Summary by Futu AI
SIHAI INTERNATIONAL ANNOUNCED ANNUAL RESULTS FOR 2023, SHOWING A SIGNIFICANT DECLINE IN REVENUE AND GROSS PROFIT, WITH A DECLINE OF 92.4% AND 96.9%, RESPECTIVELY. The company's year-over-year loss widened to HK$372,300,000, with a basic loss of HK$32.35 cents per share. The Company's net asset value also declined, with basic and fully diluted net assets falling 35.2% and 28.3%, respectively. SICHAI INTERNATIONAL NOTED THAT THE WEAK PROPERTY MARKET IN MAINLAND CHINA CONTRIBUTED TO A SIGNIFICANT DECREASE IN PROFIT FROM PROPERTY SALES IN CHENGDU AND TIANJIN COMPARED TO LAST YEAR, AND REDUCED THE VALUE LOSS ON SOME PROPERTIES FOR SALE AND DEVELOPMENT. THE COMPANY IMPLEMENTED A SHARE CONSOLIDATION AND DIVIDEND ISSUANCE IN 2023 AND COMPLETED THE CONVERSION OF OUTSTANDING CONVERTIBLE BONDS TO HELP MITIGATE...Show More