Zhitong Finance App News, HOME CONTROL (01747) announced that the Group's revenue is expected to decrease by about 20% to 25% in 2023 and generate losses attributable to company owners, while 2022 revenue and profit attributable to company owners are approximately US$126.6 million and US$4.6 million respectively.

The Board believes that this decline in revenue is mainly due to a slower than expected global economic recovery, leading to higher customer inventories. The decrease in profit accruing to company owners during the period was mainly due to a decrease in gross profit due to changes in the product portfolio and an increase in other expenses. In addition, non-recurring restructuring and dismissal costs of about US$2.5 million were incurred to optimize the cost structure to maintain the Group's competitiveness in the current business environment, which increased other expenses. Excluding non-recurring restructuring and severance costs, the adjusted profit attributable to company owners is expected to be approximately US$700,000 to US$1.1 million in 2023.