Top Standard Corporation (the “Company”) announced its annual results for the year ended December 31, 2023, showing a decrease in revenue from approximately HK$12,500 million in 2022 to approximately HK$9,100 million, mainly due to the lower than expected performance of its restaurant and bar operations in Hong Kong. However, due to non-routine sales that have ceased operations, the company turned a profit and recorded a total profit of approximately HK$4,000 million and comprehensive income. As of December 31, 2023, the Company had total assets of approximately HK$15,500 million and total liabilities of approximately HK$23,700 million and a total loss of approximately HK$8,000,000. As of December 31, 2023, the Company's current liabilities exceeded its current assets by HK$14,340 million and faces liquidity pressures over the next...Show More

Top Standard Corporation (the “Company”) announced its annual results for the year ended December 31, 2023, showing a decrease in revenue from approximately HK$12,500 million in 2022 to approximately HK$9,100 million, mainly due to the lower than expected performance of its restaurant and bar operations in Hong Kong. However, due to non-routine sales that have ceased operations, the company turned a profit and recorded a total profit of approximately HK$4,000 million and comprehensive income. As of December 31, 2023, the Company had total assets of approximately HK$15,500 million and total liabilities of approximately HK$23,700 million and a total loss of approximately HK$8,000,000. As of December 31, 2023, the Company's current liabilities exceeded its current assets by HK$14,340 million and faces liquidity pressures over the next 12 months. To address this pressure, the company has taken a number of measures, including terminating the business of certain subsidiaries to reduce debt and cash flow, and opening a new catering business in Southeast Asia. In addition, the company conducted two divestitures in 2023 to strengthen its financial position and expand its shareholder base. The Board of Directors does not recommend paying a final dividend for 2023.