According to the Zhitong Finance App, Xing Ming Holdings (08425) announced its annual results for the year ending March 31, 2023. The group received revenue of HK$98.235 million, an increase of 30.21% over the same period last year; annual profit of HK$2,369 million, compared with a loss of HK$3,035 million in the same period last year; and a profit of HK$0.61 per share.

According to the announcement, the shift from net loss to net profit was mainly due to the recovery of impairment losses from trade receivables of approximately HK$1.2 million (FY2022: impairment loss of trade receivables of approximately HK$3.1 million); and increased revenue, mainly driven by increased rental income from new tower cranes and increased rental rates of existing tower cranes.