Yu Rong Group (01536.HK)'s interim earnings decreased 24.1% year over year to approximately HK$67.1 million

Gelonghui Finance ·  11/22/2023 19:24

Gelonghui Group (01536.HK) announced its interim results for the six months ended September 30, 2023. The Group's earnings decreased 24.1% from about HK$88.4 million for the 6 months ended September 30, 2022 to about HK$67.1 million during the reporting period. The main reason was the decline in commercial activity in Hong Kong during the reporting period. Compared with the six months ended September 30, 2022, the number of construction activities and constructible projects was relatively low, resulting in lower demand for the company's products than expected. The Group recorded a net loss of approximately HK$7 million during the reporting period (for the 6 months ended 30 September 2022: net profit of approximately HK$3 million). The increase in net loss was mainly due to a decrease in earnings and a decline in gross profit during the reporting period, as well as a one-time tax credit due to excessive tax provisions in Hong Kong for the six months ended September 30, 2022, which was offset by an increase in employee-related expenses during the reporting period.

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