[Group Financial Summary](index=1&type=section&id=Group%20Financial%20Summary) The group's key financial data for FY2025 shows a revenue decrease of 8.0% to HK$160,224 thousand, while profit for the year increased by 17.3% to HK$12,157 thousand Key Financial Data for FY2025 (Year Ended March 31) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 160,224 | 174,070 | (8.0%) | | Gross Profit | 46,450 | 52,042 | (10.7%) | | Profit for the Year | 12,157 | 10,364 | 17.3% | | Earnings Per Share (Basic, HK cents) | 1.41 | 1.20 | - | | Gross Profit Margin | 29.0% | 29.9% | - | | Profit Margin | 7.6% | 6.0% | - | | Return on Equity | 5.2% | 4.5% | - | | Final Dividend Per Share (HK cents) | 0.70 | 0.60 | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the group's consolidated financial performance and position, including statements of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the group's total revenue decreased by 8.0% to HK$160,224 thousand, while profit for the year increased by 17.3% to HK$12,157 thousand, with gross profit declining to HK$46,450 thousand Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 160,224 | 174,070 | | Cost of Sales and Services | (113,774) | (122,028) | | Gross Profit | 46,450 | 52,042 | | Other Income | 3,377 | 3,232 | | Other Gains and Losses | 10,275 | 2,197 | | Profit Before Tax | 14,353 | 13,466 | | Income Tax Expense | (2,196) | (3,102) | | Profit for the Year | 12,157 | 10,364 | | Total Comprehensive Income for the Year | 12,319 | 9,764 | | Earnings Per Share—Basic (HK cents) | 1.41 | 1.20 | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the group's total non-current assets amounted to HK$166,525 thousand, with net current assets of HK$92,299 thousand, resulting in net assets of HK$234,059 thousand Summary of Consolidated Statement of Financial Position | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 153,584 | 165,925 | | Right-of-use Assets | 7,883 | 3,416 | | Total Non-current Assets | 166,525 | 174,127 | | **Current Assets** | | | | Inventories | 21,580 | 22,453 | | Cash and Cash Equivalents | 108,334 | 93,661 | | Total Current Assets | 172,600 | 165,299 | | **Current Liabilities** | | | | Trade and Other Payables and Accrued Expenses | 29,793 | 37,315 | | Borrowings—due within one year | 40,498 | 38,085 | | Total Current Liabilities | 80,301 | 89,008 | | Net Current Assets | 92,299 | 76,291 | | **Non-current Liabilities** | | | | Deferred Tax Liabilities | 18,545 | 20,645 | | Total Non-current Liabilities | 24,765 | 22,112 | | Net Assets | 234,059 | 228,306 | | Total Equity | 234,059 | 228,306 | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanatory notes and disclosures that support the consolidated financial statements, covering accounting policies and specific financial items [1. General Information](index=5&type=section&id=1.%20General%20Information) The company was incorporated in the Cayman Islands on June 11, 2015, listed on the Hong Kong Stock Exchange on April 8, 2016, and presents its consolidated financial statements in Hong Kong dollars - The company was incorporated in the Cayman Islands on June 11, 2015, and listed on the Hong Kong Stock Exchange on April 8, 2016[7](index=7&type=chunk) - The consolidated financial statements are presented in Hong Kong dollars, which is also the company's functional currency[8](index=8&type=chunk) [2. Application of New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=2.%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) Revisions to Hong Kong Financial Reporting Standards effective this year had no material impact on the group's financial position or performance, while new standards like HKFRS 18, not yet effective, are expected to affect profit or loss presentation and future disclosures - Revisions to Hong Kong Financial Reporting Standards applied this year had no material impact on the group's financial position and performance[9](index=9&type=chunk) - HKFRS 18, effective on or after January 1, 2027, will replace HKAS 1, introducing new requirements for profit or loss presentation and financial statement note disclosures, which are expected to impact the presentation of the statement of profit or loss and future financial statements[11](index=11&type=chunk)[12](index=12&type=chunk) [3. Revenue and Segment Information](index=7&type=section&id=3.%20Revenue%20and%20Segment%20Information) The group's revenue primarily derives from equipment leasing, related operational services, and machinery and parts sales, totaling HK$160,224 thousand in FY2025, mainly from Hong Kong, with business segmented into leasing and trading Revenue from Contracts with Customers (by Geographical Market and Timing of Recognition) | Revenue Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales of machinery and parts | 7,896 | 24,860 | | Operational services related to leasing | 22,260 | 22,143 | | Repair and maintenance services | 3,632 | 5,747 | | Delivery services | 5,851 | 5,669 | | Installation services | 380 | 1,131 | | **Total** | **40,019** | **59,550** | | Recognized at a point in time | 13,747 | 30,529 | | Recognized over time | 26,272 | 29,021 | - Revenue from sales of machinery and parts is recognized when customers obtain control of the goods, while revenue from operational services related to leasing, repair, maintenance, and installation services is recognized over time[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) Segment Revenue and Results (FY2025) | Segment | Revenue (HK$ thousand) | Results (HK$ thousand) | | :--- | :--- | :--- | | Leasing | 152,328 | 43,393 | | Trading | 7,896 | 344 | | **Total Segments** | **160,224** | **43,737** | | Unallocated income | 2,799 | | | Unallocated expenses | (32,944) | | | Unallocated exchange gains | 714 | | | Share of results of a joint venture | 47 | | | **Consolidated Profit Before Tax** | | **14,353** | External Revenue by Geographical Area | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 144,122 | 157,549 | | Macau | 4,789 | 3,891 | | China | 7 | 158 | | Singapore | 11,306 | 12,472 | | **Total** | **160,224** | **174,070** | - In FY2025, Customer A contributed **HK$22,481 thousand** in revenue, accounting for over **10%** of total revenue[30](index=30&type=chunk) [4. Other Income](index=12&type=section&id=4.%20Other%20Income) Other income for FY2025 totaled HK$3,377 thousand, primarily comprising interest income from bank deposits and government grants related to asset acquisition Details of Other Income | Income Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | 2,768 | 2,553 | | Interest on life insurance policy deposits | 102 | 98 | | Government grants related to acquisition of assets | 147 | 130 | | Miscellaneous income | 360 | 451 | | **Total** | **3,377** | **3,232** | - Deferred income amortized to revenue amounted to **HK$147 thousand** in FY2025, with an ending deferred income balance of **HK$282 thousand**[31](index=31&type=chunk) [5. Other Gains and Losses](index=13&type=section&id=5.%20Other%20Gains%20and%20Losses) Other gains and losses for FY2025 significantly increased to HK$10,275 thousand, primarily driven by substantial gains from the disposal of property, plant and equipment and net exchange gains Details of Other Gains and Losses | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net exchange gains (losses) | 714 | (315) | | Gain on disposal of property, plant and equipment | 9,561 | 2,512 | | **Total** | **10,275** | **2,197** | [6. Finance Costs](index=14&type=section&id=6.%20Finance%20Costs) Finance costs for FY2025 increased to HK$1,887 thousand, primarily comprising interest on borrowings and lease liabilities Details of Finance Costs | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on borrowings | 1,739 | 1,460 | | Interest on lease liabilities | 148 | 196 | | **Total** | **1,887** | **1,656** | [7. Income Tax Expense](index=14&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense for FY2025 was HK$2,196 thousand, mainly Hong Kong profits tax, including reversal of over-provision and deferred tax, with no tax provision for Macau, China, and Singapore subsidiaries due to lack of taxable profits or absorption by tax losses Details of Income Tax Expense | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 4,468 | 5,319 | | Over-provision in prior years—Hong Kong profits tax | (172) | (188) | | Deferred tax | (2,100) | (2,029) | | **Total** | **2,196** | **3,102** | - Hong Kong profits tax operates under a two-tiered system, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[33](index=33&type=chunk) - Subsidiaries in Macau, China, and Singapore did not incur income tax provisions in FY2025 due to reasons such as no assessable profits or assessable profits being absorbed by tax losses carried forward[34](index=34&type=chunk)[35](index=35&type=chunk) [8. Profit for the Year](index=15&type=section&id=8.%20Profit%20for%20the%20Year) Profit for the year was derived after deducting expenses such as auditor's remuneration, cost of inventories, depreciation, and staff costs, with total staff costs increasing to HK$62,832 thousand primarily due to salary growth Items Deducted in Arriving at Profit for the Year | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 1,874 | 1,800 | | Cost of inventories recognized as expense (including write-downs) | 7,320 | 12,406 | | Depreciation of property, plant and equipment | 43,808 | 45,220 | | Depreciation of right-of-use assets | 3,703 | 3,526 | | Directors' remuneration | 9,399 | 7,485 | | Other staff costs (salaries, benefits, pension contributions) | 53,433 | 53,742 | | **Total Staff Costs** | **62,832** | **61,227** | - The group operates a Mandatory Provident Fund Scheme for its employees in Hong Kong and participates in government-managed retirement benefit schemes for employees in Macau, China, and Singapore[36](index=36&type=chunk) [9. Dividends](index=16&type=section&id=9.%20Dividends) The Board recommends a final dividend of 0.70 HK cents per share for FY2025, bringing the total annual dividend to 0.86 HK cents per share, an increase from 0.60 HK cents in FY2024 - The Board recommends a final dividend of **0.70 HK cents** per share for FY2025 (FY2024: 0.60 HK cents), totaling **HK$6,048 thousand**[38](index=38&type=chunk) - An interim dividend of **0.16 HK cents** per share, totaling **HK$1,382 thousand**, was recognized in FY2025 (FY2024: nil)[38](index=38&type=chunk) - The total annual dividend for FY2025 is **0.86 HK cents** per share (FY2024: 0.60 HK cents)[96](index=96&type=chunk) [10. Earnings Per Share](index=16&type=section&id=10.%20Earnings%20Per%20Share) Basic earnings per share for FY2025 increased to 1.41 HK cents from 1.20 HK cents in FY2024, calculated based on profit attributable to owners and the number of ordinary shares, with no diluted earnings presented due to the absence of potential ordinary shares Earnings Per Share Calculation Data | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the year attributable to owners of the company (HK$ thousand) | 12,157 | 10,364 | | Number of ordinary shares for basic EPS calculation (thousand shares) | 864,000 | 864,000 | | **Basic Earnings Per Share (HK cents)** | **1.41** | **1.20** | - No diluted earnings per share are presented for either year as there are no potential ordinary shares in issue[40](index=40&type=chunk) [11. Trade and Other Receivables, Deposits and Prepayments](index=17&type=section&id=11.%20Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments) As of March 31, 2025, total trade and other receivables, deposits, and prepayments amounted to HK$43,854 thousand, with increased impairment provisions for lease receivables and trade receivables, and overdue receivables exceeding 90 days rising to HK$12,420 thousand Details of Trade and Other Receivables, Deposits and Prepayments | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Lease receivables (net of provision) | 38,075 | 36,067 | | Trade receivables (net of provision) | 639 | 2,319 | | Rental deposits paid | 650 | 650 | | Other deposits and prepayments | 4,490 | 5,976 | | **Total** | **43,854** | **45,012** | | Less: Provision for expected credit losses (lease receivables) | (17,682) | (15,036) | | Less: Provision for expected credit losses (trade receivables) | (487) | (286) | Ageing Analysis of Lease Receivables and Trade Receivables (Net of Credit Loss Provision) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 16,197 | 11,730 | | 31 to 60 days | 10,035 | 9,696 | | 61 to 90 days | 2,453 | 4,853 | | 91 to 180 days | 4,885 | 9,232 | | Over 180 days | 4,816 | 3,203 | | **Total** | **38,386** | **38,714** | - As of March 31, 2025, receivables overdue for **90 days or more** but not considered in default increased to **HK$12,420 thousand** (2024: HK$7,983 thousand)[43](index=43&type=chunk) [12. Trade and Other Payables and Accrued Expenses](index=18&type=section&id=12.%20Trade%20and%20Other%20Payables%20and%20Accrued%20Expenses) As of March 31, 2025, total trade and other payables and accrued expenses decreased to HK$29,793 thousand, with accrued expenses primarily comprising staff costs and long service payment provisions Details of Trade and Other Payables and Accrued Expenses | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 7,293 | 5,452 | | Payables for acquisition of property, plant and equipment | 4,029 | 16,486 | | Accrued expenses | 15,474 | 12,486 | | Other payables | 2,997 | 2,891 | | **Total** | **29,793** | **37,315** | - Accrued expenses primarily include accrued staff costs of **HK$9,774 thousand** and long service payment provisions of **HK$1,956 thousand**[44](index=44&type=chunk) Ageing Analysis of Trade Payables | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 30 days | 1,685 | 2,616 | | 31 to 60 days | 787 | 841 | | 61 to 90 days | 2,746 | 414 | | 91 to 180 days | 26 | 197 | | Over 180 days | 2,049 | 1,384 | | **Total** | **7,293** | **5,452** | [13. Issued Share Capital](index=19&type=section&id=13.%20Issued%20Share%20Capital) As of March 31, 2025, the company's authorized share capital comprised 10,000,000,000 shares, with 864,000,000 shares issued, each with a par value of HK$0.001 Issued Share Capital | Item | Number of Shares | Share Capital (HK$ thousand) | | :--- | :--- | :--- | | Authorized share capital | 10,000,000,000 | 10,000 | | Issued share capital | 864,000,000 | 864 | [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the group's financial performance, operational highlights, and future outlook, including key drivers and challenges [Group Overview](index=20&type=section&id=Group%20Overview) In FY2025, the group's net profit increased to HK$12.2 million, driven by higher equipment leasing income, increased gains from property, plant and equipment disposal, and improved joint venture performance, partially offset by increased inventory write-downs and expected credit loss provisions, while total revenue decreased by 8.0% and gross profit by 10.7% - Net profit for FY2025 was approximately **HK$12.2 million**, representing a **17.3% year-on-year increase** (FY2024: HK$10.4 million)[46](index=46&type=chunk) - The increase in net profit was primarily attributable to: 1) increased equipment leasing income in Hong Kong, Macau, and Singapore; 2) a rise in gain on disposal of property, plant and equipment from **HK$2.5 million** to **HK$9.6 million**; and 3) the joint venture WAJV turning from a loss of **HK$2.9 million** to a profit of **HK$47 thousand**[46](index=46&type=chunk) - Adverse factors included: 1) an increase in inventory write-downs to **HK$3.6 million** (FY2024: HK$0.4 million) due to reduced sales of machinery and parts and decreased demand for obsolete leased equipment parts; and 2) a net provision for expected credit losses of approximately **HK$2.8 million** (FY2024: reversal of HK$1.7 million) due to Hong Kong's economic downturn, trade war risks, and increased overdue receivables[46](index=46&type=chunk) - Total revenue was approximately **HK$160.2 million**, a **year-on-year decrease of 8.0%**; gross profit was approximately **HK$46.5 million**, a **year-on-year decrease of 10.7%**; and gross profit margin was approximately **29.0%** (FY2024: 29.9%)[47](index=47&type=chunk) - Basic earnings per share were **1.41 HK cents** (FY2024: 1.20 HK cents)[48](index=48&type=chunk) [Business Overview](index=21&type=section&id=Business%20Overview) In FY2025, the group shifted its business focus to equipment leasing, enhancing profitability by restructuring its fleet and benefiting from increased demand in Hong Kong, Macau, and Singapore, while the China market transitioned to overseas equipment sales due to debt crises, with the group also promoting green solutions to boost leasing revenue - The business focus for FY2025 shifted to equipment leasing, with the leasing equipment fleet restructured to enhance profitability[49](index=49&type=chunk) - Hong Kong's leasing revenue saw net growth, primarily benefiting from demand for the Hong Kong International Airport Third Runway, Tung Chung, and Kwu Tung projects, though leasing income related to Kai Tak projects, T2-CKR, and private property developments decreased[49](index=49&type=chunk) - Macau and Singapore saw increased leasing revenue, despite a reduction in Singapore's operational service income due to the introduction of operator-free leased equipment[50](index=50&type=chunk)[52](index=52&type=chunk) - The group enhanced its mobile power rental and solution services by introducing a 'mobile power intelligent system' and offering green solutions like biofuel generators, thereby boosting leasing revenue[51](index=51&type=chunk) - Revenue from sales of machinery and parts decreased as the business focus shifted to leasing equipment and disposing of obsolete or underutilized leased equipment[51](index=51&type=chunk) - Due to property developer debt crises, the China market saw all leased equipment sold, with the business focus shifting to overseas equipment sales[53](index=53&type=chunk) [Outlook](index=23&type=section&id=Outlook) For FY2026, the group plans to continue investing in green energy equipment, capitalize on leasing demand from major Hong Kong projects, focus on government-related works in Macau, shift China operations to machinery trading, and expand in Singapore with small lifting solutions and new equipment for large projects, while promoting eco-friendly products across Asia Pacific to become an international event service provider - Despite facing headwinds such as Hong Kong's economic downturn, a weak property market, and escalating US trade tensions, the group will continue to invest in and promote green energy concept equipment, advocating for specialized machinery that enhances construction efficiency[54](index=54&type=chunk) - The group will continue to seize opportunities for leasing equipment in key Hong Kong projects, including the Third Runway and airport improvement works, Tung Chung projects, and Kwu Tung projects[54](index=54&type=chunk) - New opportunities will be explored in projects and activities mentioned in the Chief Executive's 2024 Policy Address, including the Northern Metropolis development, the Lok Ma Chau Loop Hong Kong-Shenzhen Innovation and Technology Park development, and the promotion of sports development[55](index=55&type=chunk) - Macau operations will continue to focus on government-related projects, as well as special events and entertainment activities, to increase leasing revenue[55](index=55&type=chunk) - China operations will focus on the procurement and trading of machinery and parts to meet both local and overseas market demands[55](index=55&type=chunk) - Singapore will maintain an upward revenue trend through a small lifting solutions strategy and invest in introducing more leased equipment to meet demand from large-scale projects such as Changi Airport's new Terminal 5[56](index=56&type=chunk) - Across the Asia Pacific region, the group will promote its self-developed green and environmentally friendly products, aiming to become an international large-scale event service provider[57](index=57&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) In FY2025, total revenue decreased by 8.0% to HK$160.2 million due to reduced machinery and parts sales, while equipment leasing revenue share increased, and despite a decline in gross profit and margin, significant growth in other income and gains, coupled with reduced selling and distribution expenses, led to an increase in profit for the year and total comprehensive income - Total revenue decreased by approximately **HK$13.8 million** to **HK$160.2 million**, a **year-on-year decrease of 8.0%**, primarily due to reduced sales of machinery and parts[58](index=58&type=chunk) Changes in Revenue Composition | Revenue Source | 2025 (HK$ million) | 2024 (HK$ million) | Percentage Change (2025 vs 2024) | | :--- | :--- | :--- | :--- | | Equipment rental | 120.2 | 114.5 | 75.0% vs 65.8% | | Operational services | 22.3 | 22.1 | 13.9% vs 12.7% | | Other services | 9.9 | 12.6 | 6.2% vs 7.2% | | Sales of machinery and parts | 7.9 | 24.9 | 4.9% vs 14.3% | - Cost of sales and services was approximately **HK$113.8 million**, a **year-on-year decrease of 6.8%**, primarily influenced by reduced depreciation costs, lower long service payment provisions, and decreased machinery and parts costs[63](index=63&type=chunk)[64](index=64&type=chunk) - Gross profit decreased by **10.7%** to **HK$46.5 million**, with gross profit margin falling to **29.0%**, mainly due to increased inventory write-downs of **HK$3.6 million** resulting from slow-moving inventory and reduced demand for obsolete leased equipment parts[65](index=65&type=chunk) - Other income increased to **HK$3.4 million**, primarily due to higher interest income from bank deposits resulting from increased cash balances[66](index=66&type=chunk) - Other gains and losses significantly increased by **367.7%** to **HK$10.3 million**, mainly driven by net exchange gains of **HK$0.7 million** from a weaker Japanese Yen and increased gains of **HK$9.6 million** from the disposal of property, plant and equipment[67](index=67&type=chunk) - Net provision for expected credit losses was **HK$2.8 million** (FY2024: reversal of HK$1.7 million), while net reversal of impairment loss on property, plant and equipment was **HK$0.3 million**[68](index=68&type=chunk) - Administrative expenses slightly increased by **2.2%** to **HK$40.7 million**, primarily due to higher travel and entertainment expenses[69](index=69&type=chunk) - Selling and distribution expenses decreased to **HK$0.6 million**, as the group's efforts in promoting 'green energy' concepts gained market recognition, leading to reduced promotional expenses[70](index=70&type=chunk) - Finance costs increased to **HK$1.9 million**, mainly due to higher interest on borrowings for financing investments in leased equipment and trucks[71](index=71&type=chunk) - Profit attributable to owners of the company increased to **HK$12.2 million**, with a profit margin of **7.6%**; total comprehensive income increased to **HK$12.3 million**[72](index=72&type=chunk) [Capital Expenditure](index=28&type=section&id=Capital%20Expenditure) Total capital expenditure for FY2025 was HK$31.8 million, primarily allocated to the expansion of leased machinery, vehicles, and other fixed assets, with 98.4% specifically for self-owned leased machinery units and trucks - Total capital expenditure for FY2025 was approximately **HK$31.8 million** (FY2024: HK$30.4 million)[73](index=73&type=chunk) - The majority of capital expenditure (approximately **98.4%**) was used to fund the expansion of the group's self-owned leased machinery units and trucks[73](index=73&type=chunk) [Liquidity and Financial Resources Review](index=28&type=section&id=Liquidity%20and%20Financial%20Resources%20Review) As of March 31, 2025, the group's cash and cash equivalents increased to HK$108.3 million, with total borrowings and lease liabilities at HK$49.8 million, and a zero capital gearing ratio, supported by HK$83.3 million in bank facilities, of which HK$72.8 million was utilized - As of March 31, 2025, cash and cash equivalents were approximately **HK$108.3 million** (2024: HK$93.7 million)[74](index=74&type=chunk) - Borrowings and lease liabilities amounted to approximately **HK$49.8 million** (2024: HK$42.7 million)[74](index=74&type=chunk) - Total bank facilities were approximately **HK$83.3 million**, of which **HK$72.8 million** was utilized and **HK$10.5 million** remained unutilized[74](index=74&type=chunk) - As of March 31, 2025, the capital gearing ratio was **zero**[75](index=75&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=Foreign%20Exchange%20Risk) The group faces foreign exchange risk from transactions denominated in currencies other than Hong Kong dollars and, while currently lacking a hedging policy, actively monitors currency fluctuation risks to take proactive measures - The group is exposed to foreign exchange risk as certain transactions are denominated in various currencies, including Hong Kong dollars, Japanese Yen, Euros, Singapore dollars, Renminbi, and US dollars[76](index=76&type=chunk) - The group does not have a foreign currency hedging policy but closely monitors currency fluctuation risks and takes proactive measures[76](index=76&type=chunk) [Contingent Liabilities](index=29&type=section&id=Contingent%20Liabilities) As of March 31, 2025, the group had no significant contingent liabilities - As of March 31, 2025, the group had no significant contingent liabilities[77](index=77&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=29&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) In FY2025, the group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures in FY2025[78](index=78&type=chunk) [Significant Investments](index=29&type=section&id=Significant%20Investments) As of March 31, 2025, the group had no significant investments, though in May 2025, it purchased a US$2.5 million keyman insurance policy, pledged to HSBC for HK$35.0 million in financial facilities - As of March 31, 2025, the group had no significant investments[79](index=79&type=chunk) - In May 2025, the group purchased a keyman insurance policy with a sum assured of **US$2.5 million** for Executive Director Mr. Lau Tsz Fung, which was pledged to HSBC to secure **HK$35.0 million** in financial facilities[79](index=79&type=chunk) [Capital Commitments and Future Plans for Material Investments or Capital Assets](index=30&type=section&id=Capital%20Commitments%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of March 31, 2025, the group's capital commitments amounted to approximately HK$13.8 million, primarily for acquiring leased equipment, to be funded through internal resources and bank financing - As of March 31, 2025, the group's capital commitments were approximately **HK$13.8 million** (2024: HK$19.8 million), primarily for the acquisition of leased equipment[81](index=81&type=chunk) - The group will fund the purchase of leased equipment through internal resources and bank financing[82](index=82&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of March 31, 2025, approximately HK$3.1 million in life insurance policy deposits, HK$6.0 million in leased equipment and trucks, and HK$0.4 million in bank deposits were pledged as security for borrowings totaling approximately HK$41.9 million - As of March 31, 2025, approximately **HK$3.1 million** in life insurance policy deposits, **HK$6.0 million** in leased equipment and trucks, and **HK$0.4 million** in bank deposits were pledged as security for borrowings totaling approximately **HK$41.9 million**[83](index=83&type=chunk) [Segment Information](index=30&type=section&id=Segment%20Information) The group's segment information is disclosed in Notes 3(a) and 3(b) to the financial statements - The group's segment information is disclosed in Notes 3(a) and 3(b) to the financial statements[84](index=84&type=chunk) [Human Resources and Employee Remuneration](index=30&type=section&id=Human%20Resources%20and%20Employee%20Remuneration) As of March 31, 2025, the group employed 129 individuals, with total staff costs increasing to HK$62.8 million due to annual salary increments, and provides comprehensive benefits including medical insurance, provident fund contributions, and training for technical staff - As of March 31, 2025, the group had **129 employees** (2024: 133), primarily located in Hong Kong, Macau, Singapore, and China[85](index=85&type=chunk) - Total staff costs for FY2025 were approximately **HK$62.8 million** (2024: HK$61.2 million), mainly due to annual increments in staff salaries and wages[85](index=85&type=chunk) - The group provides employees with basic remuneration, medical insurance, provident fund contributions, and other benefits, along with internal and external training for technical staff[85](index=85&type=chunk)[86](index=86&type=chunk) [Share Option Scheme](index=31&type=section&id=Share%20Option%20Scheme) The group adopted a share option scheme on March 17, 2016, to attract and retain talent, with no share options granted or agreed to be granted from its adoption date up to March 31, 2025 - The group adopted a share option scheme on March 17, 2016, aiming to attract and retain the most suitable personnel[87](index=87&type=chunk) - As of March 31, 2025, no share options had been granted or agreed to be granted under the scheme[87](index=87&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) This section covers corporate governance, compliance with securities trading standards, auditor's scope, and dividend-related announcements, including share transfer suspension dates [Corporate Governance Practices](index=31&type=section&id=Corporate%20Governance%20Practices) The company is committed to high standards of corporate governance, having engaged consultants to review internal controls and risk management, and has complied with the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Lau Bong - The company has engaged consultants to review its internal controls, enterprise risk management, and corporate governance practices, continuously improving based on their recommendations[89](index=89&type=chunk) - The company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, with the exception of a deviation from code provision C.2.1, where the roles of Chairman and Chief Executive Officer are combined and held by Mr. Lau Bong[90](index=90&type=chunk)[91](index=91&type=chunk) [Compliance with the Model Code for Securities Transactions](index=32&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance with the code during FY2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance with the code during FY2025[92](index=92&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during FY2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during FY2025[93](index=93&type=chunk) [Scope of Work of Deloitte Touche Tohmatsu](index=32&type=section&id=Scope%20of%20Work%20of%20Deloitte%20Touche%20Tohmatsu) Deloitte Touche Tohmatsu, the group's auditor, confirmed the consistency of financial data in the preliminary announcement with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no assurance is issued on this preliminary announcement - Deloitte Touche Tohmatsu, the group's auditor, has agreed the financial data in the preliminary announcement with the audited consolidated financial statements[94](index=94&type=chunk) - Their work does not constitute an assurance engagement, and consequently, no assurance is issued on this preliminary announcement[94](index=94&type=chunk) [Review by Audit Committee](index=32&type=section&id=Review%20by%20Audit%20Committee) The company's Audit Committee has reviewed the group's annual results for the year ended March 31, 2025 - The company's Audit Committee has reviewed the group's annual results for the year ended March 31, 2025[95](index=95&type=chunk) [Dividends](index=33&type=section&id=Dividends) The Board recommends a final dividend of 0.70 HK cents per share for FY2025, payable around September 16, 2025, to shareholders on record as of September 5, 2025, bringing the total annual dividend to 0.86 HK cents per share - The Board recommends a final dividend of **0.70 HK cents** per share for FY2025 (FY2024: 0.60 HK cents)[96](index=96&type=chunk) - The final dividend is expected to be paid on or about September 16, 2025, to shareholders whose names appear on the register of members on September 5, 2025[96](index=96&type=chunk) - Together with the interim dividend of **0.16 HK cents** per share, the total annual dividend is **0.86 HK cents** per share (FY2024: 0.60 HK cents)[96](index=96&type=chunk) [Closure of Register of Members](index=33&type=section&id=Closure%20of%20Register%20of%20Members) The register of members will be closed twice to determine eligibility for attending the Annual General Meeting and for the final dividend, from August 25-28, 2025, and September 3-5, 2025, respectively - To ascertain eligibility for attending and voting at the Annual General Meeting, the register of members will be closed from **August 25, 2025, to August 28, 2025**[97](index=97&type=chunk) - To ascertain entitlement to the proposed final dividend, the register of members will be closed from **September 3, 2025, to September 5, 2025**[98](index=98&type=chunk) [Publication of Results Announcement and Annual Report](index=34&type=section&id=Publication%20of%20Results%20Announcement%20and%20Annual%20Report) This results announcement is available on the company's and HKEX websites, with the FY2025 annual report to be published and dispatched to shareholders in late July - This results announcement has been published on the company's website and the HKEX website[99](index=99&type=chunk) - The annual report for FY2025 will be published on the company's and HKEX websites in late July and dispatched to the company's shareholders[99](index=99&type=chunk) [By Order of the Board](index=34&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Mr. Lau Bong, Chairman and Executive Director, on June 26, 2025, with the Board comprising executive, non-executive, and independent non-executive directors - This announcement was issued by Mr. Lau Bong, Chairman and Executive Director, on June 26, 2025[100](index=100&type=chunk)[101](index=101&type=chunk) - The Board members include Executive Directors Mr. Lau Bong, Ms. Chan Kit Mui, and Mr. Lau Tsz Fung; Non-executive Director Mr. Nakazawa Tomoyuki; and Independent Non-executive Directors Ms. Lam Sau Fung, Mr. Siu Chak Yu, and Dr. Ho Chung Tai[101](index=101&type=chunk)

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Financial Performance - Total revenue for the six months ended September 30, 2024, was HK$80,713,000, an increase of 2.3% compared to HK$78,859,000 for the same period in 2023[27]. - Gross profit for the period was HK$23,700,000, up from HK$21,019,000, reflecting a gross profit margin improvement[27]. - Profit for the period reached HK$4,644,000, with earnings per share at HK$0.54[27]. - The company reported a gross profit increase of approximately 12.8% year-over-year[27]. - The Group recorded a profit attributable to owners of approximately HK$4.6 million for 1H2025, representing a profit margin of approximately 5.8%, an increase from approximately 5.2% in 1H2024[69]. - Total comprehensive income for 1H2025 was approximately HK$4.9 million, compared to approximately HK$3.2 million in 1H2024, reflecting a significant increase[69]. - Gross profit increased by approximately 12.8% from approximately HK$21.0 million in 1H2024 to approximately HK$23.7 million in 1H2025, with a gross profit margin of approximately 29.4%[78]. - The Group's total revenue for the six months ended September 30, 2023, was HK$78,859,000, with segment results of HK$15,485,000 from leasing and HK$2,038,000 from trading[130]. - Total external revenue for the six months ended September 30, 2024, was HK$80,713,000, an increase of 2.2% from HK$78,859,000 in the same period of 2023[141]. Assets and Liabilities - Non-current liabilities decreased slightly to HK$21,991,000 as of September 30, 2024, compared to HK$22,112,000 as of March 31, 2024[5]. - Net assets stood at HK$228,069,000 as of September 30, 2024, a slight decrease from HK$228,306,000 as of March 31, 2024[5]. - As of September 30, 2024, total assets amounted to HK$250,060,000, slightly down from HK$250,418,000 as of March 31, 2024[31]. - Current assets totaled HK$167,219,000, an increase from HK$165,299,000 in the previous period[31]. - Total liabilities were HK$94,695,000, compared to HK$89,008,000 previously[31]. - The Group's cash balances and cash equivalents as of 30 September 2024 were approximately HK$91.1 million, down from approximately HK$93.7 million as of 31 March 2024[91]. - As of 30 September 2024, the Group had borrowings and lease liabilities of approximately HK$51.2 million, an increase from approximately HK$42.7 million as of 31 March 2024[91]. - The Group's banking facilities as of 30 September 2024 were approximately HK$80.4 million, with approximately HK$69.9 million drawn down[92]. Income and Expenses - Administrative expenses for the period were HK$20,231,000, compared to HK$19,911,000 in the previous year[27]. - Capital expenditures in 1H2025 totaled approximately HK$27.6 million, primarily for leasing machinery, vehicles, and office equipment, with 91.1% allocated to expanding the rental fleet[70]. - Finance costs rose to approximately HK$0.9 million in 1H2025, compared to approximately HK$0.8 million in 1H2024, due to increased borrowings[68]. - The Group's expected credit loss provision increased to approximately HK$0.9 million in 1H2025, compared to a reversal of approximately HK$2.0 million in 1H2024[63]. - The Group shared a loss of approximately HK$14.0 thousand from the joint venture WAJV in 1H2025, a decrease from approximately HK$0.8 million in 1H2024[67]. - The Group's total profit for the period was achieved after charging directors' emoluments of HK$4,676,000, up from HK$3,940,000 in the previous year, an increase of 18.7%[169]. - The company reported a decrease in auditor's remuneration to HK$881,000 for the first half of 2024, down from HK$986,000 in 2023, a decline of 10.7%[169]. Revenue Breakdown - The geographical revenue breakdown shows Hong Kong generated HK$67,912,000, while Macau contributed HK$45,000, and Singapore accounted for HK$13,000[111]. - Revenue from Hong Kong decreased to HK$71,479,000, down 1.2% from HK$72,381,000 in 2023[141]. - Revenue from Singapore increased significantly to HK$6,579,000, up 52.5% from HK$4,318,000 in 2023[141]. - The Group's leasing segment reported a profit of HK$20,809,000, while the trading segment incurred a loss of HK$598,000, resulting in a total segment profit of HK$20,211,000[124]. - The Group's leasing income from equipment for the six months ended September 30, 2024, was HK$77,087,000, compared to HK$67,781,000 for the same period in 2023, reflecting a growth of approximately 13.5%[124][130]. Shareholder Information - Major shareholders include New Club House 1 with 42.08% and Great Club House with 32.92% of shares[39]. - The company declared an interim dividend of HK$0.16 per share for the reporting period, totaling HK$1,382,400, compared to no interim dividend in the first half of 2024[172]. - The weighted average number of ordinary shares remained constant at 864,000,000 for both periods, indicating stable share structure[169]. Governance and Risk Management - The company aims to enhance corporate governance and risk management practices, with a new appointment to the risk management committee on October 19, 2024[50][52]. Credit and Receivables - The average credit period for leasing and trading customers is between 0 to 90 days, with credit limits reviewed annually[188]. - As of September 30, 2024, the total lease and trade receivables, net of credit loss allowance, amounted to HK$39,504,000, an increase from HK$38,386,000 as of March 31, 2024[190]. - Lease receivables from outsiders increased to HK$53,193,000 as of 30 September 2024, up from HK$50,891,000 as of 31 March 2024, marking a rise of 4.3%[184]. - The allowance for expected credit losses on lease receivables increased to HK$15,889,000 as of 30 September 2024, compared to HK$15,036,000 as of 31 March 2024, indicating a rise of 5.7%[184]. Cash Flow - Net cash from operating activities for the six months ended September 30, 2024, was HK$19,484,000, a decrease of 16.4% from HK$23,278,000 in the same period of 2023[98]. - Net cash used in investing activities amounted to HK$23,424,000, compared to HK$9,154,000 in the previous year, indicating a significant increase in investment outflows[98]. - The net increase in cash and cash equivalents was HK$1,545,000, compared to a net increase of HK$4,759,000 in the prior year[98]. - Interest received increased to HK$1,748,000 from HK$1,106,000, reflecting a growth of 58%[98]. - New borrowings raised during the period totaled HK$17,798,000, while repayments of borrowings were HK$7,849,000[98]. - The effect of foreign exchange rate changes resulted in a positive impact of HK$93,661,000 on cash and cash equivalents[98].

Capital Expenditure - The capital expenditure for the fiscal year 2024 is approximately HKD 30.4 million, not HKD 35.2 million[2] - The total capital expenditure for the fiscal year 2024 is approximately 98.1% attributed to the purchase of rental machinery and trucks, rather than 98.3%[2] Cost of Sales and Services - The cost of sales and services for the fiscal year 2024 related to the purchase of rental equipment is approximately HKD 28.0 million, instead of HKD 32.8 million[7]

Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 174,070,000, representing an increase of 8.4% compared to HKD 160,552,000 in 2023[3]. - Gross profit for the same period was HKD 52,042,000, reflecting a growth of 15.6% from HKD 45,019,000 in the previous year[3]. - The net profit for the year decreased to HKD 10,364,000, down 18.9% from HKD 12,776,000 in 2023[3]. - Basic earnings per share for the year were HKD 1.20, compared to HKD 1.48 in the previous year[3]. - The gross profit margin improved to 29.9% from 28.0% year-on-year[3]. - The operating profit margin decreased to 6.0% from 8.0% in the previous year[3]. - The return on equity for the year was 4.5%, down from 5.7% in 2023[3]. - The company declared a dividend of HKD 0.60 per share, slightly down from HKD 0.65 in the previous year[3]. Revenue Breakdown - Revenue from rental equipment was HKD 114,520,000, up from HKD 111,876,000 in 2023[5]. - Revenue from goods and services increased to HKD 59,550,000 from HKD 48,676,000 year-on-year[5]. - Revenue from machinery and parts sales amounted to HKD 24,860,000 for the year ended March 31, 2024, compared to HKD 20,498,000 for the previous year, indicating a growth of about 21.6%[24][25]. - Revenue from operational services related to leasing was HKD 22,143,000 for the year ended March 31, 2024, up from HKD 17,575,000 in the previous year, reflecting a growth of approximately 26.5%[24][25]. - The total revenue from related operational services was HKD 22,143,000 for the fiscal year ending March 31, 2024, compared to HKD 17,575,000 in the previous year, representing a growth of 25.5%[33][34]. - Revenue from delivery services was HKD 5,669,000 for the year ended March 31, 2024, compared to HKD 5,517,000 in the previous year, showing a slight increase of approximately 2.8%[24][25]. Assets and Liabilities - Total assets decreased slightly to HKD 250,418,000 in 2024 from HKD 252,209,000 in 2023, representing a decline of approximately 0.71%[6]. - Current assets increased significantly to HKD 165,299,000 in 2024, up from HKD 129,860,000 in 2023, marking an increase of about 27.4%[6]. - Cash and cash equivalents rose to HKD 93,661,000 in 2024, compared to HKD 74,559,000 in 2023, reflecting a growth of approximately 25.6%[6]. - Current liabilities increased to HKD 89,008,000 in 2024 from HKD 75,678,000 in 2023, indicating an increase of about 17.5%[7]. - Net current assets improved to HKD 76,291,000 in 2024, up from HKD 54,182,000 in 2023, which is an increase of approximately 40.9%[6]. - Non-current liabilities decreased to HKD 22,112,000 in 2024 from HKD 28,051,000 in 2023, showing a reduction of about 21.2%[7]. - The company’s total liabilities increased to HKD 111,120,000 in 2024 from HKD 101,830,000 in 2023, indicating a rise of about 9.0%[7]. Employee Costs and Dividends - The total employee costs for the year amount to HKD 61,227,000, up from HKD 56,879,000 in 2023, indicating an increase of about 7.5%[49]. - The company has declared a final dividend of HKD 0.60 per share for the year ending March 31, 2024, totaling HKD 5,184,000, compared to HKD 5,616,000 for the previous year[52]. Accounting Standards and Compliance - The application of the revised Hong Kong Accounting Standard No. 8 did not have a significant impact on the consolidated financial statements for the year[14]. - The revised Hong Kong Accounting Standard No. 1 replaced "major accounting policies" with "significant accounting policy information," which may influence the decisions of primary users of financial statements[15]. - The revisions clarify that even if amounts are not significant, related accounting policy information can still be considered significant[16]. - The company has adhered to the corporate governance code, except for the deviation from the provision C.2.1 regarding the separation of the roles of Chairman and CEO[114]. Future Outlook and Strategic Plans - The group plans to invest in green energy equipment and promote related concepts through the fiscal year ending March 31, 2025[74]. - The group aims to enhance its mobile power solutions and related services in Hong Kong, focusing on environmental protection and social responsibility[75]. - The group will closely monitor the impact of the debt crisis in the Chinese construction industry and attempt to increase machinery sales to improve revenue and cash flow from its Shanghai subsidiary[76]. - In Macau, the group will continue to focus on government-related projects and special events to increase rental income in the coming months[76]. Miscellaneous - The company has engaged an international consulting firm to review and recommend appropriate measures to ensure compliance with the internal control assessment, enterprise risk management, and corporate governance advisory services as per the listing rules[113]. - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year 2024[117]. - The company will suspend shareholder registration from August 23 to August 28, 2024, to determine eligibility for the annual general meeting on August 28, 2024[122].

Financial Performance - Total revenue for the six months ended September 30, 2023, was HK$78,859,000, a decrease of 5.1% from HK$83,557,000 in the same period of 2022[9] - Gross profit for the period was HK$21,019,000, down 21.3% from HK$26,685,000 year-on-year[9] - Profit for the period was HK$4,065,000, representing a decline of 44.5% compared to HK$7,367,000 in the previous year[9] - Earnings per share decreased to HK$0.47 from HK$0.85, reflecting a drop of 44.7%[9] - The company reported other comprehensive income for the period of HK$3,201,000, down from HK$5,842,000, a decrease of 45.1%[9] - The profit for the period ended September 30, 2023, was HK$4,065,000, compared to HK$7,367,000 for the same period in 2022, representing a decline of 44.5%[13] - The Group's profit before tax for the six months ended September 30, 2023, was HK$5,413,000, down from HK$7,534,000 in the previous year[40] - Total profit for the period attributable to owners of the Company decreased to HK$4,065,000 from HK$7,367,000, a decline of approximately 44.5%[70] - For the six months ended 30 September 2023, the Group recorded a net profit of approximately HK$4.1 million, a decrease of approximately 44.6% compared to HK$7.4 million for the same period in 2022[111] Assets and Liabilities - Non-current assets as of September 30, 2023, totaled HK$186,407,000, down from HK$198,027,000 as of March 31, 2023[10] - Current assets increased to HK$136,178,000 from HK$129,860,000, marking a rise of 4.9%[10] - Net current assets improved to HK$60,531,000, up from HK$54,182,000, indicating a growth of 11.8%[10] - As of September 30, 2023, the net assets of the company were HK$221,743,000, a decrease of 1.85% from HK$224,158,000 as of March 31, 2023[11] - The total equity of the company decreased from HK$224,158,000 as of March 31, 2023, to HK$221,743,000 as of September 30, 2023, reflecting a reduction of 1.85%[13] - Borrowings as of September 30, 2023, amounted to HK$841,000, a decrease from HK$1,848,000 as of March 31, 2023[11] - As of September 30, 2023, the carrying value of property, plant, and equipment is HK$173,804,000, a decrease from HK$187,121,000 as of April 1, 2023, representing a decline of approximately 7.1%[76] - The total borrowings amounted to HK$34,111,000, an increase from HK$31,115,000 as of March 31, 2023, representing a growth of approximately 9.6%[98] Revenue Breakdown - For the six months ended September 30, 2023, the Group's total revenue was HK$78,859,000, with leasing revenue accounting for HK$67,781,000 and trading revenue at HK$11,078,000[27] - Revenue from Hong Kong was HK$72,381,000, with HK$61,774,000 from leasing and HK$10,607,000 from trading[27] - The Group's revenue for the same period in 2022 was HK$84,557,000, indicating a decrease of approximately 6.7% year-over-year[33] - Segment revenue from leasing was HK$67,781,000, while trading segment revenue was HK$11,078,000 for the six months ended September 30, 2023[40] - Revenue from external customers in Hong Kong was HK$72,381,000, a decrease of 7.3% from HK$77,911,000 in 2022[50] - Leasing income from rental services decreased to approximately HK$52.0 million in 1H2024, down from approximately HK$58.3 million in 1H2023[138] - Revenue from equipment operating services increased by approximately 20.4% to approximately HK$10.5 million in 1H2024, up from approximately HK$8.7 million in 1H2023[140] Expenses and Costs - Administrative expenses rose to HK$19,911,000, compared to HK$17,780,000 in the previous period, an increase of 12.0%[9] - Total staff costs rose to HK$28,887,000 from HK$26,358,000, representing an increase of about 9.7%[66] - The Group's cost of sales and services increased by approximately 1.7% to about HK$57.8 million in 1H2024, up from approximately HK$56.9 million in 1H2023[147] - Depreciation costs decreased to approximately HK$22.8 million in 1H2024 from approximately HK$25.5 million in 1H2023[148] - Selling and distribution expenses rose to approximately HK$0.4 million in 1H2024 from approximately HK$0.3 million in 1H2023, attributed to the promotion of the "green energy" concept[162] Cash Flow and Investments - Net cash from operating activities for the six months ended September 30, 2023, was HK$23,278,000, down from HK$27,837,000 in the previous year, indicating a decrease of 16.5%[15] - Cash and cash equivalents at the end of the period increased to HK$78,741,000 from HK$54,614,000, marking a significant increase of 44.2%[15] - The company reported a net cash used in investing activities of HK$9,154,000 for the six months ended September 30, 2023, compared to HK$18,262,000 in the prior year, showing a decrease of 49.9%[15] - Capital expenditures for 1H2024 amounted to approximately HK$17.0 million, primarily for leasing machinery, vehicles, and office equipment, compared to approximately HK$44.7 million for the year ended 31 March 2023[170] Market and Operational Insights - The Group experienced a significant decrease in equipment leasing demands in Hong Kong, particularly in the Kai Tak Area and Community Isolated Facilities[119] - In Macau, leasing revenue decreased due to reduced demand from private construction sites, although public work-related construction sites saw an increase in demand[122] - In Singapore, AP Singapore recorded an increase in revenues due to the continued growth of the construction industry, attributed to the booming economy[123] - The Group plans to expedite investment in mobile power supplies and related services in 2H2024, focusing on green energy solutions[129] - The Group intends to maintain revenue growth in Singapore and may consider further investments in leasing equipment to meet increasing demands[131] Employee and Corporate Governance - The Group employed 130 employees as of September 30, 2023, an increase from 127 employees as of March 31, 2023[200] - The remuneration policy for employees is regularly reviewed, and the Group provides additional benefits such as medical insurance and contributions to provident funds[200]

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，概不對 因本公告全部或任何部份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。 AP RENTALS HOLDINGS LIMITED 亞 積 邦 租 賃 控 股 有 限 公 司* （於開曼群島註冊成立的有限公司） （股份代號：1496） 截 至2023年9月30日 止 六 個 月 中 期 業 績 公 告 集團財務摘要 截至9月30日止六個月 2023年 2022年 千港元 千港元 （未經審核） （未經審核） 收益 78,859 83,557 毛利 21,019 26,685 期內溢利 4,065 7,367 溢利率 5.2% 8.8% 期內全面收益總額 3,201 5,842 每股盈利 基本（港仙） 0.47 0.85 ...

Financial Performance - For FY2023, the Group achieved total revenue of approximately HK$160.6 million, an increase of approximately 19.1% compared to HK$134.8 million in FY2022[21] - The Group recorded a profit of approximately HK$12.8 million for FY2023, a significant turnaround from a loss of approximately HK$4.5 million in FY2022[21] - Gross profit for FY2023 was approximately HK$45.0 million, representing an increase of approximately 118.6% compared to approximately HK$20.6 million in FY2022[41] - The gross profit margin improved to approximately 28.0% in FY2023, up from approximately 15.3% in FY2022[41] - For FY2023, the Group recorded a profit attributable to owners of the Company of approximately HK$12.8 million, compared to a loss of approximately HK$4.5 million in FY2022, representing a profit margin of approximately 8.0%[103] - Earnings per share improved to HK$1.48, compared to a loss of HK$0.52 per share in the previous year[149] - The return on equity increased to 5.7%, up from a negative 2.1% in 2022[160] - Current ratio improved to 1.7, compared to 1.5 in the previous year, indicating better short-term financial health[161] Revenue Sources - Leasing income from rental services rose to approximately HK$111.9 million in FY2023, up from approximately HK$97.4 million in FY2022[71] - Revenue from equipment operating services increased by approximately 42.1% to approximately HK$17.6 million in FY2023, compared to approximately HK$12.4 million in FY2022[73] - Revenue from the trading business increased to approximately HK$20.5 million in FY2023, up from approximately HK$17.8 million in FY2022[49] - Revenue from sales of machinery and parts grew by approximately 15.4% to about HK$20.5 million in FY2023, up from HK$17.8 million in FY2022[79] - Revenue from AP Macau decreased to approximately HK$4.0 million in FY2023, down from approximately HK$7.0 million in FY2022, due to reduced demand in the casino and hotel sectors[50] Economic Environment - The economic environment in FY2023 was impacted by factors such as the COVID-19 pandemic, the default of debts by major property developers, and rising interest rates due to the Federal Reserve's actions[22] - The construction and event industries faced challenges due to the aforementioned economic pressures, affecting overall business performance[22] - The Group has faced challenges such as difficulty in attracting young talent, increased construction material costs due to the Russia-Ukraine conflict, and ongoing interest rate hikes affecting the operating environment[184] Strategic Focus - The Group is focused on expanding its market presence and enhancing its service offerings to meet customer demands[6] - Future strategies may include exploring new technologies and solutions to improve operational efficiency and customer satisfaction[6] - The Group aims to provide comprehensive solutions for carbon reduction, including the use of bio-fuel with Battery Energy Storage Systems in its Smart System[29] - The promotion of green solutions, such as bio-fuel applications, is a key strategy for the Group's future operations[29] - The Group is committed to becoming a leader in advanced technology applications and providing cost-effective solutions, focusing on data-driven decarbonization and energy efficiency[177] Investments and Expenditures - The Group's capital expenditures for FY2023 amounted to approximately HK$44.7 million, a decrease from approximately HK$66.3 million in FY2022, with 98.6% allocated to expanding the leasing fleet and motor vehicles[104] - The Group plans to invest in mobile power supplies and related services in FY2024, focusing on environmental protection and social responsibility[57] - As of March 31, 2023, the Group had capital commitments of approximately HK$13.1 million, down from approximately HK$22.5 million as of March 31, 2022, for acquiring leasing equipment[123][130] Employee and Operational Insights - Staff costs rose to approximately HK$56.9 million in FY2023, compared to approximately HK$51.3 million in FY2022, primarily due to wage increases and annual salary increments[40] - The Group's employee count decreased to 127 as of March 31, 2023, from 130 as of March 31, 2022, with a reduction in Hong Kong-based employees[133][137] - The Group's technical staff participate in training seminars to enhance their skills and knowledge related to equipment operation and safety[134] Dividends and Shareholder Returns - A final dividend of HK$0.65 per share has been recommended for FY2023, compared to no dividend in FY2022[36] - The Group plans to adopt prudent financial management and explore suitable business opportunities to maximize shareholder returns[34] Government and Market Outlook - The annual construction volume in Hong Kong is expected to grow to approximately HK$300 billion yearly in the coming years, driven by government developmental plans[28] - The Hong Kong government projects strong construction demand, with initiatives like light public housing expected to be completed by 2027[63] - In Singapore, total construction demand is projected to range between approximately S$27.0 billion to S$32.0 billion in 2023, with the public sector contributing about 60%[65]

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，概不對 因本公告全部或任何部份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。 AP RENTALS HOLDINGS LIMITED 亞 積 邦 租 賃 控 股 有 限 公 司* （於開曼群島註冊成立的有限公司） （股份代號：1496） 截 至2023年3月31日 止 年 度 年 度 業 績 公 告 集團財務摘要 截至3月31日止年度 2023年 2022年 千港元 千港元 百分比變動 收益 160,552 134,798 19.1% 毛利 45,019 20,593 118.6% 本年度溢利（虧損） 12,776 (4,455) 不適用 每股盈利（虧損） 基本（港仙） 1.48 (0.52) 毛利率 28.0% 15.3% 溢利（虧損）率 8.0% (3.3%) ...

Financial Performance - Total revenue for the six months ended September 30, 2022, was HK$83,557,000, an increase from HK$68,486,000 in the same period of 2021, representing a growth of approximately 22%[10] - Gross profit for the period was HK$26,685,000, with a cost of sales amounting to HK$56,872,000[10] - Profit before tax was reported at HK$7,534,000, compared to a loss in the previous period[10] - Basic earnings per share for the period was 0.85 HK cents, reflecting a positive performance compared to the previous period[10] - The total comprehensive income for the period was HK$5,842,000, which includes exchange differences arising from the translation of foreign operations[10] - The company reported a profit for the period of HK$7,367,000, contributing to total comprehensive income of HK$5,842,000 for the six months ended September 30, 2022[19] - The Group recorded a net profit of approximately HK$7.4 million for the six months ended 30 September 2022, a significant increase from approximately HK$0.1 million in the same period last year[164] - Profit attributable to owners of the Company was approximately HK$7.4 million in 1H2023, a substantial increase from HK$0.1 million in 1H2022[172] Revenue Breakdown - Total revenue for the six months ended September 30, 2022, was HK$83,557,000, with leasing revenue contributing HK$72,385,000 and trading revenue contributing HK$11,172,000[51] - Revenue from external customers for leasing increased from HK$54,747,000 in the previous year to HK$72,385,000, representing a growth of approximately 32%[61] - The Group's external revenue for the six months ended 30 September 2022 was HK$83,557,000, an increase of 22% compared to HK$68,486,000 for the same period in 2021[72] - Revenue from Hong Kong increased to HK$77,911,000 in 2022 from HK$62,039,000 in 2021, representing a growth of 25.6%[72] - The Group earned approximately HK$58,249,000 from leasing machinery during the period, down from approximately HK$97,436,000 for the year ended 31 March 2022[160] - For 1H2023, the Group recorded revenue of approximately HK$83.6 million, representing an increase of approximately 22.0% compared to HK$68.5 million for 1H2022[172] - Leasing income from equipment rose to approximately HK$58.3 million in 1H2023, up from approximately HK$46.5 million in 1H2022, reflecting a significant increase in demand from construction projects[192][196] Expenses and Costs - Administrative expenses were reported at HK$8,622,000, while selling and distribution expenses were HK$17,780,000[10] - The company incurred finance costs of HK$682,000 during the period[10] - Total staff costs increased to HK$26,358,000 for the six months ended 30 September 2022, up from HK$22,341,000 in 2021, representing an increase of approximately 18.0%[89] - The cost of inventories recognized as expenses decreased to HK$4,234,000 in 2022 from HK$9,289,000 in 2021, a reduction of about 54.4%[89] Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$244,130,000, an increase from HK$239,555,000 as of March 31, 2022, reflecting a growth of approximately 2.4%[15] - Net current assets increased to HK$38,400,000 from HK$36,233,000, representing a growth of about 5.9%[15] - Total equity as of September 30, 2022, was HK$218,101,000, up from HK$212,259,000 as of March 31, 2022, indicating an increase of approximately 2.6%[15] - Current liabilities decreased to HK$74,338,000 from HK$79,115,000, showing a reduction of about 6.5%[15] - The company’s borrowings due within one year decreased to HK$22,569,000 from HK$25,213,000, a reduction of approximately 10.4%[15] Cash Flow - Net cash from operating activities increased to HK$27,837,000 in 2022 from HK$19,996,000 in 2021, representing a growth of approximately 39%[27] - Net cash used in investing activities was HK$(18,262,000) in 2022, compared to HK$(1,875,000) in 2021, indicating a significant increase in cash outflow[27] - The net cash used in financing activities was HK$(9,906,000), indicating a higher cash outflow compared to the previous period[27] - Cash and cash equivalents at the end of the period decreased to HK$54,614,000 from HK$60,057,000, reflecting a decline of approximately 9%[27] Strategic Focus and Market Conditions - The interim report indicates a strategic focus on expanding leasing services and improving operational efficiency[10] - The Group's strategic focus includes expanding its leasing and trading segments to enhance overall revenue growth and market presence[49] - The Group aims to enhance its service professionalism and increase revenue through the Smart System in Mobile Electricity concept[175] - The introduction of 30,000 new "Light Public Housing" units in Hong Kong over the next five years is expected to drive increased demand for construction works[186][187] Impairment and Losses - The company recognized impairment losses of HK$1,786,000 on property, plant, and equipment[10] - Impairment losses recognized on lease receivables and trade receivables amounted to HK$8,622,000, with HK$8,335,000 attributed to lease receivables[65] - Impairment losses under the expected credit loss model increased to approximately HK$8.6 million in 1H2023, up from a reversal of approximately HK$0.2 million in 1H2022, due to higher expected default risks[167] Government Support - The Group recognized government subsidies of HK$2,603,000 to support employment during the Covid-19 pandemic[77] - The Group received government subsidies of approximately HK$2.1 million from Hong Kong and approximately HK$0.5 million from Macau related to the Covid-19 pandemic in 1H2023, compared to nil in 1H2022[166]