Shun Wo Group Expects to Swing to Loss in Six Months to September

MT Newswires Live11-20 18:18

Shun Wo Group Holdings (HKG:1591) expects a net loss between HK$4 million and HK$8 million for the six months ended Sept. 30, against a net profit of HK$32.9 million logged for the same period last year, a Wednesday Hong Kong bourse filing said.

The foundation works sub-contractor attributed the expected swing to loss to a decline in revenue as multiple sizable projects awarded in prior years were substantially completed during the reviewing period and an increase in direct material costs, overhead, and impairment losses on financial and contract assets.

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