5月16日，截至港股收盘，恒生指数下跌0.46%，报23345.05点。铸帝控股（01413.HK）收报0.08港元/ 股，上涨31.15%，成交量1060.5万股，成交额72.92万港元，振幅44.26%。 行业估值方面，建筑行业市盈率（TTM）平均值为9.33倍，行业中值1.58倍。铸帝控股市盈率26.22倍， 行业排名第88位；其他浦江国际（02060.HK）为1.01倍、饮食天王(环球)（08619.HK）为1.24倍、进升 集团控股（01581.HK）为1.52倍、中国管业（00380.HK）为1.56倍、靛蓝星（08373.HK）为1.58倍。 资料显示，铸帝控股集团有限公司为香港的地基工程承包商。公司于1995年开展业务,其后通过公司的 主要营运附属公司广联工程有限公司以分包商身份承接地基工程。公司所承接的地基工程主要包括挖掘 及侧向承托及其他相关工程,包括桩帽工程、地下排水工程及地盘平整工程。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：行情君 最近一个月来，铸帝控股累计跌幅15.28%，今年来累计跌幅60.39%，跑输恒生指数1 ...

Revenue and Economic Outlook - The Group's revenue primarily derived from foundation works in non-residential developments during the reporting period [7]. - The Hong Kong government plans to supply a total of 189,000 public housing units from 2025-26 to 2029-30, indicating significant opportunities in the construction industry [8]. - Major transport infrastructure projects, including Hung Shui Kiu Station and the Northern Link Main Line, are expected to commence construction in 2024 and 2025, respectively [8]. - The statutory environmental impact assessment for the Kau Yi Chau Artificial Islands project will begin at the end of 2024, further enhancing construction opportunities [8]. - The local economy of Hong Kong is anticipated to improve, allowing the Group to leverage its solid track record in the foundation industry [9]. - The Group's revenue from continuing operations increased by approximately HK$33.6 million or 12.7% to approximately HK$298.9 million for the Reporting Period, compared to approximately HK$265.3 million for the six months ended 30 September 2023 [31]. - Revenue from contracts with customers for the six months ended 30 September 2024 was HK$298,860,000, an increase of 12.7% compared to HK$265,294,000 for the same period in 2023 [141]. Financial Performance - The cost of sales increased from approximately HK$249.5 million to approximately HK$285.4 million, representing an increase of approximately HK$35.9 million or 14.4% [27]. - The overall gross profit decreased from approximately HK$15.8 million to approximately HK$13.5 million, a decrease of approximately 14.6% [34]. - The overall gross profit margin declined from 5.9% to 4.5% due to severe shortages of construction professionals and increased labor costs [34]. - The Group recorded a loss of approximately HK$4.8 million for the Reporting Period, compared to a profit of approximately HK$9.6 million for the six months ended 30 September 2023 [65]. - Other income and gains decreased by approximately HK$1.2 million from approximately HK$1.3 million for the six months ended 30 September 2023 to approximately HK$0.1 million for the Reporting Period [61]. - Finance costs increased from approximately HK$428,000 for the six months ended 30 September 2023 to approximately HK$801,000 for the Reporting Period, representing an increase of approximately 100% [64]. - The Group's income tax expense decreased from approximately HK$1,692,000 for the six months ended 30 September 2023 to approximately HK$1,317,000 for the Reporting Period [58]. - The company reported a loss attributable to owners of the Company of HK$4,824,000 for the six months ended 30 September 2024, compared to a profit of HK$9,640,000 for the same period in 2023 [83]. - Basic and diluted loss per share from continuing operations was HK$0.40 for the six months ended 30 September 2024, compared to earnings per share of HK$0.96 for the same period in 2023 [83]. Assets and Liabilities - Total non-current assets decreased to HK$36,271,000 as of 30 September 2024, down from HK$52,025,000 as of 31 March 2024 [84]. - Total current assets increased to HK$359,805,000 as of 30 September 2024, compared to HK$329,147,000 as of 31 March 2024 [84]. - The company reported net current assets of HK$266,920,000 as of 30 September 2024, an increase from HK$222,186,000 as of 31 March 2024 [84]. - Non-current liabilities totaled HK$5,937,000 as of 30 September 2024, a decrease from HK$7,830,000 as of 31 March 2024 [85]. - The company had total equity of HK$297,254,000 as of 30 September 2024, up from HK$266,381,000 as of 31 March 2024 [85]. Operational Insights - The Group's business performance is expected to vary amid uncertainties in different economic segments [22]. - The Group's performance obligations related to construction services are expected to be satisfied within approximately three years, with other amounts expected to be recognized as revenue within one year [102]. - The Group's cash and cash equivalents at the end of the period were HK$18,199,000, down from HK$27,344,000 at the end of the previous period [113]. - The Group's total cash flows from financing activities amounted to HK$20,923,000, a significant increase from HK$12,933,000 in the previous period [113]. - The Group's depreciation of property, plant, and equipment was HK$6,009,000, down from HK$7,208,000 in the previous period [112]. Director Remuneration and Corporate Governance - The remuneration of the Directors is determined based on the Group's operating results and individual performance [48]. - The company’s executive directors received total emoluments of HK$378,000, HK$288,000, HK$210,000, and HK$90,000 respectively for the six months ended 30 September 2023 [177]. - The company did not pay any emoluments to directors as an inducement to join or as compensation for loss of office during the six months ended 30 September 2024 [180]. - There were no arrangements for directors to waive any remuneration during the six months ended 30 September 2024 [180]. - The company appointed two new independent non-executive directors on 25 July 2024 [180]. Discontinued Operations - The company completed the disposal of Shenzhen Guanglianxing Trading Technology Co., Ltd. for a consideration of RMB1 (approximately HK$1) on 12 August 2024 [131]. - The company reported net cash outflows from operating activities of HK$4,000 for the period ended 12 August 2024 [171]. - The loss attributable to owners of the company from discontinued operations was HK$4,000 for the period [170]. - The cash and cash equivalents disposed of amounted to HK$1,000, with total consideration received being approximately HK$1 [172].

Financial Performance - The group's revenue from continuing operations for the six months ended September 30, 2024, was approximately HKD 298.9 million, compared to HKD 265.3 million for the same period in 2023, representing an increase of 12.3%[2] - The gross profit margin for the reporting period was approximately 4.5%, down from 5.9% for the same period in 2023[2] - The loss attributable to owners from continuing and discontinued operations was approximately HKD 4.8 million, compared to a profit of HKD 9.6 million for the same period in 2023[2] - Basic and diluted loss per share for the reporting period was approximately HKD 0.40 and HKD 0.47, respectively, compared to earnings of HKD 0.96 for the same period in 2023[2] - The group recorded a total loss and comprehensive expenses of approximately HKD 4.8 million during the reporting period, compared to a profit of approximately HKD 9.6 million for the six months ended September 30, 2023[83] Dividend and Shareholder Returns - The board of directors decided not to declare an interim dividend for the reporting period, consistent with the previous year[2] - The company did not recommend any dividend payment for the six months ended September 30, 2024, consistent with the previous year[48] - No interim dividend was recommended for the reporting period ending September 30, 2023[98] Assets and Liabilities - Total non-current assets decreased from HKD 52.0 million as of March 31, 2024, to HKD 36.3 million as of September 30, 2024[8] - Current assets increased from HKD 329.1 million as of March 31, 2024, to HKD 359.8 million as of September 30, 2024[11] - Current liabilities decreased from HKD 106.9 million as of March 31, 2024, to HKD 92.9 million as of September 30, 2024[14] - Net assets attributable to owners increased from HKD 266.4 million as of March 31, 2024, to HKD 297.3 million as of September 30, 2024[18] - As of September 30, 2024, trade payables amounted to HKD 30,472 thousand, a decrease from HKD 38,720 thousand as of March 31, 2024[56] Revenue Sources - The company primarily engages in providing construction services in Hong Kong, with no significant changes in its main business during the reporting period[20] - The company’s revenue from residential construction services was HKD 135,497,000, while non-residential construction services generated HKD 163,363,000 for the six months ended September 30, 2024[30] - Major customers contributing over 10% of revenue included Customer A with HKD 134,697,000, Customer B with HKD 129,307,000, and Customer C with HKD 34,091,000[27] Costs and Expenses - The company reported employee benefit expenses of HKD 89,410,000, which is a substantial increase from HKD 41,689,000 in the previous year, indicating a rise of approximately 114.3%[33] - The group’s sales cost increased from approximately HKD 249.5 million to about HKD 285.4 million, a rise of approximately HKD 35.9 million or 14.4%[70] - Overall gross profit decreased from approximately HKD 15.8 million to about HKD 13.5 million, a decline of approximately 14.6%, primarily due to a severe shortage of construction-related professionals and increased labor costs[70] - Administrative expenses surged from approximately HKD 5.3 million to about HKD 16.3 million, an increase of approximately HKD 11.0 million or 207.6%[72] Financing and Capital Structure - Financing costs increased to HKD 801,000 for the six months ended September 30, 2024, up from HKD 428,000 in the same period of 2023, reflecting a rise of approximately 87.2%[35] - The company issued bonds totaling HKD 1,000,000 with an annual interest rate of 4.00%, due in October 2024, and RMB 11,000,000 (approximately HKD 11,923,000) with an annual interest rate of 3.65%, due in July 2024[60] - The company's debt-to-equity ratio decreased from approximately 11.7% on March 31, 2024, to about 10.5% on September 30, 2024, primarily due to a reduction in secured bank loans[89] Taxation - The total income tax expense for the six months ended September 30, 2024, was HKD (1,317) thousand, compared to HKD (1,692) thousand for the same period in 2023[43] - The company maintained a tax rate of 16.5% for the estimated taxable profits, in line with the previous year[45] Corporate Governance and Structure - The company changed its name from "Kwong Luen Engineering Holdings Limited" to "FEG Holdings Corporation Limited" on October 2, 2024[102] - The company emphasizes the importance of corporate governance and transparency to maintain shareholder trust and create long-term value[124] - The Audit Committee was established on February 19, 2021, to oversee financial reporting processes and internal controls[127] - The interim financial results were reviewed by the Audit Committee, which found no objections to the accounting treatment adopted by the company[128] Market Outlook - The government projects a total public housing supply of 189,000 units from 2025-2026 to 2029-2030, indicating significant opportunities in the construction sector[66] - The group anticipates substantial growth in the construction industry over the coming years due to the government's labor optimization plan, which has approved 9,731 quotas to address labor shortages[64] - Management expects the construction industry to benefit from favorable government policies and ongoing demand for housing and infrastructure development[68]

Revenue Growth - The Group's revenue increased to approximately HK$618.2 million for the Year, representing an increase of approximately HK$279.9 million or 82.7% from approximately HK$338.3 million for FY2022/23[26] - Revenue contribution from two sizable projects awarded during the year was approximately HK$239.1 million and HK$162.9 million, compared to HK$66.2 million and HK$37.1 million in FY2022/23 respectively[26] - The total revenue for the year was approximately HKD 618.2 million, an increase of about 82.7% compared to approximately HKD 338.3 million for the previous fiscal year[64] - The Group recorded total revenue of approximately HK$618.2 million, representing an increase of approximately 82.7% compared to HK$338.3 million for the year ended 31 March 2023[88] - The two major projects contributed revenues of approximately HK$239.1 million and HK$162.9 million, respectively, for the current year[174] Profitability - The profit attributable to owners of the company was approximately HKD 17.3 million, a significant increase from approximately HKD 1.0 million in the previous fiscal year[64] - The increase in profit was mainly attributable to the rise in the Group's gross profit[88] - The overall gross profit of the Group rose from approximately HK$11.9 million for the year ended March 31, 2023, to approximately HK$34.8 million for the current year, an increase of approximately 192.4%[175] - The gross profit margin improved from 3.5% for the year ended March 31, 2023, to 5.6% for the current year due to revenue growth outpacing the increase in cost of sales[175] Cost and Expenses - The Group's cost of sales increased from approximately HK$326.4 million for the year ended 31 March 2023 to approximately HK$583.4 million for the Year, representing an increase of approximately HK$257.0 million or 78.7%[173] - Administrative expenses slightly increased from approximately HK$11.1 million to approximately HK$11.4 million, representing an increase of approximately HK$0.3 million or 2.7%[176] - Other income and gains decreased from approximately HK$6.3 million to about HK$1.3 million, primarily due to the absence of government subsidies received in the previous year[41] - The expected credit loss (ECL) on contract assets decreased from approximately HK$7.4 million to approximately HK$1.0 million, a reduction of approximately HK$6.4 million or 86.5%[197] Safety and Management - The Group reported one workplace accident during the reporting period, resulting in 229 lost workdays, compared to 301 lost workdays in the previous fiscal year[13] - The Group has implemented a comprehensive occupational health and safety management system certified to OHSAS 18001 international standards[4] - The Group has devised a staff handbook to define expectations and protect employees from unfair treatment and discrimination[5] Market and Economic Conditions - The Hong Kong economy experienced a real GDP growth of 3.3% in 2023, driven by the recovery of tourism and private consumption[22] - The Hong Kong construction industry is facing challenges due to a labor crunch, impacting both the construction and foundation sectors[124] - The overall demand for property developments and foundation works has decreased due to hesitance from property investors and developers[126] - The Government's active land development initiatives have led to a surge in infrastructure projects despite the economic slowdown[124] - The construction industry is expected to have ample room for growth when the economy of Hong Kong improves[125] Future Outlook and Strategies - The company is cautiously optimistic about its business prospects despite facing a manpower shortage in the construction industry[51] - The company plans to actively seek new investment opportunities to enhance profitability and maximize returns for shareholders[65] - The management will leverage its solid track record in the foundation industry and favorable government policies to explore different options[36] - The company aims to strengthen its existing business while exploring new strategies for market expansion[65] - The Hong Kong Government plans to build approximately 410,000 public housing units over the next decade, which may benefit the construction industry[129] - The Government has proposed to import up to 12,000 non-local workers to alleviate labor shortages in the construction sector[125] Audit and Compliance - A qualified opinion was expressed by the Auditor regarding deposits paid for a construction contract valued at RMB29,465,000 (approximately HK$31,936,000) due to insufficient documentation[130] - The auditor expressed concerns regarding the lack of sufficient documentary evidence related to the arrangements, impacting the classification and accounting treatment of RMB4,754,500 (approximately HK$5,153,000) paid to the Supply Chain Management Company[162] - The audit committee has approved a detailed review of the Group's workflow, decision-making, and record-keeping processes, expected to be completed by Q4 2024[190] Business Relationships - The company has established long-term business relationships with customers, ensuring the recoverability of contract assets[56] - The management has conducted assessments to evaluate the feasibility of the project based on publicly available information, confirming that neither Customer Z nor the Supply Chain Management Company appears to be connected with the management of the Group[163]

Financial Performance - The group's revenue for the reviewed year was approximately HKD 618.2 million, compared to HKD 338.3 million in the previous fiscal year, representing an increase of 82.8%[1]. - The gross profit margin for the reviewed year was approximately 5.6%, up from 3.5% in the previous fiscal year[1]. - The profit attributable to owners of the company for the reviewed year was approximately HKD 17.3 million, significantly higher than HKD 1.0 million in the previous fiscal year[1]. - Basic and diluted earnings per share for the reviewed year were approximately HKD 1.73, compared to HKD 0.10 in the previous fiscal year[1]. - The overall gross profit increased from approximately HKD 11.9 million for the year ended March 31, 2023, to approximately HKD 34.8 million for the current year, representing a growth of about 192.4%[96]. - The total profit and comprehensive income for the group increased from approximately HKD 1.0 million for the year ended March 31, 2023, to approximately HKD 17.3 million for the review year, an increase of about HKD 16.3 million or 1,630%[126]. Revenue Breakdown - Revenue from construction services for the reviewed year was HKD 618.2 million, compared to HKD 338.3 million in the previous year, indicating strong growth[20]. - Revenue from residential construction services was HKD 123.8 million, down from HKD 149.8 million in the previous year, while non-residential services increased to HKD 494.4 million from HKD 188.5 million[21]. - Revenue from the private sector was HKD 153.7 million, slightly up from HKD 153.4 million, while revenue from the public sector surged to HKD 464.5 million from HKD 184.9 million[21]. - Revenue from Customer A increased significantly from HKD 184,632,000 to HKD 464,519,000, a growth of about 151%[38]. - Revenue from Customer B grew from HKD 92,316,000 to HKD 124,834,000, an increase of approximately 35%[38]. Assets and Liabilities - Non-current assets decreased from HKD 61,596,000 to HKD 52,025,000, a decline of approximately 15.5%[26]. - Current assets increased significantly from HKD 231,118,000 to HKD 329,147,000, representing an increase of about 42.5%[26]. - Total liabilities increased from HKD 34,846,000 to HKD 106,961,000, marking a rise of about 206%[26]. - Net assets rose from HKD 249,121,000 to HKD 266,381,000, an increase of approximately 6.5%[28]. - Trade payables increased to HKD 38,720,000 in 2024 from HKD 15,688,000 in 2023, showing a rise in obligations to suppliers[54]. Credit and Financing - The expected credit loss on contract assets was HKD 1.0 million, a significant improvement from HKD 7.4 million in the previous year[3]. - Financing costs increased to HKD 1.1 million from HKD 0.7 million in the previous fiscal year[3]. - The expected credit loss provision for trade receivables rose from HKD 102,000 in 2023 to HKD 1,568,000 in 2024, indicating a substantial increase in anticipated credit risk[52]. - The group reported a financing cost of HKD 1,144,000 in 2024, up from HKD 667,000 in 2023, reflecting higher interest expenses on bank loans and bonds[69]. - The asset-liability ratio rose from approximately 1.3% as of March 31, 2023, to about 11.7% as of March 31, 2024, primarily due to the increase in secured bank loans and bonds[153]. Employee and Administrative Expenses - Employee benefits expenses, excluding director remuneration, increased from HKD 57,196,000 to HKD 83,394,000, a rise of about 46%[42]. - Total employee costs for the review year amounted to approximately HKD 88.1 million, compared to approximately HKD 60.8 million for the fiscal year 2022/2023[156]. - The group employed 197 employees as of March 31, 2024, up from 136 employees as of March 31, 2023[156]. - The group's administrative expenses slightly increased from approximately HKD 11.1 million for the year ended March 31, 2023, to approximately HKD 11.4 million for the review year, an increase of about HKD 0.3 million or approximately 2.7%[123]. Dividends and Share Capital - The company did not recommend the declaration of a final dividend for the reviewed year, consistent with the previous fiscal year[1]. - The company did not recommend any dividend payment for the year ending March 31, 2024, consistent with the previous year[45]. - As of March 31, 2024, the company's issued share capital was HKD 10.0 million, with 1,000,000,000 ordinary shares issued at a par value of HKD 0.01 per share[127]. Government Support and Grants - The group received a grant of HKD 53,000 from the Hong Kong government's construction innovation fund to support the adoption of innovative construction methods and technologies[66]. - The company received government subsidies totaling HKD 5,911,000 from the Employment Support Scheme and HKD 53,000 from the Construction Industry Innovation and Technology Fund[175]. Economic Outlook - The local GDP of Hong Kong grew by 3.3% in 2023, indicating a recovery in economic activity post-COVID-19[61]. - The company anticipates that the local economy in Hong Kong will improve, providing growth opportunities in the construction industry[88]. - The construction industry in Hong Kong is currently facing a shortage of 17,500 to 24,000 workers and professionals, which is expected to increase to 48,500 to 55,000 by 2027[111]. Miscellaneous - The group has maintained a credit period for customers between 15 to 60 days, consistent with the previous year[51]. - The group confirmed that there were no significant events occurring after March 31, 2024, up to the announcement date[163]. - The group did not have any significant investments, major acquisitions, or disposals of subsidiaries and associates during the review year, apart from those disclosed in the prospectus[133].

Economic Environment - The Hong Kong economy's real GDP grew by 1.5% year-on-year and increased by 2.9% from the previous quarter[10]. - The construction industry in Hong Kong is facing a labor shortage of 17,500 to 24,000 workers, expected to rise to 48,500 to 55,000 by 2027[11]. - The Hong Kong Government proposed to import up to 12,000 non-local workers to alleviate labor shortages in the construction industry[12]. - The Government plans to build approximately 410,000 public housing units over the next decade[17]. - The construction industry is expected to have growth potential as the local economy improves[18]. - The construction industry and foundation industry in Hong Kong have been negatively affected by COVID-19, but business activities have resumed normal since early 2023[10]. Financial Performance - The Group's revenue increased by approximately HK$59.3 million or 28.8% to approximately HK$265.3 million for the Reporting Period, compared to approximately HK$206.0 million for the six months ended 30 September 2022[22]. - The gross profit increased from approximately HK$5.1 million for the six months ended 30 September 2022 to approximately HK$15.8 million for the Reporting Period, representing an increase of approximately 210.8%[24]. - The overall gross profit margin increased from 2.5% for the six months ended 30 September 2022 to 5.9% for the Reporting Period[24]. - The Group recorded income tax expense of approximately HK$1,692,000 for the Reporting Period, compared to an income tax credit of approximately HK$20,000 for the six months ended 30 September 2022[35]. - The Group recorded a profit and total comprehensive income of approximately HK$9.6 million for the Reporting Period, compared to a loss of approximately HK$3.7 million for the six months ended 30 September 2022, indicating a significant improvement in financial performance[36][41]. - Profit before income tax was HK$11,332,000, compared to a loss of HK$3,688,000 in the previous year, indicating a turnaround in financial performance[71]. - Net profit attributable to owners of the company for the period was HK$9,640,000, a recovery from a loss of HK$3,668,000 in the prior year[71]. - Basic and diluted earnings per share improved to HK$0.96, compared to a loss per share of HK$0.37 in the same period last year[71]. Revenue Sources - For the six months ended September 30, 2023, the majority of the Group's revenue was derived from foundation works in non-residential developments[16]. - Revenue from major customer A was HK$198,061,000, significantly up from HK$76,163,000 in the previous year, while revenue from major customer B decreased to HK$56,573,000 from HK$91,581,000[112]. - The Group's revenue from residential construction services decreased to HK$66,726,000 from HK$125,252,000, while revenue from non-residential construction services increased to HK$198,568,000 from HK$80,712,000[119]. - All of the Group's revenue was derived from customers located in Hong Kong for both reporting periods[103]. Cost and Expenses - The cost of sales increased from approximately HK$200.9 million for the six months ended 30 September 2022 to approximately HK$249.5 million for the Reporting Period, representing an increase of approximately 24.2%[23]. - Other income and gains decreased by approximately HK$0.8 million from approximately HK$2.1 million for the six months ended 30 September 2022 to approximately HK$1.3 million for the Reporting Period[25]. - Administrative expenses increased from approximately HK$5.2 million for the six months ended 30 September 2022 to approximately HK$5.3 million for the Reporting Period, representing an increase of approximately 3.0%[26]. - The total staff cost incurred by the Group for the Reporting Period was approximately HK$42.7 million, compared to approximately HK$31.7 million for the six months ended 30 September 2022, reflecting an increase in employee expenses[59][64]. - Employee benefit expenses (excluding directors' remuneration) increased to HK$41,689,000 for the six months ended September 30, 2023, up 35.1% from HK$30,845,000 in 2022[135]. Assets and Liabilities - As of 30 September 2023, the Group had total cash and cash equivalents of approximately HK$27.3 million, an increase from approximately HK$25.4 million as of 31 March 2023[38]. - The Group's current ratio decreased to approximately 4.5 times as of 30 September 2023 from approximately 6.6 times as of 31 March 2023, primarily due to an increase in secured bank loans[44][49]. - The gearing ratio increased to approximately 6.2% as of 30 September 2023 from approximately 1.3% as of 31 March 2023, attributed to the rise in secured bank loans[45][50]. - Total current assets increased to HK$268,875,000 from HK$231,118,000, reflecting a growth of 16.3%[73]. - Current liabilities rose to HK$59,405,000 from HK$34,846,000, an increase of 70.5%, indicating a potential liquidity concern[73]. - Net assets as of September 30, 2023, were HK$258,761,000, up from HK$249,121,000, showing a growth of 3.3%[75]. Cash Flow - Operating cash flows before working capital changes increased to HK$17,997,000, up from HK$9,155,000 year-on-year, indicating improved operational efficiency[81]. - Net cash used in operating activities decreased to HK$8,116,000 from HK$18,322,000, reflecting better cash management[81]. - Net cash used in investing activities was HK$2,834,000, a reduction from HK$6,059,000 in the previous year, showing a decrease in capital expenditures[83]. - The company reported a net increase in cash and cash equivalents of HK$1,983,000, contrasting with a decrease of HK$25,973,000 in the same period last year[83]. - Cash and cash equivalents at the end of the period stood at HK$27,344,000, up from HK$16,673,000 at the end of the previous period, reflecting a stronger liquidity position[83]. Management and Governance - The Board resolved not to recommend the declaration of an interim dividend for the Reporting Period, consistent with the previous period[58][63]. - The total emoluments for executive directors for the six months ended September 30, 2023, amounted to HK$966,000, an increase from HK$645,000 in the same period of 2022[140][147]. - Mr. Bu Lei was appointed as an executive director on July 5, 2023, while Mr. Tang Sher Kin resigned on September 18, 2023[141][142]. - There were no arrangements for directors to waive any remuneration during the six months ended September 30, 2023, similar to the previous year[143][144]. Contractual Obligations - The Group's performance obligations related to construction services are expected to be satisfied within approximately three years, with a significant portion of revenue recognition anticipated beyond one year[127]. - The expected timing of recovery for retention receivables includes HK$23,142,000 within one year and HK$12,590,000 beyond one year as of September 30, 2023[176]. - The Group's trading terms and credit policy with customers are disclosed in the financial statements, indicating a structured approach to managing receivables[178]. - Trade receivables increased significantly from HK$4,233,000 as of 31 March 2023 to HK$27,717,000 as of 30 September 2023, representing a growth of approximately 553%[183]. - The ageing analysis shows that as of 30 September 2023, HK$27,585,000 (99.5%) of trade receivables were within 0-30 days, while HK$30,000 (0.1%) were within 31-60 days[190]. Depreciation and Assets - The depreciation of property, plant, and equipment rose to HK$7,208,000 from HK$6,801,000, reflecting ongoing investments in fixed assets[81]. - The accumulated depreciation for property, plant, and equipment as of September 30, 2023, is HK$38,350,000, compared to HK$37,533,000 as of March 31, 2023, showing an increase of approximately 2.2%[157]. - The total additions to property, plant, and equipment for the six months ended September 30, 2023, amounted to HK$8,484,000, while disposals were HK$4,418,000[157]. - The Group's right-of-use assets decreased to HK$355,000 as of September 30, 2023, from HK$690,000 as of March 31, 2023, representing a decline of about 48.6%[164].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Kwong Luen Engineering Holdings Limited 廣聯工程控股有限公司 (於 開 曼 群 島 註 冊 成 立 之 有 限 公 司) (股份代號: 1413) 截至二零二三年九月三十日止六個月之中期業績公告 財務摘要 • 本集團於報告期間的收益約為265.3百 萬 港 元(截 至 二 零 二 二 年 九 月 三 十 日 止 六 個 月:約206.0百 萬 港 元)。 • 於報告期間的毛利率為約5.9%(截 至 二 零 二 二 年 九 月 三 十 日 止 六 個 月: 約2.5%)。 • 本公司於報告期間的擁有人應佔溢利為約9.6百 萬 港 元(截 至 二 零 二 二 年 九 月 三 十 日 止 六 個 月:虧 損 約3.7百 萬 港 元)。 • 報告期間每股 ...

Financial Performance - For the year ended March 31, 2023, the Group recorded total revenue of approximately HK$338.3 million, a decrease of approximately 38.4% compared to HK$548.8 million for the year ended March 31, 2022[14]. - Profit attributed to owners of the Company for the year was approximately HK$1.0 million, down from approximately HK$23.5 million in the previous year, primarily due to a decrease in gross profit[14]. - The overall gross profit decreased by approximately HK$34.3 million or 74.2%, from approximately HK$46.2 million in FY2021/22 to approximately HK$11.9 million in the Year, attributed to increased cost of sales and stagnation in economic growth[106]. - The gross profit margin fell from 8.4% in FY2021/22 to 3.5% in the Year, reflecting increased competition and reduced tender opportunities[106]. - The Group's profit and total comprehensive income decreased from approximately HK$23.5 million for the year ended 31 March 2022 to approximately HK$1.0 million for the Year, representing a decrease of approximately HK$22.5 million or 95.7%[119]. - The net profit margin decreased to approximately 0.3% for the Year from approximately 4.3% for the year ended 31 March 2022[131]. - The income tax credit increased from an expense of approximately HK$4.7 million for the year ended 31 March 2022 to a credit of approximately HK$1.2 million for the Year, representing a decrease of approximately HK$5.9 million or 124.3%[122]. Market Conditions - The foundation industry in Hong Kong faced challenges, including increased cost of sales and stagnation in economic growth, leading to reduced private residential development and increased competition[20]. - The economic contraction in Hong Kong in 2022 was influenced by a worsened external environment and tightened financial conditions[20]. - The number of private residential developments decreased from 21,300 units in 2021 to 11,000 units in 2022, leading to increased competition and reduced tender opportunities[97]. - The gross domestic product of Hong Kong fell by 3.5% for 2022, indicating a year-on-year contraction in the economy[90]. - The Group expects the demand for Hong Kong's foundation industry to improve in the foreseeable future due to favorable government policies and initiatives[92]. Strategic Plans - The Group plans to leverage its solid track record in the foundation industry and favorable government policies to explore different options during this difficult period[21]. - The Group plans to explore various options during this challenging period, leveraging its strong track record in the foundation industry and favorable government policies[101]. - The Group aims to enhance service capacity and strengthen its market position in Hong Kong with the capital raised from the listing[13]. Corporate Governance and Management - Mr. Yip holds 561,130,000 Shares through Kwong Luen Prosperity, representing 56.11% of the total issued Shares as of March 31, 2023[30]. - Ms. Kwan also holds 561,130,000 Shares through Kwong Luen Prosperity, representing 56.11% of the total issued Shares as of March 31, 2023[37]. - Mr. Lin was appointed as an executive Director on November 4, 2022, and is responsible for corporate governance and compliance matters[38]. - Mr. Bu was appointed as an executive Director on July 5, 2023, with a focus on corporate governance and business strategies[44]. - Both Mr. Yip and Ms. Kwan have service agreements with the Company for an initial term of three years starting from March 11, 2021[29][36]. - The remuneration for Mr. Yip and Ms. Kwan will be reviewed annually by the Board and the Remuneration Committee[29][36]. Employee and Operational Insights - The Group's employee count increased to 136 as of March 31, 2023, compared to 123 as of March 31, 2022, reflecting an increase of approximately 10.6%[158]. - The Group's total staff cost increased from approximately HK$55.0 million in FY2021/22 to approximately HK$60.3 million in FY2022/23[188][194]. - The Group has conditionally adopted a share option scheme to motivate, attract, and retain suitable employees[159]. Financial Position and Ratios - The current ratio increased to approximately 6.6 times as at 31 March 2023 from approximately 4.7 times as at 31 March 2022, mainly due to the increase in contract assets[127]. - The gearing ratio decreased to approximately 1.3% as at 31 March 2023 from approximately 9.6% as at 31 March 2022, primarily due to a decrease in secured bank loans[128]. - The return on total assets decreased to approximately 0.3% for the Year from approximately 7.6% for the year ended 31 March 2022[129]. - The return on equity decreased to approximately 0.4% for the Year from approximately 9.5% for the year ended 31 March 2022[130]. Risks and Challenges - The Group is exposed to risks related to the foundation industry, which depend on the property market's development in Hong Kong[139]. - The Group recognizes the risk of customer concentration and is actively working to diversify its customer base to reduce reliance on major clients[155]. - The Group's revenue was significantly derived from a limited number of customers, raising concerns about future contract acquisition[145]. Compliance and Legal Matters - There was no material breach of applicable laws and regulations that impacted the Group's business and operations during the year[151]. - The Group was fined HK$120,000 in February 2023 for violations related to the Factories and Industrial Undertakings Ordinance, which was included in administrative expenses for the year ended March 31, 2023[175][176]. Capital Management - The Group manages its capital to ensure sustainability while optimizing debt and equity balance to maximize shareholder returns[197]. - The Group has adopted a conservative approach towards its treasury policies, maintaining a healthy liquidity position throughout the year[163]. Future Outlook - The Group anticipates that the effects of COVID-19 on Hong Kong will diminish, but macro-economic conditions will continue to impact operations[98]. - The Group has developed stable relationships with suppliers and sub-contractors to effectively meet customer needs[161].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Kwong Luen Engineering Holdings Limited 廣聯工程控股有限公司 (於 開 曼 群 島 註 冊 成 立 之 有 限 公 司) (股份代號: 1413) 截至二零二三年三月三十一日止年度之 年度業績公告 財務摘要 • 本集團於回顧年度的收益約為338.3百 萬 港 元(二 零 二 一╱二 二 財 年:約 548.8百 萬 港 元)。 • 於回顧年度的毛利率為約3.5%(二 零 二 一╱二 二 財 年:約8.4%)。 • 於 回 顧 年 度,本 公 司 擁 有 人 應 佔 溢 利 及 全 面 收 益 總 額 為 約1.0百萬港元 (二 零 二 一╱二 二 財 年:約23.5百 萬 港 元)。 • 回顧年度每股基本及攤薄盈利為約0.10港 仙(二 零 二 ...

Economic Impact - The construction industry in Hong Kong has been negatively impacted by COVID-19, with the gross value of construction works performed by main contractors remaining stagnant compared to 2021[7]. - Hong Kong's real GDP contracted by 4.5% year-on-year in Q3 2022, following a 1.3% decline in Q2 2022, resulting in a total decline of 3.3% for the first three quarters of 2022[8]. - The fifth wave of COVID-19 has caused delays in the certification process, labor shortages, and increased raw material prices, affecting cash flow and project progress for construction contractors[9]. - The decrease in revenue and gross profit was mainly attributed to the impact of COVID-19 and stagnation in economic growth in Hong Kong[16]. Financial Performance - The Group's revenue decreased to approximately HK$206.0 million for the Reporting Period, a decline of approximately HK$130.3 million or 38.8% from approximately HK$336.3 million for the six months ended 30 September 2021[21]. - The overall gross profit decreased from approximately HK$42.1 million for the six months ended 30 September 2021 to approximately HK$5.1 million for the Reporting Period, representing a decrease of approximately 87.9%[21]. - The Group recorded a loss of approximately HK$3.7 million for the Reporting Period, compared to a profit of approximately HK$32.2 million for the six months ended 30 September 2021[28]. - The Group's overall gross profit margin decreased from 12.5% to 2.5% during the Reporting Period[21]. - The Group recorded income tax credit of approximately HK$20,000 for the Reporting Period, compared to income tax expenses of approximately HK$6.3 million for the six months ended 30 September 2021[27]. - The company reported a loss before income tax of HK$3,688 million for the six months ended September 30, 2022, compared to a profit of HK$38,512 million for the same period in 2021[70]. - The loss attributable to owners of the company for the period was HK$3.668 million, compared to a profit of HK$32.181 million in the previous year[70]. Cost Management - The Group's cost of sales decreased from approximately HK$294.2 million to approximately HK$200.9 million, a reduction of approximately HK$93.3 million or 31.7%[21]. - Administrative expenses increased from approximately HK$4.5 million to approximately HK$5.2 million, representing an increase of approximately HK$0.7 million or 16.4%[25]. - The total staff cost incurred by the company for the reporting period was approximately HK$31.7 million, compared to approximately HK$29.0 million for the same period in 2021[63]. - The total depreciation included in cost of sales was HK$6,024,000 for the six months ended September 30, 2022, compared to HK$6,396,000 in the previous year[142]. Cash Flow and Liquidity - The Group had total cash and cash equivalents of approximately HK$16.7 million as of 30 September 2022, down from approximately HK$42.6 million as of 31 March 2022[36]. - The company’s cash and cash equivalents decreased to HK$16,673,000 as of September 30, 2022, from HK$42,646,000 as of March 31, 2022, a decline of 60.94%[72]. - Operating cash flows before working capital changes were significantly impacted, with net cash used in operating activities amounting to HK$18,322,000 for the six months ended September 30, 2022[85]. - The company reported a net cash used in financing activities of HK$1,592,000, contrasting with a net cash inflow of HK$6,517,000 in the prior year[87]. Investments and Assets - The Group invested approximately HK$6.1 million in property, plant, and equipment during the Reporting Period, fully financed by proceeds from the Listing[43]. - Total non-current assets as of September 30, 2022, amounted to HK$67,991,000, a decrease of 1.46% from HK$68,993,000 as of March 31, 2022[72]. - The expected credit loss (ECL) allowance increased to HK$14,645,000 as of September 30, 2022, compared to HK$9,134,000 as of March 31, 2022, indicating a rise in potential credit risk[195]. - The total cash outflows for leases during the six months ended September 30, 2022, were HK$6,848,000, an increase from HK$5,146,000 for the same period in 2021[183]. Future Outlook - Despite challenges, the Group anticipates growth opportunities due to government initiatives, including increased transitional housing supply and the Northern Metropolis Development Strategy[10]. - The Group plans to leverage its solid track record and favorable government policies to explore different options amid ongoing challenges from COVID-19[19]. - The company plans to fully utilize the remaining proceeds by 31 March 2023[62]. - The utilization of proceeds for expanding manpower was temporarily postponed due to COVID-19 but has since resumed[62]. Corporate Governance - The Board resolved not to recommend the declaration of an interim dividend for the Reporting Period[51]. - There were no significant investments, material acquisitions, or disposals of subsidiaries during the Reporting Period[50]. - The condensed consolidated interim financial statements were approved for issue by the board of directors on 30 November 2022[91]. - The financial statements do not include all information required in annual consolidated financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 March 2022[97].