Financial Performance - Revenue for the six months ended September 30, 2022, was HK$341,637,000, a decrease of 12.7% compared to HK$391,463,000 for the same period in 2021[7] - Gross profit for the period was HK$41,410,000, down from HK$72,615,000 in the previous year, reflecting a gross margin decline[7] - Profit for the period from continuing operations was HK$11,313,000, significantly lower than HK$35,160,000 in the prior year, indicating a decline of 67.8%[7] - The company reported a profit attributable to owners of the Company of HK$16,661,000, compared to a loss of HK$11,531,000 in the previous year[7] - Earnings per share from continuing operations was HK$0.03, down from HK$0.07 in the same period last year[9] - The consolidated profit attributable to the owners of the Company from continuing operations amounted to approximately HK$16.7 million for the Period, a decrease of 54.5% compared to approximately HK$36.6 million for the 2021 Corresponding Period[177] Comprehensive Income - Total comprehensive expense for the period amounted to HK$3,095,000, compared to a total comprehensive expense of HK$23,782,000 in the previous year[9] - The company experienced a loss for the period attributable to non-controlling interests of HK$5,348,000[7] - The company reported a loss for the period of HK$11,531,000, which impacted the total comprehensive income[18] Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$1,024,356,000, an increase from HK$878,864,000 as of March 31, 2022, reflecting a growth of approximately 16.5%[11] - Total liabilities increased to HK$369,146,000 from HK$254,226,000, representing a significant rise of approximately 45.2%[13] - The Group's total liabilities reached HK$527,502,000 as of September 30, 2022, compared to HK$403,693,000 as of March 31, 2022, indicating a growth of 30.7%[72] - Total bank and other borrowings stood at HK$77,018,000 as of September 30, 2022, up from HK$58,820,000 as of March 31, 2022, reflecting a rise of approximately 31%[132] Cash Flow - For the six months ended September 30, 2022, the net cash from operating activities was HK$733,000, compared to a net cash used of HK$38,829,000 in the same period of 2021[23] - The net cash used in investing activities was HK$31,168,000, while in the previous year, it was a net cash inflow of HK$32,077,000[23] - The total cash and cash equivalents at the end of the period were HK$146,333,000, an increase from HK$116,531,000 at the end of the previous period[23] Segment Information - Revenue from construction under foundation and other civil works was HK$267,142,000, down from HK$337,010,000, representing a decline of 20.7%[38] - Revenue from tunneling works increased by approximately 34.8%, from HK$54.5 million in the 2021 Corresponding Period to approximately HK$73.4 million for the Period[164] - The segment profit for the same period was HK$41,410, with HK$49,611 from foundation and civil works, a loss of HK$1,924 from tunneling works, and a loss of HK$6,277 from premises revitalization[52] Expenses - Administrative and other expenses totaled HK$36,463,000, an increase from HK$29,526,000 in the previous year[7] - Employee benefits expenses for the Group amounted to approximately HK$85.9 million during the period, compared to approximately HK$89.2 million in the corresponding period of 2021[195] Market Strategy - The company is focusing on market expansion and new product development strategies to improve future performance[6] Discontinued Operations - The breeding, sales, and trading of aquatic products segment was discontinued on January 28, 2022, and is not included in the reported segment information[48] - The loss from the discontinued operation, BGI Marine, for the period was HK$56,936,000[93] Government Support - The company received government subsidies amounting to HK$33,218,000 during the financing activities[23] Shareholder Information - Mr. Jim holds 201,250,000 shares, representing a 40.25% interest in a controlled corporation[199] - Mr. Chui is a beneficial owner of 148,750,000 shares, representing a 29.75% interest[200]

Financial Performance - The Group recorded consolidated revenue from continuing operations of approximately HK$736.0 million, representing a decrease of 14.8% from the previous year[20]. - Gross profit from continuing operations amounted to HK$103.9 million, an increase of 4.1% compared to the previous year[20]. - Profit attributable to owners of the Company from continuing operations was HK$34.6 million, a decrease of 57% from the previous year[20]. - Earnings per share from continuing and discontinued operations was HK$0.08, down from HK$0.10 in the previous year[20]. - For the 2022 Financial Year, the revenue from continuing operations decreased to approximately HK$736.0 million, a decrease of 14.8% compared to HK$863.9 million in the previous year[36][39]. - Revenue from the foundation and other civil works segment decreased by approximately 22.8% from HK$769.4 million in 2021 to approximately HK$594.3 million in 2022, primarily due to project completions and the impact of COVID-19[51]. - Revenue from the tunneling works segment increased by approximately 50.0% to approximately HK$141.7 million in 2022, driven by the full swing of several projects commenced in the previous year[52]. - The overall gross profit increased from approximately HK$99.8 million in 2021 to approximately HK$103.9 million in 2022, representing an increase of approximately 4.1%[53]. - The consolidated profit attributable to the owners of the Company from continuing operations decreased by 56.5% to approximately HK$34.6 million for the 2022 Financial Year, down from approximately HK$79.5 million in 2021[70][71]. - Return on total assets decreased to 3.9% for the 2022 Financial Year from 8.2% in the previous year, while return on equity fell to 7.3% from 20%[72]. Contracts and Projects - The Group was awarded 15 contracts with original contract sums totaling HK$922.5 million, with outstanding contract value of approximately HK$906.9 million as of March 31, 2022[21]. - The Group was awarded 15 contracts with original contract sums of approximately HK$922.5 million, including 12 contracts for foundation works totaling approximately HK$501.8 million and 3 contracts for tunneling works totaling approximately HK$420.7 million[40][46]. - As of March 31, 2022, the Group had 26 major contracts on hand with an outstanding contract value in Hong Kong amounting to approximately HK$906.9 million, an increase from HK$586.2 million as of March 31, 2021[41][46]. - As of March 31, 2022, 79.9% of the apartments in the Birmingham Property Project have been sold, contributing approximately HK$3.6 million to profits for the financial year[15]. - The share of profits from the Birmingham Property Project for the 2022 Financial Year was approximately HK$3.6 million, with 79.9% of the 304 residential apartments sold[34]. Strategic Initiatives - The Group has diversified into premises revitalization and enhancement business through cooperation agreements in Guangzhou, a first-tier city in China[14]. - The Group has entered into four cooperation agreements for premises revitalization in Guangzhou, with an estimated total gross leasable area of approximately 76,000 square meters after renovation[33][43]. - The Group plans to enhance its premises revitalization and enhancement business by improving design, convenience, and security, while introducing environmentally friendly features[44]. - The Group disposed of its aquatic products business to improve overall liquidity and profitability[16]. - The disposal of BGI Marine is part of the Group's strategy to streamline operations and focus on core business areas[94]. Financial Position - The Group maintains a healthy financial position with net current assets of HK$241.8 million and a net cash position at the financial year end[20]. - As of March 31, 2022, the Group had bank balances and cash of approximately HK$161.4 million, up from HK$71.1 million a year earlier[76][82]. - The Group's current ratio improved to approximately 2.6 times as of March 31, 2022, compared to 1.4 times in the previous year[78]. - Capital expenditure for the Group was approximately HK$43.5 million in the 2022 Financial Year, an increase from approximately HK$40.7 million in 2021[73][74]. - Capital commitments related to renovation work and machinery purchases amounted to approximately HK$41.2 million as of March 31, 2022, significantly up from HK$4.4 million in 2021[79][83]. Governance and Compliance - The Company has complied with the corporate governance code provisions during the 2022 Financial Year, maintaining high standards of accountability and transparency[99]. - The Board comprises nine members, including five Executive Directors, one Non-executive Director, and three Independent Non-executive Directors, ensuring a balance of skills and experience relevant to the Group's business[104]. - The Chairman and Chief Executive Officer roles are segregated, with Mr. Jim Yin Kwan Jackin serving as Chairman and Mr. Yan Chi Tat as Chief Executive Officer, ensuring effective leadership and management[108]. - The Company has arranged Directors and Officers Liability Insurance to protect against legal actions related to the execution of their duties[106]. - The Audit Committee consists of three Independent Non-executive Directors as of March 31, 2022[122]. Risk Management - The internal control and risk management systems aim to provide reasonable assurance in achieving the Company's objectives[199]. - The Group has engaged an external internal control consultant to review the effectiveness of its internal control and risk management systems[200]. - The Audit Committee oversees the internal control and risk management systems and reports any material issues to the Board[200]. - The Company does not have an internal audit function but relies on external consultants for internal control reviews[200]. Dividend Policy - The Company has adopted a Dividend Policy, allowing the Board to declare and distribute dividends at its discretion, subject to applicable laws and regulations[192]. - The Board will consider various factors, including the Group's financial performance and economic outlook, when declaring dividends[193]. - No interim dividends were paid during the 2022 Financial Year, and the Board does not recommend a final dividend for the same period, consistent with the previous year[95].

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$475,436,000, a decrease of 5.0% from HK$500,729,000 in the same period of 2020[7] - Gross profit increased to HK$81,954,000, up 58.9% from HK$51,526,000 year-on-year[7] - The company reported a loss before taxation of HK$16,449,000 compared to a profit of HK$13,378,000 in the previous year[7] - Total comprehensive expense for the period was HK$23,782,000, compared to a comprehensive income of HK$11,041,000 in the same period last year[9] - The loss attributable to owners of the company was HK$11,531,000, while the total loss for the period was HK$21,776,000[9] - Basic and diluted loss per share was HK$0.02, compared to earnings of HK$0.04 per share in the previous year[9] - Administrative and other expenses increased to HK$58,372,000 from HK$51,718,000, reflecting a rise of 12.8%[7] - Other income and gains decreased to HK$10,120,000 from HK$26,948,000, a decline of 62.5%[7] Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$1,041,055,000, an increase from HK$1,005,965,000 as of March 31, 2021, reflecting a growth of approximately 3.5%[11] - Current assets increased to HK$560,442,000 from HK$460,793,000, representing a rise of about 21.6%[11] - Net current assets improved to HK$224,240,000, up from HK$131,836,000, indicating a significant increase of approximately 70%[11] - Total equity reached HK$492,387,000, compared to HK$443,809,000, marking an increase of around 10.9%[13] - Non-current liabilities totaled HK$212,266,000, up from HK$193,199,000, indicating an increase of about 9.9%[13] - The company’s goodwill and other intangible assets decreased significantly, with goodwill dropping to zero from HK$8,242,000[11] Cash Flow - For the six months ended September 30, 2021, net cash used in operating activities was HK$38,829,000, compared to a cash inflow of HK$35,445,000 in the same period of 2020[19] - Net cash from investing activities was HK$32,077,000, a significant recovery from a cash outflow of HK$39,220,000 in the prior year[19] - New bank borrowings raised amounted to HK$72,360,000, while repayments to bank and other borrowings totaled HK$65,254,000, resulting in a net cash inflow from financing activities of HK$51,695,000[19] - The total cash and cash equivalents at the end of the period reached HK$116,531,000, up from HK$41,502,000 at the end of the same period last year[19] - The company reported a net increase in cash and cash equivalents of HK$44,943,000, compared to an increase of HK$9,764,000 in the previous year[19] Revenue Segmentation - Construction revenue from foundation and other civil works was HK$337.0 million, down 8.5% from HK$368.4 million year-on-year[60] - Revenue from tunneling works was HK$54.5 million, a decrease of 12.4% compared to HK$62.2 million in the previous year[60] - Sales of aquatic products, including fish, crabs, and shrimps, totaled HK$80.4 million, with a notable decline in sales of fish from HK$44.0 million to HK$34.1 million[60] - Revenue from research and development services was HK$3.6 million, with no revenue reported in the previous year[60] - The total revenue from contracts with customers for the six months ended September 30, 2021, was HK$475.4 million, with HK$83.9 million recognized at a point in time and HK$391.5 million recognized over time[60] Impairment and Expenses - Impairment losses of non-current assets amounted to HK$9,789,000, indicating a significant write-down[7] - Research and development expenses recognized as an expense amounted to HK$10,222,000, up 44.5% from HK$7,052,000 in the prior period[100] - Employee benefits expenses totaled HK$100,889,000, a decrease of 4.5% from HK$105,529,000 in the previous year[100] - Total impairment losses on non-current assets were HK$9,789,000, with no losses reported in the same period last year[100] Shareholder Information - The weighted average number of ordinary shares for the purpose of basic loss earnings per share remained constant at 500,000,000 shares for both periods[110] - No dividends were paid or proposed during the six months ended September 30, 2021, consistent with the previous year[113] Strategic Focus - The company plans to focus on market expansion and new product development to improve future performance[7] - The budgeted growth rates for revenue have been revised to 7-8% due to the impact of the COVID-19 pandemic[128] Geographic Operations - The company operates in Hong Kong, the PRC, and the Philippines, with revenue reported based on the location of operations[86] - Revenue from external customers in Hong Kong was HK$385,094,000, down 8.7% from HK$421,870,000 year-on-year[88] - Revenue from the PRC was HK$83,973,000, an increase of 19.7% compared to HK$70,139,000 in the previous year[88] Inventory and Biological Assets - As of September 30, 2021, the Group's live fish inventory decreased to 44,663 kg from 148,064 kg as of March 31, 2021, representing a decline of approximately 69.9%[139] - The breeding stock of live fish also saw a significant reduction, dropping to 12,800 kg from 60,405 kg, a decrease of about 78.8%[139] - The total biological assets at the end of the financial period were valued at HK$4,901,000, down from HK$11,406,000, indicating a decrease of about 57.1%[144] Financing and Borrowings - Total bank borrowings decreased from HK$134,868,000 as of 31 March 2021 to HK$121,549,000 as of 30 September 2021, a decline of about 9.8%[175] - Other borrowings increased significantly from HK$18,963,000 as of 31 March 2021 to HK$30,719,000 as of 30 September 2021, an increase of approximately 61.9%[175] - The Group obtained new borrowings of approximately HK$62,562,000 during the six months ended September 30, 2021, compared to HK$87,597,000 for the same period in 2021[181] Equity Transactions - The Group's equity interest in Shenzhen Huahong was diluted from 100% to 70% following an additional capital contribution of approximately HK$72,360,000 (equivalent to RMB60,000,000) by an independent investor[191] - On August 31, 2021, the Group disposed of 70% equity interest in Shenzhen Huahai for a cash consideration of approximately HK$1 (equivalent to RMB1), resulting in the loss of control over Shenzhen Huahai[195]

Financial Performance - The Group recorded a consolidated revenue of approximately HK$1,056.5 million, representing an increase of 7.8% from the previous year[12]. - Gross Profit amounted to HK$120.6 million, an increase of 10.0% compared to the previous year[12]. - Profit attributable to owners of the Company was HK$49.3 million, reflecting a significant increase of 100.6% from the previous year[12]. - Earnings per share for the 2021 Financial Year was HK$0.10, up from HK$0.05 in the previous year[12]. - Other income and gain for the 2021 Financial Year amounted to HK$46.1 million, compared to HK$45.8 million for the 2020 Corresponding Year, with subsidies from the PRC and Hong Kong Government contributing approximately HK$27.2 million[37]. - Selling and distribution expenses increased to HK$25.5 million in 2021 from HK$21.2 million in 2020, primarily due to higher wages, transportation fees, and storage expenses related to diversifying emerging channels[37]. - Administrative and other expenses decreased to HK$105.0 million in 2021 from HK$110.4 million in 2020, mainly due to reduced corporate expenses from global lockdowns caused by COVID-19[37]. - Finance costs rose to approximately HK$10.2 million in 2021 from approximately HK$7.6 million in 2020, attributed to an increase in average interest rates on bank and other borrowings[37]. - Income tax expenses increased by approximately HK$0.4 million from approximately HK$6.2 million in 2020 to approximately HK$6.6 million in 2021, resulting from an increase in operating profit[41]. - The consolidated profit attributable to the owners of the Company for the 2021 Financial Year was approximately HK$49.3 million, representing an increase of 100.6% compared to HK$24.6 million in the 2020 Corresponding Year[44]. Business Operations - The Group was awarded 12 contracts with original contract sums totaling HK$553.8 million, with an outstanding contract value of approximately HK$586.2 million as of March 31, 2021[13]. - The construction industry in Hong Kong is less affected by the current economic environment, supported by the government's expansionary fiscal measures[14]. - The Group is cautiously optimistic about the construction market in the medium to long term due to ongoing infrastructure investments[14]. - The Group has diversified its business into sub-leasing by entering cooperation agreements for premises in Guangzhou[10]. - The Birmingham Property Project has seen 74.3% of its 304 residential apartments sold, contributing approximately HK$19.0 million to profits[10]. - Revenue from the foundation and other civil works segment increased by approximately 10.0% from HK$699.3 million in 2020 to HK$769.4 million in 2021[27]. - Revenue from the tunneling works segment amounted to approximately HK$94.5 million, representing an increase of approximately 13.2% from the previous year[27]. - The Group's principal activities include foundation and civil works, tunneling works in Hong Kong and overseas, and R&D, breeding, and trading of aquatic products in the PRC[178]. Financial Position - The Group maintained a healthy financial position with net current assets of HK$131.8 million and a net cash position at the financial year end[12]. - As of March 31, 2021, the Group had bank balances and cash of approximately HK$71.1 million, an increase from HK$31.1 million as of March 31, 2020[44]. - The Group's current ratio as of March 31, 2021 was approximately 1.4 times, compared to 1.3 times as of March 31, 2020[44]. - The gearing ratio as of March 31, 2021 was approximately 65.9%, up from 53.1% as of March 31, 2020[44]. - Capital expenditure for the Group was HK$40.7 million in the 2021 Financial Year, down from HK$64.5 million in the 2020 Corresponding Year[44]. Risk Factors - The Group's financial performance is subject to risks related to price fluctuations of construction materials and the availability of quality materials meeting required standards[183]. - The construction business is inherently subject to claims and disputes regarding work quality, timely completion, and labor compensation, which can adversely affect the Group's reputation and financial results[184]. - The Group's operations are affected by unforeseen ground conditions, which may lead to cost overruns if customers do not agree to compensate for additional costs incurred[186]. - The Group must comply with environmental regulations in jurisdictions such as Hong Kong, the PRC, and the Philippines, and any changes in these regulations may negatively impact operations and financial results[186]. - The outbreak of COVID-19 or other natural disasters may severely restrict economic activity in Hong Kong and China, potentially having a material adverse effect on the Group's business and financial results[195]. Corporate Governance - The Company has adopted the CG code under Appendix 14 to the Listing Rules and complied with it during the 2021 Financial Year[53]. - The Board comprises eight members, including five Executive Directors and three Independent Non-executive Directors as of March 31, 2021[59]. - The Board has established the Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the Company's affairs[72]. - The Chairman and Chief Executive Officer roles are segregated, with Mr. Jim Yin Kwan Jackin as Chairman and Mr. Yan Chi Tat as CEO[62]. - The Company has arranged Directors and Officers Liability Insurance for legal actions against Directors and management[61]. - The Board is responsible for formulating group policies and monitoring internal controls and performances[63]. - The Company Secretary ensures compliance with corporate governance and board procedures, having taken relevant professional training[138]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[142]. - All board members and external auditors attended the 2020 AGM to address shareholder questions, with resolutions approved by poll voting[143]. - The company maintains a website for posting announcements, financial information, and other relevant data for shareholders and investors[144]. - Shareholders holding at least 10% of the paid-up capital can requisition an extraordinary general meeting within two months of deposit[145]. - Shareholders can send inquiries to the board via post or email, and the board will respond as soon as possible[148]. Management and Leadership - The Group's management team includes professionals with advanced degrees in engineering and business, enhancing its strategic capabilities[153]. - The Group's leadership includes founders with extensive industry experience, ensuring continuity and expertise in strategic decision-making[150]. - The Group's Chief Financial Officer, Mr. Chong, also serves as company secretary for China Partytime Culture Holdings Limited, listed on the Stock Exchange since May 2015[173]. - The management team is committed to maintaining high standards in project management and operational oversight[173]. - The Group's leadership includes individuals with significant experience in both local and international markets, supporting strategic growth initiatives[173].

Revenue Performance - Revenue for the six months ended September 30, 2020, was HK$500.73 million, an increase of 21% from HK$413.85 million in the same period of 2019[7]. - The Group's total revenue for the six months ended September 30, 2020, was HK$500.7 million, representing an increase of 20.97% compared to HK$413.8 million for the same period in 2019[39]. - Revenue from foundation and other civil works amounted to HK$368.4 million, up from HK$312.1 million in the previous year, reflecting a growth of 18.06%[39]. - Revenue from tunneling works was HK$62.2 million, compared to HK$44.0 million in the prior year, indicating a significant increase of 41.14%[39]. - The sales of aquatic products, including fish, crabs, and shrimps, generated revenue of HK$70.0 million, which is an increase from HK$25.6 million in the previous year[39]. - Revenue from external customers in Hong Kong was HK$421,870,000, while the PRC contributed HK$70,139,000, and the Philippines added HK$8,720,000, showing a diversified revenue stream[63]. Profitability - Gross profit decreased to HK$51.53 million, down 24% from HK$67.98 million year-on-year[7]. - Profit for the period was HK$9.42 million, a significant decline of 68% compared to HK$29.55 million in the previous year[7]. - Total comprehensive income for the period was HK$11.04 million, down from HK$20.27 million in the same period last year[9]. - Basic and diluted earnings per share were HK$0.04, compared to HK$0.06 in the previous year[9]. - Segment profit for the foundation and civil works was HK$35,323,000, while tunneling works generated a profit of HK$10,849,000, and aquatic products contributed HK$8,011,000, totaling HK$54,183,000 in segment profit[51]. - Profit before taxation for the six months ended September 30, 2020, was HK$13,378,000, compared to HK$35,427,000 for the same period in 2019, indicating a decrease of approximately 62.3%[52][63]. Expenses - Administrative and other expenses increased to HK$51.72 million, up from HK$48.27 million in the previous year[7]. - Selling and distribution expenses rose to HK$15.31 million, compared to HK$9.86 million in the same period of 2019[7]. - Research and development expenses increased significantly to HK$7,052,000 from HK$1,074,000, marking a rise of approximately 553.5%[71]. - Employee benefits expenses rose to HK$105,529,000 from HK$82,103,000, reflecting an increase of approximately 28.5%[71]. - Interest expenses on borrowings increased to HK$4,655,000 from HK$2,022,000, which is an increase of about 130.5%[69]. Assets and Liabilities - As of September 30, 2020, total assets amounted to HK$522,361,000, an increase of 5.5% from HK$495,096,000 as of March 31, 2020[11]. - Current assets increased significantly to HK$141,721,000, up 15.4% from HK$122,785,000 as of March 31, 2020[11]. - Non-current assets rose to HK$317,100,000, reflecting a growth of 5.8% compared to HK$299,638,000 as of March 31, 2020[11]. - Total liabilities as of September 30, 2020, were HK$443,370,000, an increase from HK$409,684,000 as of March 31, 2020[58]. - Current liabilities increased to HK$380,640,000, compared to HK$372,311,000 as of March 31, 2020[11]. Cash Flow - Net cash from operating activities for the six months ended 30 September 2020 was HK$35,445,000, compared to a net cash used of HK$29,575,000 in the same period of 2019[28]. - Net cash used in investing activities amounted to HK$39,220,000, an increase from HK$33,889,000 in the prior year[28]. - Financing activities generated net cash of HK$13,539,000, a decrease from HK$71,853,000 in the previous year[28]. - The total cash and cash equivalents at the end of the reporting period were HK$41,502,000, down from HK$78,698,000 at the end of the previous period[28]. Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[7]. - The Group intends to use genetic modification for biosynthetic exploration to provide new solutions for drug source bottlenecks and to invest in the research and development of marine functional products and innovative drugs[158]. - The Group is actively expanding its aquatic products business by entering into letters of intent for strategic cooperation with parties possessing extensive resources in various coastal provinces in the PRC[161]. Market and Operational Insights - The Group operates in three geographical locations: Hong Kong, the PRC, and the Philippines, indicating a broad operational footprint[61]. - The Group's biological assets included 31,965 kg of live fishes, down 51.9% from 66,420 kg as of 31 March 2020[99]. - The Group's breeding stock of live crabs increased significantly to 45,606 kg as of 30 September 2020, compared to 5,476 kg as of 31 March 2020[99]. - The Group faced risks from environmental changes and commodity prices, prompting diversification of farm locations to mitigate adverse climatic conditions[100]. Financial Position - The Group's current ratio as of 30 September 2020 was approximately 1.4 times, compared to 1.3 times as of 31 March 2020[186]. - The gearing ratio as of 30 September 2020 was approximately 52.2%, down from 53.1% as of 31 March 2020[186]. - The Group has pledged assets totaling approximately HK$28.1 million to secure banking facilities, an increase from HK$26.9 million as of March 31, 2020[191].

義合控股有限公司 Yee Hop Holdings Limited (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：1662 Antone mma HITTH 2019/20 ANNUAL REPORT 年 報 咖啡 分子育種技術 Molecular breeding omanboomdanaaloomaboomboomaboomaboomaloomaloo Contents 目錄 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------|-------|------------------------------------------------------------------| | | | | | | 2 | Corporate Information 公司資料 | 68 | Consolidated Statemen ...

Financial Performance - Revenue for the six months ended September 30, 2019, was HK$413,845,000, an increase from HK$310,974,000 in the same period of 2018, representing a growth of 33.2%[7] - Gross profit for the period was HK$67,977,000, compared to HK$64,628,000 in the previous year, indicating a slight increase of 5.3%[7] - Profit for the period attributable to owners of the Company was HK$29,054,000, down from HK$32,115,000 in the prior year, reflecting a decrease of 9.6%[7] - Total comprehensive income for the period was HK$20,274,000, compared to HK$27,754,000 in the same period last year, a decline of 26.9%[7] - Basic and diluted earnings per share remained stable at HK$0.06 for both periods[7] Expenses and Costs - Administrative and other expenses totaled HK$48,273,000, an increase from HK$25,615,000 in the previous year, showing a rise of 88.1%[7] - Finance costs for the period were HK$2,284,000, compared to HK$967,000 in the previous year, indicating an increase of 136.5%[7] - Income tax expense for the period was HK$5,876,000, a decrease from HK$6,732,000 in the prior year, reflecting a reduction of 12.7%[7] Assets and Liabilities - As of September 30, 2019, total assets amounted to HK$487,859,000, an increase of 20.8% from HK$403,921,000 as of March 31, 2019[9] - Net current assets increased to HK$136,243,000, compared to HK$134,941,000 as of March 31, 2019, reflecting a slight growth of 1%[9] - The company's net assets reached HK$394,835,000, up from HK$358,492,000, representing a growth of 10.1%[11] - Current liabilities increased to HK$351,616,000 from HK$268,980,000, representing a rise of 30.7%[9] - Total liabilities as of September 30, 2019, were HK$393,239,000, compared to HK$310,292,000 as of March 31, 2019, indicating an increase of approximately 26.7%[67] Cash Flow - For the six months ended September 30, 2019, net cash used in operating activities was HK$ (29,575,000), a significant decrease compared to HK$ 98,957,000 in the same period of 2018[20] - Net cash used in investing activities amounted to HK$ (33,889,000), compared to HK$ (28,926,000) in the prior year, indicating increased investment outflows[20] - Financing activities generated net cash of HK$ 71,853,000, a substantial increase from HK$ 10,155,000 in the previous year, primarily due to new bank borrowings raised of HK$ 91,800,000[20] Revenue Segmentation - Revenue from construction under foundation and other civil works was HK$312.095 million, while tunneling works generated HK$23.976 million, indicating strong performance in civil engineering projects[50] - Revenue from sales of aquatic products, including fish, crabs, and shrimps, totaled HK$77.774 million, contributing significantly to the overall revenue[51] - Revenue from external customers in Hong Kong was HK$320,481,000, while revenue from the PRC was HK$77,774,000, and from the Philippines was HK$15,590,000[71] Biological Assets - The carrying value of biological assets was HK$57,807,000, up from HK$32,054,000 as of March 31, 2019, indicating an increase of 80%[117] - The quantity of live crabs owned by the Group significantly increased to 124 tons as of September 30, 2019, up from 20 tons as of March 31, 2019, marking a growth of 520%[113] - The Group's biological assets increased due to purchases and breeding, with an addition of HK$45,028,000 during the reporting period[117] Employee and Operational Metrics - Employee benefits expenses, including directors' emoluments, increased to HK$82,103 for the six months ended September 30, 2019, from HK$71,144 in the same period of 2018, reflecting a rise of approximately 15%[85] - As of September 30, 2019, the Group had 427 employees in Hong Kong, 160 in the Philippines, and 148 in Shenzhen, showing an increase in Hong Kong (6% from 403) and the Philippines (125% from 71), while a decrease in Shenzhen (9% from 162)[198] Strategic Developments - The Group expanded its foundation and civil works to the Philippines and completed the acquisition of 70% share capital in SZ BGI[158] - The Group is committed to developing the entire industry chain of aquatic organisms through its investment in SZ BGI[161] - The Group has executed four letters of intent for strategic cooperation, including collaborations with Shanghai Pudong Agricultural Development and investments in marine organism research centers[166]

Financial Performance - The Group recorded consolidated revenue of approximately HK$600.3 million, representing an increase of 11.3% from the previous year[14]. - Gross profit amounted to HK$116.3 million, an increase of 34.4% compared to the previous year[14]. - Profit attributable to owners of the Company was HK$41.1 million, reflecting a 36.1% increase from the previous year[14]. - Earnings per share were HK$0.08 for the 2019 Financial Year, up from HK$0.06 in the previous year[14]. - The Group's revenue for the 2019 Financial Year increased to approximately HK$600.3 million, representing an 11.3% increase from HK$539.3 million in the previous year[33]. - Revenue from foundation and other civil works increased by HK$50.7 million, an increase of 11.2%, while tunneling works revenue rose by HK$1.7 million, a 2.0% increase[33]. - The consolidated profit attributable to the owners of the Company for the 2019 Financial Year was approximately HK$41.1 million, representing an increase of 36.2% compared to approximately HK$30.2 million for the 2018 Corresponding Year[60]. - The Group incurred capital expenditure of HK$36.0 million for the 2019 Financial Year, a significant increase from HK$9.8 million in the 2018 Corresponding Year[62]. - Income tax expenses increased by approximately HK$4.7 million to approximately HK$10.5 million for the 2019 Financial Year, due to an increase in operating profit[60]. Contracts and Projects - The Group successfully secured 14 contracts with original contract sums totaling HK$574.2 million, with an outstanding contract value of approximately HK$1,011.3 million as of March 31, 2019[15]. - The Birmingham Property Project consists of 304 residential apartments, with about 41.8% pre-sold, expected to be completed by 2020[12]. - The Group was awarded 14 contracts with an original contract sum of approximately HK$574.2 million, all for foundation works in Hong Kong[34]. - As of March 31, 2019, the Group had 21 major contracts on hand with an outstanding contract value of approximately HK$1,011.3 million[34]. - The Group has diversified its operations into the Philippines for site foundation works and is seeking direct cooperation with mining companies[11]. Financial Position - The Group maintained a healthy financial position with net current assets of HK$134.9 million and a net cash position at the financial year end[14]. - As of 31 March 2019, the Group had bank balances and cash of approximately HK$73.2 million, up from approximately HK$46.2 million as of 31 March 2018[62]. - The Group's current ratio decreased to approximately 1.5 times as of 31 March 2019, down from 2.8 times as of 31 March 2018[62]. - The Group's net current assets as of 31 March 2019 were approximately HK$134.9 million, a decrease from approximately HK$179.2 million as of 31 March 2018[62]. - The gearing ratio as of 31 March 2019 was approximately 14.2%, compared to 6.8% as of 31 March 2018[62]. Safety and Compliance - The Group maintained accident rates at construction sites lower than the industry average, reflecting its commitment to safety[46]. - The Group received multiple awards for site safety and health practices during the 2019 Financial Year, recognizing its efforts in maintaining high safety standards[46]. - The Group has implemented management and quality assurance standards in accordance with ISO 9001, ISO 14001, and ISO 50001[156]. - The Group has engaged external consultants for annual reviews of its internal control and risk management systems[154]. - The Board considers that proper internal control and risk management systems are effectively implemented[155]. Corporate Governance - The Group's management is committed to enhancing corporate governance practices to improve accountability and transparency[86]. - The Board of Directors confirmed compliance with the Model Code for securities transactions during the 2019 Financial Year[89]. - The Company has arranged Directors and Officers Liability Insurance to cover legal actions against Directors and management in relation to their duties[92]. - The roles of the Chairman and the Chief Executive Officer are segregated, with Mr. Jim Yin Kwan Jackin as Chairman and Mr. Yan Chi Tat as Chief Executive Officer[94]. - The Audit Committee consists of three Independent Non-executive Directors, with Mr. Lee Luk Shiu as the Chairman, and has held three meetings during the reporting period[102][105]. Employee and Management - The Group's employee remuneration expense and Directors' emoluments amounted to approximately HK$165.3 million for the 2019 Financial Year, an increase from HK$130.2 million in the 2018 Corresponding Year[75]. - As of 31 March 2019, the Group employed 403 employees in Hong Kong, 71 in the Philippines, and 162 in Shenzhen, showing significant growth in workforce compared to the previous year[75]. - The executive directors have extensive experience in the engineering and construction industry, with Mr. Jim Yin Kwan Jackin having over 30 years[179][180]. - The management team includes members with advanced degrees in engineering and business, ensuring a high level of expertise in strategic decision-making[185][188][196]. Shareholder Relations - The Group emphasizes effective communication with shareholders to enhance investor relations and transparency[166]. - All resolutions proposed at the 2018 AGM were approved by poll, with results published on the Stock Exchange and Company websites[167]. - Shareholders holding at least 10% of the paid-up capital can requisition an extraordinary general meeting[169]. - Shareholders can send inquiries to the Board via the head office or email[173]. Strategic Direction - The Group aims to maintain its foundation and tunneling business as its core operations while diversifying its business spectrum and broadening its revenue base[40]. - The Group's management will continue to strengthen its position in the industry by increasing management staff and improving operational efficiency[83]. - The planned use of net proceeds included expanding capacity in foundation and tunneling businesses, with HK$62.8 million and HK$30.3 million allocated respectively[83].