Kennede Electronics Mfg Co.,Ltd. Reports Q3 Financials: 26.41% Decrease in Revenue
On October 30th, Kennede Electronics Mfg Co., Ltd. (002723), a listed company on the Shenzhen Stock Exchange, released its third quarter report for 2023. During this reporting period, the company's revenue was 358 million yuan, a decrease of 26.41% compared to the same period last year. The net profit attributable to shareholders of the listed company was -18.96 million yuan, a decrease of 272.32% compared to the same period last year. For the first three quarters, the company's revenue was 1.23 billion yuan, an increase of 7.28% compared to the same period last year. The net profit attributable to shareholders of the listed company was 11.24 million yuan, a decrease of 24.55% compared to the same period last year.
Kennede Electronics Mfg Co., Ltd mentioned that its ongoing e-cigarette business successfully completed the renewal of its tobacco monopoly production enterprise license during this period. From the beginning of the year to the end of the reporting period, the company achieved a total operating revenue of 60.6264 million yuan.
Kennede Electronics Mfg Co.,Ltd. highlighted the reasons behind the changes in sales expenses this period. The company attributed the increase in employee wages and exhibition costs to the expansion of e-cigarette sales channels. Additionally, the company mentioned that the rise in advertising expenses was due to brand building initiatives.
According to reports, Kennede Electronics Mfg Co., Ltd. primarily specializes in small home appliances such as rechargeable lighting fixtures, rechargeable dual-use fans for both AC and DC power sources, air purifiers, disposable and pod system products, as well as construction engineering services.
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