Wing Chi Holdings Limited provided earning guidance for the year ended 31 March 2023. The board (the "Board") of directors (the "Directors") of the Company informed the shareholders of the Company (the "Shareholders") and potential investors that, based on a preliminary assessment of the Group's unaudited consolidated management accounts for the year ended 31 March 2023 ("FY2023") and other information currently available to the Board, the Group expects to record a consolidated net profit attributable to owners of the Company of approximately HKD 9.4 million for FY2023 as compared to the net profit attributable to owners of the Company of approximately HKD 4.4 million for the year ended 31 March 2022 ("FY2022"). The Board considers that such expected significant increase in the consolidated net profit attributable to owners of the Company for FY2023 is mainly attributable to the combined
effect of (i) better bargaining power of the Group in negotiating with its customers on the construction workdones due to the gradual improvement in the economy of Hong Kong; (ii) the implementation of tight cost control measures by the Group's project teams which has improved the efficiency of work-flow throughout the construction process; and (iii) the receipts of subsidy under the Employment Support Scheme funded by the Government of the Special Administrative Region of Hong Kong for FY2023 (Nil for FY2022).