According to the Zhitong Finance App, CHI HO DEV (08423) announced that the Group expects to obtain a comprehensive net profit of about HK$500,000 to HK$1.5 million for the 3 months ending June 30, 2023, while the comprehensive net profit is about HK$3.9 million for the 3 months ending June 30, 2022.

The expected decline in comprehensive net profit for the three months ended June 30, 2023 is mainly due to a decrease in total revenue and gross profit due to reduced revenue from renovation and maintenance projects, renovation and addition projects, and decoration projects; and an increase in administrative expenses, mainly driven by increased employee costs.