Financial Performance - The company's revenue for the fiscal year ended March 31, 2023, was approximately HKD 323.7 million, a decrease of 24.2% compared to HKD 427 million in the previous year[9]. - The loss attributable to shareholders for the fiscal year was approximately HKD 8.4 million, compared to a profit of HKD 12 million in the previous year[13]. - The company reported a basic and diluted loss per share of HKD 0.84, down from a profit of HKD 1.20 per share in the previous year[9]. - The gross profit margin for the year ended March 31, 2023, was 1.2%, down from 7.5% in 2022, primarily due to increased costs of fuel, raw materials, direct labor, and subcontracting[21]. - Other income and net gains for the year ended March 31, 2023, were approximately HKD 8.8 million, an increase of 1,231.5% from HKD 700,000 in 2022[21]. - Administrative and operating expenses for the year ended March 31, 2023, were approximately HKD 23 million, an increase of 17.9% from HKD 19.5 million in 2022[21]. - The company's distributable reserves amounted to approximately HKD 91.3 million, a decrease from HKD 95.9 million in 2022[61]. - The company did not recommend a final dividend for the year ended March 31, 2023, compared to no dividend in 2022[45]. Revenue Decline Factors - The decline in revenue was primarily due to the completion of two projects (W56 and W57) and the completion of two other projects (W49 and W52) in the previous fiscal year, leading to reduced civil engineering revenue[13]. - Increased costs due to labor and supply shortages, along with rising fuel, raw material, direct labor, and subcontracting costs, contributed to a decrease in gross profit margin[13]. Future Plans and Opportunities - The company plans to actively participate in government tender projects, particularly in civil engineering, to secure more project revenue[14]. - The company anticipates multiple infrastructure projects to be launched by the government in the northeastern New Territories of Hong Kong, especially in land leveling, road, and drainage works[14]. - The company aims to leverage its competitive advantages post-listing to pursue more projects and achieve revenue growth[16]. - The company will continue to seek various business opportunities within the construction industry to create greater value for shareholders[16]. Cost Control and Financial Management - The company emphasizes strict cost control measures to mitigate uncertainties arising from post-pandemic effects and international tensions[16]. - The group aims to mitigate the impact of global economic instability and rising costs through strict cost control measures[24]. Cash and Financing - The group had cash and cash equivalents of approximately HKD 55.1 million as of March 31, 2023, compared to HKD 53.4 million in 2022[25]. - The group's unutilized bank financing was approximately HKD 79 million as of March 31, 2023, compared to HKD 76.5 million in 2022[25]. - The capital debt ratio as of March 31, 2023, was approximately 0.7%, up from 0.3% in 2022[27]. - As of March 31, 2023, the group pledged approximately HKD 4,200,000 in bank deposits as collateral for bank financing, a decrease from HKD 6,600,000 in 2022[32]. Corporate Governance - The company has adopted measures to maintain high standards of corporate governance, recognizing its importance for performance, transparency, and accountability[119]. - The board consists of nine directors, including three executive directors, one non-executive director, and five independent non-executive directors[128]. - The company has established mechanisms for directors to seek independent professional advice to fulfill their responsibilities, with satisfactory execution of these mechanisms reviewed annually[132]. - The company has complied with all applicable provisions of the corporate governance code during the fiscal year ending March 31, 2023, with minor deviations noted[119]. - The board held four meetings and one annual general meeting during the fiscal year ending March 31, 2023, with all executive directors attending 100% of the board meetings[140]. Risk Management - The company has established a risk management and internal control system to address potential risks, including liquidity, fraud, financial reporting, operational, and compliance risks[169]. - The board of directors confirmed that there were no significant internal control failures identified during the review of the risk management and internal control system[169]. Employee and Management Structure - Employee costs for the year ended March 31, 2023, were approximately HKD 57,400,000, down from HKD 73,900,000 in 2022, with a total of 132 employees compared to 189 in the previous year[37]. - The executive team includes three brothers, all serving as executive directors, indicating a strong family influence in management[191]. - The company emphasizes the importance of experience in its leadership, with directors having extensive backgrounds in their respective fields[198]. Sustainability and Social Responsibility - The group established a sustainability committee to address major environmental, social, and governance issues impacting its business and stakeholders[54]. - The company is focused on sustainable development, with a dedicated committee chaired by a non-executive director[195]. Shareholder Relations - The company encourages shareholder participation in annual general meetings and regularly reviews the format to meet shareholder needs[187]. - The company’s communication policy ensures shareholders can access information regarding financial performance, strategic goals, and significant business developments[181].

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之內容概不負責， 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之任何損失承擔任何責任。 Sang Hing Holdings (International) Limited 生 興 控股（ 國 際）有 限 公 司 （於開曼群島註冊成立的有限公司） 1472 （股份代號： ） 截至二零二三年三月三十一日止年度之 全年業績公告 財務摘要 二零二三年 二零二二年 減幅 % 千港元 千港元 323,721 426,960 24.2 收益 (80) 23,704 未計利息、稅項及折舊前溢利 不適用 (10,296) 13,224 除稅前（虧損）／溢利 不適用 (8,397) 11,975 ...

Financial Performance - The company's revenue for the six months ended September 30, 2022, was approximately HKD 140,464,000, a decrease of 11.0% compared to HKD 157,877,000 in the same period of 2021[25]. - The profit attributable to the owners of the company for the same period was approximately HKD 2,356,000, representing a decrease of 72.2% from HKD 8,467,000 in 2021[25]. - The gross profit margin for the six months ended September 30, 2022, was 7.5%, down from 12.2% in the previous year, primarily due to increased costs of fuel, raw materials, direct labor, and subcontracting[34]. - The company experienced a significant decrease in revenue from project W55, which generated HKD 23,176,000 compared to HKD 52,386,000 in the previous year[32]. - Operating profit decreased significantly to HKD 2,868 thousand from HKD 9,849 thousand, reflecting a decline of 70.12%[82]. - Profit before tax was HKD 2,827 thousand, a decrease of 71.24% compared to HKD 9,823 thousand in the previous year[82]. - Net profit for the period was HKD 2,356 thousand, down 72.14% from HKD 8,467 thousand in the same period last year[82]. - Basic and diluted earnings per share were HKD 0.24, a decrease of 70.59% from HKD 0.85 in the previous year[82]. Income and Expenses - Other income and net gains for the period were approximately HKD 3,700,000, an increase of 128.5% from HKD 1,600,000 in 2021, attributed to increased government and other subsidies[34]. - The administrative and operating expenses for the six months were approximately HKD 11,300,000, a slight increase of 2.3% from HKD 11,100,000 in the previous year[34]. - Employee costs for the six months ended September 30, 2022, were approximately HKD 32,700,000, down from HKD 35,500,000 in the same period of 2021[53]. - Financing costs for the six months ended September 30, 2022, amounted to HKD 41,000, an increase from HKD 26,000 in the same period of 2021[111]. - The estimated tax expense for the period was HKD 471,000, down from HKD 1,356,000 in the previous year, a decrease of 65.3%[116]. Assets and Liabilities - Total assets as of September 30, 2022, were HKD 332,232 thousand, a decrease from HKD 351,736 thousand as of March 31, 2022[84]. - Current liabilities decreased to HKD 31,256 thousand from HKD 57,288 thousand, indicating improved liquidity[84]. - The group has unutilized bank financing of approximately HKD 76,500,000 as of September 30, 2022, unchanged from March 31, 2022[39]. - Trade receivables increased to HKD 51,943,000 as of September 30, 2022, from HKD 35,658,000 as of March 31, 2022, reflecting a growth of 46%[122]. - Contract assets decreased to HKD 90,525,000 from HKD 160,647,000, indicating a decline of 43.5%[125]. - Trade payables as of September 30, 2022, amounted to HKD 17,580,000, a decrease of 36.2% from HKD 27,512,000 as of March 31, 2022[132]. - The aging analysis of trade payables shows that amounts overdue by more than 90 days decreased to HKD 5,865,000 from HKD 10,774,000, representing a 45.3% reduction[132]. Cash Flow - As of September 30, 2022, the group had cash and cash equivalents of approximately HKD 28,800,000, a decrease of about HKD 24,600,000 from HKD 53,400,000 on March 31, 2022[39]. - The company reported a net cash outflow from operating activities of HKD 26,436 thousand, compared to an outflow of HKD 21,281 thousand in the previous year[90]. - Cash and cash equivalents at the end of the period were HKD 28,845 thousand, down from HKD 53,730 thousand at the end of the previous year[92]. Corporate Governance and Shareholder Information - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the six months ending September 30, 2022, with the exception of one independent non-executive director's absence at the annual general meeting[61]. - No interim dividend was declared for the six months ending September 30, 2022, consistent with the previous year[65]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2022[77]. - As of September 30, 2022, Mr. Lai Wei holds 600,000,000 shares, representing 60.0% of the company's issued ordinary shares[68]. - The major shareholder, Shihui, also holds 600,000,000 shares, equating to a 60.0% stake in the company[72]. - There have been no changes in the information of directors or senior management that require disclosure under the listing rules for the six months ending September 30, 2022[64]. Future Outlook and Strategy - The group plans to actively participate in government tender projects to achieve revenue growth, despite increasing competition and technical requirements[38]. - The group aims to enhance its bidding advantages and capabilities to secure more successful project bids[38]. - The group will continue to manage its cash reserves prudently to ensure readiness for future growth opportunities[43]. - The company has not encountered any liquidity issues in settling payables during normal business operations as of September 30, 2022[39]. - The company has no significant investments or future plans for major capital assets as of September 30, 2022[45].

Financial Performance - The company's revenue for the year ended March 31, 2022, was approximately HKD 427 million, an increase of 9.4% compared to HKD 390 million in the previous year[12]. - The profit attributable to shareholders for the same period was approximately HKD 12 million, a decrease of 54.7% from HKD 26.4 million in the previous year[12]. - Total revenue for the year ended March 31, 2022, was approximately HKD 426,960,000, an increase of 9.4% compared to HKD 390,229,000 in the previous year[24]. - Gross profit margin decreased to 7.5% for the year ended March 31, 2022, down from 10.1% in the previous year, attributed to rising raw material and subcontracting costs[26]. - Other income and net gains for the year were approximately HKD 700,000, a significant decrease of 96.4% from HKD 18,400,000 in the previous year, primarily due to reduced government wage subsidies[26]. - Administrative and operating expenses decreased by 19.0% to approximately HKD 19,500,000 from HKD 24,000,000 in the previous year, mainly due to lower consultancy and employee costs[26]. - As of March 31, 2022, the company's distributable reserves were approximately HKD 95,900,000, a slight decrease from HKD 96,200,000 in the previous year[64]. - The company reported a comprehensive financial performance reflecting a true and fair view as of March 31, 2022, according to the Hong Kong Financial Reporting Standards[197]. - The independent auditor's report confirmed that the consolidated financial statements were properly prepared in accordance with the Companies Ordinance disclosure requirements[197]. - Key audit matters were identified based on professional judgment, emphasizing their importance in the audit of the consolidated financial statements[199]. Operational Challenges - The company experienced a significant decline in profit due to increased raw material and subcontracting costs, reduced wage subsidies from the government, and decreased net gains from the sale of financial assets[19]. - The company anticipates continued high operating costs and rising prices due to global financial and energy market volatility, as well as supply chain disruptions[20]. - The actual application of the net proceeds has been slower than expected due to delays caused by the COVID-19 pandemic, adverse weather, changes in project designs, and difficulties in hiring suitable candidates[43]. Business Strategy - The company plans to actively participate in government tender projects, particularly in civil engineering, to increase project revenue[20]. - The company aims to leverage its competitive advantages post-listing to secure more projects and achieve revenue growth[20]. - The company will seek additional business opportunities within the construction industry to create greater value for shareholders[20]. - The company has been recognized as a qualified contractor for public works contracts exceeding HKD 400 million[23]. - The company has established a sustainable development committee to address significant environmental, social, and governance issues[58]. - The company emphasizes the importance of gender diversity in its board composition and actively seeks suitable female candidates[125]. Shareholder Relations - The company does not recommend a final dividend for the year ending March 31, 2022, consistent with the previous year[49]. - The company’s dividend policy aims to allow shareholders to share in profits while retaining sufficient reserves for future development[50]. - The company emphasizes effective communication with shareholders to strengthen investor relations and enhance understanding of business performance and strategies[157]. - The company provides a platform for communication between the board and shareholders during the annual general meeting[157]. Corporate Governance - The board of directors consists of six members, including three executive directors and three independent non-executive directors[73]. - The company has adopted a board diversity policy to enhance the diversity of its board members, considering factors such as age, gender, skills, and professional experience[125]. - The audit committee consists of five independent non-executive directors, ensuring sufficient financial experience to fulfill their responsibilities[134]. - The company provides ongoing training and development for directors to enhance their awareness of corporate governance practices[131]. - The company has established five board committees, including the audit, remuneration, nomination, sustainability, and investment committees, to assist in fulfilling its responsibilities[132]. Market Expansion and Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[169]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on innovative technology solutions[169]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[169]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase customer base by 30%[169]. - Research and development investments have increased by 18%, focusing on sustainable practices and advanced technologies[169]. - The company aims to improve its profit margin by 5% through cost optimization strategies implemented in the upcoming fiscal year[169]. - The company plans to enhance its digital marketing efforts, aiming for a 40% increase in online engagement and sales conversion rates[169].

Financial Performance - For the six months ended September 30, 2021, the company's revenue was approximately HKD 157.9 million, a decrease of 33.2% compared to HKD 236.4 million in the same period of 2020[11]. - The profit attributable to the company's owners for the same period was approximately HKD 8.5 million, down 57.0% from HKD 19.7 million in 2020[11]. - The gross profit margin for the six months ended September 30, 2021, was 12.2%, an increase from 10.3% in the previous year[16]. - Other income and net gains for the period were approximately HKD 1.6 million, a significant decrease of 84.9% from HKD 10.6 million in 2020[16]. - Revenue for the six months ended September 30, 2021, was HKD 157,877,000, a decrease of 33.1% from HKD 236,394,000 in the same period of 2020[58]. - Gross profit for the same period was HKD 19,321,000, down 21.4% from HKD 24,536,000 year-on-year[58]. - Operating profit decreased to HKD 9,849,000, a decline of 58.6% compared to HKD 23,764,000 in the previous year[58]. - Profit before tax was HKD 9,823,000, down 58.7% from HKD 23,732,000 in the prior year[58]. - Total comprehensive income for the period was HKD 8,467,000, a decrease of 56.9% from HKD 19,668,000 in the same period of 2020[58]. - Basic and diluted earnings per share for the period were HKD 0.85, compared to HKD 1.97 in the previous year, representing a decline of 56.8%[58]. Expenses and Costs - Administrative and operating expenses for the six months were approximately HKD 11.1 million, slightly down 2.9% from HKD 11.4 million in the previous year[16]. - Employee costs for the six months ended September 30, 2021, were approximately HKD 35,500,000, down from HKD 43,200,000 in the same period of 2020[30]. - The company's financing costs for the six months ended September 30, 2021, were HKD 26, compared to HKD 32 for the same period in 2020, reflecting a reduction of 19%[87]. - Employee costs (excluding directors' remuneration) for the six months ended September 30, 2021, were HKD 34,827, down 15% from HKD 41,222 in the previous year[89]. - Total tax expenses for the period were HKD 1,356,000, down from HKD 4,064,000 in the previous year, indicating a reduction of 66.7%[94]. Assets and Liabilities - As of September 30, 2021, total assets amounted to HKD 326,292 thousand, an increase from HKD 300,233 thousand as of March 31, 2021, representing an 8.7% growth[61]. - Trade receivables increased significantly to HKD 31,705 thousand from HKD 11,802 thousand, indicating a 168.5% rise[61]. - Contract assets rose to HKD 83,352 thousand from HKD 61,639 thousand, reflecting a 35% increase[61]. - Cash and cash equivalents decreased to HKD 53,730 thousand from HKD 74,907 thousand, a reduction of 28.2%[70]. - The company’s non-current assets totaled HKD 60,960 thousand, a slight decrease from HKD 63,398 thousand[61]. - The company’s net current assets increased to HKD 260,663 thousand from HKD 250,487 thousand, an increase of 4.7%[61]. - Trade payables and retention payables amounted to HKD 45,114,000 as of September 30, 2021, compared to HKD 34,434,000 as of March 31, 2021, representing an increase of 30.9%[112]. Capital Structure and Financing - The capital debt ratio as of September 30, 2021, was approximately 0.2%, unchanged from March 31, 2021, indicating a stable capital structure[22]. - The net proceeds from the share issuance, after deducting listing expenses of approximately HKD 45,200,000, amounted to about HKD 79,800,000, with HKD 68,600,000 already utilized by September 30, 2021[32]. - The unutilized portion of the net proceeds is expected to be used in the next fiscal year, primarily due to delays caused by the COVID-19 pandemic and other factors[33]. - The group maintains a prudent policy to manage cash reserves and ensure a strong liquidity position for future growth opportunities[23]. Business Operations - The company confirmed revenue from a total of 6 projects during the period, with one project completed[14]. - The revenue from project W55 was HKD 52.4 million, while project W56 generated HKD 35.8 million, both showing a decrease compared to the previous year[14]. - The decrease in profit was primarily due to reduced civil engineering revenue from projects W52 and W56, as well as a decline in government and other subsidy income[11]. - The group plans to actively participate in government tender projects to achieve revenue growth, despite increasing competition and technical requirements[19]. - The group aims to enhance its bidding advantages and capabilities to secure more successful tenders in the construction industry[19]. Shareholder and Governance - The company did not declare an interim dividend for the six months ended September 30, 2021, compared to no dividend declared in 2020[39]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the six months ended September 30, 2021[55]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021, and confirmed compliance with applicable accounting standards[56]. - The company did not report any significant new product developments or market expansions during this period[76]. - There were no major mergers or acquisitions reported in the current financial period[76]. Related Party Transactions - The company recognized significant related party transactions, including interest payments of HKD 8,000 for lease liabilities to Mr. Lai Wei, compared to HKD 4,000 in the previous year[123]. - The company agreed to purchase property from Mr. Lai Wei for HKD 6,000,000, with a deposit of HKD 600,000 paid as of September 30, 2021[123]. - Total remuneration for directors and senior management was HKD 3,780,000 for the six months ended September 30, 2021, up from HKD 3,270,000 in the previous year[124]. - The company’s total remuneration for key management personnel, including salaries and retirement benefits, was HKD 3,843,000 for the current period[124]. - The company has not completed the acquisition of the property from Mr. Lai Wei as of the report date[123].

Financial Performance - The company's revenue for the year ended March 31, 2021, was approximately HKD 390.2 million, a decrease of 24.3% compared to HKD 515.6 million in 2020[12] - The profit attributable to shareholders for the year was approximately HKD 26.4 million, down 45.0% from HKD 48.0 million in the previous year[12] - The basic and diluted earnings per share were HKD 2.64, a decrease of 58.2% from HKD 6.32 in 2020[7] - Total revenue for the year ended March 31, 2021, was HKD 390,229,000, a decrease of 24.3% compared to HKD 515,560,000 in the previous year[21] - Gross profit margin for the year ended March 31, 2021, was 10.1%, down from 15.0% in the previous year, attributed to lower margins on projects W49, W52, and W56[24] - Other income and net gains increased by 316.5% to approximately HKD 18,400,000, driven by government subsidies and gains from financial assets[24] - Administrative and operating expenses rose by 144.9% to approximately HKD 24,000,000, primarily due to increased employee costs and consultancy fees[24] - Cash and cash equivalents decreased by approximately HKD 97,300,000 to about HKD 74,900,000 as of March 31, 2021, mainly due to dividend payments and capital expenditures[33] - As of March 31, 2021, the company's distributable reserves amounted to approximately HKD 96,200,000, an increase from HKD 92,300,000 in 2020[70] Business Strategy and Opportunities - The company secured a contract for a civil engineering project in Tuen Mun, Hong Kong, with a contract value of approximately HKD 233 million, expected to run from January 21, 2021, to January 20, 2024[16] - The company plans to actively participate in government tender projects, particularly in civil engineering, to increase project revenue[16] - The company aims to enhance its bidding capabilities by hiring additional professionals and improving capital liquidity through various financing methods[16] - The company will continue to seek new business opportunities within the construction industry to create greater value for shareholders[17] - The company anticipates multiple infrastructure projects to be launched in the northeastern New Territories of Hong Kong in the upcoming year[16] Shareholder and Dividend Information - The company did not recommend a final dividend for the year ending March 31, 2021, compared to a final dividend of HKD 0.01 per share amounting to HKD 10 million in 2020[54] - The company’s dividend policy aims to allow shareholders to share in profits while retaining sufficient reserves for future development[55] Employee and Management Information - As of March 31, 2021, the group had a total of 230 employees, a decrease from 274 employees in 2020, with employee costs approximately HKD 86.5 million compared to HKD 86 million in 2020[43] - The company has implemented an annual review system to assess employee performance, which serves as the basis for salary increases, bonuses, and promotions[65] - The company has adopted a stock option plan as a reward mechanism for directors and eligible employees[80] - The company has established a mandatory provident fund scheme for eligible employees, with employer contributions calculated as a percentage of employees' basic salaries[114] Corporate Governance - The board of directors consists of both executive and non-executive members, with specific terms of service agreements in place for each[83] - The company has adopted a corporate governance policy to ensure compliance with the Hong Kong Stock Exchange's listing rules, maintaining high standards of corporate governance[121] - All independent non-executive directors have confirmed their independence according to the guidelines set out in the listing rules[132] - The company emphasizes continuous training and development for directors to enhance their governance capabilities[147] - The board consists of nine members, including three executive directors, one non-executive director, and five independent non-executive directors, with a diverse range of professional backgrounds[137] Risk Management and Compliance - The board confirmed its responsibility for the risk management and internal control systems, which are deemed effective and adequate[171] - The company has adopted a policy for disclosing inside information to ensure compliance with relevant regulations[172] - The independent non-executive directors have confirmed compliance with non-competition commitments by the controlling shareholder for the year ending March 31, 2021[116] Market and Product Development - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[200] - New product launches included a cutting-edge software platform expected to generate an additional $50 million in revenue[200] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[200] - Research and development expenses increased by 30%, totaling $75 million, to support innovation and new technology initiatives[200] Sustainability Initiatives - The company is committed to sustainability, with plans to reduce carbon emissions by 20% over the next five years[200] - The group is committed to sustainable development and has established a sustainability committee to address significant environmental, social, and governance issues[63]

Financial Performance - The company's revenue for the six months ended September 30, 2020, was approximately HKD 236.4 million, a decrease of 13.1% compared to HKD 272.2 million in the same period of 2019[10]. - Profit attributable to the company's owners for the same period was approximately HKD 19.7 million, down 19.0% from HKD 24.3 million in 2019, primarily due to reduced civil engineering revenue from projects W49 and W52 and increased administrative expenses[13]. - The gross profit margin for the six months ended September 30, 2020, was 10.3%, down from 12.1% in the previous year, attributed to lower profit margins on projects W49, W52, and W55[17]. - For the six months ended September 30, 2020, the company reported revenue of HKD 236,394 thousand, a decrease of 13.2% from HKD 272,162 thousand in the same period of 2019[58]. - Gross profit for the same period was HKD 24,536 thousand, down 25.5% from HKD 32,938 thousand year-over-year[58]. - The company recorded a profit before tax of HKD 23,732 thousand, a decline of 17.8% compared to HKD 28,803 thousand in the previous year[58]. - Total comprehensive income for the period was HKD 19,668 thousand, down 19.8% from HKD 24,290 thousand in the prior year[58]. - Basic and diluted earnings per share were HKD 1.97, a decrease of 39.3% from HKD 3.24 in the same period last year[58]. Revenue Sources and Projects - The company confirmed revenue from a total of 7 projects during the period, with one project completed[15]. - Project W49 generated revenue of HKD 6.2 million, down from HKD 50.6 million in the previous year, while project W52 generated HKD 39.4 million, down from HKD 70.7 million[15]. - The company was awarded a new site formation project (Project W57) in December 2019, contributing to future revenue potential[15]. - The company has secured its first site preparation project for the Lok Ma Chau Loop area (Project W56) as part of the top ten infrastructure projects in Hong Kong[20]. - For the six months ended September 30, 2020, the civil engineering revenue was HKD 236,394, a decrease of 13.14% from HKD 272,162 in the same period of 2019[79]. Expenses and Costs - Administrative and operating expenses for the six months were approximately HKD 11.4 million, a 161.6% increase from HKD 4.4 million in 2019, primarily due to higher employee costs and other listing-related expenses[17]. - Employee costs for the six months ended September 30, 2020, amounted to approximately HKD 43,200,000, compared to HKD 42,100,000 in the previous year[33]. - Employee costs (excluding directors' remuneration) totaled HKD 41,222,000 for the six months ended September 30, 2020, slightly down from HKD 41,765,000 in 2019, a decrease of about 1.3%[94]. - The company reported a short-term lease expense of HKD 215,000 for the period, compared to HKD 153,000 in the previous year, indicating an increase of approximately 40.5%[100]. - The company incurred financing costs of HKD 32 for the six months ended September 30, 2020, down from HKD 55 in the same period of 2019, indicating improved cost management[86]. Cash Flow and Assets - The company has approximately HKD 104,900,000 in cash and cash equivalents as of September 30, 2020, a decrease of about HKD 67,300,000 from HKD 172,200,000 on March 31, 2020, mainly due to dividend payments of HKD 10,000,000 and acquisitions of property, machinery, and equipment totaling HKD 16,900,000[21]. - The net cash used in investing activities for the six months ended September 30, 2020, was HKD (11,783), compared to HKD (4,885) in the same period of 2019, indicating a worsening cash flow situation[70]. - The cash and cash equivalents at the end of the period were HKD 104,933, a decrease from HKD 108,764 at the end of the same period in 2019[70]. - The company reported a net cash outflow of HKD (67,281) in cash and cash equivalents for the six months ended September 30, 2020, compared to an increase of HKD 7,554 in the same period of 2019[70]. - Trade receivables as of September 30, 2020, amounted to HKD 21,035,000, down from HKD 40,241,000 as of March 31, 2020, indicating a decrease of about 47.7%[100]. - The company acquired property, plant, and equipment at a total cost of approximately HKD 16,857,000 during the six months ended September 30, 2020, compared to HKD 5,195,000 in the same period of 2019, representing an increase of approximately 224.5%[98]. - Contract assets as of September 30, 2020, were HKD 89,733,000, significantly higher than HKD 47,438,000 as of March 31, 2020, indicating an increase of approximately 89.2%[103]. Shareholder and Governance Information - Major shareholders include Shihui with 600 million shares (60.0%), Aocheng with 75 million shares (7.5%), and Hejin with 75 million shares (7.5%)[50]. - The board of directors and senior management have confirmed compliance with the standard code for securities transactions during the reporting period[39]. - The investment committee was established on July 14, 2020, with the CEO appointed as a member[41]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, with the exception of the absence of an independent non-executive director at the annual general meeting due to illness[38]. - The company has not disclosed any non-compliance with the standard code by senior management during the reporting period[39]. Future Outlook and Strategy - The company is cautiously optimistic about the growth of the civil engineering market in Hong Kong, anticipating increased government infrastructure spending in the coming years[20]. - The company plans to actively participate in government engineering tenders to achieve revenue growth and create greater value for shareholders[20]. - The company has not indicated any plans for market expansion or acquisitions in the current report[40]. - The company has not declared any new strategies or product developments in the current report[40]. Dividends and Capital Structure - No interim dividend was declared for the six months ending September 30, 2020, consistent with the previous year[42]. - The company declared a final dividend of HKD 0.01 per ordinary share for the year ended March 31, 2020, compared to no dividend declared in 2019[96]. - The company’s capital increased from HKD 380,000 to HKD 100,000,000 due to the issuance of additional shares, reflecting a substantial capital restructuring[115]. - The capital debt ratio as of September 30, 2020, is approximately 0.4%, down from 0.5% on March 31, 2020, indicating a stable capital structure[24].

Financial Performance - For the fiscal year ending March 31, 2020, the company reported revenue of approximately HKD 515,560,000, an increase of 18.6% from HKD 434,717,000 in the previous year[22] - The company's profit attributable to owners for the same period was approximately HKD 48,030,000, reflecting a growth of 17.0% compared to HKD 41,035,000 in the prior year[22] - The basic and diluted earnings per share increased to HKD 6.32, up 15.5% from HKD 5.47 in the previous year[22] - For the fiscal year ending March 31, 2020, the company's revenue was approximately HKD 515,600,000, an increase of 18.6% compared to HKD 434,700,000 in 2019[33] - The attributable profit for shareholders was approximately HKD 48,000,000, representing a 17.0% increase from HKD 41,000,000 in the previous year, primarily due to increased civil engineering revenue from ongoing projects[33] - The gross profit margin for the fiscal year was 15.0%, slightly down from 15.2% in 2019, attributed to rising costs of construction materials and subcontracting fees[37] - Other income and net gains for the fiscal year were approximately HKD 4,400,000, a 6.4% increase from HKD 4,200,000 in 2019, mainly due to increased insurance compensation for employee injuries[37] - As of March 31, 2020, cash and cash equivalents amounted to approximately HKD 172,200,000, up from HKD 101,200,000 in 2019, reflecting an increase of approximately HKD 71,000,000 primarily from net proceeds of share issuance[45] - The capital-to-debt ratio as of March 31, 2020, was approximately 0.5%, down from 1.1% in 2019, indicating a stable financial position[46] - Administrative and operating expenses for the fiscal year were approximately HKD 9,800,000, an increase of 16.2% from HKD 8,400,000 in 2019, mainly due to increased depreciation and costs associated with being a listed company[37] - The total employee cost for the year ended March 31, 2020, was approximately HKD 86,000,000, an increase from approximately HKD 76,700,000 in 2019[55] - The company proposed a final dividend of HKD 0.01 per ordinary share for the year ended March 31, 2020, with total dividends declared amounting to HKD 10,000,000[62] Project and Business Operations - The company has six ongoing projects, and the impact of the COVID-19 pandemic on project progress was minimal, allowing for continued operations[27] - The company was awarded a site formation project (Project W57) with a contract value of approximately HKD 236,000,000, expected to last three years[28] - Future government infrastructure spending is anticipated to continue increasing, positively impacting the civil engineering sector[29] - The company aims to enhance its competitiveness post-listing to secure more successful bids for government projects and expand project revenue[29] - The company plans to focus on larger civil engineering projects while also exploring opportunities in the construction sector[29] - The company has secured its first site preparation project in the Lok Ma Chau Loop area, with the government reserving HKD 20 billion for the first phase of the Hong Kong-Shenzhen Innovation and Technology Park development[43] - The company plans to actively participate in government engineering tenders to achieve revenue growth, focusing on civil engineering as its core business while exploring additional opportunities in the construction sector[43] - The company has not experienced any significant delays or suspensions in ongoing projects due to the COVID-19 outbreak, and its operations and financial performance have not been materially affected[39] Corporate Governance - The board of directors consists of nine members, including three executive directors, one non-executive director, and five independent non-executive directors[137] - The company has adopted various measures to maintain high standards of corporate governance, in compliance with the corporate governance code as per the Hong Kong Stock Exchange[135] - The independent non-executive directors represent more than one-third of the board, with two possessing professional accounting qualifications[144] - The company has established a nomination committee to recommend suitable candidates for directorships, considering various factors such as educational background and professional experience[146] - The chairman and CEO roles are held by separate individuals, ensuring a clear distinction between the management of the board and the daily operations of the company[142] - The audit committee is responsible for reviewing the independence and objectivity of external auditors and monitoring the effectiveness of the audit process[157] - The company has not established an internal audit function but has engaged an independent consultant to review its risk management and internal control systems[168] - The company emphasizes effective communication with shareholders to strengthen investor relations and provide insights into business performance and strategies[178] Shareholder Information - As of March 31, 2020, the company had a significant shareholder structure, with Mr. Lai Wei holding 600,000,000 shares, representing 60.0% of the total issued shares[99] - Mr. Lai Yinghua and Mr. Lai Yingqiang each held 75,000,000 shares, accounting for 7.5% of the total issued shares[99] - The major shareholders include Shihui, Aocheng, and Hejin, each holding 600,000,000 shares (60.0%), 75,000,000 shares (7.5%), and 75,000,000 shares (7.5%) respectively[103] - The company has not disclosed any tax exemptions available to shareholders due to their shareholdings[80] - The company has not entered into any significant contracts with its controlling shareholders or their subsidiaries as of March 31, 2020[95] Sustainability and Social Responsibility - The company has established a sustainability committee to address significant environmental, social, and governance issues impacting its operations[72] - The company is committed to providing a fair, safe, and healthy work environment for its employees, supporting their personal growth and career development[73] - The management emphasized a commitment to sustainability, with initiatives expected to reduce operational costs by H% over the next three years[183] Board Composition and Experience - 梁以德教授 appointed as independent non-executive director on January 29, 2020, with over 40 years of experience in civil engineering education[191] - 张森泉先生 has over 12 years of professional experience in accounting and auditing, previously worked at Deloitte, KPMG, and Ernst & Young[195] - 何大東先生 has over 40 years of experience in banking, corporate finance, and credit risk management[200] - 梁教授 served as a member of various committees including audit, nomination, and sustainability committees[191] - 张先生 is currently the independent non-executive director of multiple listed companies including Beijing Dixintong Commerce Co., Ltd. and Wugu Mofang Food International Holdings Limited[195] - 何先生 has held senior positions in several banks, including Standard Chartered Bank and Dah Sing Bank, focusing on credit management and client relationship[200] - 梁教授 has been an honorary professor at City University of Hong Kong since June 2016[191] - 张先生 has been the CEO of Zhongrui Capital (Hong Kong) Limited since May 2018[196] - 何先生 was a founding director of the Greater China Financial Professionals Association in February 2015[200] - 梁教授 has held various academic and professional memberships, including the Royal Aeronautical Society and the Hong Kong Institution of Engineers[192]