Keystone Capital (00804) announced its annual results, with net loss of HK$24.388 million narrowing by 41.19% year over year

According to the Zhitong Finance App, Keystone Capital (00804) announced the results for the year ended December 31, 2023. The group achieved a profit of HK$2.024 million, an increase of 3.87% year on year; loss of HK$24.388 million during the year, a year-on-year decrease of 41.19%; and a loss of 7.08 HK cents per share.

According to the announcement, the increase in earnings was due to an increase in commission income from securities brokerage services, which was partially offset by a decrease in income from securities mortgage lending services. Commission income from securities brokerage services increased to approximately HK$1.3 million in 2023, compared to HK$200,000 on 31 December 2022. Income from securities mortgage lending services decreased to HK$18.7 million, a decrease of about 3% compared to approximately HK$19.2 million in 2022. The Group earned approximately HK$87,000 in revenue from placement and underwriting services, but did not generate revenue in 2022.