Summary by Moomoo AI
Wang & Lee Group reported a 31.25% YoY increase in revenue to $1.89 million for H1 2024, driven by growth in low voltage electrical systems and out-fitting services. However, the company recorded a gross loss of $0.05 million, compared to a gross profit of $0.25 million in H1 2023, while cost of revenues rose 64.41% to $1.94 million.General and administrative expenses decreased significantly by 63.49% to $0.69 million, primarily due to reduced listing fees. Finance costs increased by 155.86% to $62,935, while other income nearly doubled to $83,089. The company's net loss improved to $0.72 million from $1.62 million in the same period last year.The construction prime and subcontractor specializes in E&M systems installation, including low voltage electrical systems, MVAC systems, fire service systems, and water supply installations for both public and private sectors in Hong Kong.
