Phoenix New Media Hong Kong stocks | Gaomeng Technology (08065) announced that the company's net profit for the nine months ended December 31, 2021 is expected to decline by about 80 to 85 per cent year-on-year.
According to the announcement, the decrease is mainly due to, among other things, the receipt of about HK $10.7 million in the previous period without any government subsidy, and the reduction in revenue based on the completion of major projects in the previous period; and the projects at hand in the current period are in the preliminary stage and the recognized benefits are not significant.