According to the Zhitong Finance App, CTR HOLDINGS (01416) announced that the group expects to obtain net profit attributable to company owners of no more than S$7 million for the year ending February 28, 2023, compared to the net loss attributable to company owners in the same period in 2022 of approximately S$300,000. The increase in net profit attributable to company owners was mainly due to a moderate improvement in the group's gross margin.

According to the announcement, the improvement in gross margin can be attributed to the drastic relaxation of Singapore's epidemic prevention restrictions, which led to a reduction in subcontracting costs. The Group has solved the labor shortage problem by hiring more foreign workers for each project, thereby improving efficiency and productivity in managing projects at lower costs.