According to the Zhitong Finance App, Tianren Group (01429) announced the results for the year ended March 31, 2023, with revenue of about HK$6128 million, an increase of about 13.8%; gross profit of about HK$44.5 million, a year-on-year decrease of about 20.7%; total profit due to company owners of about HK$33.5 million, an increase of about 16.4%; basic profit per share was about HK$2.09 cents, no dividends.

According to the announcement, the increase in revenue was mainly due to the net impact of the increase in confirmed revenue from new projects (mainly from projects TMB-119, TMB-121, TMB-122 and TMB-127), but was offset by a decrease of about HK$87.5 million in revenue from projects completed within the year ended March 31, 2023. TMB-90 TMB-94

The decline in gross profit and gross margin is mainly due to the Group's prudent approach, preparing to bid with lower profit margins but larger contract amounts in order to obtain stable business development.