Financial Performance - For the six months ended September 30, 2020, the company recorded a revenue of approximately HKD 113.4 million, an increase of about 12.4% compared to HKD 100.9 million for the same period in 2019[12]. - The gross profit for the same period was approximately HKD 2.7 million, a decrease of about 68.9% from HKD 8.7 million in the previous year, primarily due to significant losses from project changes and competitive contract pricing[13]. - The company reported a net loss attributable to equity holders of approximately HKD 6.7 million, which is a reduction of about HKD 3.4 million compared to a loss of HKD 10.1 million in the same period last year[17]. - Other income increased significantly to approximately HKD 2.3 million, up 317.6% from HKD 0.6 million, mainly due to subsidies from the Hong Kong government's employment support scheme[14]. - The company remains optimistic about future profitability, focusing on cost control and leveraging the Hong Kong government's emphasis on increasing land supply for residential and commercial projects[8]. - The company is committed to improving financial performance and maintaining its competitive position in the market despite challenges posed by the COVID-19 pandemic and economic conditions[8]. - The company reported a net loss of HKD 6,703 million for the period, compared to a loss of HKD 10,064 million in the previous year, indicating a reduction in losses[57]. - The company reported a loss attributable to equity holders of HKD 6,703,000 for the six months ended September 30, 2020, compared to a loss of HKD 10,064,000 for the same period in 2019, representing a 33.5% improvement in loss[99]. - Basic loss per share for the six months ended September 30, 2020, was HKD 0.56, compared to HKD 0.84 for the same period in 2019, indicating a reduction of 33.3%[99]. Revenue and Contracts - The company secured one new contract during the period with an original contract value of approximately HKD 44.9 million, bringing the total original contract value of ongoing projects to approximately HKD 965.8 million[10]. - The company has a contract value of approximately HKD 377.2 million with a general contractor, indicating stable business and revenue expectations moving forward[9]. - Contract revenue for the six months ended September 30, 2020, was HKD 113,424,000, representing an increase of 12.3% from HKD 100,880,000 in the same period of 2019[79]. - Revenue from private projects was HKD 93,313,000, up from HKD 79,827,000, while revenue from public projects was HKD 20,111,000, down from HKD 21,053,000[88]. Expenses and Costs - Administrative expenses decreased to approximately HKD 10.2 million, a reduction of about 48.6% from HKD 19.8 million in the previous year, primarily due to a decrease in expected credit losses[15]. - Financing costs increased slightly to approximately HKD 0.9 million, a rise of about 3.0% compared to the same period last year, attributed to a minor increase in short-term bank borrowings and lease liabilities[16]. - The total employee cost for the period was approximately HKD 32.7 million, compared to HKD 30.4 million for the same period in 2019, reflecting an increase of about 7.5%[42]. - The company reported a significant increase in subcontracting expenses, which rose to HKD 31,031,000 for the six months ended September 30, 2020, compared to HKD 21,153,000 in the same period in 2019, marking an increase of 46.7%[92]. Assets and Liabilities - As of September 30, 2020, the group reported cash and cash equivalents totaling approximately HKD 14.4 million, an increase from HKD 5.9 million as of March 31, 2020[26]. - Non-current assets increased to HKD 34,006 million from HKD 30,656 million, representing a growth of approximately 7.7%[53]. - Current assets rose to HKD 167,868 million, up from HKD 155,135 million, indicating an increase of about 8.2%[53]. - Total liabilities decreased from HKD 126,732 million to HKD 103,180 million, reflecting a reduction of about 18.6%[53]. - The company’s cash and cash equivalents at the end of the period were HKD 14,368 million, down from HKD 31,046 million, showing a decrease of about 53.8%[61]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with it, except for the separation of the roles of Chairman and CEO, which are held by Mr. Chen[172]. - The board will continue to review the separation of the Chairman and CEO roles in the future, considering the overall situation of the group[175]. - The company has engaged in related party transactions, including significant payments to related parties for management compensation and transportation services[152]. - The audit committee was established on May 14, 2018, and is responsible for reviewing financial statements and ensuring compliance with applicable accounting standards[180]. - The interim results for the group have not been audited but have been reviewed and approved by the audit committee, which confirmed adherence to applicable accounting standards and regulations[181]. Future Outlook - The company plans to focus on expanding its market presence and enhancing its service offerings in the foundation engineering sector[66]. - The group has planned to acquire additional machinery and equipment with a budget of HKD 39.996 million, which has been fully utilized[39]. - The group aims to enhance its workforce with a planned budget of HKD 14 million, of which HKD 11.686 million has been utilized, leaving HKD 2.314 million unspent[39].

Financial Performance - For the fiscal year ending March 31, 2020, the company reported revenue of approximately HKD 213.1 million, a decrease of about HKD 186.9 million or 46.7% compared to approximately HKD 400.0 million for the previous year[8]. - The company recorded a gross profit of approximately HKD 16.0 million, an improvement from a gross loss of approximately HKD 42.4 million in the previous year[14]. - The total loss attributable to equity holders of the company was approximately HKD 25.7 million, a decrease from approximately HKD 68.3 million for the year ended March 31, 2019, mainly due to reasons discussed in the business review and outlook section[20]. - Basic and diluted loss per share improved to HKD 2.15 from HKD 5.97, showing a decrease in loss per share by 64.0%[191]. - Total revenue for the year ended March 31, 2020, was HKD 213,121,000, a decrease from HKD 400,056,000 in the previous year, representing a decline of 46.8%[191]. - The gross profit for the year was HKD 16,033,000, compared to a gross loss of HKD 42,388,000 in the previous year, indicating a significant improvement[191]. - The net loss attributable to equity holders for the year was HKD 25,746,000, down from HKD 68,283,000 in the previous year, reflecting a reduction in losses by 62.2%[191]. Project and Contract Management - The company secured 10 new contracts during the period, with a total original contract value of approximately HKD 345.6 million, while completing 12 projects with an original contract value of approximately HKD 635.2 million[12]. - As of March 31, 2020, the company had 30 projects on hand, including ongoing and awarded but not yet started projects, with a total original contract value of approximately HKD 969.9 million[12]. - For the year ended March 31, 2020, the group recognized construction contract revenue and costs of approximately HKD 213,121,000 and HKD 197,088,000 respectively[172]. - As of March 31, 2020, the group recorded contract assets and liabilities of HKD 109,159,000 and HKD 2,717,000 respectively[172]. Financial Position and Liquidity - As of March 31, 2020, the group had total cash and cash equivalents of approximately HKD 7.4 million, down from approximately HKD 23.8 million as of March 31, 2019, primarily due to operating expenses[22]. - The group's debt-to-equity ratio was approximately 59.2% as of March 31, 2020, compared to approximately 32.7% as of March 31, 2019, mainly due to increased bank borrowings for working capital[22]. - The company's equity attributable to equity holders decreased to HKD 77,180,000 from HKD 102,926,000, a decline of 25.0%[194]. - Total assets as of March 31, 2020, were HKD 103,180,000, a decrease from HKD 108,925,000 in the previous year, representing a decline of 5.3%[194]. - Total liabilities decreased to HKD 26,000,000 from HKD 32,000,000, indicating a reduction of 18.8%[194]. Cost Management and Expenses - Administrative expenses for the period amounted to approximately HKD 24.5 million, a decrease of about HKD 4.3 million or 14.8% compared to approximately HKD 28.8 million in the previous year[17]. - The total employee cost, including director remuneration, was approximately HKD 65.3 million, down from approximately HKD 101.9 million for the year ended March 31, 2019[38]. - The group's financing costs reached approximately HKD 2.0 million, an increase of about HKD 0.9 million or 78.3% compared to approximately HKD 1.1 million for the year ended March 31, 2019, primarily due to increased bank borrowings for working capital[19]. Strategic Outlook and Industry Position - The company remains optimistic about the construction industry in Hong Kong, focusing on business expansion and creating greater value for shareholders[8]. - The company plans to implement appropriate actions to improve future financial performance and will focus on cost control[11]. - The impact of COVID-19 has caused delays in project timelines and increased costs due to extended labor requirements[11]. - The company acknowledges the ongoing search for new land by the Hong Kong government for residential and commercial development projects[8]. Governance and Compliance - The company has adhered to all applicable corporate governance codes since its listing, with minor deviations noted in the corporate governance report[101]. - The company has established three committees: the audit committee, nomination committee, and remuneration committee, to enhance governance practices[130]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a diverse range of business experience and expertise[123]. - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring compliance with governance standards[125]. Risk Management and Internal Controls - The company has engaged an external independent consultant to review the effectiveness of its risk management and internal control systems, with recommendations being implemented in phases to enhance internal controls[151]. - The assessment of expected credit losses involves significant management judgment and estimation, which has been identified as a key audit matter[176]. - The directors are responsible for assessing the group's ability to continue as a going concern and disclosing relevant matters[180]. Sustainability and Community Engagement - The company is committed to sustainability by using energy-efficient and environmentally friendly materials in its construction projects[103]. - The group is committed to sustainable development and has implemented policies to minimize the environmental impact of its business activities[163]. - The company is actively involved in community activities and aims to reduce its environmental impact through various initiatives[103].

Financial Performance - The group recorded revenue of approximately HKD 100.9 million for the six months ended September 30, 2019, a decrease of approximately HKD 158.9 million or 61.2% compared to HKD 259.8 million for the same period in 2018[11]. - Gross profit for the same period was approximately HKD 8.7 million, down by approximately HKD 19.5 million or 69.3% from HKD 28.2 million in 2018, with a gross margin of about 8.6% compared to 10.9% in the previous year[13]. - The group reported a loss attributable to equity holders of approximately HKD 10.1 million, a decrease of approximately HKD 17.6 million from a profit of HKD 7.5 million in the same period of 2018[17]. - Revenue for the six months ended September 30, 2019, was HKD 100,880 thousand, a decrease of 61.2% compared to HKD 259,775 thousand for the same period in 2018[51]. - Gross profit for the same period was HKD 8,651 thousand, down from HKD 28,206 thousand, reflecting a significant decline in profitability[51]. - The net loss attributable to equity holders for the period was HKD 10,064 thousand, compared to a profit of HKD 7,457 thousand in the previous year[51]. - The company reported a basic and diluted loss per share of HKD 0.84, compared to earnings per share of HKD 0.68 in the prior year[51]. Contracts and Projects - The group secured 7 new contracts with a total original contract value of approximately HKD 334.6 million during the six months ended September 30, 2019[10]. - As of September 30, 2019, the group had 34 projects on hand, with a total original contract value of approximately HKD 1,358.8 million[10]. - The group has entered into a contract with a main contractor for a project valued at approximately HKD 220.8 million, which is expected to stabilize business and revenue[9]. - The group's contract revenue for the six months ended September 30, 2019, was HKD 100,880,000, a decrease of 61.2% compared to HKD 259,775,000 for the same period in 2018[97]. Financial Position - As of September 30, 2019, the group had cash and cash equivalents totaling approximately HKD 32.5 million, an increase from HKD 23.8 million as of March 31, 2019[24]. - Total borrowings as of September 30, 2019, amounted to approximately HKD 51.0 million, up from HKD 33.6 million as of March 31, 2019[24]. - The group's debt-to-equity ratio was approximately 54.9% as of September 30, 2019, compared to 32.7% as of March 31, 2019[24]. - Total assets as of September 30, 2019, amounted to HKD 185,567 thousand, an increase from HKD 172,106 thousand as of March 31, 2019[53]. - Current liabilities increased to HKD 115,285 thousand from HKD 86,513 thousand, indicating a rise in short-term financial obligations[53]. - The company’s equity attributable to equity holders decreased to HKD 92,862 thousand from HKD 102,926 thousand, reflecting the impact of the loss for the period[53]. Expenses and Costs - Administrative expenses increased to approximately HKD 19.8 million, up by approximately HKD 1.0 million or 5.6% from HKD 18.8 million in the previous year[15]. - Financing costs rose to approximately HKD 0.9 million, an increase of approximately HKD 0.3 million or 41.2% compared to HKD 0.6 million in 2018[16]. - The total employee cost for the six months ended September 30, 2019, was approximately HKD 30.4 million, down from HKD 50.2 million for the same period in 2018[39]. - Employee costs, including directors' remuneration, amounted to HKD 30,447,000 for the six months ended September 30, 2019, down from HKD 50,215,000 in 2018[104]. Cash Flow - Operating cash flow for the six months ended September 30, 2019, was HKD 264,000, compared to a cash outflow of HKD 46,044,000 in the same period of 2018[58]. - Net cash used in operating activities was HKD (292,000) for the six months ended September 30, 2019, compared to HKD (46,044,000) in 2018[58]. - Net cash used in investing activities was HKD (4,418,000) for the six months ended September 30, 2019, compared to HKD (1,643,000) in 2018[58]. - Net cash from financing activities was HKD 13,467,000 for the six months ended September 30, 2019, compared to HKD 82,041,000 in 2018[58]. - Cash and cash equivalents at the end of the period were HKD 32,546,000, down from HKD 45,349,000 at the end of the same period in 2018[58]. Assets and Liabilities - The present value of lease liabilities was HKD 7,723,000 as of September 30, 2019, compared to HKD 7,144,000 on March 31, 2019, showing an increase of about 8%[140]. - The total trade and other payables reached HKD 64,930,000 as of September 30, 2019, compared to HKD 52,497,000 on March 31, 2019, representing an increase of approximately 24%[133]. - Trade payables rose to HKD 23,455,000 as of September 30, 2019, up from HKD 20,545,000 on March 31, 2019, representing an increase of approximately 9%[133]. - The total contract liabilities increased from HKD 3,865,000 on March 31, 2019, to HKD 4,292,000 as of September 30, 2019, reflecting a growth of approximately 11%[128]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with it, except for the separation of the roles of Chairman and CEO, which are held by the same person[160]. - The audit committee has been established in accordance with the listing rules and corporate governance code, consisting of three independent non-executive directors[171]. - The interim financial results for the six months ended September 30, 2019, have been reviewed and approved by the audit committee, ensuring compliance with applicable accounting standards[172]. - The company confirms that it has maintained sufficient public float as required by the listing rules as of September 30, 2019[168]. Shareholding and Related Party Transactions - As of September 30, 2019, Mr. Chan held 900 million shares, representing 75% of the company's equity[156]. - Oriental Castle Group Limited, the direct shareholder of the company, is beneficially owned by Mr. Chan and Ms. Chu, holding 90% and 10% respectively[159]. - Significant related party transactions included transportation expenses for construction waste disposal amounting to HKD 1,935 thousand, a decrease of 85% from HKD 13,366 thousand in the previous year[149].

Financial Performance - The group reported revenue of approximately HKD 400.0 million for the year, an increase of about HKD 32.8 million or 8.9% compared to approximately HKD 367.2 million for the previous year[6]. - The group recorded a gross loss of approximately HKD 42.4 million for the year, compared to a gross profit of approximately HKD 40.7 million in the previous year[13]. - Other income for the year was approximately HKD 6.2 million, a decrease of about HKD 1.0 million or 13.4% compared to approximately HKD 7.1 million in the previous year[15]. - The net loss attributable to equity holders for the year was HKD 68,283 thousand, a significant decline from a profit of HKD 16,049 thousand in 2018[178]. - Basic and diluted loss per share was HKD (5.97), compared to earnings of HKD 1.78 per share in the previous year[178]. - The group's administrative expenses reached approximately HKD 30.5 million, an increase of about HKD 5.0 million or 19.5% compared to the previous year[16]. - Financing costs amounted to approximately HKD 1.1 million, an increase of about HKD 0.4 million or 48.3% due to increased bank borrowings for operations[17]. - The company reported a distributable reserve of approximately HKD 53,677,000 as of March 31, 2019, compared to none in 2018[53]. Operational Highlights - The group has uncompleted contract amounts of approximately HKD 359.1 million at the end of the reporting period, indicating stable operational scale[6]. - The group secured 7 new contracts during the year with a total original contract value of approximately HKD 390.0 million[11]. - The increase in revenue was primarily due to significant contributions from projects located at Lung Cheung Road and Tai Po, which contributed approximately HKD 164.5 million[12]. - The group completed 9 projects with a total original contract value of approximately HKD 185.0 million during the year[11]. - The group plans to acquire new machinery to meet the increasing demand in the construction industry[95]. - The group is aware of the ongoing demand for residential and commercial buildings, which is expected to continue growing[95]. Cost Management - The board plans to implement appropriate measures to control costs and improve financial performance due to the unsatisfactory financial results[10]. - The group will continue to focus on cost control to enhance financial performance in light of the challenges faced[10]. - Total employee costs, including director remuneration, were approximately HKD 101.9 million, compared to approximately HKD 68.0 million in the previous year[34]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions since the listing date, except for a deviation regarding the roles of the Chairman and CEO[116]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a diverse range of business experience and expertise[119]. - The audit committee held two meetings during the year, with all members attending both meetings[130]. - The company has established three committees: the audit committee, nomination committee, and remuneration committee, with specific members assigned to each[127]. - The company has adopted a nomination policy to identify and assess candidates for board membership based on various criteria including reputation and industry experience[135]. Risk Management - The company has engaged an external independent consultant to review the effectiveness of its risk management and internal control systems, with recommendations being implemented in phases[144]. - The board believes that the risk management and internal control systems remain effective for the current year[144]. Shareholder Information - The company did not declare a final dividend for the year[38]. - The company has a dividend policy aimed at allowing shareholders to share in profits while retaining sufficient reserves for future growth[136]. - The board will consider the group's overall financial condition, capital and debt levels, and future cash needs when deciding on dividend payments[137]. Related Party Transactions - The company has complied with the applicable disclosure requirements regarding related party transactions under the Listing Rules[84]. - There were no significant transactions, arrangements, or contracts related to the company's business involving directors or controlling shareholders during the year[65]. Audit and Financial Reporting - The independent auditor has audited the consolidated financial statements for the year and is eligible for reappointment at the upcoming annual general meeting[96]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in Hong Kong dollars (HKD), rounded to the nearest thousand[198]. - The consolidated financial statements include the financial statements of the company and its subsidiaries for the year ended March 31[199].