WING FUNG GROUP (08526) Issues Profit Warning, Anticipates Net Loss of HK$20-24 Million for Fiscal Year 2025

Stock News03-10

WING FUNG GROUP (08526) announced that the group expects to record a net loss ranging between approximately HK$20 million and HK$24 million for the fiscal year ending December 31, 2025. This contrasts with a net profit of about HK$1.1 million achieved in the same period of 2024. The board of directors attributes the anticipated loss for the period primarily to the following factors: (i) a decrease in revenue of approximately HK$28 million to HK$34 million due to project delays caused by an economic downturn; (ii) a significant reduction in the expected gross profit margin for the group's projects, resulting from cost overruns due to delayed completion of several projects; (iii) a decrease in the reversal of impairment losses on trade receivables and contract assets during the period; and (iv) the recognition of a write-off of contract assets following the final settlement of the Taipa project in Macau during the period.

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