Summary by Moomoo AI
Wang & Lee Group, Inc. (WLGS), a British Virgin Islands holding company with operations in Hong Kong, has released its unaudited interim financial results for the six months ended June 30, 2023. The company, which specializes in the installation of various Electrical & Mechanical Systems for the public and private sectors, reported a revenue increase of 15.2% to $1.44 million from $1.25 million in the same period of 2022. Despite the revenue growth, the company experienced a significant increase in general and administrative expenses, which rose by 204.8% to $1.89 million, primarily due to higher listing fees and salary payments. The cost of revenues also increased by 35.6% to $1.18 million. Consequently, the gross profit decreased to $0.25 million from $0.38 million, and the company incurred a net loss of $1.62 million, compared to a loss of $0.24 million in the previous year. The financial results were disclosed in a press release dated December 28, 2023, and filed with the SEC as part of the Form 6-K report.