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C&T announces 2023 Interim Results
Hong Kong, August 18, 2023 - Leading Hong Kong listed information technology (IT) software and service company, Computer And Technologies Holdings Limited (C&T or the Group, SEHK 00046) announced today its unaudited interim results for the six months ended June 30, 2023.
China’s post-COVID recovery is hindered by geopolitical rivalries and the market is swayed by growth prospects. Poor market sentiment has been weakening the demand from the private sectors for enterprise application software and related services during the reporting period. On the other hand, demands from the government and semi-government organizations in Hong Kong Special Administrative Region (HKSAR) for IT solutions and services remained solid. Consequently, the Group’s overall revenue maintained at HK$128.1 million, approximately the same as last year (2022: HK$128.6 million). As a result of increased staff costs in project delivery, the Group’s gross profit decreased by HK$2.7 million to HK$67.6 million (2022: HK$70.3 million).
The improved bank interest income contributed to the increase in other income and gains of the Group by HK$2.2 million to HK$8.1 million (2022: HK$5.8 million). The fluctuation in the equity market had adversely impacted the valuation of the Group’s on hand financial assets by HK$0.5 million (2022: HK$1.6 million). In line with the inflated staff costs and the increase of the amortization of deferred development costs, the overall expenses went up by HK$5.3 million to HK$55.3 million (2022: HK$50.0 million).
With the abovementioned, the Group’s consolidated net profit attributable to shareholders reduced by HK$3.7 million to HK$18.2 million (2022: HK$21.9 million). The basic earnings per share also dropped to 7.38 HK cents (2022: 8.86 HK cents).
In view of a sustained healthy financial position, the Board declared the distribution of an interim dividend of 5.5 HK cents (2022: 6.5 HK cents) per ordinary share for the six months ended June 30, 2023.
Mr. Ng Cheung Shing, Chairman of the Group said, “To address the IT resources shortage and increasing staff cost in HKSAR, the Group has been increasing the scale of its software development centers in Mainland China. Looking ahead, the management believes the order closing momentum will gradually be picked up by strengthened go-to-market activities planned by the Group in the second half of the year. With the enhanced software product portfolio and improved resources management among Hong Kong and Mainland China, the Group will become more competitive in its business environment. Despite economic recovery and consumer sentiment remaining uncertain, the Group is still confident in its growth potential leveraging our enhanced customer base and revenue streams with strong recurring nature. Considering the efforts made by the Group to improve operational efficiency and its business expansion plan to the Greater Bay Area, the management remains positive in the growth prospects in our business segments and cautiously optimistic in the second half of 2023.”
For details of the Group’s 2023 Interim Results, please refer to the official announcement.
About C&T Holdings
Computer And Technologies Holdings Limited (C&T, SEHK 00046) operates its business with a vision to build a better world with Information Technology. Established in 1991 and listed on the main board of Hong Kong Stock Exchange since 1998, C&T is committed to providing best-of-breed enterprise software products and cloud services from human resources management to cyber intelligence, information management, procurement management, property management and retail management to enable organizations to run their businesses and operations better. Apart from software products, the Group has a long-standing track record in delivering effective IT solutions and quality services, including IT solution design and implementation, software development, online e-services and business processing outsourcing services, to enhance the competitive advantages of our clients. For more than 30 years, the Group’s products and services have been widely adopted across industries and sectors and trusted by enterprise customers ranging from prominent brands to local conglomerates and multinational corporations, as well as government organizations and non-profit organizations. For more information, please visit C&T website: www.ctil.com.
Mr. Jack Siu
Tel: (852) 2503 8179
Fax: (852) 2503 8100