Financial Performance - Revenue for the year ended March 31, 2022, was HK$5,577,514, an increase from HK$3,705,241 in 2021, representing a growth of 50.5%[9] - Gross profit for the year was HK$253,223, compared to HK$147,033 in the previous year, indicating a gross profit margin improvement[9] - Profit for the year reached HK$122,880, up from HK$94,700 in 2021, reflecting a year-on-year increase of 29.7%[9] - The total comprehensive income for the year attributable to owners of the parent was HK$122,880, compared to HK$94,700 in the previous year[9] - Net profit for the year ended 31 March 2022 amounted to HK$122,880,000, representing an increase of 29.8% from HK$94,700,000 in 2021[15] - Basic earnings per share for the year ended 31 March 2022 amounted to HK6.14 cents, up from HK4.74 cents in 2021[16] - The overall gross profit margin increased slightly from 4.0% for the year ended March 31, 2021, to 4.5% for the year ended March 31, 2022[67] - Profit attributable to owners of the parent increased by 29.8% from HK$94,700,000 for the year ended 31 March 2021 to HK$122,880,000 for the year ended 31 March 2022[78] Expenses and Costs - Administrative expenses increased to HK$86,847 from HK$65,180, showing a rise of 33.3%[9] - Other income and gains decreased significantly to HK$2,405 from HK$24,802, a decline of 90.3%[9] - Finance costs rose to HK$11,506,000 for the year ended 31 March 2022, up from HK$8,350,000 in the previous year, attributed to increased interest on bank loans[70] - Income tax expense increased by 82.6% from HK$18,090,000 for the year ended 31 March 2021 to HK$33,040,000 for the year ended 31 March 2022[78] - Administrative expenses increased from HK$65,180,000 for the year ended 31 March 2021 to HK$86,847,000 for the year ended 31 March 2022, mainly due to site premium depreciation and donations[69] Contracts and Future Outlook - The company has substantial contracts on hand, which are expected to contribute to future revenue growth[3] - Future outlook includes potential market expansion and new product development strategies[3] - The Group's substantial contracts on hand as of March 31, 2022, were mainly related to building construction works from the public sector[62] - Future tendering opportunities for construction contracts from the public sector are expected to be sustainable and stable due to government commitments to increase land supply for housing[67] - The Group plans to expand upstream into the production of free-standing integrated modules and modular integrated construction methods through the acquisition of Gain Capital[40] - The long-term outlook for the construction industry in Hong Kong remains positive due to high demand for housing and medical services[43] Governance and Management - The Company has a strong governance structure with members in key committees including Audit, Remuneration, and Nomination[144][150] - The Board of Directors consists of nine members, including four Executive Directors and five Independent Non-executive Directors as of March 31, 2022[174] - The Company has established a rigorous system of checks and balances to ensure effective corporate governance, which is crucial for enhancing shareholder value[168] - The Company ensures compliance with applicable legal and regulatory requirements as part of its corporate governance practices[173] - The Board is responsible for formulating key policy matters and overall strategic plans for the Company and its subsidiaries[173] - The Company has appointed a new financial controller and company secretary, Mr. MUI Siu Hong, who has over 10 years of accounting and auditing experience[165] Employee and Management Team - As of March 31, 2022, the Group employed 352 full-time employees, an increase from 330 employees as of March 31, 2021, reflecting a growth of approximately 6.67%[105] - The Group's management team has extensive experience in the construction industry, with key executives having over 25 years of experience each[113][117][121] - Employee benefits include mandatory provident fund, medical insurance, and education subsidies, although incentive travel was suspended due to the COVID-19 pandemic[105] - The Group's focus on project management and contract administration is led by Mr. LAU, who has over 29 years of experience in the construction industry[119] Strategic Partnerships and Acquisitions - On 18 February 2022, the Group agreed to acquire Gain Capital Corporation Limited for a cash consideration of HK$181,400,000, which was completed on 5 May 2022[97] - The acquisition of Gain Capital is expected to expand the Group's business into upstream manufacturing, aligning with its vertical integration strategy[97] - The Group aims to broaden its potential customer base through cooperation with Lanon Development[40] - The Framework Agreements with Lanon Development allow for the provision of contracting services until 31 March 2025[99] Market and Industry Insights - The HKSAR Government plans to supply approximately 330,000 public housing units and 100,000 private housing units over the next 10 years starting from 2022-2023[33] - The Northern Metropolis Development Strategy aims to provide approximately 350,000 residential units and an additional 600 hectares of land for residential and industrial purposes[35] - The estimated allocation for public works in the 2022-2023 Budget is approximately HK$75.5 billion, an increase from HK$67.8 billion in 2021-2022[38] - The medium to long-term outlook of the construction industry in Hong Kong looks promising due to high demand for housing and healthcare services[39] Financial Position - The net assets value attributable to owners of the parent as at 31 March 2022 amounted to HK$1,422,423,000, representing an increase of 5.4% from HK$1,349,543,000 as at 31 March 2021[27] - The Group's cash and cash equivalents increased by 66.1% from HK$904,933,000 as at 31 March 2021 to HK$1,502,962,000 as at 31 March 2022[78] - The Group's banking facilities amounted to HK$2,400,000,000 as of 31 March 2022, down from HK$2,950,000,000 as of 31 March 2021, with HK$1,425,243,000 unutilised[79] - The Group's bank loans had an aggregate carrying amount of HK$110,442,000 as of 31 March 2022, up from HK$87,276,000 as of 31 March 2021[94]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$2,001,876,000, representing an increase of 41.6% compared to HK$1,411,491,000 in the same period of 2020[9] - Gross profit for the period was HK$67,654,000, compared to HK$18,687,000 in the previous year, indicating a significant improvement[9] - Profit before tax was HK$22,354,000, up from HK$2,501,000 in the prior year, reflecting a substantial increase in profitability[9] - Total comprehensive income for the period was HK$13,528,000, compared to HK$1,396,000 in the same period last year, showing strong growth[9] - Earnings per share attributable to ordinary equity holders of the parent was HK$0.68, a significant increase from HK$0.07 in the previous year[9] - The Group recorded a consolidated turnover of HK$2,001,876,000 for the six months ended 30 September 2021, representing a 42% increase from HK$1,411,491,000 in the previous corresponding period[91] - Gross profit for the same period was HK$67,654,000, reflecting a 262% increase from HK$18,687,000 for the six months ended 30 September 2020[91] - Profit attributable to owners of the parent amounted to HK$13,528,000, compared to HK$1,396,000 in the previous period, indicating significant growth in net profit[91] Assets and Liabilities - Total non-current assets increased to HK$1,345,256,000 as of September 30, 2021, up from HK$1,278,964,000 as of March 31, 2021, representing a growth of 5.2%[11] - Current assets decreased to HK$1,540,763,000 as of September 30, 2021, down from HK$1,785,361,000 as of March 31, 2021, a decline of 13.7%[11] - Net current assets were HK$468,590,000 as of September 30, 2021, compared to HK$556,650,000 as of March 31, 2021, indicating a decrease of 15.8%[11] - Total liabilities decreased to HK$1,572,948,000 as of September 30, 2021, down from HK$1,728,982,000 as of March 31, 2021, a reduction of 9.0%[12] - Total equity attributable to owners of the parent decreased to HK$1,313,071,000 as of September 30, 2021, down from HK$1,349,543,000 as of March 31, 2021, a decrease of 2.7%[12] Cash Flow and Financing - The company reported a net cash flow used in operating activities of HK$88,476,000 for the six months ended September 30, 2021, compared to HK$26,859,000 for the same period in 2020[16] - Cash and cash equivalents at the end of the period were HK$395,458,000, a decrease from HK$904,933,000 at the beginning of the period, reflecting a decline of 56.4%[16] - Interest-bearing bank loans remained stable at HK$482,000,000 as of September 30, 2021, unchanged from March 31, 2021[12] - The Group's cash and cash equivalents decreased by 56% from HK$904,933,000 as of March 31, 2021, to HK$395,458,000 as of September 30, 2021, primarily due to net repayment of bank loans and cash outflows from operations[125] Operational Highlights - The company engaged in building construction and repair, maintenance, alteration, and addition (RMAA) works in Hong Kong during the reporting period, with no significant changes in its principal activities[19] - The Group has only one reportable operating segment, which is the contract works segment, focusing on building construction and RMAA works[36] - The Group's effective tax rate remains at 16.5% for the period, consistent with the previous year[45] - The Group's non-current assets are entirely located in Hong Kong, and all revenue is derived from operations in Hong Kong[39] Shareholder Information - The company declared and paid a final dividend of HK$0.025 per share for the year ended 31 March 2021, totaling HK$50,000,000[8] - The company has 2,000,000,000 ordinary shares issued and fully paid, with no movement in share capital during the six months ended 30 September 2021[60] - Mr. Ngai Chun Hung holds a significant interest in the company with 1,500,000,000 shares, representing 75% of the issued share capital[154] - Substantial shareholders include Golded Lux and Golden More, each holding 1,500,000,000 shares, representing 75.00% of the issued share capital of the Company[171] Governance and Compliance - The interim financial information has been reviewed by the Audit Committee, ensuring a level of oversight and accuracy in reporting[8] - The Company confirmed compliance with the Corporate Governance Code throughout the six months ended September 30, 2021[187] - The audit committee consists of five independent non-executive directors, ensuring compliance with listing rules and reporting to the board[195] - The audit committee reviewed the accounting principles and practices adopted by the group, discussing internal controls, risk management, and financial reporting matters[195] Future Outlook - The company has not provided specific guidance for future performance but has indicated a focus on market expansion and new product development[7] - The medium to long-term outlook for the construction industry in Hong Kong is promising due to high demand for housing and healthcare services[144] - The group anticipates significant capital expenditures in the next six months due to new major projects and redevelopment activities[125]

Financial Performance - Revenue for the year ended March 31, 2021, was HK$3,705,241,000, an increase of 139% from HK$1,547,841,000 in 2020[15] - Gross profit for the year was HK$147,033,000, a decrease of 6% from HK$156,528,000 in the previous year[15] - Profit for the year was HK$94,700,000, significantly up from HK$23,975,000 in 2020, representing a growth of 295%[15] - Other income and gains increased to HK$24,802,000 from HK$13,940,000, marking a growth of 78%[15] - Net profit for the year ended 31 March 2021 amounted to HK$94,700,000, representing an increase of 295% from HK$23,975,000 in 2020[26] - Basic earnings per share for the year were HK4.74 cents, up from HK1.20 cents in 2020[30] - The Group's gross profit margin decreased from 10.1% for the year ended March 31, 2020 to 4.0% for the year ended March 31, 2021[88] - The increase in profit was partly due to the receipt of government subsidies amounting to HK$18,556,000 from the "Employment Support Scheme"[76] Expenses and Costs - Administrative expenses decreased to HK$65,180,000 from HK$90,292,000, a reduction of 28%[15] - The company reported finance costs of HK$8,350,000, up from HK$1,320,000 in the previous year[15] - Finance costs rose to HK$8,350,000 from HK$1,320,000, mainly due to increased bank loans during the year[99] - Income tax expense rose by 16% from HK$15,621,000 to HK$18,090,000, consistent with the increase in taxable profit[111] Dividends and Shareholder Returns - The Board recommended a final dividend of HK2.5 cents per ordinary share for the year ended 31 March 2021, compared to nil in 2020[44] - Total dividend amount based on 2,000,000,000 ordinary shares issued is HK$50,000,000[45] Assets and Liabilities - The net assets value attributable to owners of the parent as at 31 March 2021 was HK$1,349,543,000, an increase of 8% from HK$1,254,843,000 in 2020[41] - The current ratio decreased to 1.5 in 2021 from 1.8 in 2020[19] - Cash and cash equivalents increased by 47% from HK$616,645,000 as at 31 March 2020 to HK$904,933,000 as at 31 March 2021[116][120] - The Group's banking facilities amounted to HK$2,950,000,000 as of 31 March 2021, up from HK$2,040,000,000 as of 31 March 2020[117][121] - The Group's net gearing ratio remained at 0 as of 31 March 2021, consistent with the previous year[115] - The total balance of prepaid expenses and other receivables decreased due to the recovery of refundable stamp duty of HK$26,979,000 related to land reconstruction[136] Contracts and Projects - The Group estimates that as of March 31, 2021, the gross value of substantial contracts awarded to subsidiaries amounted to approximately HK$4,489 million, with outstanding values of HK$1,444 million[63] - The gross value of substantial contracts awarded to joint operations of the Group was approximately HK$18,675 million, with outstanding values of HK$16,668 million as of March 31, 2021[63] - The Group's ongoing projects include the construction of public housing development at Tuen Mun Area 54 with a contract value of HK$2,269 million and the redevelopment of Queen Mary Hospital with a contract value of HK$9,450 million[61] - Two substantial building construction projects contributed over 58% of the revenue for the year, expected to be completed in the coming twelve months[86] - The Group secured substantial contracts including the Main Works for the Development of Cingleot Premium Logistics Centre valued at HK$5,638 million, with a 49% interest attributable to the Group[92] - Another significant contract was awarded for the Design and Construction of a Joint-user Government Office Building in Tseung Kwan O, amounting to HK$3,587 million, with a 51% interest attributable to the Group[93] - Subsequent to the fiscal year, the Group obtained a contract for the Construction of Public Housing Development at Yip Wong Road with an estimated value of HK$2,260 million[94] Strategic Outlook - Future outlook includes potential market expansion and new project acquisitions, although specific figures were not disclosed[14] - The Group anticipates sustainable and stable tender opportunities for construction contracts from the public sector in the coming years due to government commitments[84] - The Group is focused on enhancing operational efficiency and reducing costs to improve profitability in the upcoming fiscal year[14] - The Group aims to seek opportunities to integrate with business partners to reduce construction costs and enhance project efficiency, creating reasonable returns for the Group and shareholders in the long run[54] Management and Governance - The Group's strategic planning is overseen by Mr. NGAI, who has over 24 years of experience in the construction industry[164] - Mr. CHEUNG, the Chief Executive Officer, is responsible for the Group's day-to-day management and business development[167] - The Group's remuneration policy includes discretionary bonuses and share options based on performance, with no share options granted under the scheme since its adoption[161] - The Group's share option scheme aims to incentivize directors and employees to enhance the Company's value[161] Employee Information - The Group employed 330 full-time employees as of 31 March 2021, a decrease from 336 employees as of 31 March 2020[160] - The Group's employee benefits include mandatory provident fund, medical insurance, and education subsidies, although incentive travel was suspended due to COVID-19[160]

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$1,411,491,000, compared to HK$644,367,000 for the same period in 2019, representing a growth of 118.5%[9] - Gross profit for the period was HK$18,687,000, with administrative expenses amounting to HK$25,982,000, resulting in a gross loss of HK$7,295,000[9] - Profit before tax was HK$2,501,000, a significant decrease from HK$98,790,000 in the previous year, indicating a decline of 97.5%[9] - Profit for the period was HK$1,396,000, down from HK$79,557,000 in the same period last year, reflecting a decrease of 98.2%[9] - The company reported a basic and diluted earnings per share of HK$0.07, compared to HK$3.98 in the previous year, a decline of 98.2%[11] - Other comprehensive loss for the period was HK$2,263,000, contributing to a total comprehensive income of HK$1,396,000[11] - The Group recorded a consolidated turnover of HK$1,411,491,000 for the six months ended 30 September 2020, representing an increase of 119% from HK$644,367,000 in the previous corresponding period[100] - The Group's gross profit during this period was HK$18,687,000, a decrease of 87% from HK$145,383,000 for the six months ended 30 September 2019[100] - Profit attributable to owners of the parent amounted to HK$1,396,000, significantly down from HK$79,557,000 in the previous period[100] Assets and Liabilities - Total non-current assets increased to HK$724,535,000 as of September 30, 2020, up from HK$707,850,000 as of March 31, 2020, representing a growth of 2.7%[13] - Current assets rose to HK$1,403,479,000, a 15.7% increase from HK$1,213,315,000 in the previous period[13] - Accounts receivable significantly increased to HK$330,789,000, up 64.3% from HK$201,272,000[13] - Total current liabilities increased to HK$853,515,000, reflecting a rise of 29.3% from HK$659,606,000[13] - The Group's accounts payable also saw an increase, totaling HK$490,656,000 as of 30 September 2020, compared to HK$314,936,000 as of 31 March 2020, marking a rise of approximately 55.9%[63] - The Group reported contract liabilities of HK$30,000,000 as of 30 September 2020, representing advance payments received from a project[141] Cash Flow and Financing - Net cash flows used in operating activities improved to (HK$26,859,000) compared to (HK$114,396,000) in the same period last year[22] - Cash and cash equivalents at the end of the period reached HK$724,966,000, an increase from HK$591,437,000[22] - The Group has shown a strong cash flow from financing activities, with net cash flows of HK$137,701,000 compared to (HK$81,004,000) in the previous year[22] - The Group's bank loans amounted to HK$266,681,000 as of 30 September 2020, an increase from HK$121,517,000 as of 31 March 2020, secured by certain deposits[144] Strategic Initiatives and Future Outlook - The company has not provided specific guidance for future performance but indicated ongoing efforts to improve operational efficiency and profitability[9] - The company continues to explore opportunities for market expansion and potential acquisitions to enhance its service offerings[9] - The board of directors remains committed to strategic initiatives aimed at long-term growth despite the current financial challenges[9] - The Group's turnover is projected to remain sustainable and stable in the coming years due to ongoing contracts and new projects[163] - The construction industry is expected to remain active in the medium to long term due to the HKSAR Government's commitment to increasing land and housing supply[164] Employee and Operational Metrics - Employee benefit expenses (excluding directors' remuneration) rose to HK$95,475,000 in 2020 from HK$83,831,000 in 2019, indicating an increase of approximately 13.5%[46] - The Group employed 360 full-time employees as of 30 September 2020, an increase from 336 employees as of 31 March 2020[169] - The Group continues to invest in innovation and technology to enhance work efficiency and quality, aiming to remain competitive in future project tenders[165] Shareholder Information and Corporate Governance - The Group did not declare any interim dividend for the six months ended 30 September 2020, compared to HK$80,000,000 (HK$0.04 per share) in the same period of 2019[49] - The Group's total equity as of 30 September 2020 was HK$1.26 billion, slightly up from HK$1.25 billion as of 31 March 2020[121] - Mr. NGAI Chun Hung holds a long position of 1,500,000,000 shares, representing 75.00% of the issued share capital of the company[178] - Following the privatisation of Vantage on 20 October 2020, Mr. NGAI is deemed to be interested in 100% of the entire issued capital of Vantage[182] - The restructuring involved a change in the shareholding structure of the controlling shareholder[178]

Financial Performance - Revenue for the year ended March 31, 2020, decreased by 35% to approximately HK$1,548 million from approximately HK$2,385 million for the year ended March 31, 2019[23]. - Net profit for the year ended March 31, 2020, amounted to approximately HK$24 million, a decrease from approximately HK$141 million in 2019[24]. - Gross profit for the year was HK$156.5 million, down from HK$235.5 million in the previous year, reflecting a decline of 33.5%[11]. - Profit attributable to owners of the parent for the year ended March 31, 2020 was approximately HK$24 million, a decrease of 83% compared to HK$141 million for the previous year[38]. - Basic and diluted earnings per share for the year were HK1.20 cents, down from HK7.07 cents in 2019[38]. - The decline in net profit was mainly due to the suspension of certain site works in February 2020 to prevent the spread of COVID-19 and a one-time loss on derecognition of approximately HK$41 million[39]. - The gross profit margin increased slightly from 9.9% in 2019 to 10.1% in 2020, with fluctuations expected under HKFRS 15[83]. - Other income and gains remained stable at approximately HK$14 million for both years, with interest income increasing to approximately HK$11 million due to higher fixed deposits[91]. Expenses and Costs - Administrative expenses increased to HK$90.3 million from HK$80.8 million, representing a rise of 18.6%[11]. - The company reported finance costs of HK$1.3 million, an increase from HK$0.5 million in the previous year[11]. - Income tax expense for the year was HK$15.6 million, down from HK$29 million in 2019, a decrease of 46.2%[11]. - Other expenses for the year amounted to approximately HK$41 million, representing a one-time loss on derecognition of the building portion of Man Shung[93]. Assets and Equity - Non-current assets decreased to HK$707.9 million from HK$794.9 million, a decline of 10.9%[20]. - Current assets decreased to HK$1,213.3 million from HK$1,250.6 million, a decrease of 3%[20]. - Total equity as of March 31, 2020, was HK$1,254.8 million, down from HK$1,312.6 million, a decline of 4.4%[20]. - The net asset value attributable to owners of the parent as at 31 March 2020 was approximately HK$1,255 million, a decrease of 4% from approximately HK$1,313 million as at 31 March 2019[40]. - The Group's total equity as of 31 March 2020 was approximately HK$1,255 million, a decrease from approximately HK$1,313 million as of 31 March 2019[111]. - The Group's cash and cash equivalents decreased by 31% from approximately HK$897 million as of 31 March 2019 to approximately HK$617 million as of 31 March 2020[113]. Contracts and Projects - The Group's substantial contracts on hand amounted to approximately HK$7,584 million, with outstanding values of approximately HK$6,113 million as of March 31, 2020[62]. - The Group secured a substantial contract valued at approximately HK$2,269 million for public housing development during the year[87]. - Subsequent to the year-end, the Group obtained another significant contract with an estimated value of approximately HK$2,762 million for the development of a logistics center[87]. - The Group is redeveloping the site at No. 7 Lai Yip Street, Kwun Tong, with demolition work in progress following the Town Planning Board's approval for minor relaxation of plot ratio and building height restrictions[45]. Market and Strategic Focus - The company is focusing on expanding its market presence and exploring new business strategies to recover from the decline in revenue[23]. - The Group is focused on seeking different investment opportunities to broaden income sources and enhance project efficiency[57]. - The Group is focused on developing innovative technology to enhance safety, environmental protection, health, quality, and efficiency in project management[52]. - The social unrest and COVID-19 pandemic are expected to lead to a contraction in the private construction sector in the next few years, despite unchanged community needs for housing and hospital facilities[47]. - The HKSAR Government has set aside HK$300 billion for healthcare infrastructure to meet the increasing demand for services due to an ageing population[51]. Management and Governance - The Group's management discusses employee remuneration based on performance, with discretionary bonuses and share options available for senior management[155]. - The Group's strategic planning is overseen by Mr. NGAI, who has over 23 years of experience in the construction industry[160]. - Mr. CHEUNG was appointed as the Chief Executive Officer in February 2020, responsible for business development and corporate governance[163]. - The Company has a strong board with diverse expertise in construction, engineering, and education, enhancing its governance[180]. - The Company emphasizes the importance of project management and contract administration in its operations[171]. Employment and Human Resources - As of March 31, 2020, the Group employed 336 full-time employees, a decrease from 360 employees as of March 31, 2019[155]. - The Option Scheme was adopted to incentivize directors and employees, but no share options were granted under the scheme up to March 31, 2020[156].

| --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | ABLE ENGINEERING HOLDINGS LIMITED 安 保 工 程 控 股 有 限 公 司 | | | | | (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號 : 1627 | | | | | | | | | | | | | | | | | | INTERIM REPORT 中期報告 2019/2020 ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 1 CONTENTS 目錄 | --- | --- | |-------|-------------- ...

Financial Performance - Revenue decreased by 23.4% from approximately HK$3,112,300,000 for the year ended March 31, 2018, to approximately HK$2,385,400,000 for the year ended March 31, 2019[7]. - Net profit for the year ended March 31, 2019, was approximately HK$141,400,000, compared to HK$175,000,000 for the previous year[7]. - Basic and diluted earnings per share for the year ended March 31, 2019, were HK$0.0707, down from HK$0.0875 in 2018[7]. - Gross profit for the year ended March 31, 2019, was HK$235,527,000, compared to HK$249,292,000 in 2018[6]. - The adoption of HKFRS 15 resulted in a profit decrease of approximately HK$74.4 million for the year[20]. - Profit attributable to owners of the parent for the year was HK$141.4 million, down from HK$175.0 million in the previous year[53]. - The Group's profit for the year was impacted by the adoption of HKFRS 15, leading to a decrease of approximately HK$74.4 million[53]. - The gross profit margin increased from 8.0% for the year ended March 31, 2018 to 9.9% for the year ended March 31, 2019[65]. - Administrative expenses for the year ended March 31, 2019, were HK$80,787,000, compared to HK$44,987,000 in 2018[6]. - Finance costs increased to HK$528,000 for the year ended March 31, 2019 from HK$221,000 in the previous year, attributed to higher Hong Kong Interbank Offered Rate (HIBOR) and increased average bank borrowings[79]. Equity and Assets - Total equity as of March 31, 2019, was HK$1,312,634,000, an increase from HK$1,177,143,000 in 2018[6]. - Current assets as of March 31, 2019, were HK$1,250,598,000, down from HK$1,761,665,000 in 2018[6]. - Non-current assets as of March 31, 2019, were HK$794,862,000, significantly higher than HK$125,801,000 in 2018[6]. - Current liabilities as of March 31, 2019, were HK$732,826,000, compared to HK$710,280,000 in 2018[6]. - The net asset value attributable to owners of the parent as of March 31, 2019, increased by 11.5% to HK$1,312.6 million, from HK$1,177.1 million as of March 31, 2018[23]. Dividends - The Board recommended a final dividend of HK4 cents per ordinary share for the year ended March 31, 2019, down from HK5 cents in 2018[25]. - The total proposed final dividend for the year ended March 31, 2019, is HK$80 million, translating to HK$0.04 per ordinary share[58]. Acquisitions and Investments - The Group completed the acquisition of Man Shung Industrial Building, providing self-owned working space and reducing future rental expenditure risks[28]. - The acquisition of Gold Victory Resources Inc. was completed for HK$60 million, with a guaranteed profit of not less than HK$50 million for the period from 1 December 2018 to 31 March 2022[30]. - The goodwill arising from the acquisition of Gold Victory was approximately HK$45.0 million[30]. - The Group is exploring different investment opportunities to broaden its sources of income in a changing marketplace[38]. - The Group completed the acquisition of properties at Man Shung for a total consideration of HK$438.6 million in the first round, HK$180.0 million in the second round, and HK$30.3 million in the third round[102][103][104]. Government Initiatives and Market Outlook - The Hong Kong government is committed to increasing land supply and public housing units to address housing issues, which may benefit the Group's future projects[32]. - The HKSAR Government has allocated HK$200 billion for a 10-year Hospital Development Plan, with an additional HK$270 billion for 19 projects in the second phase[34][35]. - The medium to long-term outlook for the construction industry in Hong Kong is promising due to government initiatives for public housing[127]. - The HKSAR Government's commitment to increase public housing and healthcare services is expected to positively impact the construction industry in the medium to long term[59]. Operational Challenges - The decrease in revenue was primarily due to the completion of substantial portions of large-scale construction projects, which had contributed significantly to last year's revenue[60]. - The Group is facing challenges from increased construction costs due to inflation in labor and material prices[127]. Management and Governance - The company has a strong leadership team with extensive experience across various sectors of the construction industry[141][144][142][145][148]. - The company is focused on enhancing project management and quality assessment capabilities through its experienced directors[144][142]. - The Board consists of nine Directors, including six Executive Directors and three Independent Non-executive Directors (INEDs)[179]. - The Company complied with the Corporate Governance Code provisions throughout the year ended March 31, 2019[172]. - The Board is responsible for formulating key policy matters and overall strategic plans to enhance shareholders' value[177]. - The INEDs possess high caliber qualifications in engineering, education, and accounting, providing strong support for the Board's responsibilities[187]. - The Company has established a rigorous system of checks and balances to ensure effective corporate governance[170]. - The Board monitors the performance of management and implements an effective framework of internal controls and risk management[177]. Employee and Safety Initiatives - As of March 31, 2019, the Group employed 360 full-time employees, a decrease from 388 employees as of March 31, 2018[132]. - The Group has launched a safety promotion scheme to improve safety standards among staff and site workers[129].