Asia grocery (08413) released its annual results as of March 31, 2024, with revenue of HKD 292 million, a year-on-year increase of 2.2%; net income was HKD 1.864 million, compared with a loss of HKD 4.408 million in the same period of the previous year; basic earnings per share were 0.016 HKD.
The performance during the period turned a loss into a profit, mainly due to the increase in revenue, the increase in received commission income, the decrease in bad debt write-offs, the decrease in legal and professional expenses, the decrease in depreciation of property, plant and equipment. However, it was offset by the increase in the cost of purchasing commodities from suppliers, the decrease in government subsidies received, the increase in directors' remuneration, the increase in depreciation of right-of-use assets, and the increase in transportation expenses.
