,Hong Kong

Wing Fung Group posts 'modest' $1.3m profit increase in 2020

Its revenues also recorded an increase of 16.1% to $221.2m this year.

Wing Fung Group Asia Limited’s profit for the year increased by $1.3m to $22.6m in 2020 from $21.3m in previous year as the pandemic affected its operations.

The profit reflects a 26.8% rise to $27m, if adjusted to exclude the one-off expenses incurred for the proposed transfer of listing, the investment holding company said in its annual report.

“Despite the market downturn, and the suffering from temporary suspension of construction works in February and March 2020 leading to a decrease in the amount of work recognised during the first quarter of 2020 for the group, the group has remained resilient and recorded an increase in revenue for the year ended 31 December 2020 as compared to the year ended 31 December 2019,” the company annual report read.

The company generated a total of $221.2m revenue for the year, 16.1% higher than the $190.5m recorded n 2019. This was largely attributed to some $52.6m revenue increase from its new projects, particularly the two located at Chek Lap Kok.

Its existing projects also located in Chek Lap kok and at Freguesia da Sé in Macau brought in $134m worth of revenue, offset by a decrease of $116.1m in its other projects, particularly in Shatin and Taipa in Macau.

Wing Fung also noted its 2020 performance was partially affected by the suspension of a $164M (MOP170m) project in July 2020. The resumption of work on the said project is still pending further instructions.

“Whilst it is unclear how much longer the COVID-19 pandemic may last and the extent of impact on the local and global economy, the Group will continue to pay attention to the situation of the pandemic and assess its impact on the operations and financial performance,” the group said.

Wing Fung is engaged in subcontracting provision of supplies, installation and fitting-out services of MVAC system for private and public building projects. Its projects are located in Hong Kong and Macau.


Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The bourse’s income was dragged down by the delay in potential billion-dollar IPOs.
The city’s rival hubs such as Singapore have already reopened.
Particularly, the city is highly competitive in the high-net-worth and mass affluent space.
A study showed that it’s no longer the investment returns.
But 68% of them said their companies do not involve them in green initiatives.
The increase, however, was smaller than in the previous month's 1.6%.
Only 14% of businesses believe their situation will get better in Q4.
The number of jobless persons was down by around 7,100
This is as the weighted funding cost for deposits was steady during the month.
The 0.6% growth was driven by premium office space in the submarket.
Chief Secretary for Administration, John Lee, to take over until Lam recovers.
The airline’s overall tonnage grew MoM by more than 5% to 130,997 tonnes.
The airline carried ​​6,562 passengers on 17 September.