Smoore's net falls 35pc

China-based atomization technology and e-cigarette giant Smoore International (6969) saw its adjusted net profit for the third quarter of 2023 drop by 35.2 percent year-on-year to 466.9 million yuan (HK$501 million).

Meanwhile, pre-tax profit declined by around 36.3 percent compared to the same period last year, primarily due to a 10.3 percent decrease in its revenue, mainly driven by an 85.6 percent year-on-year drop in revenue from the Mainland China market.

Besides, Smoore experienced a 30 percent year-on-year increase in distribution and selling expenses, administrative expenses, and research and development expenses.

In comparison to the second quarter, the pre-tax profit rose by 10.4 percent, primarily due to a 10 percent quarter-on-quarter increase in revenue.