Ching Lee Holdings (3728. HK) doubles profit in 2023 interim results, showing strong growth capacity

HONG KONG, Nov 28, 2023 - (ACN Newswire) - Ching Lee Holdings Limited "Ching Lee" or "The Group" (stock code 3728.HK) reported its 2023 Interim Results on Monday with a robust performance. Net profits increased by 126.2% to HK$3.4 million, compared to the same period last year. Total revenue recorded 77% of year-on-year growth and profit before tax rose 181.4% from last year.

For the six months ended 30 September 2023, the profit of the Group was mainly attributable to the revenue growth due to a significant increase in new projects of superstructure building works services, projects consisted of development and redevelopment of educational, residential, and commercial buildings. The Group continues to achieve earnings growth and protect shareholders' interests. Basic earnings per share for the six months ended 30 September 2022 was HK0.34 cents as compared with HK0.15 cents per share for the six months ended 30 September 2022.

The Group has solid financial strength to capture different business opportunities with potential construction projects from our current customer networks. We are focusing on our core business as a main contractor in the private sector in Hong Kong and looking for any opportunities in the public sector in Hong Kong for further business development.

The Group Chairman Mr. Ng Choi Wah stated, "We are confident with the economic outlook and the prospects of the construction industry in Hong Kong under economic recovery and the development of Greater Bay Area. We look forward to the construction industry benefiting from the Government's Enhanced Supplementary Labour Scheme launched in the third quarter of the year for manpower improvement to support Hong Kong's long-term development."

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Notes to editors:

Ching Lee Holdings Limited "Ching Lee" or "The Group"

Ching Lee Holdings Limited, a limited liability company incorporated under the laws of the Cayman Islands, is a contractor in Hong Kong with over 23 years of experience in public and private sectors. The principal activities of Ching Lee Holdings and its subsidiaries are the provision of construction and consultancy works and project management services in Hong Kong, engaged in providing substructure building works services, superstructure building works services, and repair, maintenance, alteration and addition (RMAA) works services. Ching Lee Holdings Limited was transferred from GEM board to the main board in HKEx on September 18, 2017 with stock code 3728.hk. Company website: http://www.chingleeholdings.com