Keen Ocean International Holdings (08070.HK) announced on August 7 that, based on the current information available (including the unaudited comprehensive management account of the group for the six months ended June 30, 2024), the preliminary review and evaluation indicated that: (i) the group is expected to record revenue of about HKD 0.127 billion in this period, a decrease of about 41.5% year-on-year; (ii) the group is expected to record a net profit of about HKD 10.1 million in this period, a slight increase of about 2.0% year-on-year.
Based on the current information available, the board of directors believes that the expected decrease in revenue in this period is mainly due to the weakening of customer demand caused by the economic downturn. The expected increase in gross margin is mainly due to strict control over material costs and the rise in product prices. The expected increase in net profit is mainly due to the increase in gross margin offsetting the decrease in revenue.