Sam Woo Construction Group Limited provided earnings guidance for the year ended March 31, 2024. For the year, the Group expects to record a net loss of not less than HKD 20 million for the year ended 31 March 2024 (the ?Year?). The Group has relied on Kai Tak Public Housing project (awarded and commenced in 2022) as the major source of revenue for the Year.

However certain parts of the construction works have to be postponed until and when the contract employer has formulated a practicable solution to tackle with the complicated ground conditions of this project. As a result of the postponement of the major project, the revenue and gross profit generated during the Year was not enough to cover all the overhead costs and finance expenses of the Group. The amount of finance expenses also increased substantially due to increase in loan interest rates compared with that of the last year.