KAM HING INT'L issued a profit warning, expecting a net profit of approximately HKD 26 million to HKD 33 million for the fiscal year 2024
KAM HING INT'L expects a net profit of approximately HKD 26 million to HKD 33 million for the fiscal year 2024, a significant improvement compared to a net loss of approximately HKD 134.8 million in 2023. The board pointed out that the reasons for the turnaround from loss to profit include increased sales volume, improved gross margin, reduced financing costs, and a one-time gain of approximately HKD 25.3 million from the sale of subsidiaries
According to the announcement from KAM HING INT'L (02307), the group expects to achieve a net profit of approximately HKD 26 million to HKD 33 million for the year ending December 31, 2024, compared to a net loss of approximately HKD 134.8 million for the year ending December 31, 2023.
The board believes that the momentum of turning from loss to profit for the six months ending June 30, 2024, is mainly attributed to: an increase in sales volume; an improvement in gross profit margin; a reduction in financing costs; and a one-time net gain of approximately HKD 25.3 million from the sale of a subsidiary
