On March 31, 2024, the end of the fiscal year, PIONEER GLOBAL (00224.HK) announced a revenue of HKD 249.5 million, a 4.7% increase from 2023. The shareholder's net loss amounted to HKD 56.2 million (compared to a surplus of HKD 59.8 million in 2023), with a loss per share of HKD 4.87 cents.
The increase in income is due to the increased rental income from some investment properties (rental income from PIONEER PLAZA and SEIYOUIKAI CLUB building).
Due to geopolitical issues and a slower-than-expected economic recovery in China, Hong Kong's economy continues to suffer. With the sluggish new share fundraising market, Hong Kong's traditional role as a financial center for China and Asia has not been as effective as it was in the past. Without any clear economic driving factors, the rental rates and rental income of Hong Kong's commercial office buildings continue to decline. Additionally, Hong Kong's strong currency pegged to the US dollar, as well as the excellent transportation infrastructure connecting Hong Kong and China, have led to an unprecedented influx of Hong Kong residents spending money in the Greater Bay Area, thereby damaging Hong Kong's local economy. Although Hong Kong's tourism market has been steadily recovering from COVID, its speed is slower than expected due to the strong local currency and China's slow economic recovery.