Summary by Futu AI
UNAUDITED RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 SHOWED THAT TOTAL SALES FELL 4.8% AND REVENUE FELL SLIGHTLY BY 0.4%, BUT EARNINGS BEFORE NORMALIZED INTEREST TAX DEPRECIATION AMORTIZATION ROSE 4.2% AND PROFIT MARGIN INCREASED 153 BASIS POINTS TO 34.8%. CEO Yang said that despite the mild performance of the industry, branding and revenue management measures drove net revenue growth per 100 litres, and the gross margin increased by more than 200 basis points. The moderate performance of the Chinese and Korean markets led to a decline in sales, but gross margins and earnings in China both rose. In addition, Baiway-Pacific achieved more than 25% carbon reductions across China's entire value chain, ahead of meeting climate action targets in the 2025 Sustainable Development Goals. The company will hold a sustainability webinar on May 14, 2024 and a teleconference on May 8. The Board of Directors reminds shareholders and potential investors that unaudited performance should not be the sole basis for buying and selling securities.