Financial Performance - For the six months ended 30 September 2019, the Group recorded a consolidated revenue of approximately HK$231 million, representing a substantial increase of 100% from HK$115 million in the same period last year[38][43]. - The Group's gross profit increased by 9% to approximately HK$37 million, up from HK$34 million in the previous year[38][44]. - Profit attributable to equity holders of the Company surged to HK$31 million, a significant increase of 672% compared to HK$4 million in the prior year[38]. - Earnings per share rose to 0.87 HK cent, reflecting a 625% increase from 0.12 HK cent in the previous year[38]. - The Group recorded a profit before tax of approximately HK$30 million for the period, a significant increase from HK$4 million in 2018[56]. Shareholder Equity - As of 30 September 2019, shareholders' funds increased by 21% to HK$757 million from HK$627 million as of 31 March 2019[39]. - Shareholders' funds attributable to equity holders increased by 21% to approximately HK$757 million, representing HK$0.19 per share[63]. - The company's equity attributable to shareholders increased by 21% to approximately HK$757 million as of September 30, 2019, compared to HK$627 million as of March 31, 2019[66]. Property Development - The revenue growth was primarily driven by the development and sales of residential units in Zigong City, a new property development business acquired in August 2019, with a remaining saleable gross floor area of approximately 500,000 sq m[43]. - The property development segment contributed a profit of approximately HK$61 million, while the property investment segment incurred a loss of approximately HK$15 million[56]. - The property development business recorded an operating profit of approximately HK$61 million for the period, primarily due to a bargain purchase gain of approximately HK$62 million from the acquisition of a residential property development business[68]. - The new project contributed revenue of approximately HK$87 million, delivering an aggregate residential gross floor area of approximately 13,000 sq m[68]. - As of September 30, 2019, approximately 228,000 sq m of residential units had been presold, expected to be delivered after the financial year ending March 31, 2020[69]. Investment Properties - The fair value loss from revaluation of investment properties amounted to approximately HK$18 million, compared to a gain of HK$7 million in 2018[50]. - As of September 30, 2019, the Group's investment properties had a fair market value of approximately HK$495 million, down from HK$523 million as of March 31, 2019, contributing rental income of approximately HK$5 million[86]. - The property investment business recorded an operating loss of approximately HK$15 million, primarily due to a fair value loss from revaluation of investment properties amounting to approximately HK$18 million[82]. Financial Position - Total assets increased by 289% to approximately HK$3,761 million as of 30 September 2019, compared to HK$967 million on 31 March 2019[61]. - The Group's net debt position was approximately HK$192 million as of September 30, 2019, compared to HK$67 million as of March 31, 2019[99]. - Bank borrowings increased to approximately HK$416 million as of September 30, 2019, compared to HK$135 million as of March 31, 2019, with a gearing ratio of 0.55[98]. - Cash and cash equivalents totaled approximately HK$224 million as of September 30, 2019, including pledged cash of approximately HK$94 million[99]. Operational Challenges - The Group's gross margin dropped to 16% from 29% due to minimal gross profit margin from residential units sold in Zigong City, Sichuan Province[44]. - The decline in gross profit margin was influenced by a competitive pricing strategy for printed products to sustain market share amid rising global trade tensions[44]. - The management remains cautiously optimistic about the growth momentum of the printing business despite challenges from global tariffs[81]. Corporate Governance - The Company complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period[182]. - The audit committee reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended September 30, 2019, discussing risk management and internal controls[191]. - The Company aims to ensure timely, fair, accurate, truthful, and complete information disclosure to enable rational and informed decisions by shareholders and investors[193]. Shareholder Communication - The Company has proactively maintained frequent contacts with shareholders and investors through various channels such as meetings, telephone, and emails[192]. - The Company encourages shareholders and investors to communicate directly with the Board through various means[194]. - The management expressed gratitude to shareholders, customers, and partners for their continuous support and confidence in the Group[200]. Employment and Staff - The Group employed 569 staff and workers as of September 30, 2019, a decrease from 618 as of March 31, 2019[157]. - The total value of pledged assets was approximately HK$514 million as of September 30, 2019, up from HK$326 million as of March 31, 2019[163].

Financial Performance - Revenue for 2019 was HK$214 million, a decrease of 3.6% from HK$222 million in 2018[29] - Gross profit for 2019 was HK$67 million, down from HK$70 million in 2018, reflecting a decline of 4.3%[29] - Profit attributable to shareholders decreased to HK$3 million in 2019, compared to HK$15 million in 2018, representing an 80% decline[29] - Earnings before interest expense and tax (EBIT) fell to HK$8 million, down 55.6% from HK$18 million in the previous year[29] - Total shareholder return was -30% in 2019, a significant decline compared to 15.4% in 2018[29] - Earnings per share decreased to 0.08 HK cent in 2019 from 0.44 HK cent in 2018, a drop of 81.8%[29] - Profit before taxation was approximately HK$3 million, a decrease from HK$16 million in 2018, with contributions from various segments including printing and property investment[60] - Profit attributable to equity holders decreased to approximately HK$3 million, with earnings per share at 0.08 HK cents, down from 0.44 HK cents in 2018[61][63] Assets and Liabilities - Total assets increased to HK$967 million in 2019, up from HK$951 million in 2018, a growth of 1.7%[29] - Net current assets decreased significantly to HK$65 million from HK$192 million, a decline of 66.1%[29] - The current ratio dropped to 1.30 in 2019 from 2.17 in 2018, indicating reduced liquidity[29] - Shareholders' funds decreased by 2% to approximately HK$627 million, with net asset value per share remaining stable at HK$0.19[34] - The Group's bank borrowings increased to approximately HK$135 million as of March 31, 2019, compared to HK$115 million in 2018, resulting in a gearing ratio of 0.21[100] - The Group's cash and bank balances decreased to approximately HK$68 million as of March 31, 2019, down from HK$128 million in 2018, leading to a net debt position of approximately HK$67 million[101] Business Operations - The Group has proposed to acquire a property development project in Zigong City, Sichuan Province, to expand its property development business segment[41] - The acquisition is pending completion and is expected to deliver attractive returns from sales of residential units[41] - The Group is focusing on property investment and development to capture opportunities in the positive near-term outlook of the residential market in Mainland China[37] - The Group's strategic development has been refined in response to challenges from global financial market volatility and subdued investment in emerging markets[37] - The printing business recorded an operating profit of approximately HK$1 million, affected by a drop in revenue during the year[72] - The property investment business recorded an operating profit of approximately HK$25 million (2018: HK$12 million), driven by a fair value revaluation gain of approximately HK$17 million (2018: HK$5 million)[77] Corporate Governance - The company has a strong focus on corporate governance compliance[163] - The company is committed to achieving a high standard of corporate governance to protect and promote shareholder interests[173] - The Board has complied with the Corporate Governance Code throughout the year ended March 31, 2019[174] - The Board composition is well balanced, with each Director possessing relevant knowledge and experience for the Group's business[186] - The company has established various committees, including the nomination committee, remuneration committee, and audit committee, to enhance governance[200] Management and Personnel - Mr. Lin has over 45 years of experience in engineering[150] - Mr. Ho has over 20 years of experience in private equity investment and finance[154] - Ms. Ng has more than 25 years of experience in finance, accounting, and corporate secretarial functions[165] - The financial management and treasury functions are led by the Chief Financial Officer, who has over 20 years of experience in finance and governance[167] - The company secretary oversees corporate governance, compliance, and investor relations, bringing over 25 years of experience[168] Investment and Acquisitions - The Group proposed to acquire a property development project in Zigong City, Sichuan Province, for a total consideration of HK$400 million, covering an aggregate gross floor area of approximately 700,000 sq m[87] - The acquisition of Jinjin Investments Co., Limited was agreed at a consideration of HK$400 million, with an initial deposit of HK$80 million and additional payments based on performance targets[121][122] - The acquisition is subject to conditions including shareholder approval and a valuation report confirming the appraisal value of the Target Company at not less than HK$600 million[127] - The acquisition was approved by shareholders on March 21, 2019, and is expected to complete by September 30, 2019[128]