Glonghui, March 14, 丨 Shengbai Holdings (02340.HK) announced that the company expects to record losses attributable to equity holders of HK$13,000,000 to HK$17,000,000 for the year ended 31 December 2023, while profit attributable to equity holders of the company was approximately HK$436,700,000 for the year ended 31 December 2022, including losses from continuing operations of approximately HK$1,700,000, and completed the sale of Hong Kong property and facilities management business and support on January 10, 2022 Profit from the business resulting from the discontinued business is approximately HK$438,400,000.
In addition to significant proceeds from sales, the reasons for the increase in losses experienced by continuing operations in the current year are as follows: (1) This year's revenue decreased by about 30% to 35% compared to the previous year. Due to the continued downturn in the property market this year, the Group was unable to fill sufficient orders for new interior decoration and special projects this year. Another direct reason for the decline in the Group's revenue is that the work schedule of existing projects was frequently disrupted by site handover delays and project design changes, and the impact was more significant compared to the previous year; (2) the Group made provisions for a cost order to pay the plaintiff's costs on an indemnity basis in litigation cases with Fukin Insurance (Hong Kong) Limited (High Court Civil Procedure No. 245 of 2022 and High Court Civil Case No. 472 of 2022); (3) confirmed the Hong Kong Special Administrative Region in the previous year The government introduced a one-time subsidy for the Employment Protection Program.