According to the Zhitong Finance APP, Tse Sui Luen (00417) announced its annual results for the year ending March 31, 2024, with revenue of HKD 2.655 billion, an increase of 2.5% year-on-year. The company's owners suffered losses of HKD 374 million, a 423.8% increase year-on-year, and a basic loss per share of 150.2 Hong Kong cents.

Despite unfavorable factors, the Group still achieved a slight growth of 2.5% in its revenue for this year. Due to the increased proportion of sales of 24K gold products, the gross margin for this year decreased to 29.6%, compared with 35.1% for the year ending March 31, 2023. Starting from the second half of this year, the Group immediately took a series of actions to reduce the negative impact of the decline in gross margin. In response to the significant adjustment of the sales mix of 24K gold products, the Group implemented multiple cost control measures, including streamlining organizational functions by adjusting human resources, significantly reducing employee costs, restructuring its store network, and reducing inventory levels. As a result, the Group incurred an additional restructuring cost of approximately HKD 75 million for this year.

From the second half of this year, the Group immediately took a series of actions to reduce the negative impact of the decline in gross margin. In response to the significant adjustment of the sales mix of 24K gold products, the Group implemented multiple cost control measures, including streamlining organizational functions by adjusting human resources, significantly reducing employee costs, restructuring its store network, and reducing inventory levels. As a result, the Group incurred an additional restructuring cost of approximately HKD 75 million for this year.