Skymission gp (01429.HK) announced that the group is expected to record a net loss of approximately HKD 30 million to HKD 40 million for the year ending on March 31, 2024, while the net income for the year ending on March 31, 2023 is approximately HKD 33.5 million.

The group is a subcontractor for template engineering in Hong Kong, which has been providing traditional template engineering services using wood and plywood, as well as system template engineering services using aluminum templates for over 20 years. In the 2024 fiscal year, the company's gross margin decreased from approximately 7.3% in the fiscal year 2023 to nearly 1.4%. This change is mainly due to the low economic sentiment of the Hong Kong real estate market, a highly competitive environment for new template contracts, wage increases for experienced workers, and unforeseen on-site cost increases.

In addition, financial performance was also affected by a provision of approximatelyHKD22.6 million for trade receivables and contract assets, which is due to the aging of accounts receivable and the lack of a one-time HKD 18.2 million government grant to the anti-epidemic fund in fiscal year 2023.