Gelonghui July 28th 丨Zhejiang Joint Investment (08366.HK) announced results for the year ended April 30, 2023. The Group's overall revenue increased from approximately HK$133.3 million to HK$65.9 million to approximately HK$199.2 million, an increase of 49.4%. The loss due to company owners was approximately HK$3.1 million, while the loss due to company owners for the year ended April 30, 2023 was approximately HK$7.4 million.

Compared with the net loss recorded for the year ended April 30, 2022, the Group recorded a decrease in net loss due to the increase in earnings and gross margin for the year ended April 30, 2023. Hong Kong's construction companies are still facing a more severe competitive environment. The Finance Committee and Public Works Subcommittee have slowed the review of funding proposals for public works projects due to the political and social chaos in Hong Kong. The Group is also facing a more challenging operating environment due to rising operating costs, including (in particular) higher subcontracting fees and overall operating costs. Therefore, the directors believe that competition in the market is still intense.