JingCheng Holdings (01630) announced its annual results for the year ended March 31, 2024. Revenue is approximately HKD 1.245 billion, a year-on-year increase of 162.14%; net loss of HKD 43.81 million, compared to a net profit of HKD 11.887 million in the same period of previous year; loss per share of 2.92 Hong Kong cents.

According to the announcement, the increase in revenue was mainly due to the group being awarded several major tender contracts in early 2023, and these contracts are currently in the peak period of construction. The reversal of profit to loss was mainly due to the lack of a wage subsidy of about HKD 16.6 million received under the Hong Kong government's 2022 Employment Subsidy Scheme last year; the net loss of unrealized losses from trading securities and dividends received by the trading and investment business segment was approximately HKD 13.8 million, whereas a profit of approximately HKD 2.4 million was made last year; and the impairment loss under the expected credit loss model for the provision of credit amounted to approximately HKD 40.7 million, while a provision of approximately HKD 0.2 million was reversed in 2023.