Rongfeng Group Asia (08526) announced results for the year ended December 31, 2023, with revenue of 1.146...
According to the Zhitong Finance App, Wing Fung Group Asia (08526) announced results for the year ended December 31, 2023, with revenue of HK$114.6 million, down 37.7% year on year; net loss of HK$35.95 million, up 220.6% year on year; basic loss per share of HK$22.13.
The main reasons for the increase in net loss during the period were: a decrease in the number of projects that generated revenue during the relevant period; the Group did not receive an irregular one-time COVID-19 relief and subsidy of about HK$5.6 million from the Hong Kong and Macau governments; the three projects located in Chek Lap Kok, Shatin and Taipa, Macau, which cancelled contract assets of approximately HK$11.2 million due to final account agreements reached after negotiations with customers; and confirmation of an impairment loss provision of approximately HK$12.2 million on trade receivables and contract assets.
Despite the increase in net losses during the relevant period, the Group remained alert and proactive, and successfully obtained new projects with considerable contract amounts. In the first half of 2023, among several projects, the Group was awarded a new project with an initial contract value of over HK$182 million. It marks a new milestone in the Group's business development, and is the Group's most expensive contract awarded in Hong Kong, China. The Group will continue to regularly and closely monitor the progress of its ongoing projects, and will continue to seek suitable bid opportunities and bid on potential projects to maximize the Group's profits and shareholder returns.