Zhitong Financial APP News, Shengang Holdings (08631) released its first quarter results for the three months ended June 30, 2023. The group achieved an income of HK $31.871 million, an increase of 66.61% over the same period last year. The profit for the period was HK $605000, compared with a loss of HK $731000 in the same period last year.
The Group's gross profit increased by about HK $1.4 million, or about 127.3%, from approximately HK $1.1 million for the three months ended 30 June 2022 to about HK $2.5 million for the three months ended 30 June 2023. The Group's gross profit margin increased from 5.6% in the three months ended June 30, 2022 to 7.9% in the three months ended June 30, 2023, mainly due to the reduction in direct labor costs and related costs of operating diesel tankers.