According to the Zhitong Finance App, Yikangtai Engineering Group (08445) announced that the Group expects to achieve a comprehensive net loss of about HK$1 million to HK$5 million in the three months ending June 30, 2023, while the net profit for the same period in 2022 is about HK$2 million.
According to the announcement, the profit to loss was mainly due to a decrease in gross profit from the Group's business, as the Group continues to actively adopt pricing strategies to deal with increasingly competitive market conditions; unexpected additional subcontractor fees due to sudden changes in the handling site arrangements in several of the Group's construction projects; and the increase in direct costs caused by delays in several projects.