Revenue Performance - Total revenue decreased by approximately 194.6 million HKD or 46.6% to about 223.0 million HKD for the six months ended September 30, 2019, compared to 417.6 million HKD for the same period in 2018[6]. - The private sector project revenue was approximately 147.7 million HKD, accounting for about 66.2% of total revenue, down from 338.7 million HKD or 81.1% in the previous year[10]. - Public sector project revenue was approximately 75.3 million HKD, representing about 33.8% of total revenue, compared to 78.9 million HKD or 18.9% in the previous year[10]. - For the six months ended September 30, 2019, the revenue from contract with customers was HKD 222,971,000, a decrease of 46.7% compared to HKD 417,585,000 for the same period in 2018[97]. Profitability - Profit attributable to owners increased by 0.7 million HKD or 270.5% to approximately 1.0 million HKD, primarily due to the absence of fair value changes and losses from the sale of financial assets measured at fair value[6]. - The profit attributable to the owners of the company for the six months ended September 30, 2019, was approximately HKD 1.0 million, representing an increase of about 270.5% compared to approximately HKD 0.3 million for the same period in 2018[22]. - The company reported a net profit of HKD 1,019,000 for the six months ended September 30, 2019, compared to HKD 275,000 in the previous year, representing a significant increase[51]. - The profit for the six months ended September 30, 2019, was HKD 1,019,000, representing a significant increase from HKD 275,000 in the same period of 2018, marking a growth of 270%[112]. Expenses and Costs - Gross profit decreased by approximately 32.9 million HKD or 72.3% to about 12.6 million HKD, with gross margin dropping from 10.9% to 5.6%[15]. - Other income fell by approximately 304,000 HKD to about 136,000 HKD, a decrease of about 69.1% due to reduced interest income from receivables and rental income[16]. - Administrative expenses decreased by approximately 2.0 million HKD or 17.0% to about 10.1 million HKD, mainly due to a reduction in professional fees[18]. - Financing costs increased by approximately 0.1 million HKD or 2.7% to about 1.4 million HKD, attributed to increased interest expenses on loans from related companies[20]. - The total salary cost recognized in the profit and loss for the six months ended September 30, 2019, was approximately HKD 114.2 million, compared to approximately HKD 214.8 million for the same period in 2018[33]. - The company incurred employee costs of HKD 114,211,000 for the six months ended September 30, 2019, a decrease from HKD 221,835,000 in the previous year, indicating a reduction of approximately 48%[111]. Cash Flow and Liquidity - As of September 30, 2019, the group had cash and cash equivalents of approximately HKD 170.7 million, a decrease of about 6.0% from HKD 181.7 million as of March 31, 2019[23]. - The net cash generated from operating activities for the six months ended September 30, 2019, was HKD 18,040,000, compared to a net cash used of HKD 52,114,000 in the same period of 2018[58]. - The net cash used in investing activities was HKD 1,305,000, a decrease from HKD 14,406,000 in the previous year[58]. - The net cash used in financing activities was HKD 27,702,000, significantly lower than the net cash generated of HKD 156,145,000 in the prior year[58]. - The cash and cash equivalents decreased by HKD 10,967,000, compared to an increase of HKD 89,625,000 in the same period last year[58]. - The cash and cash equivalents at the end of the period were HKD 170,721,000, down from HKD 182,063,000 at the end of the previous period[58]. - The initial cash balance at the beginning of the period was HKD 181,688,000, compared to HKD 92,438,000 in the previous year[58]. - The bank balance and cash at the end of the period was HKD 37,791,000, down from HKD 188,816,000 in the previous year[58]. Assets and Liabilities - Total assets decreased to HKD 375,796,000 as of September 30, 2019, down from HKD 433,524,000 as of March 31, 2019[53]. - Current liabilities were HKD 197,612,000 as of September 30, 2019, compared to HKD 256,407,000 as of March 31, 2019, indicating a reduction in short-term obligations[54]. - The total liabilities as of September 30, 2019, were HKD 199,856,000, down from HKD 258,603,000 as of March 31, 2019, indicating a decrease of 22.7%[105]. - The total equity as of September 30, 2019, was HKD 175,940,000, slightly up from HKD 174,921,000 as of March 31, 2019[54]. - The total trade receivables decreased to HKD 53,083,000 as of September 30, 2019, down from HKD 91,462,000 as of March 31, 2019, indicating a reduction of approximately 42%[114]. - The company's contract assets amounted to HKD 121,822,000 as of September 30, 2019, compared to HKD 128,853,000 as of March 31, 2019, reflecting a decrease of about 5.5%[116]. - Trade payables were reported at HKD 13,711,000 as of September 30, 2019, down from HKD 19,365,000 as of March 31, 2019, showing a decline of approximately 29%[117]. Employee and Management Compensation - The total compensation for key management personnel for the six months ended September 30, 2019, was HKD 3,343,000, a slight decrease of 1.6% compared to HKD 3,397,000 in the same period of 2018[127]. - The retirement benefits for key management personnel remained unchanged at HKD 36,000 for both periods[127]. Accounting Standards and Policies - The group has adopted new Hong Kong Financial Reporting Standards, which may impact the financial statements but did not have a significant effect on the current and prior periods[62]. - The application of HKFRS 16 on leases has resulted in changes to accounting policies, affecting the recognition of right-of-use assets and lease liabilities[66]. - The company recognized lease liabilities of approximately HKD 385,000 and corresponding right-of-use assets of HKD 385,000 upon the initial application of HKFRS 16 on April 1, 2019[91]. - The weighted average incremental borrowing rate applied was 3.97% for the measurement of lease liabilities[91]. - The company chose to apply the practical expedient not to recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less[90]. - The company will remeasure lease liabilities when there are changes in lease terms or assessments of purchase options[83]. Other Information - The group secured 5 new contracts during the review period, with a total contract value of approximately 325.7 million HKD[6]. - There were no major acquisitions or disposals of subsidiaries or associates during the reporting period[30]. - The group had no significant contingent liabilities as of September 30, 2019[28]. - The company did not declare any dividends during the interim period, as per the board's decision[112]. - The company has not conducted any significant post-reporting period events[49]. - The company has not purchased, sold, or redeemed any of its securities since the listing date[47]. - No share options have been granted, exercised, cancelled, or lapsed under the share option scheme since its adoption on May 23, 2017[48].

Financial Performance - Total revenue increased by approximately HKD 273.7 million or 47.4% to about HKD 850.6 million for the year ended March 31, 2019, compared to approximately HKD 576.9 million for the previous year[7]. - The loss attributable to equity shareholders increased by approximately HKD 46.6 million or 170.8% to about HKD 19.3 million for the year ended March 31, 2019, compared to a profit of approximately HKD 27.3 million for the previous year[7]. - The group's gross profit decreased by approximately HKD 15,626,000 or about 24.7% to approximately HKD 47,685,000 for the year ended March 31, 2019, compared to approximately HKD 63,311,000 for the previous year[26]. - The gross profit margin fell from approximately 11.0% for the year ended March 31, 2018, to approximately 5.6% for the year ended March 31, 2019, primarily due to unexpected delays in project commencement and increased direct labor and subcontractor costs[26]. - Other income increased by approximately HKD 1,445,000 or about 150.7% to approximately HKD 2,404,000 for the year ended March 31, 2019, mainly due to increased rental income[27]. - Other losses increased significantly to approximately HKD 36,571,000 for the year ended March 31, 2019, from other income of approximately HKD 13,000 for the previous year, primarily due to losses from the sale of financial assets[28]. - Administrative expenses decreased by approximately HKD 6,690,000 or about 21.8% to approximately HKD 23,955,000 for the year ended March 31, 2019, compared to approximately HKD 30,645,000 for the previous year[29]. - Financing costs increased by approximately HKD 1,839,000 or about 189.0% to approximately HKD 2,812,000 for the year ended March 31, 2019, due to increased interest expenses from loans from a related company[30]. - The group reported a loss attributable to equity shareholders of approximately HKD 19,319,000 for the year ended March 31, 2019, compared to a profit of approximately HKD 27,280,000 for the previous year[34]. Revenue Sources - Revenue from private sector projects was approximately HKD 633.1 million, accounting for about 74.4% of total revenue, while public sector projects contributed approximately HKD 217.4 million, accounting for about 25.6% of total revenue[14]. - The number of projects contributing to total revenue was 49 for the year ended March 31, 2019, compared to 51 projects for the previous year[8]. - The increase in revenue was primarily driven by five large template engineering projects awarded in early 2018, with a total contract value of approximately HKD 562.6 million[22]. - The company had 19 customers contributing to total revenue of approximately HKD 850.6 million, down from 22 customers in the previous year[18]. Market Conditions and Strategy - The company faced increased competition in the template engineering market following the completion of major infrastructure projects in Hong Kong[8]. - The company plans to expand its range of construction projects and customer base to mitigate market risks[8]. - The company continues to focus its operations primarily in the Hong Kong market[22]. Human Resources and Employment - The company employed 1,204 employees as of March 31, 2019, an increase from 1,089 employees in the previous year, with total salary costs amounting to approximately HKD 418.5 million, up from HKD 314.4 million[48]. - The company has a strategy to invest in human resources, with HKD 5.6 million utilized out of HKD 9.6 million allocated for this purpose by March 31, 2019[50]. - The group sponsors training for employees to enhance their professional skills and ensure safety on construction sites[162]. Corporate Governance - The board of directors consists of seven members, including one female member, reflecting a commitment to diversity[115]. - The board will seek re-election of directors at the upcoming annual general meeting, ensuring continuity in governance[190]. - The company has adopted a dividend policy aimed at providing stable and sustainable dividends while retaining liquidity for future growth opportunities[120]. - The board is responsible for guiding and monitoring the group's affairs, approving annual development plans and budgets, and overseeing financial and operational performance[85]. - The company ensures compliance with corporate governance codes and regularly reviews its governance policies[88]. Risk Management and Compliance - The internal control and risk management systems were reviewed and deemed reasonable and effective, with no significant control findings or weaknesses identified by the internal control review consultant[125]. - The board believes that the risk management and internal control systems are effective and adequate, providing reasonable assurance against significant misstatements or losses[127]. - The company has established procedures for handling and disseminating inside information, ensuring compliance with the listing rules[128]. Environmental and Social Responsibility - The group maintained its commitment to providing high-quality products and services during the reporting period ending March 31, 2019[142]. - The group implemented quality and environmental management systems certified to ISO 9001:2008 and ISO 14001:2004 standards[142]. - The group has a zero-tolerance policy towards forced labor and child labor, ensuring compliance with applicable laws and regulations during the reporting period[158]. - The group aims to enhance its environmental, social, and governance performance by increasing awareness of environmental protection among employees and subcontractors[172]. Board Structure and Meetings - The board consists of four executive directors and three independent non-executive directors, ensuring a high level of independence for effective decision-making[75]. - The board held a total of 4 meetings during the fiscal year ending March 31, 2019, with all directors attending all meetings[82]. - The Audit Committee, consisting of three independent non-executive directors, reviews the group's financial statements and internal control effectiveness[93]. Financial Management - The external auditor, Guowei CPA Limited, was paid a total of HKD 1,100,000 for the year ended March 31, 2019, which includes HKD 800,000 for audit services and HKD 300,000 for non-audit services[124]. - The company has received annual independence confirmations from independent non-executive directors as per listing rules[190]. - The employee and remuneration policy is detailed in the annual report, indicating a structured approach to compensation[199].