According to the announcement, MS CONCEPT (08447) released its annual performance as of March 31, 2024, with revenue of HKD 226 million, a decrease of 9.9% year-on-year; a net loss of HKD 18.609 million, compared to a profit of HKD 3.967 million in the same period of last year; basic loss per share was 1.86 Hong Kong cents.

The decrease in revenue was mainly due to a decrease in the number of customers who shopped at their restaurants, which is attributed to a decrease in cross-border consumption; the merger of restaurants managed under the brand names of Typhoon and Pearly since July 2022 and February 2024 respectively, while some of the effects were offset by the closure of restaurants managed under the brand names of Marbling and Kwai Fong MS since January 2023 and May 2023 respectively.