China New Consumer Group (08275) announced that in the three months ending June 30, 2023, the group expects to obtain a profit of HK$1 million to about HK$2 million due to company owners, compared with a loss of HK$14.8 million due to owners in the same period in 2022.
According to the announcement, the performance for the three months ended June 30, 2023 turned a loss into a profit, mainly due to increased revenue from machinery rental; higher gross margins for newly awarded construction projects and machinery leases, which led to an increase in gross profit; and reduced legal and professional expenses and marketing expenses, resulting in reduced administrative expenses.