Summary by Moomoo AI
AO ENERGY CONSTRUCTION HOLDINGS LIMITED ISSUED A PROFIT WARNING ON 5 FEBRUARY 2024, ANNOUNCING THAT ITS UNAUDITED CONSOLIDATED MANAGEMENT ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 SHOWED THAT THE GROUP EXPECTED A PROFIT OF APPROXIMATELY AUD$8 MILLION TO MOP11 MILLION, DOWN FROM MOP92 MILLION FOR THE SAME PERIOD IN 2022. The Board noted that the decrease in profit was mainly due to a customer's failure to pay on time, resulting in an impairment loss of approximately MAUD 23 million, and an unexpected delay in the certification of contract works and engineering change orders for a hotel complex within a complex resort in Taipa, Macau, which affected the revenue and profit of the construction business. The Company reminds shareholders and potential investors to be aware that financial results may differ from preliminary assessments and to exercise caution. The annual results announcement is expected to be released before the end of March 2024.