.