According to the Zhitong Finance App, Shinhwa World (00582) announced its 2023 results, with revenue of about HK$1,036 million, a year-on-year decrease of about 25.3 million; net loss of approximately HK$522 million, up 140.85% year on year; loss per share of HK$1,236.

According to the announcement, the main reasons for the increase in net losses were: due to intense competition and the easing of travel restrictions in various countries, local tourist outbound travel put pressure on housing prices and occupancy rates; residential property sales declined due to the downturn in the real estate market and rising interest rates; increased operating expenses, particularly utility costs and facility maintenance expenses, and employee welfare expenses due to increased marketing expenses and inflation; and there was no net refund of approximately HK$63 million from depreciation of trade receivables and other receivables in fiscal year 2022.