According to the announcement by Wei Yuan HLDG (01343), the group expects to achieve a net profit of about 0.1 to 0.3 million new dollars for the six months ending on June 30, 2024, while the corresponding period in 2023 was about 1 million new dollars in net profit.

The board of directors believes that the net profit for the six months ending on June 30, 2024 decreased compared to the period ending on June 30, 2023, mainly due to (a) decreased revenue from road milling and repaving services; (b) decreased overall gross margin; and (c) increased net impact from the share of losses in joint ventures.