Rongzhong Fin (03963) announced its annual results for the year ended March 31, 2024, with revenue of HKD 89.04 million...
Rongzhong Fin (03963) announced its annual results for the year ended March 31, 2024, with revenue of HKD 89.04 million, a YoY increase of 4.92%. Net loss attributable to owners of the company was HKD 9.615 million, a YoY decrease of 92.28%. Loss per share was 2 Hong Kong cents.
The announcement stated that the increase in revenue was mainly due to the group's effective implementation of a global strategy, expanding into new business locations, and beginning to process loans with relatively high liquid assets and generally small loan volumes, while trying to minimize credit risk while increasing leasing business.
The decrease in losses was mainly due to a reduction of approximately HKD 78.1 million in expected credit losses provision for the group's financial assets; a reduction of approximately HKD 9.6 million in impairment provision for the group's goodwill; and a decrease of approximately HKD 28.4 million in finance costs arising from the disposal of certain subsidiaries of the group for the year ended March 31, 2023.