On March 26, GLONGHUI (01483.HK) announced that for the year ended December 31, 2023, the Group recorded revenue of approximately HK$205 million, a year-on-year decrease of about 21.7%. The gross margin for the year was approximately 11.2%, which is lower than the gross margin of approximately 18.2% for the year ended December 31, 2022. The Group recorded a total overall loss attributable to the company's equity holders of approximately HK$368.29 million (2022: HK$177 million). A loss of HK5 cents per share.
The main reasons for the decline in revenue and gross margin were (i) a reduction in the number of environmental maintenance projects due to the completion of several service contracts and (ii) an increase in operating costs (such as labor costs, gasoline and diesel fuel).