Summary by Futu AI
Reitar Logtech Holdings Limited announced financial results for the fiscal year ended March 31, 2024. Revenue surged 198.2% year-over-year to HK$252.0 million, driven by growth in both construction management and engineering design services as well as asset management and professional consultancy services. Gross profit increased 162.7% to HK$64.1 million.Net income from continuing operations rose 163.1% to HK$19.6 million, despite higher operating expenses. The company streamlined its project pipeline to focus on large-scale cooperation projects, with the number of construction projects decreasing from 174 to 48 while total contract amount increased to HK$905.9 million.Looking ahead, Reitar Logtech plans to develop multiple large-scale automated cold chain centers in Hong Kong over the next three years to meet growing market demand. The company is currently working on transforming an industrial building into one of Hong Kong's largest automated cold chain warehouses, with over 200,000 square feet of space.