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Meiheng Industrial(01897) released its results for the six months ended September 30, 2022, with a profit of HK$304 million, a year-on-year decrease of 20.1%; a net profit of HK$1.891 million, a year-on-year decrease of 91.3%; basic earnings per share of 0.5 Hong Kong cents, the proposed first The interim dividend was 0.8 HK cents per share.
The decrease in comprehensive income during the period was mainly attributable to delays in the work schedule of certain projects. Revenue for the Period was mainly contributed by the residential development projects of Kai Tak New Kowloon Inland Lot No. 6563, Siu Hong Tuen Mun Town Lot No. 483 in Tuen Mun and Tai Po Town Lot No. 230 in Tai Po Kau.
The decrease in net profit for the period was mainly due to the decrease in gross profit margin from 10.9% in the prior period to 4.4% in the current period due to the additional cost incurred by the Group in expediting the installation procedures for some construction sites whose work plan was delayed due to the COVID-19 outbreak.
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