Revenue Performance - The Group's construction revenue from external customers for the six months ended September 30, 2022, was $29.7 million, a decrease of 90.2% compared to the same period in 2021[10]. - The Group's data centre leasing revenue increased by 23.9% year-on-year to $113.9 million, driven by higher utilization rates from existing and new customers[11]. - The Grand Marine residential development achieved over 92% pre-sales, with revenue of $4.77 billion recognized during the first half of 2022/23[19]. - The Group's consolidated revenue for FH 2022/23 reached $4,920.1 million, a 7.4 times increase compared to FH 2021/22's $586.1 million[36]. - For the six months ended September 30, 2022, the Group reported revenue of approximately HK$4,920.1 million, a significant increase from HK$586.1 million in the same period of 2021, representing a growth of 738%[63]. - Revenue from property sales was HK$4,772,252,000, compared to HK$188,907,000 in 2021, indicating a remarkable increase of about 2435%[107][108]. - Revenue from external customers in the construction segment was HKD 29,705,000, while property leasing generated HKD 118,131,000, and property development contributed HKD 4,772,252,000[94]. Profitability - Consolidated gross profit surged to $2,036.7 million, up 19.0 times from $101.7 million in FH 2021/22, primarily due to the completion of sales from The Grand Marine project[36]. - Net profit for FH 2022/23 grew by 19.4 times to $1,410.2 million, compared to $69.2 million in FH 2021/22, with an underlying profit of $1,414.3 million, a 47.4 times increase[38]. - Profit for the period reached HK$1,410.2 million, a substantial rise from HK$69.2 million in the previous year, reflecting a year-on-year increase of 1,925%[66]. - The group recognized a profit before taxation of HK$297,546,000 for the six months ended September 30, 2022, compared to HK$4,858,000 in 2021, showing a substantial increase[113][115]. - The construction segment experienced a loss of HKD 18,463,000, while the property leasing segment achieved a profit of HKD 71,143,000[94]. Financial Position - As of September 30, 2022, the Group's outstanding bank borrowings were approximately $4,533.8 million, down from $4,906.9 million on March 31, 2022[39]. - The Group's gearing ratio improved to approximately 142.7% as of September 30, 2022, compared to 230.9% on March 31, 2022[39]. - The current ratio increased to 2.48 times as of September 30, 2022, up from 0.63 times on March 31, 2022, indicating improved liquidity[39]. - As of September 30, 2022, the Group had total assets of approximately HK$8,286.4 million, with non-current assets accounting for HK$5,343.4 million[68]. - The Group's total liabilities were approximately HK$5,000.0 million, resulting in a net asset position of around HK$3,286.4 million[68]. - The company’s total equity as of September 30, 2022, was HKD 3,177,514,000, up from HKD 2,125,549,000 as of March 31, 2022[70]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended September 30, 2022, was HKD 1,250,927,000, a significant increase from HKD 337,346,000 in the previous year[74]. - The net cash used in investing activities was HKD (597,656,000) for the six months ended September 30, 2022, compared to HKD (265,553,000) in the previous year[74]. - Cash and cash equivalents at September 30, 2022, were HKD 403,413,000, compared to HKD 179,902,000 at the same date in 2021[74]. Projects and Developments - Foundation work at the new data centre site at No. 3 On Kui Street is completed, with project completion scheduled for mid-2025[13]. - The Pau Chung Street project, named "The Grands," is set to be completed in the first half of 2023, featuring 76 residential units[20]. - The Luen Fat Street project is planned as a residential-cum-retail complex with a gross floor area of approximately 36,000 square feet, scheduled for completion in mid-2025[21]. - The two new high-tier data centres in Fanling will have an estimated gross floor area of approximately 185,000 square feet, with land use change applications in progress[12]. - The Group is developing a luxury residential project in Guangxi Province, with an estimated gross floor area of approximately 1,100,000 square feet[28]. Shareholder Information - Mr. Chan Hung Ming holds 67.39% of the Company's ordinary shares, totaling 956,642,940 shares[171]. - Mr. Lau Chi Wah holds 7.49% of the Company's ordinary shares, totaling 106,293,660 shares[171]. - The weighted average number of shares in issue during the period was 1,419,542,346, unchanged from the previous year[120]. Corporate Governance and Compliance - The company has complied with all code provisions of the Corporate Governance Code throughout the six months ended September 30, 2022[183]. - The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial statements for FH 2022/23 with no disagreements noted[190]. - The interim results announcement has been published on the company's and Stock Exchange's websites[191].

Financial Performance - Revenue for the year 2022 was HK$817,867,000, a decrease of 45.2% compared to HK$1,492,385,000 in 2021[7] - Profit from operations for 2022 was HK$85,579,000, down 65.7% from HK$249,466,000 in 2021[7] - Underlying loss for 2022 was HK$75,167,000, compared to a profit of HK$147,646,000 in 2021[7] - Profit for the year was HK$17.5 million, representing a decrease of 88.2% from HK$149.0 million in the previous year[11] - The underlying loss for the year was HK$75.2 million, compared to an underlying profit of HK$147.6 million in FY 2020/21[11] - Consolidated gross profit dropped by 81.4% to approximately HK$61.7 million, down from HK$331.1 million in the previous year[35] - Net profit for FY 2021/22 fell by 88.2% to approximately HK$17.5 million, compared to HK$149.0 million in FY 2020/21[36] Revenue Breakdown - Construction revenue for 2022 was HK$395,521,000, down 65.1% from HK$1,133,711,000 in 2021[7] - Revenue from the construction business decreased by approximately 65.1% to HK$395.5 million, down from HK$1,133.7 million in FY 2020/21[15] - Property leasing revenue increased to HK$200,687,000 in 2022 from HK$164,674,000 in 2021, a growth of 21.8%[7] - Revenue from the data centre leasing segment increased by 18.4% to HK$195.0 million, up from HK$164.7 million in FY 2020/21[16] Dividends - Dividends declared for 2022 amounted to HK$397,472,000, significantly higher than HK$113,564,000 in 2021[7] - The Board recommended a final dividend of 4.0 HK cents per share, bringing the total dividends for FY 2021/22 to 28.0 HK cents per share[14] - The total dividends for the year amounted to 28.0 HK cents per share, subject to shareholder approval at the upcoming annual general meeting[64] Liquidity and Leverage - Current ratio decreased to 0.63 in 2022 from 0.84 in 2021, indicating reduced liquidity[7] - Gearing ratio increased to 230.9% in 2022 from 161.6% in 2021, reflecting higher leverage[7] - Net gearing ratio rose to 198.1% in 2022 compared to 116.4% in 2021, indicating increased debt levels[7] - The Group's outstanding bank borrowings as of March 31, 2022, were approximately HK$4,907 million, an increase from approximately HK$4,005 million in the previous year[38] Assets and Liabilities - The Group's total assets as of 31 March 2022 were HK$10.67 billion, an increase from HK$9.84 billion in the previous year[8] - Total liabilities increased to HK$8.55 billion from HK$7.36 billion in the previous year[8] - As of March 31, 2022, the Group's total bank borrowings amounted to approximately HK$4,837 million, with net current liabilities of approximately HK$3,149 million, resulting in a current ratio of 0.63 times[39][41] Future Projects and Developments - The Group plans to develop a luxury residential project in Nanning City, Guangxi Province, with an estimated gross floor area of approximately 1,100,000 square feet[27] - The Grand Marine project is expected to contribute revenue and profits in the financial year 2022/23 following the hand-over of pre-sold units[28] - The construction project at Pau Chung Street is scheduled for completion in the first half of 2023, with a gross floor area of approximately 31,000 square feet[23] Corporate Governance - The Company has complied with all provisions of the Corporate Governance Code throughout FY 2021/22[129] - The Company emphasizes the importance of good corporate governance practices, including sound internal controls and accountability to shareholders[163] - The Board currently comprises eight members, ensuring diverse expertise and governance[166] - The Company has established three Board committees: Remuneration Committee, Audit Committee, and Nomination Committee[188] Environmental and Social Responsibility - The Group's construction and data center leasing segments have established environmental management systems to protect the environment[72] - The Company has established an environmental management system certified to ISO 14001:2004 standards[74] - The Company plans to publish its Environmental, Social and Governance Report within five months after the financial year-end date[76] Employee and Director Information - The total remuneration for employees for FY 2021/22 was approximately HK$144.4 million, with a total of 181 employees as of March 31, 2022[52][56] - The company has a diverse board with members having extensive experience in finance, banking, and corporate governance[146] - The company secretary, Mr. Leung Wai Chuen, has over 31 years of experience in auditing, accounting, and financial management[158] Related Party Transactions - The Company was involved in a connected transaction where a residential unit was sold for HK$15,333,000 to an associate of Mr. Lau Chi Wah[103] - The connected transaction was subject to reporting requirements but exempt from circular and independent shareholders' approval due to the applicable percentage ratios being below 5%[103] - The Company complied with relevant disclosure requirements for related party transactions during FY 2021/22[104]

Revenue Performance - Revenue from the construction business decreased by 43.4% or $233.7 million, from approximately $538.0 million in FH 2020/21 to approximately $304.3 million in FH 2021/22[7] - Revenue from the data centre leasing segment increased by 17.6% or $13.8 million, from approximately $78.1 million in FH 2020/21 to approximately $91.9 million in FH 2021/22[8] - The Group's consolidated revenue decreased by approximately $200.0 million or 25.4%, from approximately $786.1 million in FH 2020/21 to approximately $586.1 million in FH 2021/22[24] - Revenue from external customers reached HK$586.127 million, with contributions from construction, property leasing, and property development segments of HK$304.291 million, HK$92.929 million, and HK$188.907 million respectively[64] - Revenue from building construction decreased to HK$304,291,000 in 2021 from HK$538,001,000 in 2020, reflecting a decline of approximately 43.5%[69] - Revenue from other sources, including bank interest income and dividend income, amounted to HK$14,463,000 in 2021, up from HK$11,081,000 in 2020[71] Profitability - Consolidated gross profit fell by $88.9 million or 46.6%, from approximately $190.6 million in FH 2020/21 to approximately $101.7 million in FH 2021/22[25] - Net profit for FH 2021/22 slightly dropped by 1.4% to approximately $69.2 million, compared to $70.2 million in FH 2020/21[26] - Profit before taxation for the period was $74.1 million, with a profit for the period of $69.2 million, compared to $89.5 million and $70.2 million respectively in the previous year[45] - Profit before taxation for the six months ended September 30, 2021, was HK$89,511,000, compared to HK$132,710,000 in the same period of 2020[65] - Underlying profit attributable to equity shareholders fell to $29,209,000 from $83,384,000, a decrease of about 65.0%[84] Expenses and Costs - Operating expenses decreased by 36.1% to approximately $46.6 million in FH 2021/22, down from $72.9 million in FH 2020/21[25] - Finance costs decreased to $57,497,000 from $85,103,000, a reduction of approximately 32.5%[73] - Staff costs increased slightly to $67,154,000 from $66,421,000, reflecting a marginal rise of 1.1%[73] - Current tax provision for Hong Kong profits tax decreased significantly to $6,257,000 from $23,118,000, a decline of about 73.0%[75] Assets and Liabilities - The Group's total cash balances were approximately $583.4 million, a decrease from approximately $1,122.0 million as of March 31, 2021[30] - As of September 30, 2021, the Group's total assets pledged against bank loans were valued at $5,560,785,000[103] - Current liabilities increased to $4,982,739,000 as of September 30, 2021, from $5,801,709,000 as of March 31, 2021, showing a decrease of approximately 14.1%[50] - Net current liabilities improved to $(388,767,000) as of September 30, 2021, compared to $(948,248,000) as of March 31, 2021, indicating a positive change[50] - Total equity decreased to $2,218,162,000 as of September 30, 2021, from $2,477,538,000 as of March 31, 2021, representing a decline of about 10.5%[50] Investments and Acquisitions - The Group completed the acquisition of Dream Palace Holdings Limited for a cash consideration of $320 million, with a deposit of $32 million paid as of September 30, 2021[38] - The remaining consideration of approximately $286,297,000 for the acquisition was settled on October 5, 2021[120] - The Group acquired a land parcel in Wuming District, Nanning City, with a site area of approximately 53,334 square metres for residential and commercial development[20] Strategic Developments - The Group intends to develop a residential-cum-retail complex on the land acquired at No. 1 Luen Fat Street, with a total gross floor area of approximately 36,000 square feet[15] - The Group plans to develop luxury residences for the elderly in Nanning, targeting the growing demand due to an aging population[23] - The two new high-tier data centres are targeted to be delivered in mid-2025 and mid-2026[8] - The Group is in the process of applying for a change of land use for the two newly acquired land parcels for data centre development[8] Shareholder Information - As of September 30, 2021, Mr. Chan Hung Ming holds 956,642,940 shares, representing approximately 67.39% of the Company's total shareholding[130] - Mr. Lau Chi Wah holds 106,293,660 shares, accounting for about 7.49% of the Company's total shareholding[130] - The weighted average number of shares in issue remained unchanged at 1,419,542,346 shares[83] Compliance and Governance - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the six months ended September 30, 2021[137] - The audit committee has reviewed the Group's unaudited condensed consolidated financial statements for the first half of 2021/22[138] - All directors confirmed compliance with the standards set out in the Listing Rules regarding securities trading for the six months ending September 30, 2021[140]

Financial Performance - Revenue for FY 2020/21 reached HK$1,492,385,000, a 65.4% increase from HK$902,596,000 in FY 2019/20[7] - Profit from operations was HK$248,077,000, up 105.5% from HK$120,944,000 in the previous year[7] - Underlying profit increased to HK$147,646,000, compared to HK$44,173,000 in FY 2019/20, marking a 233.5% rise[7] - The total profit for the year was HK$149.0 million, representing a 340.6% increase compared to HK$33.8 million in FY 2019/20[12] - Consolidated gross profit increased by 50.3% to approximately HK$331.1 million, driven by the construction project at Kai Tak and sales of parking spaces and a duplex unit[31] - Net profit for FY 2020/21 was approximately HK$149.0 million, an increase of approximately 340.6% compared to FY 2019/20[31] - The Group's underlying profit for FY 2020/21 was HK$147.6 million, an increase of 234.2% from HK$44.2 million in FY 2019/20[12] - The Group's consolidated revenue for FY 2020/21 was approximately HK$1,492.4 million, representing an increase of approximately 65.3% compared to FY 2019/20[30] Assets and Liabilities - Total assets as of March 31, 2021, amounted to HK$9,840,259,000, an increase from HK$9,549,612,000 in the previous year[9] - Total liabilities rose to HK$7,362,721,000 from HK$7,144,253,000, reflecting a 3.1% increase[9] - The current ratio decreased to 0.84 from 1.45 in the previous year, indicating a decline in short-term liquidity[7] - Gearing ratio improved to 161.6% from 177.4%, showing a reduction in financial leverage[7] - Net gearing ratio increased to 116.4% from 85.7%, indicating a rise in net debt relative to equity[7] - The Group's outstanding bank borrowings as of March 31, 2021, were approximately HK$4,004.9 million, down from approximately HK$4,267.8 million in the previous year[33] - The Group's total cash balances as of March 31, 2021, were approximately HK$1,122.0 million, a decrease from approximately HK$2,207.1 million the previous year[34] Dividends - Dividends declared for FY 2020/21 were HK$113,564,000, down from HK$411,667,000 in FY 2019/20[7] - The total dividends for the year amounted to 8.0 HK cents per share, with a payout ratio of approximately 76.9%[15] - An interim dividend of 4.0 HK cents per share was paid on December 16, 2020, and a final dividend of 4.0 HK cents per share is recommended for payment[48] Business Segments - Revenue from the construction business increased by approximately 128% to HK$1,133.7 million, driven by significant projects in Kai Tak, Kowloon[16] - Revenue from the data centre leasing business rose by approximately 17.8% to HK$164.7 million, mainly due to new customer commitments[17] - The Group's luxury residential project, Cristallo, recorded revenue of approximately HK$194.0 million during FY 2020/21[22] - The Group's gross contract sum for construction projects in progress was approximately HK$1.63 billion as of 31 March 2021[16] Acquisitions and Developments - The Group completed the acquisition of two parcels of land for HK$356 million to develop new high-tier data centres, expanding its geographical presence in Hong Kong[18] - The Group acquired three parcels of land in Fanling, providing new development pipelines for property development and data center leasing[26] - Cumulative pre-sales for The Grand Marine project reached approximately HK$4.5 billion, with 89% of residential units sold[21] - The Group plans to complete The Grand Marine project by the end of 2021, with property handover targeted for late 2021 or early 2022[25] Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout FY 2020/21[121] - The Board comprises eight members, with over 50% possessing professional qualifications[148] - The Company maintains the prescribed minimum public float under the Listing Rules as of the date of this report[123] - The Company has appropriate insurance coverage for Directors and senior management against potential liabilities[156] - The Company has established a shareholders' communication policy, which is regularly reviewed for effectiveness[190] Risk Management and Internal Controls - The Group's risk management structure follows the "Three Lines of Defense" model, with each business unit responsible for its own risk management[179] - The Audit Committee found no significant areas of concern affecting the Group's financial, operational, compliance controls, and risk management functions[184] - The Group's risk management and internal controls system was deemed effective and adequate by the Board[184] - The internal audit process includes monthly risk assessments reported to the board, ensuring ongoing monitoring of risks faced by each business unit[186] Employee and Remuneration - The total remuneration for employees for FY 2020/21 was approximately HK$137.3 million, with a total of 186 employees as of March 31, 2021[40] - The Group's total employer contributions for FY 2020/21 amounted to approximately HK$2.87 million[111] - The Group operates a Mandatory Provident Fund Scheme for qualifying employees in Hong Kong, with contributions required from both employer and employees[106] Shareholder Rights and Communication - Shareholders have the right to convene an Extraordinary General Meeting (EGM) if they hold at least 10% of the paid-up capital, with specific procedures outlined for requisitioning such meetings[192] - The company recognizes the importance of transparency and timely disclosure of corporate information to enable informed investment decisions by shareholders and investors[191] - Shareholders can submit proposals for consideration at general meetings with varying notice periods depending on the nature of the proposal[198] Management and Directors - The company has a strong management team with extensive experience in construction and data center leasing[128] - The executive directors have been with the company since its founding in 1995, contributing to its strategic development[127] - All executive Directors have served the Group for over seven years, ensuring stability in leadership[151] - Directors have confirmed sufficient time commitment to the Company's affairs for the year[158]

Financial Performance - Total revenue for 2020 was HK$902,596,000, an increase of 47.2% from HK$613,410,000 in 2019[7] - Underlying profit for 2020 was HK$44,173,000, a decrease of 65.9% compared to HK$129,581,000 in 2019[7] - Profit for the year was HK$33.8 million, down 77.3% from HK$149.0 million in FY 2018/19[12] - The Group's net profit for FY 2019/20 decreased by approximately 77.3% to HK$33.8 million, down from HK$149.0 million in FY 2018/19[40] - The consolidated gross profit decreased by 17.3% to approximately HK$220.3 million, down from HK$266.4 million in the previous year[41] Revenue Segments - Construction segment revenue reached HK$497,147,000, up 87.5% from HK$264,918,000 in the previous year[7] - Revenue from the construction business increased by approximately 87.7% to HK$497.1 million, driven by a new project at Kai Tak[19] - Revenue from data centre premises leasing decreased by approximately 8.2% to HK$139.8 million due to lower electricity consumption by tenants[23] - Revenue from the data center leasing business decreased by approximately 8.2% to HK$139.8 million from HK$152.2 million in FY 2018/19, a reduction of HK$12.4 million[28] Assets and Liabilities - The total assets of the Group as of 31 March 2020 were HK$9.55 billion, an increase from HK$6.73 billion in 2018[8] - The total liabilities increased to HK$7.14 billion from HK$3.96 billion in 2018, indicating a significant rise in financial obligations[8] - The Group's outstanding bank borrowings as of March 31, 2020, were approximately HK$4,267.8 million, up from HK$3,970.8 million in the previous year[42] Liquidity and Gearing - The current ratio decreased to 1.45 from 2.62 in 2019, indicating a decline in short-term liquidity[7] - Gearing ratio increased to 177.4% from 141.1% in the previous year, reflecting higher leverage[7] - Net gearing ratio improved to 85.7% from 135.3% in 2019, showing a reduction in net debt relative to equity[7] Dividends and Shareholder Returns - An interim dividend of 4.0 HK cents per share was paid on December 16, 2019, and a special interim dividend of 50.0 HK cents per share was declared on March 19, 2020, paid on May 5, 2020[63] - The Board recommends a final dividend of 4.0 HK cents per share, expected to be dispatched to shareholders on August 17, 2020, subject to approval[63] - The Company proposes a bonus issue of shares at a ratio of one new share for every existing share held, pending approval at the upcoming annual general meeting[66] Corporate Governance - The Company has complied with all provisions of the Corporate Governance Code throughout FY 2019/20[125] - The Board has established three committees: Remuneration Committee, Audit Committee, and Nomination Committee, to oversee specific aspects of governance[179] - The independent non-executive directors have confirmed their independence as per the listing rules[95] - The Company has appropriate insurance coverage for directors and senior management against potential liabilities arising from business activities[169] Management and Employees - The company has a strong management team with extensive experience in their respective fields, enhancing its operational capabilities[138] - The Group had a total of 173 employees as of March 31, 2020, with total employee remuneration for the year amounting to approximately HK$131.7 million[55] - The Group's total employer contributions to the Mandatory Provident Fund Scheme during FY 2019/20 amounted to approximately HK$2.67 million[115] Environmental and Social Responsibility - During FY 2019/20, there was no material non-compliance related to air pollution, noise control, or construction waste disposal[79] - The Group's construction and data center leasing segment has established environmental management systems certified to ISO 14001:2004[77] - The Group made donations amounting to HK$16,000 during the year[79] Risk Management - The Board has established a risk management system based on the "Three Lines of Defence" model to manage risks effectively[195] - The Audit Committee reviewed the adequacy and effectiveness of the Group's risk management and internal controls, finding no significant areas of concern[197] - The Group's internal control and risk management systems are designed to provide reasonable assurance against material misstatement or loss, rather than absolute assurance[197] Shareholding Structure - As of March 31, 2020, Mr. Chan Hung Ming holds 478,321,470 shares, representing approximately 67.39% of the company's total issued shares[99] - Mr. Lau Chi Wah owns 53,146,830 shares, which accounts for about 7.49% of the total issued shares[99] - The pledge of 53,146,830 shares held by Lau CW Company Limited to Banco Well Link, S.A. has been released as of the date of the annual report[106] Acquisitions and Investments - The Group completed the acquisition of Grand Victor Enterprise Company Limited for a total cash consideration of HK$18.8 million on January 21, 2020[110] - Grand Victor is primarily an investment holding company with no substantial business other than holding the entire equity interest of Guangxi Jiaming Property Development Co., Ltd., which is engaged in property development in Guangxi Province, Mainland China[114]

Revenue and Profitability - Revenue from the construction business increased by approximately 10.0% or $14.9 million, from approximately $149.5 million for FH 2018/19 to approximately $164.4 million for FH 2019/20[10] - Revenue from data centre premises leasing decreased approximately 3.7% or $2.8 million, from approximately $74.7 million for FH 2018/19 to approximately $71.9 million for FH 2019/20[12] - The Group's consolidated revenue for FH 2019/20 was approximately $367.5 million, representing a 35.1% increase compared to $272.0 million in the same period last year[22] - The Group's revenue for the six months ended 30 September 2019 was approximately $367.5 million, representing an increase from $272.0 million in the same period of 2018, which is a growth of 35.2%[37] - Profit from operations was approximately $76.8 million, down from $90.8 million in the previous year, reflecting a decline of 15.4%[37] - Net profit for FH 2019/20 was approximately $44.0 million, a decrease of 14.3% compared to $51.3 million in FH 2018/19[26] - Basic and diluted earnings per share reported at 6.2 cents, down from 7.2 cents in the same period last year, a decline of 13.9%[37] - The profit attributable to equity shareholders for the six months ended September 30, 2019, was $43,957,000, a decrease of 14.5% compared to $51,286,000 in 2018[76] - Underlying profit attributable to equity shareholders was $25,787,000, down 50.8% from $52,388,000 in the previous year[77] Construction and Development Projects - The Grand Marine project has presold 75% of its residential units, with cumulative presale proceeds of approximately $3.6 billion recorded[16] - The Grand Marine project is expected to be completed in late 2021, with a gross floor area of approximately 400,000 square feet[16] - Revenue of approximately $131.1 million was recognized from the sale of 3 apartments in the Cristallo development during the review period[17] - The Group entered into 9 provisional sales and purchase agreements for Cristallo with an aggregate contract sum of approximately $517.5 million[17] - The Group sold over 75% of the residential units in the "Ming Qiao Hui" project, achieving a total pre-sale amount of approximately $3.6 billion[18] - The Group's construction business primarily serves prominent local developers, focusing on property development projects[10] Financial Position and Assets - The Group's outstanding bank borrowings as of September 30, 2019, were approximately $4,102.8 million, up from $3,970.8 million as of March 31, 2019[27] - The gearing ratio increased to approximately 145.5% as of September 30, 2019, compared to 141.1% as of March 31, 2019[27] - Total assets as of September 30, 2019, amounted to HKD 6,090,555, an increase from HKD 6,073,169 as of March 31, 2019[42] - The total equity as of September 30, 2019, was HKD 2,818,903, a marginal increase from HKD 2,814,522[44] - The Group's secured bank loans increased to $4,102,774,000 as of September 30, 2019, compared to $3,970,757,000 as of March 31, 2019[95] - The Group's investment properties were pledged against bank loans, indicating a strategy to leverage assets for financing[81] Operating Expenses and Costs - Operating expenses increased by 56.4% to approximately $46.7 million, primarily due to sales commissions and marketing expenses related to the sales of Cristallo and The Grand Marine project[25] - Gross profit decreased by 11.0% to approximately $100.7 million, with a gross margin of 27.4%, down from 41.6% in the previous year[22] - Staff costs, including directors' remuneration, amounted to $60,511,000, slightly up from $59,305,000 in 2018[67] - Finance costs decreased to $24,560,000 in 2019 from $27,915,000 in 2018, a reduction of 8.5%[58] Market and Strategic Outlook - The Group is actively seeking opportunities to replenish its land bank and is looking for suitable land parcels for developing a third high-tier data center[20] - The management remains optimistic about the local residential housing market despite overall sentiment weakening in the second half of 2019[20] Segment Information - The Group operates in three segments: Construction, Property Leasing, and Property Development, each requiring different business strategies[56] - The Construction segment involves contracting for residential buildings, commercial buildings, and data centers for external customers and group companies[56] - The Property Leasing segment focuses on leasing data centers and office premises[56] - The Property Development segment is engaged in the development and sales of properties[56] Shareholder Information - Mr. Chan Hung Ming holds 478,321,470 shares, representing 67.39% of the company's issued share capital[122] - Mr. Lau Chi Wah holds 53,146,830 shares, representing 7.49% of the company's issued share capital[122] - Lau CW Company Limited pledged 53,146,830 shares to Banco Well Link, S.A. on March 14, 2019[127] - Ms. Cheung Shuk Fong is deemed to have an interest in Mr. Lau Chi Wah's shares, also amounting to 53,146,830 shares or 7.49%[125] Compliance and Governance - The Company established an audit committee in compliance with Rule 3.21 of the Listing Rules, comprising four independent non-executive directors[130] - The Company complied with all code provisions of the Corporate Governance Code throughout the six months ended September 30, 2019[130] - The Company adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the reporting period[130]

Financial Performance - Total revenue for 2019 was HK$613,410,000, a decrease of 57.0% from HK$1,423,933,000 in 2018[7] - Underlying profit for 2019 was HK$129,581,000, down 24.4% from HK$171,292,000 in 2018[7] - Construction segment revenue decreased to HK$264,918,000 from HK$1,274,528,000, a decline of 79.2%[7] - Property leasing revenue increased slightly to HK$157,460,000 from HK$149,405,000, a growth of 5.7%[7] - Property development revenue was HK$191,032,000, with no prior year comparison available[7] - The Group's profit for the year was HK$149.0 million, a decrease of HK$22.8 million or 13.3% compared to HK$171.8 million in FY 2017/18[11] - The Group's net profit for FY 2018/19 was approximately HK$149.0 million, representing a decrease of 13.3% from HK$171.8 million in FY 2017/18[34] - The underlying profit, excluding changes in fair value of investment properties, was approximately HK$129.6 million, a decrease of 24.4% compared to the previous year's underlying profit of HK$171.3 million[34] Liquidity and Financial Ratios - Current ratio decreased to 2.62 from 3.79 in 2018, indicating reduced liquidity[7] - Gearing ratio increased to 141.1% from 129.7% in 2018, reflecting higher leverage[7] - Net gearing ratio rose to 135.3% from 116.0% in 2018, indicating increased debt levels[7] - Total cash balances as of March 31, 2019, were approximately HK$162.7 million, a decrease from HK$378.2 million the previous year[36] - The current ratio was 2.62 times, indicating sufficient working capital for present operations and future business expansion[36] - The Group's liquidity ratio was 2.62 times as of March 31, 2019, compared to 3.79 times a year earlier[39] Revenue Breakdown - Revenue from the construction business decreased by approximately 79.2% or HK$1,009.6 million, from HK$1,274.5 million in FY 2017/18 to HK$264.9 million in FY 2018/19[18] - Revenue from data centre premises leasing increased by approximately 5.0% or HK$7.2 million, from HK$145.0 million in FY 2017/18 to HK$152.2 million in FY 2018/19[20] - Revenue from the building construction segment decreased by 79.2%, while revenue from the property development segment partially offset this decline due to sales from the Cristallo properties[32] Assets and Liabilities - The Group's total assets as of 31 March 2019 were HK$7,050.8 million, an increase from HK$6,725.4 million in the previous year[9] - The Group's total liabilities as of 31 March 2019 were HK$4,236.3 million, up from HK$3,960.3 million in the previous year[9] - The value of construction projects in hand as of 31 March 2019 amounted to approximately HK$1.63 billion[19] Dividends and Shareholder Returns - The total dividends for FY 2018/19 will amount to 9.8 HK cents per share, representing a payout ratio of approximately 53.7%[15] - The Group's interim dividend was 4.0 HK cents per share, and a final dividend of 5.8 HK cents per share is proposed for payment[46] - The Group's policy is to reward shareholders while retaining adequate capital for business development, with dividends declared based on operational results and financial conditions[46] Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code throughout FY 2018/19[114] - The Company emphasizes accountability to all shareholders as a core element of its corporate governance principles[148] - The Board is responsible for corporate governance duties, including policy development and compliance monitoring[167] - The Company has established three committees: Remuneration Committee, Audit Committee, and Nomination Committee to oversee specific aspects of the Group's affairs[169] - The Remuneration Committee consists of all four independent non-executive Directors, ensuring no Director determines their own remuneration[171] Management and Team Experience - The Company has a strong management team with extensive experience in construction, property development, and data center leasing[120][121][123] - The management team includes members with qualifications from recognized institutions, enhancing the Company's credibility and expertise[122][125] - Mr. Yuen Ying Wai has over 35 years of experience in quantity surveying and construction project management, including 11 years in high-tier data center construction[121] - Mr. Kwan Wing Wo has over 28 years of experience in auditing, accounting, and finance, previously holding a management position in a listed company for 12 years[123] Risk Management - The Board has established a risk management system based on the "Three Lines of Defence" model to manage risks effectively[183] - The Audit Committee reviewed the adequacy and effectiveness of the Group's risk management and internal controls, finding no significant areas of concern[188] - The Group's internal control and risk management system is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement[188] Shareholder Communication - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[192] - The company maintains a website for public access to updates on business developments, financial information, and corporate governance practices[194] - The company has established a shareholders' communication policy that will be regularly reviewed for effectiveness[194]