Summary by Moomoo AI
Hang Yu Group Holdings Limited (the “Hang Yu Group”) issued a profit warning, expecting a loss of no less than MO$126.3 million in 2023, a significant decline from a profit of about M$21.5 million in 2022. This profit loss was mainly due to lower revenues, annual revenue decreased by approximately 40% to 45% compared to last year and gross profit decreased by approximately 48% to 52%, mainly due to reduced renovation works. The Company notes that the financial data currently published are preliminary review results and have not been audited or reviewed by auditors, and the annual results have not yet been definitively determined and may be subject to adjustments. Hengyu Group is expected to announce its final annual results on 28 March 2024.
