Wang On Group Faces Steep Profit Decline

Wang On Group Limited (HK:1222) has released an update.

Wang On Group Limited reported a challenging financial year with a significant drop in revenue and net profit, resulting in a net loss for the year ended 31 March 2024. The company’s revenue plummeted by 45%, and it went from a modest profit to a net loss of HK$754 million, reflecting a tough market environment. The financial results also indicated a decrease in the company’s net asset value per share and an increase in its gearing ratio, signaling increased debt levels.

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