On April 26, GLONGHUI International (06063.HK) announced that it is expected that the Group will record a consolidated net profit of approximately HK$3 million for the year ended March 31, 2024. Compared with the audited consolidated net loss of approximately HK$8.1 million for the year ended March 31, 2023 (the “prior year”), it will turn a loss into a profit.

The Board believes that this shift in loss to profit was mainly due to an increase of about 27.1% over the previous year of approximately HK$190.6 million due to the lifting of epidemic prevention measures and restrictions in December 2022 and the normalization of the construction progress of several major projects; and the overall impact of improving gross margin due to strengthened project cost control.