Gelonghui June 20 丨Hing Ming Holdings (08425.HK) announced that for the year ended March 31, 2023, the Group recorded revenue growth of approximately 30.2% from approximately HK$75.4 million in fiscal year 2022 to approximately HK$98.2 million in fiscal year 2023. The Group recorded total profit and overall revenue of approximately HK$2.4 million and total losses and total losses of approximately HK$300 in fiscal year 2023 and fiscal year 2022 respectively.

The change from net loss to net profit was mainly due to (i) recovery of impairment losses on trade receivables of approximately HK$1.2 million (FY2022: impairment loss on trade receivables of approximately HK$3.1 million); and (ii) increased revenue, mainly driven by increased rental income from new tower cranes and increased rental rates for existing tower cranes.