Financial Performance - The Group's overall revenue decreased by 66.7% from approximately HK$412,700,000 during the six months ended 30 September 2021 to approximately HK$137,316,000 during the Period[13]. - The gross profit decreased by 216.4% from approximately HK$18,076,000 during the Comparative Period to a gross loss of approximately HK$21,045,000 during the Period[14]. - The gross profit margin decreased from approximately 4.4% during the Comparative Period to a gross loss margin of approximately 15.3% during the Period[14]. - The net loss for the Period was approximately HK$46,193,000, significantly higher than the net loss of approximately HK$4,911,000 during the Comparative Period[26]. - The loss before tax for the period was HK$46,193,000, compared to a loss of HK$4,911,000 in the same period of 2021, reflecting a worsening financial performance[106]. - The loss per share for the period was 11.5 cents, compared to 1.2 cents in the previous year, indicating a larger loss per share[106]. - The total equity as at 30 September 2022 was HK$28,948,000, a decrease from HK$75,141,000 as at 31 March 2022, reflecting a decline of 61%[116]. - The company reported retained profits of HK$(59,455,000) as of 30 September 2022, compared to HK$(13,262,000) as of 31 March 2022, indicating a worsening of 348%[116]. Revenue and Income - Other income increased from approximately HK$2,193,000 during the Comparative Period to approximately HK$5,345,000 during the Period[18]. - The increase in other income was mainly due to a non-recurring government grant of approximately HK$2,152,000 under the Employment Support Scheme launched by the Hong Kong SAR Government[18]. - The Group's overall revenue decreased by approximately 64.5% to approximately HK$137,316,000 during the Period, compared to approximately HK$412,700,000 during the Comparative Period[27]. - Reportable segment revenue for foundation services was HK$137,316,000, a decrease of 63.5% from HK$376,098,000 in the same period last year[141]. - The group did not report any revenue from trading of electronic devices for the six months ended 30 September 2022, down from HK$36,602,000 in the same period last year[152]. Expenses and Costs - The increase in project costs was attributed to unexpected changes in on-site arrangements and work schedules due to the fifth wave outbreak of COVID-19 during the Period[14]. - Administrative and other operating expenses decreased by 14.9% from approximately HK$18,303,000 during the Comparative Period to approximately HK$15,578,000 during the Period[21]. - Employee benefits expense, including salaries and bonuses, decreased to HK$25,914,000 in 2022 from HK$35,310,000 in 2021, a decline of about 26%[164]. - Costs of construction materials decreased to HK$39,059,000 in 2022 from HK$122,176,000 in 2021, representing a reduction of approximately 68%[164]. Assets and Liabilities - As of September 30, 2022, total assets were HK$488,033,000, down from HK$586,124,000 as of March 31, 2022, showing a decrease in total assets[110]. - Current liabilities amounted to HK$461,094,000, a decrease from HK$489,598,000 as of March 31, 2022, indicating a reduction in short-term obligations[110]. - Net assets as of September 30, 2022, were HK$28,948,000, significantly lower than HK$75,141,000 as of March 31, 2022, reflecting a decline in equity[112]. - The Group's total debts as of September 30, 2022, were approximately HK$261,565,000, down from approximately HK$281,749,000 as of March 31, 2022[44]. - The Group's trade payables decreased to approximately HK$1,697,000 as of 30 September 2022, down from approximately HK$17,192,000 as of 31 March 2022[182]. Cash Flow and Financing - For the six months ended 30 September 2022, net cash generated from operating activities was HK$23,055,000, compared to HK$8,134,000 for the same period in 2021, representing an increase of 184%[118]. - The net cash used in financing activities was HK$(18,718,000) for the six months ended 30 September 2022, compared to net cash generated of HK$53,508,000 in the same period of 2021[118]. - The company raised bank borrowings of HK$106,879,000 during the period, down from HK$217,000,000 in the previous year, a decrease of 51%[118]. - The carrying amount of the Unsecured Loan was approximately HK$93,788,000 as of 30 September 2022, compared to approximately HK$92,894,000 as of 31 March 2022[194]. Corporate Governance and Compliance - The Board does not recommend the payment of an interim dividend to shareholders for the period[69]. - The Company has complied with the Corporate Governance Code provisions during the period, except for the establishment of a standalone internal audit department[71]. - The audit committee, comprising three independent non-executive directors, has reviewed the interim financial statements for the period[99]. - The Board regularly reviews the effectiveness of the Group's internal control system, including financial, operational, and compliance controls[80]. Future Outlook and Strategy - The Group remains optimistic about the foundation industry in Hong Kong, supported by government plans to increase land supply for housing development over the next five years[34]. - The Group will continue to explore suitable investment opportunities to broaden its revenue base and maximize returns to shareholders[40]. - The Group plans to monitor global economic developments closely and adjust its business strategies as necessary[41].

Financial Performance - The Group's overall revenue decreased by approximately 19.5% to approximately HK$751,767,000 for the year ended 31 March 2022, compared to approximately HK$933,797,000 in 2021[10]. - The loss attributable to owners of the Company amounted to approximately HK$18,346,000 for the year ended 31 March 2022, compared to a profit of approximately HK$1,071,000 in 2021[10]. - The overall gross profit decreased by 28.6% from approximately HK$41,653,000 for the year ended 31 March 2021 to approximately HK$29,748,000 for the year ended 31 March 2022, with the gross profit margin decreasing from approximately 4.5% to 4.0%[21]. - The Group's other income decreased from approximately HK$12,699,000 for the year ended 31 March 2021 to approximately HK$8,084,000 for the year ended 31 March 2022, primarily due to the absence of a non-recurring government grant received in the previous year[21]. - Administrative and other operating expenses increased by 6.5% from approximately HK$43,626,000 for the year ended 31 March 2021 to approximately HK$46,441,000 for the year ended 31 March 2022[21]. - The Group reported a net loss of approximately HK$18,346,000 for the year ended 31 March 2022, compared to a net profit of approximately HK$1,071,000 in 2021[24]. - Total debts of the Group increased to approximately HK$281,749,000 as at 31 March 2022, up from approximately HK$201,952,000 in 2021[24]. - The gearing ratio of the Group as at 31 March 2022 was approximately 375.0%, significantly up from approximately 216.0% in 2021[30]. - The Group's finance costs increased from approximately HK$7,513,000 in 2021 to approximately HK$8,825,000 in 2022, primarily due to increased interest payments to banks[24]. - The current ratio of the Group remained stable at approximately 1.2 as at 31 March 2022[30]. Market Outlook and Strategy - The COVID-19 pandemic has created a challenging operating environment, exacerbated by supply chain disruptions and workforce shortages[10]. - The Group will adopt different tendering strategies and foster long-term relationships with quality customers to maintain competitiveness in the market[10]. - The Hong Kong Government's focus on increasing land supply and housing development is expected to positively impact the foundation industry in the medium to long term[10]. - The Group remains prudently optimistic about the prospects of the foundation industry in Hong Kong despite current challenges[15]. - The Group aims to balance risks and opportunities in the foundation industry while pursuing its core business[15]. - The Board will closely monitor developments in the global economy and adjust business strategies as necessary[15]. - The Group will continue to explore suitable investment opportunities to broaden its revenue base[14]. - The Group commenced trading of electronic devices during the year ended 31 March 2022 to diversify income streams and business risks[19]. Corporate Governance - The Group has complied with all applicable code provisions of the Corporate Governance Code as of March 31, 2022[41]. - The Board consists of five members, including two Executive Directors and three Independent Non-executive Directors[47]. - The Group has adopted a Board Diversity Policy considering factors such as gender, age, and professional experience[49]. - The Audit Committee, composed of three independent non-executive directors, held two meetings during the year ended March 31, 2022[72]. - The company has adopted a board diversity policy aiming for gender parity and appropriate representation of different ethnic backgrounds[55]. - The company has complied with the Listing Rules regarding the appointment of independent non-executive directors, confirming their independence[62]. - The chairman, Mr. Chen Rongsheng, oversees overall management, including daily operations and strategic planning[69]. - The company arranged seminars for directors as continuing professional training for corporate governance and compliance purposes[68]. - The Audit Committee is responsible for reviewing the company's financial information and overseeing risk management and internal control systems[71]. - The Nomination Committee will monitor the implementation of the Board Diversity Policy and report annually[56]. Environmental, Social, and Governance (ESG) Initiatives - The Group's ESG Report for the year ended March 31, 2022, demonstrates its commitment to sustainable development by balancing environmental, social, and economic benefits for stakeholders[148]. - The Board and management dedicated substantial time to evaluating ESG-related risks and formulating policies to address these risks during the fiscal year[150]. - The Group has identified key ESG issues through stakeholder engagement and materiality assessments, ensuring that significant impacts on the business are covered[150]. - The Group is committed to minimizing adverse environmental impacts by complying with legal requirements and reducing pollution from its operations[162]. - The Group aims to reduce waste and resource consumption while promoting recycling of construction materials in its processes[165]. - The Group has received major recognitions for its environmental management systems, including ISO 50001:2018 and ISO 14001:2015 certifications[157][158]. - The Group's greenhouse gas (GHG) emissions for the year ended March 31, 2022, totaled 5,838.4 tonnes, a decrease of 10.9% from 6,552.1 tonnes in 2021[183]. - Total construction waste disposed of at landfills was approximately 40,242 tonnes, a significant decrease of 76.8% from 172,840 tonnes in 2021[187]. - The Group achieved its GHG emission target of 7,000 tonnes for the year ended March 31, 2022[185]. - The Group emphasizes environmental responsibility by implementing management policies to reduce waste and avoid overuse of resources[199].

Financial Performance - The Group's overall revenue increased by 8.1% from approximately HK$381,657,000 during the six months ended 30 September 2020 to approximately HK$412,700,000 during the six months ended 30 September 2021[9]. - The overall gross profit increased by 34.5% from approximately HK$13,444,000 during the six months ended 30 September 2020 to approximately HK$18,076,000 during the six months ended 30 September 2021[10]. - The Group reported a net loss of approximately HK$4,911,000 for the six months ended 30 September 2021, compared to a net profit of approximately HK$1,675,000 for the same period in 2020[21]. - Basic loss per share was (1.2) cents, a decline from earnings of 0.4 cents per share in the previous year[88]. - The company reported a loss before tax of HK$4,911,000 for the six months ended September 30, 2021, compared to a profit of HK$1,675,000 in the same period of 2020[88]. - The Group's consolidated loss after tax would have increased by approximately HK$2,091,000 if the Hong Kong dollar had strengthened by 5% against the RMB[54]. Revenue Streams - The Group commenced trading of electronic devices to diversify income streams and mitigate business risks during the six months ended 30 September 2021[7]. - Revenue from foundation services was HK$376,098,000, while trading of electronic devices contributed HK$36,602,000, indicating diversification in revenue streams[126]. - The projects located at the Kai Tak Development area contributed significantly to the revenue increase during the reporting period[9]. Expenses and Costs - Administrative and other operating expenses increased by 32.0% from approximately HK$13,871,000 to approximately HK$18,303,000 during the six months ended 30 September 2021[15]. - The group reported a loss for the period, with costs of construction materials amounting to HK$122,176,000, significantly higher than HK$88,646,000 in the previous year, indicating increased operational costs[135]. - Employee benefits expense, including directors' remuneration, totaled HK$35,310,000, compared to HK$31,001,000 in the prior year, reflecting a rise of approximately 13.3%[135]. Financial Position - As of September 30, 2021, the total debts of the Group amounted to approximately HK$227,725,000, an increase from approximately HK$201,952,000 as of March 31, 2021, representing a growth of about 12.5%[35]. - The Group had outstanding contracts on hand with a total value exceeding HK$577,000,000 as of 30 September 2021, down from over HK$700,000,000 as of 31 March 2021[26]. - Total assets as of September 30, 2021, amounted to HK$628,878,000, up from HK$611,939,000 as of March 31, 2021[90]. - Total liabilities as of 30 September 2021 were HK$616,506,000, a decrease from HK$589,405,000, indicating improved liability management[121]. Cash Flow - Net cash generated from operating activities for the six months ended 30 September 2021 was HK$8,134,000, compared to a cash outflow of HK$88,000 in the same period of 2020[94]. - Net cash used in investing activities amounted to HK$17,209,000, with bank borrowings raised at HK$217,000, while repayment of bank borrowings was HK$786,000 in the previous year[94]. - Net cash generated from financing activities was HK$53,508,000, a significant increase compared to a cash outflow of HK$5,625,000 in the prior year[94]. Business Development - The Group's focus on foundation services and machinery leasing remains central to its operations in Hong Kong and the PRC[7]. - The Group remains optimistic about the foundation industry in Hong Kong due to government plans to boost land supply for housing developments[29]. - The Group will continue to explore suitable investment opportunities to broaden its revenue base and maximize returns to shareholders[30]. Governance and Management - The Company has a structured governance framework with an Audit Committee comprising three Independent Non-executive Directors[82]. - The Audit Committee has reviewed the condensed consolidated interim financial statements for the six months ended September 30, 2021[82]. - The Group's related party transactions included rental expenses charged by a related company, amounting to HK$733,000 for the six months ended September 30, 2021[178]. Employee Information - The Group had 170 employees as of September 30, 2021, unchanged from March 31, 2021[60]. - Total staff costs incurred by the Group during the six months ended September 30, 2021, were approximately HK$36,402,000, compared to approximately HK$32,002,000 for the same period in 2020[60]. - Total compensation paid to key management personnel for the six months ended September 30, 2021, was HK$3,112,000, an increase from HK$2,938,000 in the same period of 2020[182]. Debt and Financing - The Group's banking facilities were secured by trade receivables of approximately HK$122,680,000, up from HK$62,605,000 as of March 31, 2021, indicating a significant increase of approximately 96%[35]. - The gearing ratio of the Group as of September 30, 2021, was 257.1%, up from 216.0% as of March 31, 2021, indicating increased financial leverage[47]. - The Group has no interest rate hedging policy in place and is closely monitoring interest rate risks[161]. Other Information - The Group did not recommend the payment of an interim dividend for the six months ended September 30, 2021[61]. - There were no material events occurring after the reporting period and up to the date of the interim report[60]. - The Group did not have any significant capital commitments as of September 30, 2021[60].

Financial Performance - The Group's overall revenue increased by approximately 149.1% to approximately HK$933,797,000 for the year ended 31 March 2021, compared to approximately HK$374,903,000 in 2020[8] - Profit attributable to owners of the Company amounted to approximately HK$1,071,000 for the year ended 31 March 2021, slightly up from approximately HK$1,009,000 in 2020[8] - The overall gross profit increased by 2.0% from approximately HK$40,842,000 for the year ended 31 March 2020 to approximately HK$41,653,000 for the year ended 31 March 2021, while the gross profit margin decreased from approximately 10.9% to approximately 4.5%[13] - Other income rose from approximately HK$3,545,000 for the year ended 31 March 2020 to approximately HK$12,699,000 for the year ended 31 March 2021, mainly due to non-recurring government grants and increased recognition of imputed interest[16] - The Group reported a net profit of approximately HK$1,071,000 for the year ended 31 March 2021, compared to approximately HK$1,009,000 in 2020, reflecting an increase of about 6.1%[20] Future Prospects and Strategies - As of 31 March 2021, the Group had outstanding contracts on hand with a total value exceeding HK$700,000,000, compared to over HK$300,000,000 in 2020, securing future revenue[8] - The Group will continue to explore suitable investment opportunities to broaden its revenue base and maximize returns to shareholders[11] - The Board remains prudently optimistic about the prospects of the foundation industry in Hong Kong, despite challenges posed by the COVID-19 pandemic[11] - The ongoing government initiatives to increase land supply and housing development are expected to positively impact the foundation industry in Hong Kong[8] - The Group plans to monitor global economic developments and adjust its business strategies as necessary to balance risks and opportunities[11] Operational Performance - As of 31 March 2021, there were a total of 9 projects in progress, with 4 new projects awarded during the year[13] - The Group had 8 projects practically completed as of 31 March 2021, down from 13 active projects as of 31 March 2020[13] - The increase in overall revenue was mainly attributable to 4 projects located in the Kai Tak Development area being in full swing during the reporting period[13] Expenses and Costs - Administrative and other operating expenses increased by 26.0% from approximately HK$34,627,000 for the year ended 31 March 2020 to approximately HK$43,626,000 for the year ended 31 March 2021[16] - The increase in administrative expenses was primarily due to higher payments for consulting, legal, and professional fees, as well as employee benefits[16] - The Group incurred finance costs of approximately HK$7,513,000 for the year ended 31 March 2021, comparable to approximately HK$7,230,000 for the year ended 31 March 2020[16] Debt and Liquidity - As of 31 March 2021, total debts amounted to approximately HK$201,952,000, up from approximately HK$152,862,000 in 2020, representing an increase of about 32.1%[20] - The gearing ratio as of 31 March 2021 was approximately 216.0%, compared to approximately 165.4% in 2020, indicating a significant increase in leverage[23] - The current ratio of the Group as of 31 March 2021 was approximately 1.2, down from approximately 1.5 in 2020, suggesting a decline in short-term liquidity[23] - The Group had pledged bank deposits and cash balances of approximately HK$42,753,000 as of 31 March 2021, a decrease from approximately HK$87,370,000 in 2020, reflecting a reduction of about 51.1%[23] Corporate Governance - The Board is committed to high standards of corporate governance and has established various committees to oversee different aspects of governance[36][37] - The Group's corporate governance practices comply with the applicable code provisions as set out in the Corporate Governance Code[33] - The Audit Committee is responsible for reviewing the Company's financial information and overseeing risk management and internal control systems[63] - The Company has established Board Committees to oversee specific aspects of its affairs[62] - The Board conducted an annual review of the effectiveness of risk management and internal control procedures, with no significant areas of improvement required[99] Environmental and Social Responsibility - The Group aims to contribute to sustainable development by delivering environmental, social, and economic benefits to stakeholders in a balanced way, as demonstrated in its Environmental, Social, and Governance report for the year ended March 31, 2021[113] - The Group has received recognition for its environmental management systems, including ISO 14001:2015 and ISO 50001:2018 certifications, indicating its commitment to sustainability[118] - The Group's commitment to environmental management is reflected in its ISO 14001:2015 and ISO 50001:2018 certifications[128] - The Group actively seeks opportunities to contribute to green building projects and encourages employee training in this area[144] Employee Welfare and Safety - The Group has implemented several health measures in response to the COVID-19 pandemic, including providing masks and disinfectants to all staff and requiring daily health status reports[195] - The Group's safety policy aims for zero fatalities and emphasizes regular safety training and compliance with safety procedures among subcontractors[198] - The Group promotes a friendly working environment and has been recognized as a Family-Friendly Employer since 2014[181] - The Group's employment policies adhere to various Hong Kong laws, ensuring equal opportunities and non-discrimination in the workplace[185]

Revenue and Profitability - The Group's overall revenue increased by 196.9% from approximately HK$128,557,000 during the six months ended 30 September 2019 to approximately HK$381,657,000 during the six months ended 30 September 2020[8]. - The Group's overall gross profit increased by 83.7% from approximately HK$7,317,000 during the six months ended 30 September 2019 to approximately HK$13,444,000 during the six months ended 30 September 2020[10]. - The Group reported a net profit of approximately HK$1,675,000 during the six months ended 30 September 2020, compared to a net loss of approximately HK$9,922,000 during the same period in 2019[17]. - Profit attributable to owners of the Company for the six months ended 30 September 2020 amounted to approximately HK$1,675,000, a significant recovery from a loss of approximately HK$9,922,000 in 2019[19]. - The earnings per share for the period was 0.4 cents, a turnaround from a loss of 2.5 cents per share in 2019[76]. - The Group reported a profit of HK$1,675,000 for the six months ended 30 September 2020, compared to a loss of HK$9,922,000 in the same period of 2019[130]. Expenses and Costs - The Group's overall gross profit margin decreased from approximately 5.7% during the six months ended 30 September 2019 to approximately 3.5% during the six months ended 30 September 2020[11]. - Additional costs incurred towards the completion stage of certain foundation projects contributed to the decrease in gross profit margin[11]. - The Group's administrative expenses were approximately HK$13,871,000 during the six months ended 30 September 2020, comparable to approximately HK$14,103,000 during the corresponding period in 2019[15]. - Total staff costs incurred by the Group during the six months ended 30 September 2020 were approximately HK$32,002,000, compared to approximately HK$26,403,000 for the same period in 2019[48]. - Employee benefits expense rose to HK$31,001,000, an increase of 21% from HK$25,585,000 in the previous year[126]. Projects and Contracts - As of 30 September 2020, there were 12 active projects, with one completed and 11 in progress[8]. - Six new projects were awarded to the Group during the twelve months ended 30 September 2020, with one completed and five in progress as of 30 September 2020[8]. - The increase in revenue was mainly attributable to the new projects undertaken by the Group[10]. - The outstanding value of contracts on hand as at 30 September 2020 was approximately HK$1,269 million, up from approximately HK$310 million as of 31 March 2020[21]. Financial Position - The Group's total debts as at 30 September 2020 were approximately HK$146,979,000, a decrease from approximately HK$152,862,000 as of 31 March 2020[27]. - The gearing ratio of the Group as at 30 September 2020 was 156.2%, down from 165.4% as of 31 March 2020[38]. - The current ratio of the Group as at 30 September 2020 was 1.3, compared to 1.5 as of 31 March 2020[38]. - As of 30 September 2020, total assets were HK$535,459,000, up from HK$352,519,000 as of 31 March 2020[78]. - Current liabilities increased to HK$410,179,000 from HK$232,998,000, reflecting a rise in trade payables and contract liabilities[78]. - The net current assets stood at HK$125,280,000, slightly up from HK$119,521,000 in the previous period[78]. Shareholder and Governance - The Board does not recommend the payment of an interim dividend for the six months ended 30 September 2020[49]. - The Company complied with the Corporate Governance Code during the six months ended 30 September 2020[49]. - The Board regularly reviews the effectiveness of the Group's internal control system, including financial, operational, and compliance controls[51]. - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the six months ended 30 September 2020[52]. Risks and Monitoring - The Group closely monitors its foreign exchange risk and will consider hedging significant foreign exchange risks if necessary[44]. - The Group does not currently have any interest rate hedging policy but continuously monitors interest rate risks[36]. Legal and Litigation - The Group has a major litigation claim from a subcontractor totaling approximately HK$20,329,000, which is still unresolved as of the reporting date[164]. - The Group has not made any provisions for the aforementioned claim due to the ongoing legal proceedings and uncertainty regarding the outcome[165]. - The Group has been negotiating the final settlement amount of a completed contract with a customer, with ongoing legal proceedings as of the approval date of the financial statements[168]. - The Group's management considers it premature to assess the outcome of the ongoing litigations with the customer[169]. Other Financial Information - The Group's rental expenses charged by a related company for the six months ended September 30, 2020, were HK$733,000, compared to HK$772,000 in the same period of 2019[172]. - Total compensation paid to key management personnel for the six months ended September 30, 2020, was HK$2,938,000, slightly up from HK$2,893,000 in the previous year[177]. - The Group did not have any significant capital commitments as of 30 September 2020, remaining unchanged from March 31, 2020[170]. - There were no material events occurring for the Group after the reporting period[175].

Financial Performance - The Group's overall revenue increased by approximately 84.7% to approximately HK$374,903,000 for the year ended 31 March 2020, compared to HK$203,015,000 in 2019[9] - The profit attributable to owners of the Company for the year ended 31 March 2020 amounted to approximately HK$1,009,000, a turnaround from a loss of approximately HK$29,107,000 in 2019[9] - The overall gross profit increased by 2,135.5% from approximately HK$1,827,000 for the year ended 31 March 2019 to approximately HK$40,842,000 for the year ended 31 March 2020[18] - The gross profit margin increased from approximately 0.9% for the year ended 31 March 2019 to approximately 10.9% for the year ended 31 March 2020[18] - The Group reported a net profit of approximately HK$1,009,000 for the year ended 31 March 2020, compared to a net loss of approximately HK$29,107,000 for the year ended 31 March 2019[21] Contract and Project Management - The outstanding value of contracts on hand as of 31 March 2020 was approximately HK$310 million, up from approximately HK$248 million in 2019[9] - The Group has been awarded 3 foundation projects with an original contract sum of approximately HK$1,242 million after 31 March 2020, indicating a strong pipeline[9] - As of 31 March 2020, there were a total of 13 projects in progress, with 5 new projects awarded during the year[18] - The increase in revenue was mainly due to the increase in the number of active projects, particularly a new project that commenced in September 2019[18] Cost Management and Financial Position - The Group plans to adopt different tendering strategies and implement tight cost control to maintain competitiveness amid challenges in the foundation industry due to social unrest and Covid-19[12] - As of March 31, 2020, the total debts of the Group amounted to approximately HK$152,862,000, an increase from approximately HK$134,140,000 in 2019, representing a growth of about 13%[24] - The gearing ratio as of March 31, 2020, was approximately 165.4%, compared to 146.8% in 2019, reflecting an increase of about 12.0%[28] - The current ratio of the Group was approximately 1.5 as of March 31, 2020, down from approximately 1.8 in 2019, indicating a decrease of about 16.7%[28] Governance and Corporate Structure - The Board is committed to achieving high standards of corporate governance and continuously reviews and improves governance practices and business ethics[46] - The Company has complied with all applicable code provisions of the Corporate Governance Code as of March 31, 2020[46] - The Board currently comprises five members, including two Executive Directors and three Independent Non-executive Directors[52] - The Company has adopted a Board Diversity Policy, considering factors such as gender, age, and professional experience in Board appointments[54] - The Board has delegated day-to-day management responsibilities to senior management while overseeing strategic decisions and performance[49] Environmental Performance - The Group's Nitrogen Oxides (NOx) emissions increased by 18.6% to 787.3 grams in 2020 from 663.6 grams in 2019[166] - Sulfur Oxides (SOx) emissions rose by 18.5% to 13,597.8 grams in 2020 compared to 11,472.0 grams in 2019[166] - Particulate Matter (PM) emissions increased by 18.6% to 58.0 grams in 2020 from 48.9 grams in 2019[166] - The Group's environmental management system is accredited with ISO 14001:2015 and ISO 50001:2018 certifications[162] - The Group is committed to minimizing environmental impacts and has implemented measures to reduce waste and resource consumption[157] Internal Controls and Risk Management - The Board conducted an annual review of the effectiveness of the Group's risk management and internal control procedures during the year ended 31 March 2020, with no significant areas of improvement identified[130] - The Company has implemented adequate measures for internal audit functions despite not establishing a standalone internal audit department during the year[127] - The Group's risk management procedures aim to provide reasonable assurance that assets are safeguarded and accounting records are reliable[127] - The Board is satisfied that the Group's internal control procedures, including financial, operational, and compliance controls, are effective and adequate[130] Employee and Training - The total staff costs incurred by the Group during the year ended March 31, 2020, were approximately HK$52,736,000, slightly up from approximately HK$52,521,000 in 2019, representing an increase of about 0.4%[40] - As of March 31, 2020, the Group had 132 employees, a decrease from 137 employees in 2019, indicating a reduction of about 3.6%[40] - The Company arranged seminars for Directors as continuing professional training for corporate governance and compliance purposes[85] Dividend Policy - The Company has adopted a Dividend Policy to guide the Board in determining dividend declarations and amounts[139] - The Board considers the Group's actual and expected financial performance when deciding on dividends[139] - The liquidity position of the Group is a factor in determining dividend payments[139] - The Group does not have a predetermined dividend distribution ratio and reserves the right to modify its Dividend Policy at any time[143]

Revenue and Profitability - The Group's overall revenue increased by 37.4% from approximately HK$93,559,000 during the six months ended 30 September 2018 to approximately HK$128,557,000 during the six months ended 30 September 2019[7]. - The overall gross profit increased by 298.7% from approximately HK$1,835,000 to approximately HK$7,317,000 during the same period[9]. - The Group's gross profit margin improved from approximately 2.0% to approximately 5.7% during the six months ended 30 September 2019[9]. - The Group reported a net loss of approximately HK$9,922,000 for the six months ended 30 September 2019, compared to a net loss of approximately HK$1,625,000 for the same period in 2018, indicating a significant increase in losses[20][23]. - The loss before tax for the period was HK$9,922,000, compared to a loss of HK$1,625,000 in the previous year, representing an increase in loss of approximately 510.5%[71]. - The basic loss per share for the period was (2.5 cents), compared to (0.4 cents) in the prior year, indicating a significant increase in loss per share[71]. Expenses and Financial Position - Administrative expenses were approximately HK$14,103,000, comparable to HK$14,496,000 during the corresponding period in 2018[14]. - The Group's total debts as of 30 September 2019 amounted to approximately HK$123,825,000, down from approximately HK$134,140,000 as of 31 March 2019[33][35]. - The gearing ratio of the Group as of 30 September 2019 was 152.0%, an increase from 146.8% as of 31 March 2019[38]. - The current ratio of the Group as of 30 September 2019 was 1.7, slightly down from 1.8 as of 31 March 2019[38]. - Current liabilities as of September 30, 2019, totaled HK$159,807,000, an increase from HK$145,045,000 as of March 31, 2019[75]. - Net current assets decreased to HK$116,342,000 from HK$118,831,000, reflecting a decline of approximately 2.1%[76]. - The net assets decreased to HK$81,485,000 as of September 30, 2019, down from HK$91,407,000 as of March 31, 2019[79]. Projects and Contracts - As of 30 September 2019, there were a total of 12 active projects in progress, with 8 new projects awarded during the twelve months ended 30 September 2019[7]. - The increase in revenue was mainly attributed to the rise in the number of active foundation projects[7]. - The Group secured 4 new private foundation contracts in September 2019, with an aggregate contract sum exceeding HK$400,000,000, which is expected to positively impact revenue in the second half of the financial year 2019/20 and 2020/21[21][24]. Employee and Operational Metrics - The total staff costs incurred by the Group during the six months ended September 30, 2019, were approximately HK$26,403,000, compared to HK$25,296,000 for the same period in 2018[45]. - The Group had 121 employees as of September 30, 2019, down from 137 employees as of March 31, 2019[45]. - Employee benefits expense increased to HK$25,585,000, up from HK$24,494,000 in the previous year, reflecting a rise of approximately 4.5%[180]. Cash Flow and Financing Activities - The company reported a net cash used in operating activities of HK$1,762,000 for the six months ended September 30, 2019, compared to a cash outflow of HK$64,779,000 in the same period of the previous year[89]. - The company reported a net cash used in financing activities of HK$16,115,000, contrasting with a net cash inflow of HK$87,275,000 in the previous year[89]. - The company raised bank borrowings of HK$48,623,000 during the reporting period, compared to HK$43,319,000 in the previous period[89]. Accounting Standards and Financial Reporting - The Group's interim financial statements for the six months ended September 30, 2019, are prepared in accordance with Hong Kong Financial Reporting Standards[99]. - The Group has adopted HKFRS 16, Leases, effective from April 1, 2019, which requires all leases to be capitalized[111]. - The Group's interim financial statements have been reviewed by the audit committee but not audited[99]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[102]. Shareholder Information - The Board does not recommend the payment of an interim dividend for the six months ended September 30, 2019[47]. - As of September 30, 2019, Mr. Chen holds 300,000,000 shares, representing a 75% interest in the Company through Blessing Well, which he wholly owns[55]. - The authorized share capital remains at 10,000,000 shares with a total value of HK$100,000,000 as of the reporting dates[200].

Financial Performance - The Group's overall revenue decreased by approximately 10.0% to approximately HK$203,015,000 for the year ended 31 March 2019, compared to approximately HK$225,579,000 in 2018[19] - The loss attributable to owners of the Company amounted to approximately HK$29,107,000 for the year ended 31 March 2019, compared to approximately HK$25,190,000 in 2018[19] - The Group reported a net loss of approximately HK$29,107,000 for the year ended March 31, 2019, compared to a net loss of approximately HK$25,190,000 in 2018[44] - The overall gross profit decreased by 35.2% from approximately HK$2,820,000 in 2018 to approximately HK$1,827,000 in 2019[34] - The gross profit margin decreased from approximately 1.3% in 2018 to approximately 0.9% in 2019, primarily due to unexpected additional construction costs[35] - Other income increased significantly from approximately HK$137,000 in 2018 to approximately HK$15,921,000 in 2019, mainly due to non-recurring imputed interest income[41] - Administrative and other operating expenses rose by 32.5% from approximately HK$30,624,000 in 2018 to approximately HK$40,589,000 in 2019[42] - Finance costs increased from approximately HK$1,430,000 in 2018 to approximately HK$6,266,000 in 2019, largely due to imputed interest expenses from unsecured borrowing[43] Business Strategy - The foundation industry faced challenges due to a decrease in the number of foundation contracts and intense competition among market players[20] - The Company plans to adjust its tendering strategies by widening its customer base and implementing tight cost control measures[20] - The Group remains cautiously optimistic about the prospects of the foundation industry in Hong Kong and plans to adjust business strategies as necessary[27] Borrowings and Financial Position - As of March 31, 2019, the total interest-bearing borrowings decreased to approximately HK$44,134,000 from approximately HK$58,272,000 as of March 31, 2018[45] - Total interest-bearing borrowings decreased from approximately HK$58,272,000 as of March 31, 2018, to approximately HK$44,134,000 as of March 31, 2019[49] - The gearing ratio increased to approximately 146.8% as of March 31, 2019, compared to approximately 46.6% as of March 31, 2018[55] - Cash and bank balances increased to approximately HK$82,014,000 as of March 31, 2019, from approximately HK$22,728,000 as of March 31, 2018[55] Employee and Management Information - Employee costs for the year ended March 31, 2019, were approximately HK$52,521,000, up from approximately HK$46,844,000 for the year ended March 31, 2018[67] - The Group had 137 employees as of March 31, 2019, compared to 119 employees as of March 31, 2018[67] - Mr. Chen Rongsheng is responsible for overseeing the overall management of the Group, including daily operations and strategic planning[111] Corporate Governance - The Board is currently composed of five members, including two Executive Directors and three Independent Non-executive Directors[86] - The Company has adopted a Board Diversity Policy, considering factors such as gender, age, and professional experience for Board appointments[88] - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the year ended March 31, 2019[77] - The Board has delegated day-to-day management responsibilities to senior management while overseeing strategic decisions and performance[83] - The Company has established various Board committees, including the Remuneration Committee, Nomination Committee, and Audit Committee, to assist in governance duties[84] - The Audit Committee held 2 meetings during the year ended 31 March 2019[118] - The Audit Committee reviewed the Group's results for the year ended 31 March 2018 and recommended approval to the Board[118] - The Company has complied with Rules 3.10(1) and (2), and Rule 3.10A of the Listing Rules during the year ended 31 March 2019[108] Risk Management and Internal Control - The Board is responsible for maintaining adequate risk management and internal control procedures, with regular meetings held to monitor business and financial performance[150][152] - The Group's risk management procedures aim to safeguard assets and ensure reliable accounting records, providing reasonable assurance against misappropriation[149] - The internal control report was reviewed by the Audit Committee, revealing no significant areas for improvement[155] - The board has maintained sufficient risk management and internal control procedures, with no significant improvements required as of March 31, 2019[159] Shareholder Information - Shareholders can convene an extraordinary general meeting (EGM) if they hold at least one-tenth of the paid-up capital and submit a written requisition[170] - The notice period for an EGM is at least 14 days for ordinary resolutions and at least 21 days for special resolutions[176][178] Dividend Policy - The company has adopted a Dividend Policy that considers actual and expected financial performance, working capital requirements, and future expansion plans[189] - The company does not have a pre-determined dividend distribution ratio, and past dividend records may not be used as a reference for future dividends[189] - The company will continually review its Dividend Policy and reserves the right to update or modify it at any time[189] Sustainability and Social Responsibility - The Group aims to deliver environmental, social, and economic benefits to stakeholders in a balanced way, demonstrating its commitment to sustainable development[191] - The environmental, social, and governance report is prepared in accordance with the Environmental, Social and Governance Reporting Guide as per the Listing Rules[192] - The Group has received various certifications, including ISO 50001:2011 for Energy Management System and ISO 14001:2015 for Environmental Management System[195][196] - The Group is recognized as a Family-Friendly Employer and a Green Organisation, reflecting its commitment to social responsibility[199]