Sales and Development Projects - The Grand Marine residential development has sold over 94% of its 776 units, totaling approximately 400,000 square feet[15]. - The Grands project has achieved approximately 56% sales of its 76 units, with contracted sales amounting to approximately $210 million[16]. - The Fanling project is planned to be completed by mid-2025, with a total gross floor area of approximately 36,000 square feet[17]. - The North Point project is expected to be completed by 2027, covering a site area of approximately 3,240 square feet with a developable gross floor area of approximately 30,000 square feet[18]. - Cristallo luxury residential project has sold 15 out of 18 units as of September 30, 2023[22]. Financial Performance - The Group's consolidated revenue for FH 2023/24 was $191.7 million, a significant decline of 96.1% from $4,920.1 million in FH 2022/23[29]. - Consolidated gross profit decreased by 95.2% to $97.4 million in FH 2023/24, down from $2,036.7 million in the previous period[29]. - Net profit for FH 2023/24 decreased by 92.1% to $111.1 million, down from $1,410.2 million in FH 2022/23[32]. - Total comprehensive income for the period was HK$116.81 million, a decrease from HK$1,392.66 million in the same period of 2022[43]. - The profit for the period was HK$111.12 million, down from HK$1,410.17 million in the previous year[43]. Revenue and Expenses - Revenue from data centre leasing increased by 17% year-on-year to $133.2 million, driven by higher utilization rates[24]. - Construction revenue from external customers for the six months ended September 30, 2023, was $35.7 million, reflecting a 20.1% increase compared to the same period in 2022[25]. - Operating expenses reduced by 84.0% to $45.2 million in FH 2023/24, compared to $282.6 million in FH 2022/23, primarily due to decreased property sales[29]. - Revenue for the six months ended September 30, 2023, was approximately HK$191.70 million, a significant decrease from HK$4,920.09 million in the same period of 2022[41]. Assets and Liabilities - The Group's outstanding bank borrowings increased to approximately $5,587 million as of September 30, 2023, from approximately $4,630 million on March 31, 2023[33]. - Cash and bank balances as of September 30, 2023, were approximately $573.6 million, a decrease from approximately $611.8 million on March 31, 2023[34]. - Total assets as of September 30, 2023, amounted to HKD 7,342,859,000, an increase from HKD 6,914,563,000 as of March 31, 2023, representing a growth of approximately 6.2%[47]. - The Group's total trade and other payables were $189,442,000 as of September 30, 2023, down from $197,905,000 in March 2023[103]. Shareholder Information - The company declared dividends of HKD 283,908,000 for the current year, compared to HKD 56,782,000 for the previous year, indicating a significant increase in shareholder returns[48]. - Basic earnings per share for the six months ended September 30, 2023, was $0.08, down from $0.99 in the same period of 2022[87]. - The total number of issued and fully paid shares increased to 1,420,222,000, up from 1,419,812,000 as of March 31, 2023, reflecting an increase of 0.03%[111]. - The company declared an interim dividend of 4.0 HK cents per share, payable on December 20, 2023, to shareholders registered on December 1, 2023[123]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the first half of 2023/24[155]. - All Directors confirmed their compliance with the Model Code for Securities Transactions throughout the first half of 2023/24[156]. - The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial statements for the first half of 2023/24 with no disagreements noted[157]. Segment Performance - For the six months ended September 30, 2023, total segment revenue was HK$191.7 million, with construction segment revenue at HK$171.5 million, property leasing at HK$151.6 million, and property development at HK$18.9 million[64]. - The segment results showed a profit before taxation of HK$111.8 million, with construction contributing HK$12.2 million, property leasing HK$92.2 million, and property development reporting a loss of HK$5.0 million[64]. Investment Properties - An unrealized fair value gain on investment properties of $109.8 million was recognized in FH 2023/24, compared to a loss of $4.1 million in the previous period[30]. - The Group recognized a net fair value gain of $109,822,000 on investment properties as of September 30, 2023, compared to a net loss of $4,134,000 in 2022[94].

[Performance Highlights](index=1&type=section&id=%E6%91%98%E8%A6%81) The Group experienced significant declines in revenue and profit for the six months ended September 30, 2023, primarily due to reduced property sales | Metric | 2023/24 H1 (HK$ Million) | 2022/23 H1 (HK$ Million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 191.7 | 4,920.1 | -96.1% | | Profit for the Period | 111.1 | 1,410.2 | -92.1% | | Basic Earnings Per Share | 7.8 HK$ Cents | 99.3 HK$ Cents | -92.1% | | Interim Dividend | 4.0 HK$ Cents per share | 6.0 HK$ Cents per share | -33.3% | | Net Assets (Period End) | 2,823.7 | - | - | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) Consolidated financial statements reflect significant declines in revenue and gross profit, partially offset by investment property fair value gains [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) Revenue and gross profit significantly decreased, while fair value gains on investment properties notably contributed to the period's profit | Item (HK$ Thousands) | 2023/24 H1 | 2022/23 H1 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 191,702 | 4,920,088 | -96.1% | | Gross Profit | 97,369 | 2,036,694 | -95.2% | | Fair Value Change on Investment Properties | 109,822 | (4,134) | N/A | | Operating Profit | 172,097 | 1,757,601 | -90.2% | | Profit Before Tax | 111,753 | 1,707,711 | -93.5% | | Profit for the Period | 111,124 | 1,410,165 | -92.1% | - Excluding the impact of fair value changes on investment properties, the Group's underlying profit was only **HK$1.302 million**, compared to **HK$1.414 billion** in the prior period, reflecting core business challenges due to reduced property sales[27](index=27&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Investment property revaluation increased total assets, but rising bank loans led to higher liabilities and a slight decrease in net assets | Item (HK$ Thousands) | September 30, 2023 | March 31, 2023 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Investment Properties | 5,382,000 | 4,594,220 | +17.1% | | Total Assets | 8,952,831 | 8,150,242 | +9.9% | | **Liabilities and Equity** | | | | | Bank Loans | 5,586,615 | 4,630,054 | +20.7% | | Total Liabilities | 6,129,128 | 5,168,409 | +18.6% | | Net Assets | 2,823,703 | 2,981,833 | -5.3% | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) Management reviews segment performance, noting reduced property development revenue and stable data center leasing, while outlining future strategies [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Property development focused on existing project sales, data center leasing showed robust growth, and external construction revenue increased - **Property Development**: - "The Grandeur": Over **94%** of units sold - "The Aura": Completed and pre-sold in June, with approximately **56%** of units sold and contractual sales of approximately **HK$210 million** as of the reporting date - Fanling and North Point projects: Under development, expected to be completed in **2025** and **2027** respectively[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - **Data Center Leasing**: Revenue increased by **17%** year-on-year to **HK$133.2 million**, primarily driven by increased client utilization. Two new data centers in Fanling are under construction, expected to be completed by mid-**2025** and mid-**2026** respectively[42](index=42&type=chunk) - **Construction Business**: Holds total contract value of approximately **HK$2.1 billion**. Construction revenue from external clients was **HK$35.7 million**, a **20.1%** year-on-year increase[43](index=43&type=chunk) [Outlook](index=16&type=section&id=%E5%B1%95%E6%9C%9B) Management anticipates continued economic volatility, focusing on selling remaining residential units and ensuring timely completion of new data centers - The Group maintains a cautious outlook on the economic prospects, facing adverse factors such as rising interest rates, global inflation, and geopolitical tensions[44](index=44&type=chunk) - Future priorities include: - Continuing to sell remaining units of existing residential projects - Ensuring timely completion and delivery of two high-end data centers in Fanling - Cautiously exploring new sustainable development projects[44](index=44&type=chunk) [Financial Review](index=17&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Consolidated revenue and gross profit significantly declined due to reduced property sales, while financial costs increased due to rising interest rates - Revenue and gross profit significantly decreased, primarily due to a substantial reduction in the number of properties sold from property development projects during the review period[45](index=45&type=chunk) - An unrealized fair value gain of **HK$109.8 million** was recorded (compared to a loss of **HK$4.1 million** in the prior period), mainly from the revaluation of two data centers under development after completing land use conversion procedures[45](index=45&type=chunk) - Financial costs increased by **21.0%** to **HK$60.3 million** due to rising interest rates[45](index=45&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) Cash and bank balances decreased while outstanding bank loans significantly increased, leading to a higher gearing ratio and lower current ratio | Metric | September 30, 2023 | March 31, 2023 | | :--- | :--- | :--- | | Cash and Bank Balances (HK$ Million) | 573.6 | 611.8 | | Outstanding Bank Loans (HK$ Million) | 5,587 | 4,630 | | Gearing Ratio | 197.8% | 155.3% | | Current Ratio | 1.63x | 2.12x | - The increase in bank borrowings was primarily for refinancing part of the land premium and land exchange premium for the two Fanling data center projects, and for funding data center construction[46](index=46&type=chunk) - To mitigate floating interest rate risk, the Group holds interest rate swap contracts with a notional amount of approximately **HK$1.049 billion**[47](index=47&type=chunk) [Other Information](index=15&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers routine information including dividend distribution, share transfer registration, employee details, and corporate governance - The Board declared an interim dividend of **HK$4.0 cents** per share, payable on December 20, 2023[35](index=35&type=chunk) - As of September 30, 2023, the Group had **156** employees, with total staff remuneration of approximately **HK$73.6 million** for the first half of the year[51](index=51&type=chunk) - The Company complied with all code provisions of the Corporate Governance Code in Appendix 14 to the Listing Rules during the reporting period[52](index=52&type=chunk)

Financial Performance - Revenue for FY 2022/23 reached HK$5,004,560,000, a significant increase from HK$817,867,000 in FY 2021/22[9] - Profit for the year was HK$1,275,460,000, compared to HK$17,547,000 in the previous year, indicating a substantial growth[12] - Underlying profit for FY 2022/23 was HK$1,299,332,000, recovering from a loss of HK$75,167,000 in FY 2021/22[9] - Consolidated revenue for FY 2022/23 reached HK$5,004.6 million, a significant increase of 5.1 times compared to HK$817.9 million in FY 2021/22[14] - Profit attributable to shareholders soared by 71.7 times from HK$17.5 million to HK$1,275.5 million, with an underlying profit of HK$1,299.3 million compared to an underlying loss of HK$75.2 million in FY 2021/22[14] - The consolidated gross profit surged to HK$1,987.8 million, up 31.2 times from HK$61.7 million in FY 2021/22[39] - Net profit for FY 2022/23 grew by 71.7 times to HK$1,275.5 million, compared to HK$17.5 million in FY 2021/22[40] Liquidity and Financial Ratios - The current ratio improved to 2.12 from 0.63 in the previous year, reflecting better liquidity[9] - Gearing ratio decreased to 155.3% from 230.9% in FY 2021/22, indicating reduced financial leverage[9] - Total assets as of March 31, 2023, were HK$8,150,242,000, down from HK$10,673,730,000 in the previous year[12] - Total liabilities decreased to HK$5,168,409,000 from HK$8,548,181,000, showing a reduction in debt levels[12] - The Group's outstanding bank borrowings as of March 31, 2023, were approximately HK$4,630 million, down from HK$4,907 million a year earlier[41] - The gearing ratio improved to approximately 155.3% from 230.9% in the previous year[41] Dividends - Dividends declared for FY 2022/23 amounted to HK$653,105,000, up from HK$397,472,000 in FY 2021/22[9] - The Board recommends a final dividend of 5.0 HK cents per share and a special dividend of 15.0 HK cents per share, totaling 46.0 HK cents per share for FY 2022/23[17] - The company maintains a policy of distributing dividends twice a year, with a mid-term dividend of HKD 6.0 per share and a special mid-term dividend of HKD 20.0 per share already paid[62] Property Development and Projects - The company plans to focus on property development and leasing as part of its future growth strategy[13] - Sales revenue from The Grand Marine project recognized in FY 2022/23 amounted to HK$4.85 billion, with over 92% of the 776 units sold as of 31 March 2023[19] - The Group is developing a luxury residential project in Guangxi Province, China, with an estimated gross floor area of approximately 1,100,000 square feet[28] - The Group is preparing for the pre-sale of The Grands project, which will feature 76 residential units and a resident clubhouse[20] - Foundation works for the Luen Fat Street project are underway, with completion scheduled for mid-2025[21] - The Group acquired properties in North Point for redevelopment into a residential-cum-commercial project, with demolition scheduled for Q3 2023[22] Data Centre Operations - Revenue from data centre leasing increased by 20.5% year-on-year to HK$235.0 million, driven by higher utilization and rental income[29] - Two new high-tier data centres are planned for development in Fanling, with a total gross floor area of approximately 186,000 square feet, scheduled for completion in mid-2025 and mid-2026[30] - The development of two new high-tier data centers in Fanling is on schedule, with completion targeted for mid-2025 and mid-2026[35] Corporate Governance - The company has complied with all code provisions of the Corporate Governance Code throughout FY 2022/23[147] - The Board is responsible for formulating business strategies and monitoring the Group's development, with a focus on risk management and internal control[173] - The Board currently comprises eight members, including four executive directors and four independent non-executive directors[175] - The Company has adopted a board diversity policy, considering factors such as gender, age, and professional experience in Board composition[178] - The Company complies with the Listing Rules, ensuring at least one-third of the Board members are independent non-executive Directors[180] Employee and Management Information - The total remuneration for employees in FY 2022/23 was approximately HK$156.6 million, with 159 employees as of March 31, 2023[52] - The Group operates a Mandatory Provident Fund Scheme for all qualifying employees in Hong Kong, with no forfeited contributions as employer contributions vest fully with employees[127] - The Company has a diverse board with members experienced in banking, architecture, and audit[158][162][165] - The Company continues to expand its management team with experienced professionals in various fields[156][164] Compliance and Legal Matters - There were no significant acquisitions or disposals of subsidiaries during FY 2022/23, and no material future investment plans were disclosed[51][54] - There were no material non-compliance issues with laws and regulations that significantly impacted the company during FY 2022/23[75] - The company did not make any donations to charitable organizations during the year[76] - The company has established environmental management systems certified to ISO 14001:2015, with no material non-compliance reported during FY 2022/23[70] Shareholder Information - The largest customer accounted for 1.4% of the Group's total sales, while the five largest customers together represented 3.9% of total sales for the year[85] - The largest supplier contributed to 11.1% of the Group's total purchases, and the five largest suppliers collectively accounted for 35.2% of total purchases[89] - The chairman, Mr. Chan Hung Ming, holds 921,642,940 shares, representing approximately 64.90% of the issued shares[154] - The CEO, Mr. Lau Chi Wah, holds 106,293,660 shares, representing approximately 7.48% of the issued shares, and has options to subscribe for 1,000,000 shares[154]

Financial Performance - Revenue increased 5.1 times to HKD 5,004.56 million (2022: HKD 817.87 million) [2] - Profit for the year rose 71.7 times to HKD 1,275.46 million (2022: HKD 17.55 million), with basic and diluted earnings per share at HKD 0.8985 and HKD 0.8979 respectively (2022: HKD 0.0124) [3] - Gross profit for the year was HKD 1,987.77 million, compared to HKD 61.68 million in the previous year [3] - Operating profit increased significantly to HKD 1,634.27 million from HKD 85.58 million [3] - Total comprehensive income for the year amounted to HKD 1,267.03 million, compared to HKD 45.48 million in the previous year [5] - The group reported a pre-tax profit of HKD 1,529,180,000 for the year ended March 31, 2023, compared to HKD 26,733,000 in the previous year [14] - The Group's pre-tax profit for 2023 was HKD 268,321,000, significantly higher than HKD 13,220,000 in 2022 [27] - The Group's basic profit attributable to equity shareholders was HKD 1,275,460,000 for 2023, a substantial increase from HKD 17,547,000 in 2022 [31] - Net profit surged 71.7 times to HKD 1.2755 billion, compared to HKD 17.5 million in the previous year [53] Dividends - Proposed final dividend of HKD 0.050 per share (2022: HKD 0.040) and a special dividend of HKD 0.150 to celebrate the group's 10th anniversary [2] - The total dividends declared for the year amounted to HKD 653,105,000, compared to HKD 397,472,000 in the previous year [29] - The board proposed a final dividend of HKD 0.05 per share and a special dividend of HKD 0.15 per share, totaling HKD 0.46 per share for the fiscal year 2022/23 [41] Assets and Liabilities - Net asset value as of March 31, 2023, was HKD 2,981.83 million [7] - Non-current assets as of March 31, 2023, totaled HKD 5,528.18 million, up from HKD 5,355.92 million [6] - Current assets decreased to HKD 2,622.06 million from HKD 5,337.81 million [6] - Current liabilities reduced significantly to HKD 1,235.68 million from HKD 8,486.34 million [6] - Total bank loans decreased to HKD 4,630,054,000 from HKD 4,906,937,000, with secured loans at HKD 4,571,450,000 [38] - As of March 31, 2023, the company had outstanding bank loans of approximately HKD 4.630 billion, with a capital debt ratio of about 155.3% [54] Revenue Segmentation - Revenue from property sales amounted to HKD 4,850,442,000 for the year ended March 31, 2023, compared to HKD 221,659,000 in the previous year [19] - The construction segment reported external customer revenue of HKD (88,954,000) for the year ended March 31, 2023, down from HKD 395,521,000 in the previous year [14] - The property leasing segment generated revenue of HKD 243,072,000 for the year ended March 31, 2023, compared to HKD 200,687,000 in the previous year [14] - The majority of the group's external customer revenue is derived from clients located in Hong Kong [16] - The group has identified a major customer contributing over 10% of revenue, with previous year revenue of HKD 380,740,000 [17] Operational Highlights - The "Ming Chiu Hui" residential project has sold over 92% of its 776 units, generating sales revenue of HKD 4.85 billion [43] - The "Ming Jun" project is being developed into a 22-story mixed-use building with 76 residential units and commercial space, with internal decoration nearing completion [44] - The company is developing a residential and commercial project on the site at Luen Fat Street, with a total floor area of approximately 36,000 square feet, expected to be completed by mid-2025 [45] - The company acquired two properties in North Point with a total site area of approximately 3,240 square feet, planning to redevelop them into residential and commercial projects [46] Market Outlook and Strategy - The company is cautiously optimistic about the market outlook for 2023, continuing to sell remaining units of "Ming Qiao Wei" and "Ming Yu" projects [51] - The company is committed to improving and upgrading existing data center infrastructure to provide reliable services to current clients [51] - The company plans to develop two new high-end data centers in Fanling, with a total floor area of approximately 186,000 square feet, expected to be completed by mid-2025 and mid-2026 [49] Compliance and Governance - The group adopted new or revised Hong Kong Financial Reporting Standards effective from April 1, 2022, with no significant impact on current performance and financial position [10] - The group is currently evaluating the potential impact of new accounting standards that will take effect in 2023 and 2024, concluding that they are unlikely to have a significant impact on operations [12] - The company has adopted the standards set out in Appendix 10 of the Listing Rules regarding securities trading by directors, confirming compliance for the fiscal year 2022/23 [61] - As of the announcement date, the company maintains the minimum public float required by the Listing Rules [62] - The Audit Committee, consisting of four independent non-executive directors, has reviewed the consolidated financial statements for the fiscal year 2022/23 [63] - The auditor, Hong Kong Lixin Dehao CPA Limited, confirmed that the preliminary announcement figures are consistent with the audited financial statements for the fiscal year 2022/23 [64] - The annual report for the fiscal year 2022/23 will be distributed to shareholders and published on the company's and the Stock Exchange's websites [65] - The board expresses gratitude to management, employees, shareholders, business partners, banks, and auditors for their support [66]

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]