Ching Lee Holdings realises profit returns from increased construction projects

Jun 28, 2023 | Business

Ching Lee Holdings Limited “Ching Lee” or “The Group” (stock code 3728.HK) has announced its annual results which have remarkable financial performance with rapid growth of revenue and notable gross profits for the turnaround from loss to profit. The net profit for the year ended 31 March 2023 was recorded a big gain at approximately HK$11.8 million as opposed to the net loss of approximately HK$18.2 million for the year ended 31 March 2022.

The Group’s revenue for the year ended 31 March 2023 was recorded at approximately HK$708.8 million which represented an increase of approximately HK$172.3 million or 32.1% from approximately HK$536.5 million for the year ended 31 March 2022. We have continued to see broad-based income momentum across the Group. The increase in a number of new construction projects and effective cost control have helped to drive strong income and balance growth and scale to the business. RMAA works were the highlight of revenue improvement, which soared by about 275% from the prior year. While the superstructure works increased by 23.6%, the substructure works grew by 12.2% for the year.

The Group Chairman Mr. Ng Choi Wah, said: “We are pleased to make good progress in all businesses and have realised returns across all three operating segments. The Group remains confident with the economic outlook and the prospects of the construction industry in Hong Kong as the economy resumes upward momentum due to the full resumption of living. We continue to explore the opportunities in infrastructure and property development projects in future.”

During the year, the Group has successfully overcome the impact of the COVID-19 pandemic and recovered speedily. The Group continues to capture different business opportunities with potential construction projects from our current customer networks.

Media enquiries:
New Smile Limited Strategic IR & PR Consultancy
Tel: +852 2126 7076
Jenny Lai jenny.lai@newsmilehk.com
Jenny Cheung jenny.cheung@newsmilehk.com
Richard Wong richard.wong@newsmilehk.com

Notes to editors:

Ching Lee Holdings Limited “Ching Lee” or “The Group”

Ching Lee Holdings Limited, a limited liability company incorporated under the laws of the Cayman Islands, is a contractor in Hong Kong with over 23 years of experience in public and private sectors. The principal activities of Ching Lee Holdings and its subsidiaries are the provision of construction and consultancy works and project management services in Hong Kong, engaged in providing substructure building works services, superstructure building works services, and repair, maintenance, alteration and addition (RMAA) works services. Ching Lee Holdings Limited was transferred from GEM board to the main board in HKEx on September 18, 2017 with stock code 3728.hk. Company website: http://www.chingleeholdings.com

Substructure building works services (Substructure works)
Superstructure building works services (Superstructure works)
Repair, maintenance, alteration and addition services (RMAA)

Substructure and Superstructure building works refer to building works in relation to the parts of the structure below or above the ground level respectively, while RMAA works are for existing structures. The scope of substructure building works projects consisted of demolition and hoarding, site formation and foundation works. The scope of superstructure building works projects consisted of development and redevelopment of educational, residential, and commercial buildings, and the scope of RMAA works consisted of improvement, fitting-out works, renovation works, restoration works and external works.


Topic: Press release summary

Ching Lee Holdings (3728.HK) earns HK$1.54 billion of total contract values

Aug 17, 2022 | Business

Ching Lee Holdings Limited (“Ching Lee” or “The Group”(1), stock code 3728.HK) signed about ten contracts for construction projects with various property developers at the end of June this year. The accumulated unfinished contract values of approximately HK$1.54 billion marked a historic record of doubling from year on year and compared to the general period before the outbreak of COVID-19 in 2018, it was a 50% increase. These are unprecedented results in history.

Thanks to the confidence of major Hong Kong property developers in the properties industry and their support of the Group, Ching Lee has been awarded several high-quality superstructure construction projects, covering traditional luxury residential areas such as Prince Edward Road West in Ho Man Tin, the Happy Valley district, the Central district and the mid-levels of Hong Kong Island, etc. Highlights of the reconstruction include developing a 25-storey boutique-style building for 69 residential units, as well as participating in the renovation of the hotel and rebuilding it into a residence for rental purposes. In addition, the Group has added superstructure, substructure, and RMAA(2) projects in Soy Street in Mongkok, Ma Tau Wai Road in Hunghom, Cheung Sha Wan Road, and To Kwa Wan in response to the Hong Kong Government’s Urban Renewal Plan.

Since the outbreak of COVID-19 for more than two years, all walks of business have been struggling. The operation of the construction industry has been adversely affected by the problems of delaying transportation and the price rise of raw materials. Despite the difficulties, Ching Lee did not retreat, but also swam upstream and achieved a great year. In recent years, Ching Lee has seized opportunities to invest in property markets including the success of the investment in the AVA228 residential project of Sham Shui Po in 2018 and the acquisition of the commercial and residential project in To Kwa Wan this year with invested capital of HK$24 million, accounting for 20% of the total investment. Ching Lee has gradually and successfully transitioned from being a contractor to a developer through its experience and expertise in the construction industry.

Commented by the Group Chairman Mr. Ng Choi Wah who is a developer and a contractor, “I am confident to be able to run the whole process in the property industry from construction to sales.” Mr. Ng also expressed optimism about the overall market demand and the current business situation. He also expected the operation to continue performing well in the coming year.

Media enquiries:
New Smile Limited Strategic IR & PR Consultancy
Tel: +852 2126 7076
Jenny Lai jenny.lai@newsmilehk.com
Jenny Cheung jenny.cheung@newsmilehk.com
Richard Wong richard.wong@newsmilehk.com

Notes to editors:

(1). Ching Lee Holdings Limited (“Ching Lee” or “The Group”)

Ching Lee Holdings Limited, a limited liability company incorporated under the laws of the Cayman Islands, is a contractor in Hong Kong with over 23 years of experience in public and private sectors. The principal activities of Ching Lee Holdings and its subsidiaries are the provision of construction and consultancy works and project management services in Hong Kong, engaged in providing substructure building works services, superstructure building works services, and repair, maintenance, alteration and addition (RMAA) works services. Ching Lee Holdings Limited was transferred from GEM board to the main board in HKEx on 18 September, 2017 with stock code 3728.hk. Company website: http://www.chingleeholdings.com

(2). RMAA

RMAA services work for existing structures. The scope of RMAA works consists of improvement, fitting-out works, renovation works, restoration works and external works.






Topic: Press release summary