Gelonghui March 28 | China Airlines Technology Holdings (00232.HK) announced its annual results. For the year ended 31 December 2023, the Group recorded revenue of HK$1,830 million (2022: HK$1,666 million) and gross profit of HK$568 million (2022: HK$508 million). The Group recorded an annual profit of HK$162 million (2022: HK$508.32 million). As demand in the global general aviation market remains strong in 2023, the sales revenue and corresponding gross profit of the Group's general aviation aircraft piston engine business have maintained an upward trend. Basic earnings per share were HK1.74 cents.

The sharp increase in profit for the year ended 31 December 2023 was mainly due to (a) a US subsidiary of the company began generating taxable profit in 2023, which confirmed deferred income tax credits on its prior years' income tax losses; and (b) 2022 profit included impairment of other intangible assets.