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Industrial Meiheng(01897) released results for the six months ended September 30, 2022, with revenue of HK$304 million, a year-over-year decline of 20.1%; net income of HK$1.891 million, a year-on-year decrease of 91.3%; basic earnings per share of HK$0.5 cents, the first proposed Interim dividend is HK$0.8 cents per share.
The decrease in overall profitability for the period is mainly attributable to the delay in the work schedule of some projects. Revenues for the period were mainly contributed by the residential development projects of Kai Tak New Kowloon Inland Lot No. 6563, Tuen Mun Siu Hong Tuen Mun Town Lot No. 483 and Tai Po Kau Tai Po Town Lot No. 230.
The decrease in net profit for the period is mainly attributable to the decrease in the gross profit margin from 10.9% in the previous period to 4.4% in the current period, as the Group incurred additional costs to speed up installation procedures in some construction sites whose work plans have been delayed due to the COVID-19 epidemic.
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