YEE HOP HLDGS (01662) announces profit forecast, expecting a mid-term profit attributable to shareholders of approximately HK$30 million to HK$33 million.

YEE HOP HLDGS (01662) announced that they expect the Group to achieve a profit attributable to owners of the company of approximately HK$30 million to HK$33 million in the mid-term of 2024/2025, while the profit attributable to owners of the company for the six months ended September 30, 2023 was approximately HK$9.8 million. The board believes that the increase in profit attributable to owners of the company is mainly due to the following factors: (i) In the mid-term of 2024/2025, the overall revenue of the company's core business - foundation and other civil engineering, as well as tunnel engineering, is expected to increase by approximately HK$267 million, leading to a corresponding increase in profit of approximately HK$26.5 million in the relevant segments. (ii) Due to the increase in overall rental rate of properties leading to an increase in revenue of approximately HK$6.7 million and a decrease in after-tax loss of approximately HK$6.1 million in the property activation and upgrade business (excluding impairment losses on investment properties as described below); and (iii) An increase of approximately HK$5.96 million in impairment losses on investment properties related to the property activation and upgrade business in China.