Glonghui, March 15, 丨 Aobang Construction (01615.HK) announced that the company expects to record a loss of no more than HK$18 million after tax for the year ended 31 December 2023, while the profit after tax for the previous year was approximately HK$9.8 million.
Expected losses are mainly due to (i) lower gross margins for projects completed in 2023 compared to projects completed in 2022, leading to a reduction in gross profit; and (ii) a general decrease in demand for refinement projects in 2023, leading to a decrease in revenue from such services.