Johnson Hldgs (01955.HK) announced that for the year ending March 31, 2024, it is expected to record a decline of about 31% in earnings compared with the company's earnings for the year ending March 31, 2023, about HKD 2.2802 billion. It is expected that the company's equity holders' share of net profit for the year will decrease by about 44% compared with the year ending March 31, 2023, about HKD 30.60 million.

The announcement stated that the decrease in earnings and equity holders' share of net profit for the year is mainly due to (i) the failure to successfully renew some of the government's clean contracts, which reduces revenue from government clients and lowers overall gross profit; (ii) subsidies from the Hong Kong Special Administrative Region Government's Employment Support Scheme and other government subsidies received in the current year are about HKD 4.3 million less than those received for the year ending March 31, 2023; and (iii) the decrease in fixed costs of the Group during the current year is less than the decline in revenue.