Wong's Kong King International (Holdings) Limited provided preliminary unaudited consolidated group earnings guidance for the year ended 31 December 2023. For the year, the group expects to record a consolidated net loss attributable to the owners of the Company of approximately HKD 130 million as compared to a net profit attributable to the owners of the Company of HKD 72 million for the year 2022. Based on the information currently available, such decrease was mainly attributable to the following factors: The general global decline in economic activity, especially among the Group's customers based in Europe and the United States who together account for a major part of the Group's sales for manufacture products.

These customers reduced their orders from the Group across the whole year in 2023 compared to 2022. As a result, the Manufacturing Division incurred a significant operating loss for the year 2023. The global economic decline also impacted the Group's customers of its Trading Division which experienced a significant reduction in orders over the year of 2023 compared to last year.

Despite challenging conditions, however, the Trading Division was able to generate a modest operating profit for the year 2023. The Group experienced significant increases in its financing costs due to rising interest rates applicable to its banking facilities over the year 2023 compared to 2022.