Hitek Global Slips To Loss In FY24

(RTTNews) - Chinese IT consulting and solutions service provider Hitek Global Inc. (HKIT) Tuesday announced net loss for the fiscal 2024, compared to profit last year. The results were impacted by reduced revenues, as well as one time deregistration cost, compared to the prior year.

The company reported annual net loss of $896,690 or $0.04 per share compared to profit of $1.944 million or $0.08 per share last year.

Revenue for the quarter declined to $2.905 million from $4.563 million a year ago.

The company said it was affected by changes in hardware and tax device sales, while the growth in its CIS software segment was encouraging.