On March 21, Ge Longhui Enterprise (02266.HK) announced that for the year ended December 31, 2023, compared to the audited comprehensive profit that shareholders should have accounted for about MOP 5.3 million in the same period in 2022, the Group is expected to record an unaudited comprehensive loss attributable to shareholders between MOP 17 million and MOP 20 million.
The Board of Directors believes that the reversal of audited comprehensive profit attributable to shareholders to unaudited consolidated loss attributable to shareholders is mainly due to (1) a sharp decrease of no less than 48.0% in earnings in 2023 compared to MOP 172.4 million in the same period in 2022, mainly due to weak market demand and delays in project progress due to the latest industry practice requirements; (2) a decline in gross margin due to weak demand; and (3) provision of MOP 3 million for financial and contract assets after consideration by management.