Financial Performance - The group's revenue increased by approximately 41.0% to about HKD 312.1 million for the year ended March 31, 2020, compared to HKD 221.3 million for the previous year[6]. - The loss attributable to owners of the company decreased significantly from approximately HKD 45.5 million in the previous year to about HKD 15.6 million in the current year[6]. - The improvement in performance was primarily due to the commencement of infrastructure projects in Hong Kong, leading to a substantial increase in revenue from construction machinery leasing[6]. - The company's total revenue for the year was approximately HKD 312.1 million, an increase of 41.0% from HKD 221.3 million in the previous year[18]. - Revenue from construction projects was approximately HKD 118.4 million, accounting for 37.9% of total revenue, up from HKD 82.8 million (37.4%) in the previous year[19]. - Revenue from construction machinery leasing was approximately HKD 193.7 million, representing 62.1% of total revenue, an increase from HKD 132.0 million (59.6%) in the previous year[21]. - The gross profit for the year was approximately HKD 13.3 million, a significant improvement from a gross loss of HKD 19.3 million in the previous year, with a gross profit margin of 4.3%[23]. - The net loss for the year was approximately HKD 15.6 million, a reduction from a loss of HKD 45.5 million in the previous year, primarily due to increased revenue and improved gross margins[25]. - The company reported a pre-tax loss of HKD 14,422,000 for 2020, improving from a loss of HKD 44,725,000 in 2019[187]. - Total comprehensive loss for the year was HKD 15,618,000, down from HKD 45,499,000 in the previous year[187]. - Basic and diluted loss per share improved to HKD 1.50 compared to HKD 4.39 in 2019[187]. Business Operations - Business operations have gradually resumed since March 2020 after a temporary suspension due to the COVID-19 pandemic[12]. - The company aims to enhance its competitiveness and profitability through improved bidding strategies and service offerings[7]. - The company will continue to focus on undertaking new construction projects and machinery leasing arrangements in Hong Kong for future business development[13]. - The company has eight ongoing projects with a total uncompleted contract value of HKD 32.3 million, with six expected to be completed by March 31, 2021[19]. - The group secured a foundation contract worth approximately HKD 89.7 million after March 31, 2020, contributing to a total uncompleted contract value of about HKD 122.0 million[40]. - The company is actively participating in both public and private sector construction projects to mitigate market risks associated with government infrastructure projects[16]. Investments and Acquisitions - The company established a subsidiary in Hong Kong for aluminum formwork system leasing, acquiring 51% of the issued shares for HKD 5,100[11]. - The company sold all equity in a joint venture aimed at renting aluminum formwork systems in China due to the changing business environment[11]. - The group has not engaged in any significant investments or acquisitions during the year[35]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $30 million allocated for potential deals[22]. Environmental and Social Responsibility - The company has invested in upgrading its rental fleet with new environmentally friendly equipment to ensure the provision of high-quality and reliable machinery to the construction market[10]. - The company has implemented energy-saving measures and adopted cleaner energy sources to reduce carbon emissions[142]. - The company has not produced any hazardous waste during the reporting year and complied with environmental regulations[144]. - The company encourages a paperless office environment, promoting electronic communication and document usage to minimize paper consumption[145]. - The total greenhouse gas emissions decreased from 4,571 tons in 2019 to 3,439 tons in 2020, representing a reduction of approximately 24.7%[143]. - The company has established a recycling program to promote waste reduction and resource conservation among employees[145]. - The company is committed to enhancing its environmental, social, and governance (ESG) performance through regular assessments and policy implementations[138]. Corporate Governance - The board emphasized the importance of corporate governance, ensuring transparency and accountability in all operations[22]. - The company maintained compliance with all regulatory requirements, reinforcing its commitment to good corporate governance practices[22]. - The board held five regular meetings and one annual general meeting during the year, with all executive directors attending all meetings[112]. - The audit committee, composed of three independent non-executive directors, held two meetings to review the audited financial statements for the year ended March 31, 2019[118]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and industry experience in board composition[113]. - The company has established three committees: audit committee, nomination committee, and remuneration committee, with specific members assigned to each[116]. - The company has adopted a dividend policy that considers actual and expected financial performance, retained earnings, and other internal or external factors when deciding on dividend declarations[129]. Financial Position - As of March 31, 2020, the group's bank balance was approximately HKD 13.5 million, a decrease from HKD 42.7 million in 2019, primarily due to the acquisition of new machinery[27]. - The total interest-bearing liabilities as of March 31, 2020, amounted to approximately HKD 100.3 million, down from HKD 104.8 million in 2019, resulting in a debt-to-equity ratio of about 53.3%[27]. - The group employed 386 staff as of March 31, 2020, with total employee costs of approximately HKD 116.7 million, compared to HKD 89.0 million in 2019[30]. - Non-current assets increased to HKD 145,130,000 in 2020 from HKD 113,566,000 in 2019[188]. - Current assets decreased to HKD 217,658,000 in 2020 from HKD 237,708,000 in 2019[188]. - Total liabilities decreased to HKD 174,294,000 in 2020 from HKD 147,369,000 in 2019[190]. - Cash and cash equivalents at year-end were HKD 13,507,000, down from HKD 42,655,000 at the beginning of the year[194]. - Operating cash flow for 2020 was HKD 70,528,000, an increase from HKD 45,113,000 in 2019[193]. Compliance and Risk Management - The independent auditor has audited the consolidated financial statements for the year ending March 31, 2020[83]. - The independent auditor's report emphasizes the importance of evaluating the appropriateness of accounting policies and the reasonableness of accounting estimates and disclosures made by the company's directors[181]. - The audit committee is responsible for overseeing the financial reporting process of the company[180]. - The company engaged an independent consultant to review the effectiveness of its risk management and internal control systems, implementing recommendations to enhance internal controls[126]. - The board believes that the risk management and internal control systems remain effective for the year[126]. Employee and Labor Relations - The company has implemented strict recruitment procedures to prevent child labor and forced labor, with no incidents reported in the fiscal year ending March 31, 2020[157]. - The employee turnover rate for the year was approximately 3%, with male employees having a turnover rate of 3% and female employees at 6%[151]. - The company reported a total of 6 work-related injuries in 2020, an increase from 5 in 2019, with a total of 814 workdays lost due to injuries[154]. - The company emphasizes training and development, providing equal training opportunities for employees at all levels[156]. Customer Relations - The group has established dedicated customer communication channels to effectively handle inquiries and feedback[159]. - The largest customer accounted for 17.63% of total revenue in 2020, down from 34.3% in 2019[75]. - The top five customers collectively represented 51.83% of total revenue in 2020, compared to 50.4% in 2019[75]. - The group has not received any customer complaints regarding service and construction quality for the year ended March 31, 2020[160].

Revenue Performance - For the six months ended September 30, 2019, the group's total revenue was approximately HKD 124.4 million, an increase of 13.2% compared to HKD 109.8 million for the same period in 2018[8]. - Revenue from construction engineering decreased to approximately HKD 33.1 million, accounting for 26.6% of total revenue, down from 37.3% in the previous year[9]. - Revenue from construction machinery leasing significantly increased to approximately HKD 91.4 million, representing 73.4% of total revenue, compared to 57.3% in the same period last year[13]. - The group reported revenue of HKD 124.4 million for the six months ended September 30, 2019, an increase from HKD 109.8 million in the same period of 2018[36]. - Revenue from construction contracts decreased to HKD 33,089,000, down 19.4% from HKD 41,022,000 in the previous year[72]. - Revenue from construction machinery leasing services increased significantly to HKD 91,356,000, up 45.3% from HKD 62,919,000 in 2018[72]. Profitability - The gross profit turned from a loss of approximately HKD 19.9 million in 2018 to a profit of approximately HKD 13.1 million in 2019, with a gross profit margin of 10.6%[15]. - The net profit for the six months ended September 30, 2019, was approximately HKD 1.2 million, a significant improvement from a loss of approximately HKD 30.8 million for the same period in 2018, primarily due to a shift from gross loss to gross profit[19]. - The group reported a segment profit of HKD 6,480,000 for the six months, compared to a segment loss of HKD 27,900,000 in the same period last year[76]. - For the six months ended September 30, 2019, the company reported a profit of HKD 1,227,000 compared to a loss of HKD 30,787,000 in the same period of 2018[88]. Expenses and Costs - Administrative expenses decreased by approximately 21.1% to HKD 10.2 million from HKD 13.0 million in the previous year, primarily due to the absence of trade receivables impairment losses in the current period[16]. - The total employee cost for the six months ended September 30, 2019, was approximately HKD 50.2 million, compared to HKD 42.6 million for the same period in 2018, with the number of employees increasing to 303 from 222[26]. - The company's financing costs totaled HKD 2,902,000 for the six months ended September 30, 2019, a slight increase from HKD 2,781,000 in 2018[83]. - The company recorded depreciation of property, plant, and equipment amounting to HKD 27,425,000 for the six months ended September 30, 2019, down from HKD 28,118,000 in 2018[85]. Assets and Liabilities - As of September 30, 2019, the group had bank balances of approximately HKD 5.3 million, down from HKD 42.7 million as of March 31, 2019, while interest-bearing liabilities increased to approximately HKD 117.9 million from HKD 104.8 million[20]. - The debt-to-equity ratio as of September 30, 2019, was approximately 57.5%, an increase of about 6.1% from 51.4% as of March 31, 2019[20]. - Total liabilities increased to HKD 172,742,000 from HKD 138,423,000, indicating a rise of about 24.8%[39]. - The company's total equity as of September 30, 2019, was HKD 205,077,000, slightly up from HKD 203,855,000 as of March 31, 2019, showing a growth of approximately 0.6%[39]. - Total assets as of September 30, 2019, amounted to HKD 377,819,000, an increase from HKD 351,274,000 as of March 31, 2019[79]. Investments and Projects - The group established a subsidiary in Hong Kong, investing HKD 5,100 to acquire 51% of the shares in a new aluminum formwork leasing service company[5]. - The group has nine ongoing projects with a total outstanding contract amount of approximately HKD 130.3 million, with six projects expected to be completed by March 31, 2020[9]. - The group has committed to invest approximately HKD 1.13 million in a joint venture in Shenzhen, with no capital injected as of September 30, 2019[28]. - The company invested approximately HKD 31,920,000 in property, plant, and equipment during the six months ended September 30, 2019, compared to HKD 7,088,000 in the same period of 2018[90]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and has complied with its provisions for the six months ending September 30, 2019, except for the deviation regarding the separation of roles between the Chairman and CEO[115]. - The company has confirmed compliance with the standard code for securities trading by all directors for the six months ending September 30, 2019[116]. - The company has not appointed a CEO, but the board believes that the balance of power and authority is maintained through its operations[115]. - The company will continue to strengthen its corporate governance practices to align with its business operations and development[115]. Lease Liabilities and Right-of-Use Assets - The adoption of HKFRS 16 resulted in a recognition of lease liabilities amounting to approximately HKD 74,499,000 as of April 1, 2019[58]. - The carrying amount of right-of-use assets as of September 30, 2019, was HKD 87,441,000, compared to HKD 61,727,000 on April 1, 2019[61]. - The group recognized lease liabilities based on the present value of remaining lease payments[54]. - The total carrying value of property, plant, and equipment increased from HKD 107,371,000 to HKD 108,751,000 due to the adoption of HKFRS 16[58]. - The group’s right-of-use assets are depreciated over the shorter of the lease term or the useful life of the related asset[69]. Shareholder Information - As of September 30, 2019, Mr. Hu Yongheng holds 610,995,000 shares, representing 58.89% of the company, through a controlled corporation[118]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2019[126]. - There are no other individuals with recorded interests in the company's shares or related securities as of September 30, 2019, apart from those disclosed[122].

Financial Performance - The group's revenue decreased by approximately 42.0% to about HKD 221.3 million, down from HKD 381.8 million in the previous year[5]. - Shareholders' profit turned from approximately HKD 5.7 million in the previous year to a loss of about HKD 45.5 million for the current year[5]. - The decline in revenue was primarily due to the completion of most construction projects and severe competition in acquiring new business[5]. - Total revenue for the year was approximately HKD 221.3 million, a decrease of 42.1% from HKD 381.8 million in 2018[16]. - The group reported a net loss of approximately HKD 45.5 million compared to a profit of HKD 5.7 million in the previous year[24]. - The group’s total gross loss was approximately HKD 19.3 million, with a gross loss margin of 8.7%, down from a gross profit of HKD 36.6 million (9.6%) in 2018[22]. - The company reported a loss before tax of HKD 44,725,000, a significant decline from a profit of HKD 7,961,000 in 2018[183]. - Net loss attributable to shareholders for the year was HKD 45,499,000, compared to a profit of HKD 5,713,000 in the previous year[183]. - Basic and diluted loss per share was HKD 4.39, compared to earnings of HKD 0.55 per share in 2018[183]. - Total assets decreased to HKD 249,164,000 in 2019 from HKD 311,556,000 in 2018, reflecting a decline of 20%[184]. - Current assets decreased to HKD 237,708,000 from HKD 327,925,000, a reduction of 27.5%[184]. - Cash and cash equivalents decreased to HKD 42,655,000 from HKD 77,441,000, a decline of 45%[184]. Business Strategy and Operations - The group plans to enhance its bidding strategy and improve product and service offerings to increase competitiveness and profitability[6]. - The introduction of new environmentally friendly equipment is part of the strategy to upgrade the rental fleet and ensure quality service to the construction market[9]. - The group is optimistic about the future demand for construction machinery due to upcoming major projects like the Chek Lap Kok Airport third runway system[9]. - The company will continue to focus on new construction projects, rental arrangements, and the sale of construction machinery for business development[11]. - The group is actively participating in bidding for new public and private construction projects to maintain market share[17]. Financial Management and Risks - The group has identified operational risks, including adverse weather and geological issues, which may impact project costs and timelines[12]. - Measures such as reallocating human resources and hiring additional staff will be taken to mitigate project delays[13]. - The company regularly conducts aging analysis of accounts receivable to manage financial liquidity pressures[13]. - The expected credit loss provision for trade receivables and contract assets was approximately HKD 18,452,000 and HKD 97,000, respectively[170]. - The company adopted the expected credit loss model for estimating the loss provisions for trade receivables and contract assets starting from April 1, 2018[170]. Employee and Corporate Governance - The group employed 263 employees as of March 31, 2019, down from 279 in 2018, with total employee costs amounting to approximately HKD 89.0 million, an increase from HKD 86.9 million in 2018[29]. - The company has maintained competitive salary and benefits levels for employees, with performance-based rewards implemented through a bonus system[29]. - The board consists of five members, including two executive directors and three independent non-executive directors, complying with regulations[108]. - The chairman and CEO roles are not held by the same individual, maintaining a separation of responsibilities[105]. - The company emphasizes effective corporate governance practices to enhance shareholder value and protect stakeholder interests[104]. - The independent non-executive directors confirmed their independence annually, adhering to the listing rules[109]. Environmental and Social Responsibility - The company is committed to sustainability and has implemented environmentally friendly measures to minimize adverse impacts on the environment[88]. - The company has implemented measures to reduce greenhouse gas emissions, recognizing the importance of carbon footprint assessment in mitigating climate change[138]. - The company has received ISO 14001 certification for its waste management and resource supply in construction projects, ensuring ongoing environmental compliance[145]. - The company has not generated any hazardous waste and has complied with all relevant environmental regulations without any significant non-compliance issues[142]. - The company has made contributions exceeding HKD 100,000 to various organizations focused on youth development and promoting traditional Chinese culture[161]. Customer and Supplier Relations - The largest customer accounted for 34.3% of total revenue, an increase from 21.3% in 2018[75]. - The top five customers collectively accounted for 50.4% of total revenue, slightly down from 51.2% in the previous year[75]. - All suppliers used by the company are sourced locally from Hong Kong to reduce transportation costs, ensuring all services or goods are procured from approved suppliers[156]. - The company has not received any customer complaints regarding its services during the year, indicating a strong commitment to product responsibility[159]. Audit and Compliance - The independent auditor, Shinewing (HK) CPA Limited, has audited the consolidated financial statements for the year ended March 31, 2019[83]. - The audit committee is responsible for overseeing the financial reporting process of the company[176]. - The total remuneration for the auditor, including audit and non-audit services, amounted to HKD 1,180,000, with audit services costing HKD 894,000 and non-audit services costing HKD 286,000[128].