SFK Construction Holdings Limited (01447) said the group's unaudited consolidated net profit for the six months ended 30 June 2019 is expected to decrease by approximately 70% to 80% as compared with the six months ended 30 June 2018.
Such decrease is mainly attributable to (1) decline in the overall gross profit margin as a result of replacement of non-performing subcontractors leading to an increase in overall subcontracting costs; (2) unexpected prolonged period of inspection of work done and certification of payments caused deterioration in project cash flows and increase in financing costs; and (3) certain projects with relatively high profit margin were completed or nearly completed during the period and contributions in revenue and profit by such projects were reduced.
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