Wing Fung Group (08526) announces that the expected annual net profit is approximately HK$600,000 to HK$1.6 million.

Wing Fung Group (08526) announced that it is expected to achieve a net profit of approximately HK$600,000 to HK$1.6 million for the year ending December 31, 2024, while in the same period in 2023, it incurred a net loss of approximately HK$35.9 million. The Board of Directors believes that the expected turnaround from loss to profit during the period is mainly due to increased revenue; better cost control; reversal of impairment losses on trade receivables and contract assets for the period; and no impairment of contract assets for the year ending December 31, 2023, with an impairment of approximately HK$11.2 million.