China Environmental Energy (00986) released its annual results for the year ended March 31, 2024, with revenue of 66.052 million Hong Kong dollars, down 3.5% YoY; a net loss of 18.513 million Hong Kong dollars, up 28% YoY; and a basic loss per share of 1.43 Hong Kong cents due to an expected credit loss of approximately 30.72 million Hong Kong dollars for receivables and interest on receivables, which was 21.82 million Hong Kong dollars for the year ended March 31, 2023; as well as sales and distribution expenses partially offset by a reduction in employee costs in the sales and distribution expenses due to a decrease in sales of jewelry as a result of lower sales and marketing expenditure.

The increase in losses during the period was mainly due to (including but not limited to): an expected credit loss of approximately 30.72 million Hong Kong dollars for receivables and interest on receivables, compared to 21.82 million Hong Kong dollars for the year ended March 31, 2023; and a decrease in sales of jewelry resulting in a reduction in employee costs in sales and distribution expenses partially offsetting sales and distribution expenses.