Gelonghui June 27th 丨Weigao International (01173.HK) announced,Annual results for the year ended March 31, 2023,The Group recorded a turnover of HK$470 million, down 5.4% from the same period last year.The Group's financial performance in all categories improved, recording an after-tax profit of HK$5027,000 (2022: loss of HK$53.366 million).Ordinary equity holders of the parent company shall account for a profit of HK0.200 cents per share.

Looking back on the financial year, Hong Kong's economy continued to face many difficulties. At the beginning of 2022, the novel coronavirus variant Omicron broke out, and Hong Kong ushered in the fifth wave of the epidemic. In order to control the coronavirus infection, Hong Kong has implemented strict anti-epidemic measures, such as vaccine passes, mandatory quarantine measures and continued border closures. The tourism and retail industries have borne the brunt of the impact.

Entering 2023, the global COVID-19 pandemic has gradually stabilized, and Hong Kong's economy and retail market have gradually returned to normal. Until February 2023, when Hong Kong resumed normal travel customs clearance with other regions, driving an increase in the number of inbound visitors, the retail business showed clear signs of improvement. However, in the fourth quarter (that is, from January to March 2023), the Group also recorded a significant increase of 44.1% in turnover from year to year, but the positive impact after customs clearance was still not enough to make up for the 17.1% decline in turnover in the first 3 quarters of the fiscal year. Coupled with the reduction in the number of stores due to the end of the year ending March 31, 2023, the Group's turnover for the year ended March 31, 2023 decreased by 5.4%.