Powell Max Limited Announces 2024 Audited Financial Results

About this update from Powermax Minerals, Inc.

[{"type":"text","content":"Powell Max Limited Announces 2024 Audited Financial Results\n\n\n\n HONG KONG, April 28, 2025 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “\n \n Company\n \n ” or “\n \n Powell Max\n \n ”), a financial communications services provider headquartered in Hong Kong, today announced the audited financial results of the Company and its subsidiary for the financial year ended December 31, 2024.\n \n\n\n Overview:\n \n\n\n\n Revenue was HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, representing a decrease of 25.7% for the year ended December 31, 2023.\n \n\n Net loss was HK$18.1 million (US$2.3 million) for the year ended December 31, 2024, as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.\n \n\n\n\n Financial Results for the year ended December 31, 2024\n \n\n\n Revenue. Revenue decreased by 25.7% from HK$49.1 million for the year ended December 31, 2023 to HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, which was mainly due to the decrease in both the revenue from corporate financial communications services and IPO financial printing services.\n \n\n General and administrative expenses. General and administrative expenses increased by 1.28 times from HK$10.9 million for the year ended December 31, 2023 to HK$24.9 million (US$3.2 million) for the year ended December 31, 2024, which was mainly due to the incurrence of issuance expenses (which consisted of professional fee and related expenses relating to the equity line of credit under standby equity purchase agreement entered into with YA II PN, Ltd. on November 21, 2024), an increase in professional services fees and an increase in employee benefits expense.\n \n\n Selling and distribution expenses. Selling and distribution expenses increased by 55.6% from HK$4.5 million for the year ended December 31, 2023 to HK$7.0 million (US$0.9 million) for the year ended December 31, 2024, which was mainly due to an increase in the number of staff in our sales team and an increase in other expenses on business development and marketing. In light of the reduction of capital market activities in Hong Kong, we have allocated extra resources on sales and marketing with the view to maintain our market presence.\n \n\n Net loss. Net loss for the year ...

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