Tat Hong Equipment Service Co., Ltd.  announces its 2022/23 interim results

Tat Hong Equipment Service Co., Ltd. announces its 2022/23 interim results

HONG KONG, November 25, 2022 – (ACN Newswire) – – Tat Hong Gear Service Co., Ltd. (“Tat Hong” or the “Firm”, along with its subsidiaries, the “Group”) (Inventory Code: 2153), the primary foreign-funded tower crane service supplier established within the PRC, introduced its interim outcomes for six months ended September 30, 2022 (the interval”).

Throughout the Interval, the Group recorded gross sales of roughly 387.4 million RMBi.e. a lower of roughly 6.8% in comparison with that of the half-year ended September 30, 2021. The loss attributable to shareholders of the Firm for the interval quantities to roughly 41.9 million RMB, primarily as a result of one-time international alternate loss on USD borrowings and the financial downturn brought on by the COVID-19 pandemic (the “Pandemic”). Total gross revenue and gross revenue margin decreased for 75.5 million RMB and 19.5%, respectively.

The overall variety of tonne-meters (TM) utilized by the Group elevated from roughly 1,479,145 for the interval ended September 30, 2021 at 1,577,983 for the interval ended September 30, 2022. Like a September 30, 2022the Group had 292 tasks in progress for a complete quantity of contracts in progress of roughly 605 million RMB and 37 ongoing tasks with an anticipated whole contract worth of roughly 68 million RMB. Amongst these tasks, the Group expects to finish contractual works of roughly 348 million RMB on the finish of September 30, 2023demonstrating sturdy earnings visibility.

Regardless of the gradual restoration of the primary economies and the surge in vaccination and immunity charges, the pandemic has put strain on all hyperlinks within the Group’s industrial worth chain. To comprise the unfold of the pandemic throughout the nation, many cities have adopted anti-pandemic measures, resembling persistent or intermittent lockdowns, and a few tasks have been quickly suspended as a consequence of these measures. From April to June 2022the Group’s financial actions within the East China had been affected to some extent. Within the meantime, towards a backdrop of rising rates of interest by the US Federal and world inflation, economies all over the world skilled vital instability and strain throughout the first half of the 12 months. Because the exterior surroundings stays unstable, the Group is striving to regulate its operational technique, optimize its administration construction and take well timed and applicable selections so as to mitigate the dangers induced by the pandemic.

Mr. Sean YauCEO of Tat Hong Gear Service Co., Ltd. mentioned: “After years of a persistent pandemic, the market stays sluggish and actual property has been severely affected. Luckily, the Group has optimized its industrial construction by putting extra emphasis on different enterprise segments, decreasing the true property to round 30% of whole income, which can mitigate the damaging influence of the trade slowdown.Within the meantime, we’ll concentrate on the vitality, infrastructure and public development segments.

“With the continued introduction of favorable insurance policies and the event route of the 14th 5-12 months Plan, which incorporates initiatives centered on “new infrastructure, new urbanization and main tasks” and the objective of carbon neutrality, we consider that surprising alternatives are rising within the (vitality) infrastructure market Backed by our popularity and know-how, we’re assured within the Group’s prospects.

Mr. Roland NgPresident of Tat Hong Gear Service Co., Ltd. concluded: “Going ahead, we’ll use the pandemic as a possibility to drive and speed up transformation, to speed up the adoption and enchancment of the ‘iSmartCon’ digital platform, to additional optimize the administration of the assorted levels As well as, we’ll concentrate on analyzing the influence of the pandemic on every line of enterprise and venture, reviewing and modifying strategic plans, and speaking updates with all stakeholders, together with suppliers, prospects and staff. The Group will proceed its efforts to fulfill rising buyer calls for for pre-engineered development utilizing medium and enormous tower cranes, and set up an ecosystem of standardized after-sales service for tower cranes, aiming to offer a sustainable basis for a inexperienced, secure and environmentally pleasant tower crane service trade worth chain. satirically, whereas adhering to applicable safety requirements and PRC prevention and management insurance policies. »

About Tat Hong Gear Service Co., Ltd. (Inventory code: 2153)

Tat Hong Gear Service Co., Ltd. is the primary abroad tower crane service supplier established within the PRC. Since 2007, the group has established itself as a tower crane service supplier for one-stop tower crane resolution companies, starting from session, engineering design, commissioning, development to after-sales companies, primarily to Chinese language Particular Degree and Degree 1 EPC contractors. Guided by its core values, “Advantage, Security and Excellence”, the Group has efficiently established its place available in the market and maintained a clientele steady, respected and dependable within the development trade within the PRC.

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