According to the Zhitong Finance App, Shetu Holdings (08392) announced its annual results for the year ending March 31, 2023. The group obtained revenue of HK$61.225 million, a decrease of 51.32% over the previous year; the company's owners should account for a loss of HK$6.593 million, while profit was HK$3.355 million for the same period last year.

The global household goods market (Europe in particular) dominates the company's main source of revenue. Due to declining consumer sentiment and fierce market competition, revenue from the household goods export business was approximately HK$53.2 million, down about 54.1% from fiscal year 2022. The decline in export sales of household goods was mainly due to a decrease in sales orders placed by one of the customers this year. However, the gross margin of the household goods export business increased from about 21.4% in fiscal year 2022 to about 31.8% this year. The increase was mainly due to lower earnings from one of the lower gross margin customers this year.