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Wang & Lee Group | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Apr 18 16:13
Summary by Moomoo AI
Wang & Lee Group, Inc. (WLGS), a British Virgin Islands holding company with operations in Hong Kong, has released its unaudited financial results for the fiscal year 2023 on April 18, 2024. The company, which specializes in the installation of Electrical & Mechanical Systems for both public and private sectors, reported a significant increase in revenue and gross profit. Revenue surged by 63.7% to $6.83 million, and gross profit soared by 210.6% to $2.44 million compared to the previous fiscal year. Shareholders' equity also saw a dramatic rise from a deficit of $1.71 million to a positive $5.98 million. Despite these gains, the company experienced a net loss of $328,105 for the year, which was an improvement over the previous year's net loss of $596,881. The company attributes its revenue growth to...Show More
Wang & Lee Group, Inc. (WLGS), a British Virgin Islands holding company with operations in Hong Kong, has released its unaudited financial results for the fiscal year 2023 on April 18, 2024. The company, which specializes in the installation of Electrical & Mechanical Systems for both public and private sectors, reported a significant increase in revenue and gross profit. Revenue surged by 63.7% to $6.83 million, and gross profit soared by 210.6% to $2.44 million compared to the previous fiscal year. Shareholders' equity also saw a dramatic rise from a deficit of $1.71 million to a positive $5.98 million. Despite these gains, the company experienced a net loss of $328,105 for the year, which was an improvement over the previous year's net loss of $596,881. The company attributes its revenue growth to the diversification of its product and service line, expansion into target markets, and the resumption of a major construction project that had been suspended. The financial report also included a reconciliation of GAAP to non-GAAP measures, such as Adjusted EBITDA, which the company uses as a key performance indicator. The CEO, Pui Lung Ho, expressed optimism about the company's strategy and its impact on sales growth.

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