Chinney Alli Group (00385) released its interim performance for the six months ending June 30, 2024. The Group achieved...
According to the announcement, Chinney Alli Group (00385) released its interim performance for the six months ending June 30, 2024. During this period, the Group generated revenue of HKD 3.447 billion, a year-on-year increase of 35.75%. Shareholders' attributable surplus amounted to HKD 21.519 million, compared to a loss of HKD 59.751 million in the same period last year, reversing the loss into profit. Basic earnings per share were 3.6 Hong Kong cents.
According to the announcement, Shunchang Mechanical and Electrical Group's electrical utilities, HVAC, fire protection, pumping and drainage operations contributed revenue of HKD 1.51 billion (2023: HKD 0.861 billion). However, it incurred an operating loss of HKD 13.6 million (2023: loss of HKD 41 million). With the projects progressing as scheduled, the income has also improved. However, the rising interest rates in China, especially in the second half of 2023, have doubled the borrowing costs, limiting further earnings. Despite these challenges, Shunchang's management is committed to continuously optimizing project execution and procurement procedures, improving operational efficiency and project profitability.