Wing Fung Group Asia Limited reported a net loss attributable to shareholders of HK$22.01 million for the year ended 31 December 2025, reversing the HK$1.07 million profit recorded in FY2024. The downturn was driven by a smaller project pipeline, cost overruns and a HK$5.31 million contract-asset write-off tied to a Macau project.
Revenue fell 17.6% year on year to HK$145.57 million, with the decline largely attributed to reduced work volumes on two Kai Tak projects and completion of several contracts. Gross profit narrowed to HK$0.69 million, pushing the gross margin down to 0.5% from 10.7% a year earlier.
Administrative expenses increased 7.1% to HK$19.62 million due to higher employee costs, while finance costs dropped 25.6% to HK$1.05 million as interest-bearing borrowings decreased to HK$20.36 million (FY2024: HK$25.17 million).
Total assets stood at HK$104.80 million, down 17.0%; cash and cash equivalents declined to HK$4.08 million from HK$16.58 million. Current ratio slipped to 1.6x (FY2024: 2.0x), and the gearing ratio rose to 45.6% on lower equity following the annual loss.
Contract assets after impairment fell to HK$43.92 million (FY2024: HK$62.91 million), while the order backlog remained healthy with HK$630.01 million in unsatisfied performance obligations, of which HK$252.57 million is expected to be recognised within the next twelve months.
The Board proposed no dividend for FY2025. Management signalled a cautious outlook for 2026, citing sector competition, labour shortages and potential delays in a recently awarded HK$383 million project.
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