Mutai Textile (01382): Announced Annual Performance: Revenue Exceeded HK $5 Billion, Net Profit Fell 53.1% To HK $269 Million

Mutai Textile (01382) announced in the evening of June 23 that the company's revenue was HK $5.019 billion as of March 31, 2023, a year-on-year decrease of 17.27%, which was due to the combined impact of a 24.5% decrease in sales volume and a 9.6% increase in average sales price; The profit attributable to shareholders of the Company during the period was 269 million Hong Kong dollars, a year-on-year decrease of 53.10%; The basic earnings per share is HK $0.19, and the proposed final dividend is HK $4 per share.

The decrease in net profit is due to (i) the decrease in sales revenue; (ii) The lower utilization rate of production facilities in Panyu Plant leads to higher amortization of fixed costs; And (iii) impairment losses arising from the Company's investment in Teejay Lanka PLC. If the impairment loss of about HK $46.6 million is not included, the profit will decrease by about 45.0%