Tian Cheng Hldg (02110) announced that the group is expected to obtain a shareholder of not more than approximately HKD45 million in net loss for the year ending on May 31, 2024, which is a significant decrease of approximately HKD42 million or about 48.3% compared to the shareholder's net loss of approximately HKD87 million for the year ending on May 31, 2023.
Tian Cheng Hldg (02110) announced that the group is expected to obtain a shareholder of not more than approximately HKD45 million in net loss for the year ending on May 31, 2024, which is a significant decrease of approximately HKD42 million or about 48.3% compared to the shareholder's net loss of approximately HKD87 million for the year ending on May 31, 2023.
The main reasons for the decrease in net loss during the reporting period compared to the fiscal year 2023 are as follows: an increase in revenue of approximately HKD20.7 million from maritime construction projects, other civil engineering projects, and ship leasing services during the reporting period; an increase in revenue of approximately HKD4.6 million from new business divisions and elderly care services; a decrease in sales costs of approximately HKD5.2 million during the reporting period; a decrease in impairment losses on property, plant, and equipment, as well as right-of-use assets of approximately HKD8.9 million during the reporting period; and an expected reversal of impairment losses on contract assets, trade receivables, deposits, and other receivables of approximately HKD1.5 million (fiscal year 2023: impairment loss of approximately HKD1.6 million) under the credit loss model.