Productive Tech (00650.HK) announced on June 28 that for the year ending March 31, 2024, the company's sales revenue was HKD 544 million, compared to HKD 568 million in the same period last year. The annual loss increased significantly by about HKD 132.9 million or about 58.0% to HKD 362.1 million in the 2023 fiscal year, from about HKD 229.2 million in the 2022 fiscal year.
Research and development expenses increased significantly by about HKD 84.6 million or about 123.1% to HKD 153.3 million in the 2023 fiscal year, from about HKD 68.7 million in the 2022 fiscal year. This increase is mainly related to the rapid development and expansion of the company's business in the semiconductor and cecep solar energy industry. Research and development expenses include employee costs, stock-based employee compensation recognized as research and development expenses, and expenses incurred for the research and development of 6-12 inch single crystal wafer cleaning equipment and high-capacity solar wet process equipment, which will become the company's main products.