Silver Tide Holdings Limited (01943) expects to record a substantial decrease in profit attributable to shareholders of the company for the six months ended 30 September 2019 (by 70%-80%) as compared to HK$14 million for the six months ended 30 September 2018.
The decrease in profit is primarily attributable (i) an increase in the subcontracting charges due to the unexpected delay in certain formwork works projects as a result of recent social unrest in Hong Kong; an increase in material and consumables costs as the company has procured substantial amount of construction materials and consumables upfront before the commencement of major stage for certain projects as requested by the customers during the six months ended 30 September 2019; and (iii) the increase in depreciation expenses during the six months ended 30 September 2019 mainly due to the addition of metal scaffold equipment.
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