According to the Smart Finance App, Asia Grocery (08413) released its annual results for the year ending March 31, 2024, with revenue of HKD 292 million, a YoY increase of 2.2%; net income of HKD 1.864 million, compared to a loss of HKD 4.408 million in the same period last year; and basic earnings per share of 0.160 HK cents.

The turnaround in performance during the period was mainly due to an increase in revenue, an increase in received commission income, a decrease in bad debt write-offs, a decrease in legal and professional fees, a decrease in depreciation on property, plant and equipment, but offset by an increase in the cost of purchasing goods from suppliers, a decrease in government subsidies received, an increase in director remuneration, an increase in depreciation of right-of-use assets, and an increase in transportation expenses.