On May 28, GLONGHUI | GC CONSTRUCTION (01489.HK) announced that for the year ended March 31, 2024 (the “reporting period”), the Group is expected to record a net profit of no more than HK$21 million, while net profit for the year ended March 31, 2023 (“same period”) was approximately HK$49.3 million.

According to the announcement, the above decrease in net profit was mainly due to (i) a decrease in other revenue, in particular a reduction of about HK$18.3 million in government subsidies received under the Anti-epidemic Fund's employment protection scheme during the reporting period compared to the same period; and (ii) the decline in gross margin of mud projects due to fluctuations in the real estate market.