3 months ago
Stock Market

Zhejiang United Investment Reports Nearly Fourfold Interim Loss

Investing.com - The shares of Zhejiang United Investment Holdings Group Ltd (HK:8366) remained flat at HK$0.163 on Monday morning, after

Investing.com - The shares of Zhejiang United Investment Holdings Group Ltd (HK:8366) remained flat at HK$0.163 on Monday morning, after the engineering and construction firm posted an HK$6.548 million interim loss as of Oct. 31, 3.8 times of the HK$1.7 million over the same period last year.

The company’s quarterly loss stands at HK$2.866 million from August to October this year, nearly three times the HK$981,000 loss over the same period last year.

It is worth noting that Zhejiang United made an interim gross profit of HK$2.071 million, but high administrative expenses dragged the profit to a net loss. The investment firm said its expenses jumped by HK$4.7 million, over 95% from the HK$4.9 million year-on-year, to HK$9.6 million for the six months ended in October.

It attributed the leap of expenses to the “additional rent and rates of approximately HK$3.7 million incurred in relation to the offices of the company in Hong Kong and in the PRC.”