Financial Performance - Revenue for the year ended March 31, 2020, was HK$2,325.0 million, a decrease of 19.3% from HK$2,882.6 million in 2019[12] - Gross profit decreased by 12.2% to HK$241.6 million, compared to HK$275.1 million in the previous year[12] - Operating profit plummeted by 93.5% to HK$4.8 million, down from HK$74.3 million in 2019[12] - The company reported a loss for the year attributable to owners of the Company of HK$88.2 million, compared to a profit of HK$4.4 million in 2019[12] - Basic loss per ordinary share was HK(90.3) cents, a significant decline from earnings of HK13.9 cents per share in the previous year[12] - Proposed final dividend per ordinary share was HK(14.08) cents, compared to a dividend of HK2.17 cents in 2019[12] - The net loss attributable to owners of the company was HK$90,309, a significant decline from a profit of HK$13,888 in the previous year[18] - For the year ended March 31, 2020, the Group recorded a net loss of approximately HK$88.2 million on revenue of approximately HK$2,325.0 million, compared to a net profit of approximately HK$4.4 million on revenue of approximately HK$2,882.6 million in the previous year[43] Profitability Metrics - Gross profit margin improved to 10.4%, up from 9.5% in the previous year, while operating profit margin decreased to 0.2% from 2.6%[12] - The net loss margin was (3.8)%, compared to a net profit margin of 0.2% in 2019[12] - The basic loss per ordinary share was HK14.08 cents, compared to basic earnings per ordinary share of HK2.17 cents last year[44] Business Segments - Revenue from property investment and project management accounted for 80.2% of total revenue, while engineering plastics contributed 11.9%[13] - The Group's Construction Materials Business experienced a revenue decrease of approximately 13.9%, but the gross profit margin increased from approximately 2.3% to approximately 4.0%[57] - The Property Investment and Project Management Business focuses on identifying undervalued commercial properties, with partnerships established with GIC and Apollo for revitalization projects[60] - The Building and Design Solutions Business saw a profit before income tax increase of approximately 19.4% compared to last year[58] - The Property Investment and Project Management Business recorded a profit before income tax of approximately HK$6.3 million on revenue of approximately HK$93.5 million, compared to a profit of approximately HK$82.5 million on revenue of approximately HK$100.0 million last year[72][73] Operational Changes - The company streamlined operations by relocating its headquarters from Shanghai and scaling down the loss-making Engineering Plastics Business[31] - Management has implemented measures to tighten control on operating costs and improve management efficiency in response to macroeconomic challenges[50] - The Group aims to focus on light-asset operations with lower capital commitment and risk moving forward[36] Market Conditions - Business visibility remains low with uncertainties due to ongoing Sino-U.S. trade tensions and the financial impact of COVID-19[36] - Despite short-term uncertainties from COVID-19, the Group remains cautiously optimistic about medium to long-term demand growth for premium-grade offices in Shanghai[56] - The Group expects the global steel market to remain volatile due to trade tensions and geopolitical issues, with China's automotive steel demand likely to remain weak[105] Financial Position - Non-current assets decreased to HK$1,792,413 from HK$1,907,672 in the previous year, reflecting a decline of 6.0%[23] - Current liabilities increased to HK$857,014 from HK$1,070,938, indicating a reduction of 20.0%[23] - Total equity decreased to HK$916,768 from HK$1,113,436, a decline of 17.7%[23] - The Group's total assets decreased from approximately HK$2,996.6 million to approximately HK$2,733.0 million as of 31st March 2020, representing a decline of about 8.8%[108] - Net asset value decreased from approximately HK$1,113.4 million to approximately HK$916.8 million, with net asset value per ordinary share at approximately HK$1.26 as of 31st March 2020[108] Governance and Compliance - The Board consists of two Executive Directors and four Independent Non-executive Directors, ensuring a balanced governance structure[168] - The Company has adopted the Model Code for Securities Transactions, with all Directors confirming compliance during the year[167] - The Company is committed to high standards of corporate governance, enhancing transparency and accountability[165] - The Company has complied with the Corporate Governance Code, except for one provision during the year[165] Employee and Stakeholder Relations - The Group employed 267 staff as of March 31, 2020, with total staff costs amounting to approximately HK$120.6 million, including contributions to retirement benefit schemes[139] - The Group recognizes the importance of maintaining good relationships with stakeholders to achieve long-term goals, with no significant disputes reported during the year[158] - The Group has been awarded the "Caring Company" title since 2007, reflecting its commitment to social responsibility[149] Environmental and Social Responsibility - The Group is committed to environmental sustainability through green measures and practices in daily operations[145] - The Group will publish an Environmental, Social and Governance Report within five months after the end of the financial year, in compliance with listing rules[157]

Revenue and Profitability - Revenue for the six months ended September 30, 2019, was HK$1,219,088,000, a decrease of 17.9% compared to HK$1,485,486,000 in the same period of 2018[13] - Gross profit for the same period was HK$127,326,000, down 20.5% from HK$160,134,000 year-on-year[13] - Operating profit increased to HK$57,018,000, up 65.0% from HK$34,538,000 in the previous year[13] - Profit for the period was HK$1,355,000, a decline of 33.1% compared to HK$2,025,000 in the prior year[13] - Profit attributable to owners of the Company was HK$2,467,000, down from HK$8,131,000 in the same period last year[13] - Basic earnings per share decreased to HK0.4 cents from HK1.3 cents, representing a decline of approximately 69.2% year-over-year[16] - Total comprehensive loss for the period amounted to HK$79,203,000, compared to a loss of HK$103,544,000 in the prior year, indicating an improvement of 23.5%[19] Expenses and Cost Management - Selling and distribution expenses decreased to HK$6,366,000, a reduction of 41.8% from HK$10,943,000 in 2018[13] - General and administrative expenses were HK$107,165,000, down 30.9% from HK$155,222,000 year-on-year[13] - Finance income decreased significantly to HK$574,000 from HK$3,718,000 in the previous year[13] - Total expenses for the six months ended September 30, 2019, were HK$1,201,249, a decrease from HK$1,494,302 in 2018[123] Assets and Liabilities - Total assets increased to HK$3,014,995,000 from HK$2,996,621,000, reflecting a growth of 0.6%[22] - Current assets rose to HK$1,161,520,000, up from HK$1,088,949,000, marking an increase of 6.6%[22] - Total equity decreased to HK$1,013,306,000 from HK$1,113,436,000, a decline of 9.0%[25] - Non-current liabilities increased to HK$866,756,000 from HK$812,247,000, representing a rise of 6.7%[25] - Cash and cash equivalents improved to HK$150,373,000 from HK$126,775,000, an increase of 18.6%[22] Cash Flow and Financing Activities - Net cash used in operations was HK$60,530, an improvement from HK$85,246 in the previous year[34] - The company experienced a net cash inflow from investing activities of HK$20,799, contrasting with a net outflow of HK$119,437 in the prior period[34] - Proceeds from bank borrowings decreased to HK$168,700,000 from HK$223,005,000, a decline of approximately 24.4% year-over-year[37] - Net cash inflow from financing activities was HK$105,953,000, down from HK$142,224,000, representing a decrease of about 25.4%[37] Investments and Fair Value - The company reported a fair value gain on investment property of HK$36,606,000, compared to HK$40,846,000 in the previous year[13] - The fair value of investment properties decreased to HK$1,370,677,000 from HK$1,413,227,000 at the beginning of the period, reflecting a fair value loss of approximately 3%[146] - The total investments in joint ventures at the end of the period were HK$276,133,000, a slight decrease from HK$299,747,000 at the beginning of the period[150] Accounting Policies and Standards - The Group is currently assessing the impact of new accounting standards effective from 1st January 2020, but has not yet determined their significance on financial results[47] - The Group adopted HKFRS 16, recognizing leases as right-of-use assets and corresponding liabilities from April 1, 2019[74] - The total right-of-use assets recognized as of 30th September 2019 were HK$49,773,000, comprising land use rights and property leases[57] Risk Management - The Group's financial risk factors include market risk, credit risk, and liquidity risk[80] - The Group is exposed to commodity price risk due to trading in steel products, with committed sale orders exceeding on-hand inventories[82] - The Group closely monitors market prices of steel products to manage commodity price risk and adjusts procurement strategies accordingly[83] Dividends and Shareholder Transactions - The company paid dividends relating to 2019 amounting to HK$12,825, impacting retained earnings[28] - The Group's dividends paid to owners of the Company increased to HK$12,825,000 from HK$10,057,000, representing a rise of about 27.7%[37] - No interim dividend was declared for the six months ended 30th September 2019, consistent with 2018[133] Joint Ventures and Associates - Sales of goods to an associate decreased from HK$46,205,000 in 2018 to HK$6,444,000 in 2019, representing a decline of approximately 86.05%[196] - Management fee income for services provided to joint ventures decreased from HK$28,750,000 in 2018 to HK$12,054,000 in 2019, a decline of approximately 58.1%[196]

Financial Performance - Revenue for the year ended March 31, 2019, was HK$2,882.6 million, a decrease of 5.0% from HK$3,032.9 million in 2018[9]. - Gross profit increased by 39.2% to HK$275.1 million, up from HK$197.6 million in the previous year[9]. - Operating profit turned positive at HK$74.3 million compared to a loss of HK$90.7 million in 2018[9]. - Net profit attributable to owners of the Company was HK$13.9 million, recovering from a loss of HK$147.7 million in the prior year[9]. - Basic earnings per ordinary share improved to 2.17 HK cents, a gain of 25.19 HK cents from a loss of 23.02 HK cents[9]. - Proposed final dividend per ordinary share increased by 27.4% to 2.00 HK cents from 1.57 HK cents[9]. - Gross profit margin improved to 9.5%, up from 6.5% in the previous year, reflecting a 3.0 percentage point increase[9]. - Operating profit margin was 2.6%, a significant recovery from a negative margin of 3.0% in 2018[9]. - Net profit margin reached 0.5%, an improvement of 5.4 percentage points from a loss margin of 4.9%[9]. Asset Management - Non-current assets increased to HK$1,907,672 as of 31st March 2019, up from HK$1,604,281 in 2018[19]. - Current assets decreased to HK$1,088,949 from HK$1,527,607 in the previous year[19]. - Total equity as of 31st March 2019 was HK$1,113,436, an increase from HK$1,087,441 in 2018[19]. - The Group's total assets decreased from approximately HK$3,131.9 million to approximately HK$2,996.6 million as of March 31, 2019[81]. - The Group's inventories increased slightly from approximately HK$289.6 million to approximately HK$290.7 million, with average inventory days rising by 4 days to 41 days[81]. - Trade and bill receivables decreased from approximately HK$528.2 million to approximately HK$480.5 million, while the average days of sales outstanding improved from 61 days to 57 days[81]. - Net asset value increased from approximately HK$1,087.4 million to approximately HK$1,113.4 million, equivalent to HK$1.74 per ordinary share[81]. Investment Strategy - The Company is focusing on expanding its property investment and project management segment, which accounted for 12.0% of revenue[12]. - The Group aims to leverage its position as a property value-added investor in booming economic regions[21]. - The Group will continue to explore more project opportunities in Shanghai and Hong Kong in the future[27]. - The Group's Property Investment and Project Management Business model emphasizes value-added renovation and tenant optimization to drive rental income[44]. - The Group focuses on office properties in Shanghai, benefiting from sustainable demand driven by economic growth and government initiatives[44]. - The Group established a joint venture with Reco Wisteria Private Limited with an initial fund size of US$350 million (approximately HK$2.7 billion) for acquiring under-utilized office buildings in Shanghai[47]. Operational Performance - The Construction Materials Business achieved a turnaround and showed encouraging upward trends for the Year[28]. - The Building and Design Solutions Business performed well through successful tenders for premium commercial property and hotel projects[28]. - The Group completed renovations at Central Park Jing'an in May 2019 to enhance quality and attract new tenants, aiming to improve rental yield and occupancy[47]. - The increase in revenue for the Property Investment and Project Management Business was mainly due to higher occupancy rates in Central Park Pudong and investment management income from the joint venture[51]. - The Construction Materials Business recorded total revenue of approximately HK$2,164.6 million, down approximately 3.0% compared to last year, primarily due to a 12.1% decrease in tons sold due to infrastructure project delays in Hong Kong[60]. Corporate Governance - The Board consists of two Executive Directors and four Independent Non-executive Directors, ensuring a balanced governance structure[131]. - The Company has adopted a Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the Year[130]. - The Company is committed to continuously reviewing and improving corporate governance practices to enhance accountability and transparency[129]. - The Company has four Independent Non-executive Directors, exceeding one-third of the Board, ensuring compliance with independence guidelines[138]. - The Executive Directors are responsible for overall business management and corporate strategy formulation[139]. - The Board has established four Committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee to oversee various affairs[140]. Risk Management - The Group's treasury and funding policies focus on managing financial risks, including interest rate, foreign exchange, and liquidity risks[100][105]. - The Group's operational risk management includes clear responsibilities and accountability at divisional and departmental levels[108][112]. - The Company has a policy for handling and disseminating inside information in compliance with the Securities and Futures Ordinance and Listing Rules[197]. - The Executive Committee is responsible for reviewing potential inside information and overseeing the internal reporting system[200]. Social Responsibility - The Group is committed to environmental sustainability, implementing green office practices to reduce energy consumption and promote recycling[1]. - The Group has sponsored and participated in various charitable activities, reflecting its commitment to community involvement and corporate social responsibility[1]. - There was no material breach of applicable laws and regulations by the Group during the Year, ensuring compliance and operational integrity[1].