Revenue and Profitability - Revenue increased by approximately HK$36.8 million, or 11.0%, from approximately HK$333.2 million in the last period to approximately HK$370.0 million in the current period[11] - Revenue from MVAC system projects accounted for approximately 83.2% of total revenue, while low voltage electrical system projects contributed 16.8% in the current period[19] - Gross profit increased by approximately HK$4.1 million, or 14.2%, from approximately HK$28.8 million for the Last Period to approximately HK$32.9 million for the Current Period[32] - Gross profit margin slightly increased by approximately 0.3 percentage points, from approximately 8.6% for the Last Period to approximately 8.9% for the Current Period[32] - Profit attributable to owners of the Company decreased by approximately HK$4.9 million or approximately 26.6%, from approximately HK$18.4 million for the Last Period to approximately HK$13.5 million for the Current Period[44] - Net profit for the period was HK$13,538,000, a decline of 26.1% from HK$18,358,000 in the prior year[120] - Basic earnings per share decreased to 3.4 HK cents, down from 4.6 HK cents in the same period of 2020[120] Project Awards and Operations - The Group was awarded 6 projects with an aggregate contract sum of approximately HK$190.7 million, primarily related to MVAC system installation[12] - The five largest projects awarded in the current period include a contract sum of HK$74.0 million for a non-residential development at Sai Wan Ho, and HK$56.4 million for a residential development at Kai Tak[15] - Major projects undertaken in the current period continued to focus on MVAC system and low voltage electrical system, reflecting a shift from 74.0% and 26.0% in the previous year[19] - The Group's revenue for the current period reflects a strong demand for E&M engineering services in both private and public sectors[10] - Future outlook indicates continued growth in revenue driven by new project awards and ongoing maintenance contracts[10] Financial Position and Liquidity - The current ratio of the Group was approximately 2.1 times as of 30 September 2021[47] - Cash and cash equivalents held by the Group were approximately HK$198.7 million as of 30 September 2021[46] - As of 30 September 2021, the Group's net current assets were approximately HK$221.9 million, a decrease from HK$232.2 million as of 31 March 2021, primarily due to the purchase of financial assets and the payment of dividends[58] - The Group maintained a strong liquidity position with cash and cash equivalents of approximately HK$198.7 million as of 30 September 2021, down from HK$236.0 million as of 31 March 2021[51] - The Group's gearing ratio was nil as of 30 September 2021, indicating no bank borrowings[57] Corporate Governance and Shareholding - The Company is committed to maintaining good corporate governance standards to enhance shareholder value[85] - The Company complied with all relevant code provisions set out in the Corporate Governance Code during the current period[86] - As of September 30, 2021, Yu Cheung Choy held a long position of 246,000,000 shares, representing approximately 61.50% of the issued share capital[93] - Lau Man Ching held a long position of 54,000,000 shares, representing approximately 13.50% of the issued share capital[93] - Other than the interests of the Directors and chief executives, no substantial shareholders had notified the Company of relevant interests or short positions in shares as of September 30, 2021[95] Cash Flow and Investments - For the six months ended September 30, 2021, the net cash used in operating activities was HK$10,483,000, a significant decrease compared to HK$40,795,000 in the same period of 2020[129] - The cash and cash equivalents at the end of the period were HK$198,671,000, compared to HK$167,975,000 at the end of the same period in 2020, indicating an increase[129] - The net cash used in investing activities was HK$10,354,000, which increased from HK$3,554,000 in the previous year[129] - The cash used in financing activities was HK$16,532,000, compared to HK$8,619,000 in the same period of 2020, indicating a higher cash outflow[129] Employee and Operational Metrics - As of September 30, 2021, the Group had a total of 187 employees, a decrease from 191 employees as of March 31, 2021[76] - Total staff costs rose to HK$45,898,000, an increase of 13.0% from HK$40,610,000 in the same period of 2020[160] Impairments and Losses - The company recognized a net impairment loss of HK$118,000 under the expected credit loss model, compared to HK$40,000 in the previous year[120] - Fair value loss on financial assets was HK$4,945,000, compared to a loss of HK$1,375,000 in the previous year, indicating a significant increase in losses[156] Dividends - A final dividend of HK$3.9 cents per ordinary share was declared and paid, totaling HK$15.6 million, compared to HK$1.7 cents per share totaling HK$6.8 million in the previous year[170][171] - The Group did not declare any interim dividend for the six months ended 30 September 2021, compared to no interim dividend declared in 2020[172]

Financial Performance - The Group recorded a revenue increase of approximately HK$139.2 million, or 24.5%, from HK$568.4 million in FY2020 to HK$707.6 million in FY2021[12]. - The profit for the Year was approximately HK$44.1 million, representing a 69.6% increase from HK$26.0 million in FY2020[13]. - Revenue from MVAC system projects contributed 81.1% of total revenue, while low voltage electrical system projects contributed 18.9%[12]. - The Group was awarded 13 MVAC system installation projects with a total contract sum of approximately HK$945.4 million during the Year[15]. - The Group was awarded 3 low voltage electrical system projects with a total contract sum of approximately HK$489.0 million, maintaining around 20% contribution to total revenue[22]. - Revenue increased by approximately HK$139.2 million, or 24.5%, from approximately HK$568.4 million for FY2020 to approximately HK$707.6 million for FY2021[34]. - The Group was awarded 16 projects in FY2021 with an aggregate contract sum of approximately HK$1,434.4 million, including 3 projects related to electrical system installation totaling approximately HK$489.0 million[35]. - The five largest projects awarded in FY2021 included an electrical system installation for a residential development at Sham Shui Po with a contract sum of HK$294.2 million[38]. - Profit attributable to owners of the Company increased by approximately HK$18.1 million, or approximately 69.6%, from approximately HK$26.0 million for FY2020 to approximately HK$44.1 million for FY2021[60]. Dividends and Shareholder Returns - The Board recommended a final dividend of HK3.9 cents per ordinary share for the Year, up from HK1.7 cents in the previous year[14]. Market Outlook and Industry Challenges - The outlook indicates opportunities arising from government infrastructure investments and initiatives like the "Land Sharing Pilot Scheme" and "Construction 2.0"[24]. - The construction and E&M engineering services industry faces challenges such as elevated competition and raw material price increases, but the demand is expected to rise due to government projects[23]. - The Hong Kong government’s infrastructure investment plans are expected to increase demand for construction and E&M engineering services in the coming years[26]. Business Strategy and Technology Adoption - The Group's business plan aims to steadily increase revenue and profit from low voltage electrical system projects[22]. - Advanced technologies like Building Information Modelling (BIM) and Modular Integrated Construction (MiC) are being promoted to improve industry productivity[24]. - Advanced technologies such as BIM and MiC are being adopted to enhance productivity in the construction industry[26]. - The Group aims to maintain stable revenue and earnings while diversifying projects and adopting a more competitive pricing strategy[28]. Financial Position and Ratios - As of March 31, 2021, the Group held cash and cash equivalents of approximately HK$236.0 million, an increase from approximately HK$139.4 million in 2020[63]. - The current ratio of the Group as of March 31, 2021, was approximately 2.1 times, down from 2.8 times in 2020[64]. - As of March 31, 2021, the Group had net current assets of approximately HK$232.2 million, an increase from HK$217.9 million in 2020, primarily due to net profit generated from operations[80]. - The Group's capital expenditures for FY2021 amounted to approximately HK$0.2 million, a decrease from HK$1.4 million in 2020, mainly for the purchase of property and equipment[82]. - Performance guarantees provided by banks in favor of the Group's customers amounted to approximately HK$155.4 million as of March 31, 2021, up from HK$121.8 million in 2020[84]. - The Group had no bank borrowings as of March 31, 2021, compared to HK$6.8 million in 2020[79]. - The Group's capital commitments related to the acquisition of property and equipment were approximately HK$0.1 million as of March 31, 2021, down from HK$0.2 million in 2020[99]. - The Group's leasehold land and buildings pledged with a bank amounted to approximately HK$18.5 million as of March 31, 2021, compared to HK$19.2 million in 2020[92]. - The Group's capital debt ratio was approximately 2.6% as of March 31, 2020, calculated based on bank borrowings divided by total equity[79]. Employee and Training Initiatives - The total number of employees increased to 191 as of March 31, 2021, from 146 in 2020[94]. - A wide spectrum of training activities is implemented for employee development, including induction programs to familiarize new employees with the Group's structure and policies[176]. - The Group provided extensive training programs for employees, including Building Information Modeling and building energy efficiency training, to enhance their skills and regulatory awareness[180]. - Employees participated in various training courses during the Year, focusing on both technical and general aspects, to support their professional growth[180]. Environmental, Social, and Governance (ESG) Initiatives - The ESG working group is responsible for collecting and analyzing internal ESG data and preparing the ESG report, ensuring compliance with relevant laws and regulations[114][116]. - A materiality assessment was conducted to identify relevant ESG issues, with key issues including air and greenhouse gas emissions, waste management, energy consumption and efficiency, and noise control[120][121]. - The Group's governance framework aligns ESG governance with strategic development, involving the Board and an ESG working group composed of senior management[111]. - Stakeholder engagement is prioritized, with communication channels established for shareholders, employees, customers, suppliers, and the community to gather feedback on ESG issues[115][118]. - The Audit Committee oversees risk management and internal control systems, ensuring that ESG risks are adequately covered and reviewed annually[109][111]. - The Group's vision focuses on sustainable business development and creating value for the environment, community, and stakeholders[111]. - Compliance with new regulatory obligations is monitored by the ESG working group, which communicates necessary actions to relevant departments[114][116]. - Key material ESG issues have been validated and linked to respective aspects and key performance indicators of the ESG Guide[122]. - The Group's commitment to social aspects includes equal opportunities, occupational health and safety, and community investment through charity support[124]. Environmental Management and Compliance - Total indirect GHG emissions for FY2021 were 72.1 tonnes CO2e, a slight decrease from 72.4 tonnes in FY2020, with emissions intensity remaining stable at 0.0038 tonnes CO2e per square foot[130][134]. - During FY2021, the Group consumed 7.2 tonnes of paper, an increase from 6.4 tonnes in FY2020, while recycling efforts resulted in 0.8 tonnes of paper recycled, down from 1.8 tonnes[139]. - The Group has implemented various energy-saving initiatives, including the use of energy-efficient appliances in offices, to manage GHG emissions[130][138]. - The Group has not identified any material non-compliance with environment-related laws and regulations in Hong Kong during the year[127]. - Stringent controls are in place for potential hazardous waste generated by subcontractors, requiring compliance with the Waste Disposal Ordinance[140]. - The Group promotes the use of environmentally friendly refrigerants and avoids ozone-depleting substances in its projects[132]. - The Group has established guidelines for subcontractors to ensure proper waste management and disposal practices[140]. - The Group's commitment to environmental management is guided by the ISO 14001:2015 and OHSAS 18001:2007 standards[130][134]. - The Group has cooperated with employees and contractors to enhance awareness of environmental protection, focusing on key areas such as GHG emissions and energy efficiency[130][134]. - The Group encourages subcontractors to use low-sulfur diesel for vehicles and conduct regular inspections to meet emission levels stipulated by law[131]. - The Group consumed 111,947 kWh of electricity in FY2021, an increase from 100,444 kWh in FY2020, reflecting business growth and increased staff numbers[144]. - The electricity consumption intensity was 5.9 kWh per square foot of office area in FY2021, up from 5.3 kWh per square foot in FY2020[147]. - The Group implemented energy-saving initiatives, including using energy-efficient appliances and encouraging employees to adopt energy-saving behaviors[148]. - The Group recycled 0.8 tons of paper in FY2021, down from 1.8 tons in FY2020, as part of its waste reduction efforts[142]. - The Group initiated a "Collection of Recycle Paper Program" to promote paper sorting and recycling in Southeast Asia[142]. - The Group established an ISO 14001:2015 accredited environmental management system to enhance environmental stewardship[153]. - The Group's energy-saving products include variable speed motors and water-cooled heat rejection systems, aimed at promoting sustainability among clients[145]. - The Group's noise control measures include using government-approved noise emission equipment and conducting regular noise tests[150]. - The Group's environmental assessments identify potential risks in workplaces and subcontractor production sites to ensure compliance with environmental commitments[155]. - The Group supports the government's environmental protection scheme on Waste Electrical and Electronic Equipment (WEEE) through proper disposal campaigns[143]. Compliance and Ethical Standards - The Group adheres strictly to the Sex Discrimination Ordinance, Disability Discrimination Ordinance, and Family Status Discrimination Ordinance in Hong Kong, with no material non-compliance cases reported during the year[159]. - The Group has established a structured recruitment and termination process to ensure fairness, with all applicants undergoing formal assessments[163]. - Employee remuneration is determined based on market levels, Group profitability, regulatory requirements, and individual performance, ensuring compliance with the Minimum Wage Ordinance and Employment Ordinance[164]. - Employees are entitled to adequate annual leave, sickness allowance, maternity and paternity leave, and rest days, promoting work-life balance[165]. - The Group has implemented a comprehensive occupational health and safety management system, accredited with OHSAS 18001:2007 certification, to ensure the safety of employees and subcontractors[169]. - Safety risk assessments are conducted before project commencement, with a dedicated safety team assigned to implement safeguards[170]. - Regular safety training is organized for employees to enhance awareness and response to emergency situations[171]. - The Group complies with statutory requirements on occupational health and safety, with no material non-compliance cases reported during the year[175]. - The Group emphasizes compliance with labor laws, reporting no cases of material noncompliance with child labor and forced labor-related laws in Hong Kong during the Year[183]. - A quality management system (QMS) has been established, accredited with ISO 9001:2015 certification, to ensure effective and reliable services[190]. - The Group has not been aware of any material non-compliance regarding service quality and data privacy-related laws in Hong Kong during the Year[193]. - An internal control system has been implemented to prevent fraud and corruption, with regular evaluations by independent advisers[194]. - The Group established a whistle-blowing mechanism to provide a confidential channel for reporting fraudulent and unethical acts[195]. - Employees are required to report any perceived or actual conflicts of interest to management to mitigate bribery risks[196]. - The Group maintained a focus on environmentally and socially responsible supply chain partners, conducting regular evaluations and inspections[185]. - There were no reported cases of material noncompliance with corruption-related laws in Hong Kong during the Year[197]. - The Group is committed to corporate social responsibility through donations, sponsorships, and voluntary commitments[198]. - Despite the challenges posed by the Covid-19 pandemic, the Group continued to participate in community events to support local initiatives[199]. - The Group appointed an employee as a speaker at a local university to share professional experiences and insights[199]. - An employee was designated as an industrial tutor at a local university to provide advice and recommendations to students[199]. - No serious violations of Hong Kong's service quality and data privacy laws were reported during the year[200].

Revenue and Profitability - Revenue increased by approximately HK$25.7 million, or 8.4%, from approximately HK$307.5 million in the last period to approximately HK$333.2 million in the current period[10] - Revenue for the six months ended September 30, 2020, increased to HK$333,205,000, up 8.3% from HK$307,523,000 in the same period of 2019[112] - Profit before taxation rose to HK$21,120,000, representing an increase of 7.7% from HK$19,615,000 in the previous year[112] - Net profit for the period was HK$18,358,000, up 12.6% from HK$16,298,000 in the same period of 2019[112] - Profit attributable to owners of the Company increased by approximately HK$2.1 million, or 12.9%, to approximately HK$18.4 million[36] - Basic earnings per share increased to 4.6 HK cents, compared to 4.1 HK cents in the previous year, reflecting a growth of 12.2%[112] Project Awards and Revenue Sources - The company was awarded 7 projects with an aggregate contract sum of approximately HK$555.1 million during the current period[11] - Revenue from MVAC system projects accounted for approximately 74.0% and low voltage electrical system projects accounted for approximately 26.0% of total revenue in the current period[18] - The largest project awarded was for MVAC system installation at a commercial development at Chek Lap Kok, with a contract sum of HK$275.0 million[14] - A residential project for MVAC system installation at Cheung Sha Wan had a contract sum of HK$152.7 million[14] - The electrical system installation project at Cheung Sha Wan had a contract sum of HK$88.8 million[14] - Revenue from the supply, installation, and maintenance of low voltage electrical systems increased by 43.3% to HK$86,556,000 compared to HK$60,356,000 in 2019[145] Financial Position and Assets - Total assets as of September 30, 2020, were HK$397,036,000, an increase from HK$340,541,000 as of March 31, 2020[114] - The Group had net current assets of approximately HK$228.8 million as of 30 September 2020, an increase from HK$217.9 million as of 31 March 2020[55][61] - The Group's trade receivables as of 30 September 2020 were HK$55,737,000, a decrease from HK$60,379,000 as of 31 March 2020, reflecting a reduction of 7.1%[179] - The Group's property and equipment and right-of-use assets amounted to HK$26,278,000 as of 30 September 2020, down from HK$28,002,000 as of 31 March 2020[148] - The Group's cash and cash equivalents were approximately HK$168 million as of 30 September 2020, an increase from HK$139.4 million as of 31 March 2020[49] Expenses and Liabilities - Gross profit decreased by approximately HK$2.0 million, or 6.5%, from approximately HK$30.8 million to approximately HK$28.8 million, with a gross profit margin decline of approximately 1.4 percentage points to approximately 8.6%[24] - Administrative expenses increased by approximately HK$1.6 million, or 14.8%, to approximately HK$12.4 million due to higher staff costs[33] - The increase in trade payables was HK$29,551,000, slightly up from HK$29,403,000 in the previous year, indicating stable supplier relationships[121] - Trade payables totaled HK$61,695,000 as of September 30, 2020, significantly higher than HK$32,144,000 as of March 31, 2020, indicating an increase of 92.0%[187] Compliance and Governance - The company maintained compliance with all relevant provisions of the Corporate Governance Code during the current period[82] - Directors confirmed compliance with the Model Code for Securities Transactions during the current period[83] - The Audit Committee consists of three independent non-executive Directors and has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2020[99] Shareholder Information - As of September 30, 2020, Yu Cheung Choy held a long position of 246 million shares, representing approximately 61.50% of the issued share capital[89] - Lau Man Ching held a long position of 54 million shares, representing approximately 13.50% of the issued share capital[89] - The Company and its subsidiaries did not purchase, sell, or redeem any of the Company's listed securities during the current period[97] Cash Flow and Investments - For the six months ended September 30, 2020, net cash from operating activities was HK$40,795,000, a decrease of 20.3% compared to HK$51,246,000 in the same period of 2019[121] - Net cash used in investing activities was HK$3,554,000, a significant decrease from HK$22,739,000 in the prior period, reflecting reduced investment outflows[121] - The company holds investments in listed bonds totaling HK$5,909,000 as of September 30, 2020, compared to HK$4,106,000 as of March 31, 2020, indicating an increase of approximately 43.9%[199]

Financial Performance - The Group recorded a revenue increase of approximately HK$172.1 million, or 43.4%, from approximately HK$396.3 million in FY2019 to approximately HK$568.4 million in FY2020[12]. - The profit for the Year was approximately HK$26.0 million, representing an increase of 14.5% or HK$3.3 million from approximately HK$22.7 million in FY2019[13]. - Revenue from MVAC system projects contributed 79.3% of total revenue, while low voltage electrical system projects contributed 20.7%[12]. - The revenue contribution from low voltage electrical system projects remained stable at around 20% from FY2019 to FY2020[22]. - Gross profit increased by approximately HK$7.2 million, or 15.1%, from approximately HK$47.6 million for FY2019 to approximately HK$54.8 million for FY2020, while gross profit margin decreased by approximately 2.4 percentage points to 9.6%[49]. - Revenue increased by approximately HK$171.2 million, or 43.4%, from approximately HK$396.3 million for FY2019 to approximately HK$568.4 million for FY2020, driven by larger average contract sizes and increased completed work[53]. Project Awards and Contracts - The Group was awarded 7 MVAC system installation projects with an aggregate contract sum of approximately HK$682.8 million during the Year[15]. - The Group was awarded 7 projects in FY2020 with an aggregate contract sum of approximately HK$682.8 million, primarily related to MVAC system installation[37]. - Two projects were awarded after FY2020 with an aggregate contract sum of approximately HK$299.6 million, also related to MVAC system installation[46]. - Major projects undertaken in FY2020 included MVAC system installations for residential and non-residential developments[41]. Strategic Plans and Market Outlook - The Group plans to adopt a more competitive pricing strategy to bid for sizable projects amidst macro-environment challenges[25]. - The Group aims to maintain stable revenue and earnings while pursuing targeted projects with reasonable profit margins[25]. - The Group intends to diversify its projects into plumbing and drainage systems and other E&M engineering services[30]. - The Hong Kong Government's infrastructure initiatives are expected to increase demand for construction and E&M engineering services in the future[24]. - The Group maintains a positive outlook for steady growth in the coming years based on its established reputation and experience in the industry[30]. Financial Position and Ratios - As of March 31, 2020, the Group's cash and cash equivalents were approximately HK$139.4 million, an increase from HK$71.3 million in FY2019[62]. - The current ratio as of March 31, 2020, was approximately 2.8 times, slightly down from 2.9 times in FY2019[63]. - The Group's gearing ratio as of March 31, 2020, was approximately 2.6%, down from 3.9% in FY2019[75]. - As of March 31, 2020, the Group's net current assets were approximately HK$217.9 million, an increase from HK$200.2 million in 2019, primarily due to net profit generated during FY2020[79]. Administrative and Tax Expenses - Administrative expenses increased by approximately HK$1.5 million, from approximately HK$19.5 million for FY2019 to approximately HK$21.0 million for FY2020[57]. - Income tax expenses increased by approximately HK$1.1 million, from approximately HK$4.6 million for FY2019 to approximately HK$5.7 million for FY2020, with an effective tax rate of approximately 18.1%[59]. Employee and Training Initiatives - The total number of employees increased to 146 as of March 31, 2020, from 120 in 2019[99]. - The Group has developed a wide range of training activities for employee development, including induction programs and external training[180]. - Employees participated in various training courses covering topics such as Building Information Modeling and building energy efficiency, contributing to their professional growth[186]. - The Group has implemented extensive training programs, including on-the-job and external training, to enhance employee performance and development[183]. Environmental, Social, and Governance (ESG) Initiatives - The ESG working group is responsible for monitoring legal updates and ensuring compliance with relevant laws and regulations[118]. - Stakeholder engagement is prioritized to understand ESG issues, with communication channels established for shareholders, employees, customers, suppliers, and the community[121]. - A materiality assessment has been conducted to identify relevant ESG issues and their significance to the Group and stakeholders[125]. - Key material ESG issues include air and greenhouse gas emissions, waste management, energy consumption, and noise control[126]. - The Group has established an ISO 14001:2015 accredited environmental management system to emphasize environmental stewardship throughout its operations[162]. Compliance and Risk Management - The audit committee is responsible for risk management and internal control systems, ensuring ESG risks are covered[115]. - The Group strictly observes relevant statutory requirements, including the Occupational Safety and Health Ordinance, with no material non-compliance reported during the year[179]. - The Group has a strict internal control system to prevent bribery and corruption, ensuring effective corporate governance[200].

Revenue and Profitability - Revenue increased by approximately HK$152.0 million, or 97.7%, from approximately HK$155.5 million in the last period to approximately HK$307.5 million in the current period[9]. - Revenue from MVAC system projects accounted for approximately 80.4% of total revenue, while low voltage electrical system projects contributed approximately 19.6% in the current period[17]. - Gross profit increased by approximately HK$15.2 million, or 97.4%, from approximately HK$15.6 million for the Last Period to approximately HK$30.8 million for the Current Period[23]. - Profit attributable to owners of the Company increased by approximately HK$10.7 million or approximately 191.1%, from approximately HK$5.6 million for the Last Period to approximately HK$16.3 million for the Current Period[35]. - Profit before taxation increased to HK$19,615,000, a rise of 191.5% from HK$6,725,000 in the previous year[129]. - Profit and total comprehensive income for the period was HK$16,298,000, compared to HK$5,611,000 in 2018, marking an increase of 189.5%[129]. - Basic earnings per share rose to 4.1 HK cents, up from 1.4 HK cents in the same period last year[129]. Project Awards and Operations - The Group was awarded 7 projects with an aggregate contract sum of approximately HK$682.8 million related to MVAC system installation during the current period[10]. - The five largest projects awarded in the current period include a residential development at Kai Tak with a contract sum of HK$235.6 million and another at the same location for HK$163.8 million[13]. - Major projects undertaken in the current period continued to focus on the supply, installation, and maintenance of MVAC systems and low voltage electrical systems[18]. - The Group was awarded 7 projects with an aggregate contract sum of approximately HK$682.8 million during the Current Period[21]. Financial Position and Cash Flow - As at 30 September 2019, the Group held cash and cash equivalents of approximately HK$136.9 million, up from HK$71.3 million as of 31 March 2019[43]. - The current ratio of the Group was approximately 2.4 times as at 30 September 2019, down from 2.9 times as of 31 March 2019[44]. - Total bank borrowings as of September 30, 2019, were approximately HK$7.7 million, a decrease from HK$9.2 million as of March 31, 2019[48]. - Net current assets increased to approximately HK$204.6 million as of September 30, 2019, from HK$200.2 million as of March 31, 2019[52]. - Operating cash flows before movements in working capital for the six months ended 30 September 2019 were HK$21,768,000, up from HK$6,984,000 in the previous year, reflecting a significant increase of approximately 211.5%[138]. - Net cash from operating activities for the six months ended 30 September 2019 was HK$51,246,000, compared to a net cash used of HK$909,000 in the same period of 2018[138]. - Cash and cash equivalents at the end of the period increased to HK$136,918,000 from HK$71,315,000 at the beginning of the period, marking a rise of approximately 92.0%[138]. Expenses and Liabilities - Administrative expenses increased by approximately HK$1.4 million, or approximately 14.9%, from approximately HK$9.4 million for the Last Period to approximately HK$10.8 million for the Current Period[32]. - Income tax expenses increased by approximately HK$2.2 million, from approximately HK$1.1 million for the Last Period to approximately HK$3.3 million for the Current Period[34]. - Current liabilities increased to HK$148,704,000 from HK$106,682,000, reflecting a rise of 39.4%[131]. - The increase in trade payables was HK$29,403,000 for the six months ended 30 September 2019, compared to an increase of HK$1,649,000 in the previous year[138]. Employee and Corporate Governance - As of September 30, 2019, the Group had a total of 136 employees, an increase from 120 employees as of March 31, 2019[79]. - The Company complied with all relevant code provisions set out in the Corporate Governance Code during the current period[90]. - Following the appointment of Dr. Law as an independent non-executive Director on November 1, 2019, the Company met the minimum requirements for independent directors[94]. - The Audit Committee consists of three independent non-executive Directors and one non-executive Director, overseeing financial integrity and controls[119]. - The Company has established an Audit Committee to ensure compliance with financial reporting and risk management standards[118]. Accounting Standards and Lease Liabilities - The Group has applied HKFRS 16 "Leases" for the first time in the current interim period, which supersedes HKAS 17 "Leases" and related interpretations[151]. - Lease liabilities are recognized at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit interest rate is not determinable[163]. - The right-of-use assets recognized upon application of HKFRS 16 totaled HK$7,619,000, reflecting the impact of the new accounting standard[197]. - The Group has applied HKFRS 16 retrospectively, recognizing additional lease liabilities and right-of-use assets equal to the related lease liabilities adjusted by any prepaid or accrued lease payments as of April 1, 2019[188]. - The cumulative effect of applying HKFRS 16 is recognized in the opening retained profits, and comparative information has not been restated[188].

Financial Performance - The Group recorded a revenue increase of approximately HK$28.4 million, or 7.7%, from approximately HK$367.9 million in FY2018 to approximately HK$396.3 million in FY2019[13]. - The profit for the Year was approximately HK$22.7 million[13]. - Gross profit decreased by approximately HK$14.7 million, or 23.6%, from approximately HK$62.3 million for FY2018 to approximately HK$47.6 million for FY2019[46]. - Gross profit margin decreased by approximately 4.9 percentage points, from approximately 16.9% for FY2018 to approximately 12.0% for FY2019[51]. - Profit attributable to owners of the Company decreased by approximately HK$12.9 million, or approximately 36.2%, from approximately HK$35.6 million for FY2018 to approximately HK$22.7 million for FY2019[58]. - The Group's revenue increased by approximately HK$28.4 million, or 7.7%, from approximately HK$367.9 million in FY2018 to approximately HK$396.3 million in FY2019[26]. - Revenue contribution from MVAC system projects was approximately 79.5%, while low voltage electrical system projects contributed approximately 20.5% for FY2019[50]. Project Awards and Contributions - The Group was awarded 23 projects with an aggregate contract sum of approximately HK$693.3 million, including 3 projects related to electrical system installation worth approximately HK$286.4 million[14]. - A key project includes a contract sum of approximately HK$214.3 million for electrical installation in a proposed residential development in Ap Lei Chau[21]. - Major projects undertaken in FY2019 contributed approximately 79.5% from MVAC system and 20.5% from low voltage electrical system[32]. - The Group has been awarded 5 additional projects post-FY2019 with an aggregate contract sum of approximately HK$283.3 million related to MVAC system installation[36]. Strategic Initiatives - The Group has adopted a more competitive pricing strategy to maintain stable revenue and earnings amid industry challenges[20]. - The Group maintains a positive outlook for steady business growth in the coming years due to its established reputation and experience in the industry[40]. - The construction industry in Hong Kong continues to expand, driven by government initiatives for public housing and infrastructure projects[37]. - The Group faces challenges such as labor shortages and intensified competition, prompting a more competitive pricing strategy for sizable projects[38]. Financial Position and Liquidity - As of March 31, 2019, the Group's capital structure included equity of approximately HK$236.9 million and bank borrowings of approximately HK$9.2 million[59]. - The Group held cash and cash equivalents of approximately HK$71.3 million as of March 31, 2019, down from HK$158.9 million in 2018[61]. - The current ratio of the Group was approximately 2.9 times as of March 31, 2019, compared to 3.0 times in 2018[62]. - The Group's gearing ratio was approximately 3.9%, a decrease from 5.3% in 2018[72][76]. - The Group reported net current assets of approximately HK$200.2 million as of 31 March 2019, up from HK$173.0 million in 2018, primarily due to net profit generated from operations[73][77]. - The Group maintains sufficient cash reserves and committed lines of funding to meet its liquidity requirements, with no significant liquidity issues reported[74]. Environmental, Social, and Governance (ESG) Initiatives - The Group has established a governance framework to align ESG governance with strategic development[115]. - The total indirect GHG emissions for FY2019 were 67.26 tonnes CO2e, an increase from 58.43 tonnes in FY2018, primarily due to the inclusion of new office areas[139]. - The GHG emissions intensity decreased to 0.004 tonnes CO2e per square foot in FY2019 from 0.005 tonnes per square foot in FY2018, reflecting energy-saving initiatives[139]. - The Group has not identified any material non-compliance with environment-related laws and regulations in Hong Kong during the year[138]. - The Group's environmental management system is aligned with ISO 14001:2015 and OHSAS 18001:2007 standards, ensuring high environmental performance[134]. - The Group has implemented a "Manual" for minimizing environmental footprint, focusing on areas such as GHG emissions, energy consumption, and waste disposal[134]. - The Group's commitment to managing long-term environmental risks includes monitoring compliance with local and international regulations[137]. - The major source of emissions is indirect GHG emissions from electricity consumption in offices, with no significant direct air emissions generated by the Group[140]. - The Group encourages subcontractors to use low-sulphur diesel and conduct regular inspections to meet emission levels stipulated by law[140]. - The Group has established engagement channels for stakeholders to provide feedback on ESG issues, enhancing transparency and accountability[131]. - The materiality assessment identified key ESG issues, including equal opportunities, occupational health and safety, and supply chain monitoring[133]. Employee Welfare and Safety - The Group emphasizes equal employment opportunities and values diversity, ensuring that recruitment and promotion decisions are based on personal capabilities without discrimination[167]. - The Group has implemented a structured recruitment and termination process to ensure fairness and compliance with the Employment Ordinance[171]. - Employee remuneration is determined based on market levels, Group profitability, regulatory requirements, and individual performance evaluations[173]. - The Group provides competitive remuneration packages and adheres to legal requirements regarding employee compensation, including the Minimum Wage Ordinance[173]. - Employees are entitled to adequate annual leave, sickness allowance, maternity and paternity leave, and reasonable working hours to promote work-life balance[174]. - The Group is committed to occupational health and safety, implementing a management system policy accredited with OHSAS 18001:2007 certification[175]. - The Group has taken measures to control and eliminate occupational health issues, prioritizing the health and safety of employees and subcontractors[175]. - The Group achieved zero injuries or fatalities among direct employees during the Year, demonstrating compliance with occupational health and safety regulations in Hong Kong[181]. - A comprehensive safety risk assessment is conducted before project commencement, with a dedicated safety team ensuring adherence to operational safety protocols[179]. - Regular safety training sessions are organized for employees, focusing on fire hazards and construction safety to enhance emergency response skills[180]. Training and Development - The Group emphasizes the importance of employee training and career development, implementing a wide range of training activities including induction programs and external training[182]. - Employees participated in various training courses covering technical and general topics, such as Building Information Modeling and professional workshops, to enhance their skills[186]. - The Group supports employees in obtaining professional qualifications to enhance their job knowledge and managerial skills[187]. Quality Management - The Group maintains a quality management system accredited with ISO 9001:2015 certification, focusing on customer experience and service quality[197]. - The Group aims to provide effective, reliable, and consistent services to meet client demands and expectations[198]. - The Group conducts periodic internal reviews and data analysis to monitor and improve the effectiveness of the quality management system[198]. - Employees receive appropriate training to enhance skills and knowledge in line with quality requirements[198]. Compliance and Data Protection - The Group adheres to six data protection principles, ensuring the protection of customer information and intellectual property rights[199]. - There were no cases of material non-compliance regarding service quality and data privacy-related laws in Hong Kong during the year[200].