China Information Technology Development Limited (HKEX: 8178) Reports Positive Growth in Turnover and Decrease in Losses for First Quarter 2023 Results

HONG KONG, May 31, 2023 /PRNewswire/ — China Information Technology Development Limited (CITD) (HKEX: 8178), a leading technology company specializing in AI and cloud technologies, announced its financial results for the three months ended 31 March 2023 (the “Period”). The company experienced a significant increase in turnover and a decrease in losses compared to the corresponding period in the previous year. Key highlights for the first quarterly results include:

1. Turnover: CITD achieved a remarkable turnover of approximately HK$32,977,000 for the Period, representing a substantial increase of 57.9% compared to the same period last year (2022: approximately HK$20,887,000). The increase is mainly due to the increase of revenue in IT solutions and maintenance business.

2. Losses: The loss attributable to owners of the Company for the three months ended 31 March 2023 amounted to approximately HK$3,027,000, demonstrating a significant improvement compared to the corresponding period in 2022 (2022: loss of approximately HK$3,880,000). The decrease in losses can be attributed to several factors, including a reduction in research and development expenses for the smart retail cloud platform and network security of IoT cloud platform, amounting to approximately HK$2,180,000. Additionally, an increase in legal and professional fees for publication of circulars and announcements related to corporate actions during the Period contributed to the losses.

3. Earnings per Share: The loss per share attributable to owners of the Company for the three months ended 31 March 2023 was approximately HK$5.88, demonstrating a notable improvement compared to the restated loss of approximately HK$11.31 for the same period in 2022.

Commenting on the results, Daniel Wong, Chairman and Chief Executive Officer of CITD, said, “We are pleased to report positive growth in turnover and a significant reduction in losses for the first quarter of 2023. The increase in turnover reflects our strong market position and the trust our clients place in our innovative solutions. Despite the challenges faced during the Period, we have managed to reduce losses and maintain a focus on innovation and expansion. We remain committed to driving further growth and delivering value to our stakeholders.”

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