Rykadan Capital (02288) announced the annual performance for the year ending on March 31, 2024, with a revenue of HKD 104 million, a year-on-year increase of 19.04%; shareholders' loss was HKD 174 million, a year-on-year decrease of 8.16%; basic loss per share was HKD 46.3 cents.

The announcement stated that the group achieved gross loss and gross margin of HKD 27 million (gross profit of HKD 3 million in 2023) and 26.2% (gross margin of 2.9% in 2023), respectively. The reduction was mainly due to gross loss incurred from the sale of a property redevelopment project under the soft market condition in the year, write-off of a property redevelopment project and a decrease in income from asset, investment and fund management businesses that could not offset fixed operating expenses.