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HONG KONG, June 27, 2023 - (ACN Newswire) - Ching Lee Holdings Limited "Ching Lee" or "The Group" (stock code 3728.HK) has announced its annual results which have remarkable financial performance with rapid growth of revenue and notable gross profits for the turnaround from loss to profit. The net profit for the year ended 31 March 2023 was recorded a big gain at approximately HK$11.8 million as opposed to the net loss of approximately HK$18.2 million for the year ended 31 March 2022.
The Group's revenue for the year ended 31 March 2023 was recorded at approximately HK$708.8 million which represented an increase of approximately HK$172.3 million or 32.1% from approximately HK$536.5 million for the year ended 31 March 2022. We have continued to see broad-based income momentum across the Group. The increase in a number of new construction projects and effective cost control have helped to drive strong income and balance growth and scale to the business. RMAA works were the highlight of revenue improvement, which soared by about 275% from the prior year. While the superstructure works increased by 23.6%, the substructure works grew by 12.2% for the year.
The Group Chairman Mr. Ng Choi Wah, said: "We are pleased to make good progress in all businesses and have realised returns across all three operating segments. The Group remains confident with the economic outlook and the prospects of the construction industry in Hong Kong as the economy resumes upward momentum due to the full resumption of living. We continue to explore the opportunities in infrastructure and property development projects in future."
During the year, the Group has successfully overcome the impact of the COVID-19 pandemic and recovered speedily. The Group continues to capture different business opportunities with potential construction projects from our current customer networks.
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Notes to editors:
Ching Lee Holdings Limited "Ching Lee" or "The Group"
Ching Lee Holdings Limited, a limited liability company incorporated under the laws of the Cayman Islands, is a contractor in Hong Kong with over 23 years of experience in public and private sectors. The principal activities of Ching Lee Holdings and its subsidiaries are the provision of construction and consultancy works and project management services in Hong Kong, engaged in providing substructure building works services, superstructure building works services, and repair, maintenance, alteration and addition (RMAA) works services. Ching Lee Holdings Limited was transferred from GEM board to the main board in HKEx on September 18, 2017 with stock code 3728.hk. Company website: http://www.chingleeholdings.com
Substructure building works services (Substructure works)
Superstructure building works services (Superstructure works)
Repair, maintenance, alteration and addition services (RMAA)
Substructure and Superstructure building works refer to building works in relation to the parts of the structure below or above the ground level respectively, while RMAA works are for existing structures. The scope of substructure building works projects consisted of demolition and hoarding, site formation and foundation works. The scope of superstructure building works projects consisted of development and redevelopment of educational, residential, and commercial buildings, and the scope of RMAA works consisted of improvement, fitting-out works, renovation works, restoration works and external works.
Topic: Press release summary
Source: Ching Lee Holdings Limited
Sectors: Construct, Engineering
https://www.acnnewswire.com
From the Asia Corporate News Network
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