Gelonghui August 7th 丨Xinwei Engineering Group (08616.HK) announced that the Group expects to record a net loss of approximately HK$2.3 million in the three months ending June 30, 2023, while net profit for the three months ending June 30, 2022 is approximately HK$600,000.

The Group's net profit decline was mainly due to the following combined effects: (i) reduced revenue from the supply of construction protection products; (ii) increased administrative expenses due to increased general staff costs; and (iii) the recent trend of soaring interest rates led to rising financial costs during the reporting period.