Shun Wo Group Holdings Limited provided unaudited consolidated earnings guidance for the year ended 31 March 2023. The board of directors of the company informed the shareholders of the Company and the potential investors that, based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 March 2023, the Group expects to record a net profit ranging from approximately HKD 16 million to HKD 20 million, as compared to a net loss of approximately HKD 4.5 million for the year ended 31 March 2022. The expected turnaround from loss to profit was primarily attributable to (i) the increase in revenue from the Group's core
business in the foundation industry; (ii) the receipt of government grants through the Employment Support Scheme; and (iii) the net reversal of impairment losses in respect of financial assets and contract assets due to the recovery of certain long outstanding trade receivables that had been impaired in the previous financial years.