HKET HOLDINGS (00423) has announced its financial results for the year ended March 31.

The company reported revenue of HK$721 million, a decline of 10.3% compared to the previous year.

The loss attributable to shareholders was HK$42.966 million, which represents a 20.4% increase from the prior year's loss.

The basic loss per share was HK9.96 cents. The board has proposed a final dividend of HK4.0 cents per share.

Advertising revenue, primarily generated from the group's digital platforms and print publications, decreased by HK$64.6 million, or 17%, to HK$311.4 million.

While the overall economy in Hong Kong showed a mild recovery during the fiscal year, the local consumer market continued to face significant challenges.

Structural changes were driven by the persistent trend of local residents traveling north for consumption and overseas, coupled with a shift in the spending patterns of inbound tourists.

Advertising clients maintained a cautious approach towards their budgets, rapidly adjusting their strategies in response to the volatile market conditions.

A continued reduction in job vacancies within the Hong Kong employment market also negatively impacted the group's recruitment advertising business.

Mobile advertising remained the primary focus for clients and constituted the largest source of the group's advertising income.