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Public company info - Trio Industrial Electronics Group Limited , 01710.HK

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Trio Industrial Electronics Group Limited, 01710.HK - Company Profile
Chairman Lai Yiu Wah
Share Issued (share) 1,000,000,000
Par Currency
Par Value 0.0
Industry Industrial Goods
Corporate Profile Business Summary: The group is principally engaged in the manufacturing and sales of electronic products. Performance for the year: Revenue for the year ended 31 December 2020 decreased by 13.2% to HK$701.7 million as compared with the corresponding period of 2019. Profit attributable to owners of the Company for the year ended 31 December 2020 was HK$28.9 million, representing an increase of 29.2% as compared with the corresponding period of 2019. Business Review Year 2020 was marked as an unprecedentedly challenging time across the globe. While the impacts arising from US-China trade tensions and Brexit negotiations towards the Group remained ongoing, the rapid spread of coronavirus disease 2019 (“COVID-19”) in early 2020 aggravated the situation. The Group experienced a delay in production outputs and product delivery in the first half of 2020 due to a temporary disruption of its production facilities in the PRC and global supply chains. Although the Group’s operations had gradually resumed after the lifting of local restrictions in the PRC, customer demands and product launch initiatives were hard hit by the COVID-19 pandemic and the uncertain economic environment. These resulted in the Group’s revenue for the year ended 31 December 2020 to have decreased by 13.2% to HK$701.7 million compared with that of 2019. Profit attributable to owners of the Company for the year, however, recorded a 29.2% increase to HK$28.9 million compared with the same period of 2019, thanks to the strict cost control measures taken by the Group, as well as receipts of various government grants, subsidies, and other concessions under the COVID-19 relief measures. In these turbulent times of COVID-19 pandemic and global economic uncertainties, the Group will continue to take a step forward to sustain its financial performance and business growth, including but not limited to: 1. maintain robust cash flows and financial management; 2. adopt efficient cost control measures and manage non-essential expenses; 3. internationalise its talents and presences to capture more business opportunities; 4. diversify supply chains and customer bases to minimise the reliance on a few countries and sectors; 5. enhance the level of automation and digitalisation at the Group’s production bases to enhance production efficiency and capabilities; and 6. put more resources on product innovation and development to strengthen its competitive edge in power electronics industry. COVID-19 presents challenges but also opportunities. The COVID-19 pandemic has transformed the landscape of global workforce mobility and business activity, which has accelerated digital transformation and application. The remote/flexible work arrangements and social distancing measures have stimulated the global demands on medical and health care products, automation and self-service equipment, and smart charging solutions. The Group will continue to equip itself to reinforce core competencies to seize huge business opportunities. Prospects: The global economic turmoil brought by the multiple waves of COVID-19 outbreak has been devastating. The impacts caused by the pandemic have not only affected individuals, but also businesses, societies, and the world as a whole. It is difficult to estimate when the pandemic will end and global economy will recover despite the COVID-19 vaccines have been launched for widespread injection. In the past few decades, the Group has faced and overcome many challenges, turning crises into opportunities, and thereby has developed its solid foundation in the power electronics industry. The only constant in life is change. The increased popularity of personal and public health awareness, remote/flexible work arrangements, and new energy vehicles have accelerated global demands on medical and healthcare products, automation and self-service equipment, and smart charging solutions. The Group will leverage its technical expertise and capability to explore business opportunities of such demands.

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