According to the annual performance report until March 31, 2024 released by Meijin Group (01825), the group's revenue was HK$571 million, a decrease of 8.35% year-on-year; a loss of HK$18.36 million in the year, while a profit of HK$199.27 million was achieved in the same period last year; a loss of 7.65 Hong Kong cents per share.
The announcement stated that considering the severe macroeconomic environment with high interest rates and weakened consumer confidence, as well as reduced number of customers, and with the group having achieved strong composite sales growth of about 67.9% in the past two years, the 8.4% decrease in revenue actually only reflects a growth slowdown, which is expected. Despite the worsening business environment and increased pricing pressures, the group maintained a gross margin of 16.1% during the reviewed year, compared to 17.2% in the same period last year.
