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Chi Textile International Holdings (08521.HK) turned its annual profit and loss to HK $32.503 million. ·  {{timeTz}}


Gelon Exchange International Holdings (08521.HK) announced on March 26 that for the 12 months ended December 31, 2021, compared with the financial performance of fiscal year 2020, revenue for fiscal year 2021 increased by 1.7% from HK $121 million to HK $123 million, and gross profit margin increased from 23.6% to 28.3%. The increase in earnings and gross profit margin is due to the steady recovery of China's economy following the global novel coronavirus epidemic in early 2020 and the Group's improvement in product pricing in a recovering business environment.


Despite an increase in earnings and gross profit margin for the financial year 2021, the Group recorded a loss of HK $32.503 million for the year, a change from profit to loss compared with a profit of HK $6.111 million for the financial year 2020. The change from profit to loss in financial year 2021 was mainly due to an one-time provision for bad debts of approximately HK $46.3 million for all overdue balances of trade receivables from a customer.


The directors of the company remain optimistic that China's economy is recovering smoothly after the global outbreak of COVID-19, and that the management of the company will continue to consolidate the Group's position in the research and development of new functional fabrics and expand to different market segments by strengthening marketing and sales efforts.

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