Gelonghui November 17丨Mathematical Science Group (02350.HK) announced that, based on a preliminary assessment of the Group's most recent unaudited consolidated financial information for the 6 months ended September 30, 2023 (the “2023 financial period”) and the information currently available to the Board of Directors, the Group is expected to record a net profit of approximately HK$1.4 million for the 6 months ended September 30, 2023, while the 6 months ended September 30, 2022 (“2022 financial period”) recorded a net profit of approximately HK$31.1 million.
The Board of Directors believes that the sharp decline in net profit for the 2023 financial period is mainly due to the following factors: (i) the revenue and gross margin generated by content delivery network licensing for the Group's distribution business segment decreased due to increased market competition during the 2023 financial period; (ii) the total number of projects awarded in the 2023 financial period fell compared to the 2022 fiscal period, and the revenue and gross margin generated by the Group's system integration solutions business decreased; and (iii) other revenue for the 2023 financial period compared to 2022 The decrease in the financial period was mainly due to receiving government subsidies under the “Employment Protection” scheme introduced by the Hong Kong government during the 2022 financial period, while no relevant subsidies were collected during the 2023 financial period.