Lanhe Holdings (00498) released its annual results for the year ending March 31, 2024. The revenue was HKD 61.97 million, a year-on-year decrease of 19.6%. The company's owners' losses narrowed by 56.2% to HKD 265 million, and the basic loss per share was 25.5 HK cents.
The main reason for the decrease in revenue this year was due to the decrease in sales of compressed natural gas as electric vehicles became more popular, as well as the stagnation of liquefied petroleum gas sales due to the gradual phasing out of liquefied petroleum gas vehicles in Wuhan.