Sam Woo Construction Group Limited provided earnings guidance for the year ended 31 March 2023. For the year, the company expects to record a net loss of not less than HKD 15 million which represented an improvement as compared to the net loss of HK$87 million as resulted in the first six months period of the Year (the "First Half"). The above situation has improved in the second half of the Year (the "Second Half") because (1) construction works of Kai Tak Public Housing project have commenced and (2) some contract customers have certified or have agreed to certify the value of construction works undertaken in the previous periods.

Therefore, the Group's contract income increased substantially in the Second Half, as compared with the First Half. Accordingly, gross profit generated in the Second Half enabled the Group to set-off a significant part of the gross loss incurred in the First Half. In addition, a large part of the provisions made for the long outstanding retention receivables related to two completed Macau projects was written back after the relevant contract monies were received by Group in the Second Half.