Gelonghui, March 4, 丨 Wenling Measuring & Cutting Tools (01379.HK) announced that the company's net profit for the year ended December 31, 2023 is expected to be drastically reduced compared to the Group's net profit of about RMB 57,500,000 for the year ended December 31, 2022, with a range of about RMB 30,000,000 to RMB 36,000,000.
The decrease in the Group's net profit forecast for the year is mainly due to (i) a decrease in revenue of approximately RMB 134,100,000 due to a decrease in property sales for the year ended 31 December 2022, and (ii) the conversion of investment property valuation earnings to loss of investment property valuation for the year ended 31 December 2022.