According to the Zhitong Finance App, Shun Hing Group Holdings (01637) announced financial results for the year ended March 31, 2023. The group achieved revenue of HK$954 million, an increase of 26.67% over the previous year; a loss of HK$11.02 million during the year; a profit of HK$11.733 million in the same period last year; a loss of HK$2.8 cents per share.

The company's gross profit decreased by around HK$36.9 million, or HK$80.9%, from approximately HK$45.6 million in FY2022 to approximately HK$8.7 million in FY2023. The company's gross margin decreased by about 5.2 percentage points from about 6.1% in FY2022 to about 0.9% in FY2023. The decline in gross profit and gross margin is mainly due to increased market competition in recent years, the adoption of more competitive pricing strategies when acquiring existing projects; and the increase in the costs of contractors, transportation, equipment and materials after successful bidding.