After a strong 2022 performance, the top and bottom lines retreated last year, with net income attributable to shareholders dropping 40% to HK$117,949,000 ($15.1 mm) from HK$195,390,000 on 24% lower sales of HK$1,418,994,000 ($181.5 mm) down from HK$1,874,424,000. The cap maker attributed the declines to lower orders from over-inventoried customers. Sales to the U.S. fell 25% to HK$1,229,8 million ($181.5 mm), while elsewhere Europe was down 5%, China slipped 43%, Hong Kong dipped 17%, and Rest of World was halved. Gross margin narrowed by 40 basis points to 33.6%, while operating ... Log in to view full article.