Starglory Hldgs (08213) announced its annual results for the year ending March 31, 2024, with a revenue of HKD 99.391 million, a 38.84% decrease YoY; The company's shareholders have suffered a loss of HKD 16.205 million, a 30.78% increase YoY; The loss per share is 3.11 HK cents.
According to the announcement, the significant increase in loss was mainly due to the decrease in revenue, the decrease in other income, the impairment loss on investment in an associated company, the provision for impairment losses on other receivables to offset the impact of the poor performance of a subsidiary company on revenue. During the reporting period, effective cost control measures and operational efficiency improvement also contributed to the decrease in operating expenses.
During the reporting period, the Group launched a development blueprint for the renewable energy industry. The importance of clean and renewable energy is becoming increasingly prominent. Coupled with the Chinese government's efforts to achieve the "dual carbon" goal, bullish policies, and the widespread price reduction across the entire industry chain, have all generated huge demand for new photovoltaic installations. In view of this, the Group has been committed to exploring opportunities in the photovoltaic market since the second half of the reporting period.