According to the Zhitong Finance App, Tianren Group (01429) announced interim results for the six months ended September 30, 2023, with revenue of about HK$280 million, a year-on-year decrease of about 17.7%; gross margin reduced from about 10.5% to about 5.0%; net loss of HK$4.223 million, net profit of HK$36.262 million for the same period last year; loss of HK$0.26 per share.

According to the announcement, the decline in gross margin was mainly due to the scarcity of skilled workers, unanticipated costs caused by changes in site plans, and increased competition in the market to obtain new template engineering contracts.