Revenue Performance - Revenue decreased by approximately 79.4 million MYR or 46.5% to about 91.3 million MYR for the six months ended December 31, 2019, compared to approximately 170.7 million MYR for the same period in 2018[20]. - Revenue from offshore construction services decreased by approximately 65.5% to about 36.1 million Ringgit for the six months ended December 31, 2019, compared to approximately 104.7 million Ringgit for the same period in 2018[21]. - Revenue from reclamation and related works accounted for about 25.2% of total offshore construction services revenue, decreasing by approximately 13.3% to about 9.1 million Ringgit[21]. - Revenue from offshore transportation services represented about 74.8% of total offshore construction services revenue, declining by approximately 71.3% to about 27.0 million Ringgit[22]. - Revenue from building and infrastructure services accounted for approximately 60.5% of total revenue, decreasing by about 16.2% to approximately 55.2 million Ringgit[25]. - For the six months ended December 31, 2019, the company reported revenue of 91,308 thousand MYR, a decrease from 170,652 thousand MYR in the same period of 2018, representing a decline of approximately 46.4%[94]. Contractual Activities - The group completed a total of 3 offshore construction contracts with an original contract value of approximately 7.8 million MYR and 5 building and infrastructure contracts with an original contract value of approximately 50.1 million MYR during the six months ended December 31, 2019[18]. - As of December 31, 2019, the group had 6 ongoing offshore construction contracts with an original contract value of approximately 500.7 million MYR and 11 ongoing building and infrastructure contracts with an original contract value of approximately 483.0 million MYR[18]. - The group submitted 1 quotation for offshore construction contracts and 10 tenders and 5 quotations for building and infrastructure contracts, with an original contract value of approximately 782.3 million MYR during the six months ended December 31, 2019[18]. - The expected total contract value for 10 submitted tenders and 6 quotations as of December 31, 2019, is approximately 1,076.1 million MYR[19]. - The group was awarded 5 contracts with an original contract value of approximately 40.4 million MYR, of which 3 were granted by new clients[19]. Financial Performance - Gross profit decreased by approximately 13.6% to about 14.6 million Ringgit, while overall gross profit margin increased from 9.9% to 16.0%[26]. - The company recorded a profit attributable to owners of approximately 4.2 million Ringgit, a decrease of about 3.1 million Ringgit compared to the previous period[34]. - The company did not recommend an interim dividend for the six months ended December 31, 2019[35]. - The company confirmed additional impairment of approximately 2.2 million Ringgit for overdue trade receivables and contract assets for the six months ended December 31, 2019[30]. - The company reported a net cash outflow from operating activities of MYR (2,221,000) for the six months ended December 31, 2019, compared to a cash inflow of MYR 8,218,000 in the same period of 2018[104]. - The company incurred a net loss of MYR 2,709,000 due to the initial application of HKFRS 9, impacting retained earnings[101]. - The company’s total comprehensive income for the period was MYR 7,073,000, compared to a loss of MYR 195,000 in the previous year[101]. Liquidity and Financial Position - As of December 31, 2019, the company had cash and cash equivalents of approximately 105.6 million Ringgit, a decrease from 114.6 million Ringgit as of June 30, 2019[38]. - The current ratio remained stable at approximately 1.7 times as of December 31, 2019, compared to 1.6 times as of June 30, 2019[39]. - The debt-to-equity ratio increased from approximately 2.1% as of June 30, 2019, to about 5.6% as of December 31, 2019, primarily due to increased bank loans and lease liabilities[39]. - The group maintained a robust liquidity position, with no significant changes in capital structure as of December 31, 2019[40]. - The company’s cash deposits with licensed banks amounted to approximately 6,964,000 LKR as of December 31, 2019, an increase from 5,593,000 LKR as of June 30, 2019[15]. Operational Challenges - The decrease in revenue was primarily due to the completion of several major contracts, which contributed significantly to the revenue for the six months ended December 31, 2018[20]. - The group faced delays in new contract commencements due to clients needing more time to obtain government approvals for offshore construction projects and changes in client design layouts[20]. - The company is focused on enhancing its operational efficiency and addressing challenges posed by adverse weather conditions and client-driven schedule changes[20]. Shareholder Information - As of December 31, 2019, major shareholders included JBB Jade Investment Limited and JBB Berlian Investment Limited, holding 36.36% and 32.25% of the issued share capital, respectively[84]. - The company maintained a sufficient public float of at least 25% of its issued shares as required by the listing rules[86]. Future Outlook - The company remains optimistic about future prospects, with no contracts canceled since the start of the fiscal year ending June 30, 2020, despite facing challenges[59]. - The Malaysian government is expected to announce a fiscal stimulus package to boost the economy and mitigate negative impacts from the pandemic and other uncertainties[59]. - The company plans to focus on existing projects in Johor Bahru while seeking new business opportunities in both public and private sectors[60]. Accounting Standards and Compliance - The group adopted new and revised Hong Kong Financial Reporting Standards effective from July 1, 2019, including HKFRS 16 on leases, which introduces a single accounting model for lessees[113]. - The initial impact of adopting HKFRS 16 resulted in adjustments to the right-of-use assets and lease liabilities as of July 1, 2019[115]. - The company recognized a lease liability of 2,486 thousand HKD as of July 1, 2019, with 1,215 thousand HKD classified as current and 1,271 thousand HKD as non-current[128]. Employee and Management Information - As of December 31, 2019, the company had approximately 74 full-time employees, a slight decrease from 76 employees as of June 30, 2019[56]. - The total remuneration for key management personnel, including executive directors, was 1,494,000 LKR for the six months ended December 31, 2019, up from 648,000 LKR in the previous year[200].

Financial Performance - The company's revenue decreased by approximately 207.9 million MYR or 38.7% to about 329.9 million MYR for the fiscal year ending June 30, 2019, compared to approximately 537.8 million MYR for the previous year due to reduced workload in offshore construction services [17]. - The net profit attributable to the company's owners for the year was approximately 19.6 million MYR, down from about 23.1 million MYR for the previous year, primarily due to the decrease in revenue and gross profit [17]. - For the fiscal year ended June 30, 2019, the group's revenue decreased by approximately 207.9 million MYR or 38.7% to about 329.9 million MYR from approximately 537.8 million MYR for the fiscal year ended June 30, 2018 [30]. - Gross profit decreased by approximately 32.6 million MYR or 45.9% to about 38.4 million MYR for the fiscal year ended June 30, 2019, from approximately 71.0 million MYR for the fiscal year ended June 30, 2018 [35]. - Overall gross profit margin decreased from 13.2% for the fiscal year ended June 30, 2018, to 11.6% for the fiscal year ended June 30, 2019 [35]. - Other income decreased to approximately 1.7 million MYR for the fiscal year ended June 30, 2019, from about 2.9 million MYR for the fiscal year ended June 30, 2018 [36]. - The net other income for the fiscal year ended June 30, 2019, was approximately 358,000 MYR, compared to a net loss of about 2.0 million MYR for the fiscal year ended June 30, 2018 [37]. - Income tax expenses decreased by approximately 4.9 million Ringgit or 38.9% to about 7.7 million Ringgit for the year ended June 30, 2019, from approximately 12.6 million Ringgit for the year ended June 30, 2018 [41]. - Profit attributable to owners of the company was approximately 19.6 million Ringgit for the year ended June 30, 2019, a decrease of about 15.2% from approximately 23.1 million Ringgit for the year ended June 30, 2018 [43]. Revenue Breakdown - Revenue from offshore construction services accounted for approximately 50.8% of total revenue for the fiscal year ended June 30, 2019, decreasing by about 291.1 million MYR or 63.4% to approximately 167.7 million MYR from about 458.8 million MYR for the fiscal year ended June 30, 2018 [31]. - Revenue from land reclamation and related works represented approximately 11.3% of total offshore construction services revenue, decreasing by about 79.3 million MYR or 80.8% to approximately 18.9 million MYR for the fiscal year ended June 30, 2019 [31]. - Revenue from offshore transportation accounted for approximately 88.7% of total offshore construction services revenue, decreasing by about 211.8 million MYR or 58.7% to approximately 148.8 million MYR for the fiscal year ended June 30, 2019 [32]. - Revenue from building and infrastructure services accounted for approximately 49.2% of total revenue, increasing by about 83.2 million MYR or 105.3% to approximately 162.2 million MYR for the fiscal year ended June 30, 2019 [34]. Contracts and Tenders - The company submitted 3 tenders and 17 quotations for offshore construction contracts, and 10 tenders and 7 quotations for building and infrastructure contracts, with a total original contract value of approximately 957.5 million MYR during the fiscal year [18]. - The company was awarded 23 contracts with an original contract value of approximately 788.6 million MYR, of which 7 contracts were awarded by new clients [18]. - Expected revenue recognition from offshore construction contracts and building and infrastructure contracts is approximately 479.4 million MYR and 307.4 million MYR, respectively, for the fiscal year ending June 30, 2019 [18]. - The company has submitted 4 tenders and 8 quotations that are pending results, with an expected contract value of approximately 706.1 million MYR [18]. Future Prospects and Strategy - The board is confident in the future prospects of offshore construction, building, and infrastructure businesses due to favorable government initiatives and the company's strengthened financial resources from the global offering [21]. - The company aims to expand its customer base and actively seek new projects in Malaysia despite the challenges posed by changing economic and political dynamics [21]. - The group anticipates challenges due to changing local and global economic conditions, but remains confident in its financial stability and future growth prospects in the construction sector [67]. - The group believes that long-term government policies on large-scale infrastructure projects will benefit its business demand [68]. Corporate Governance and Compliance - The company has implemented various corporate governance measures post-listing to ensure compliance with ethical and governance standards [22]. - The group is committed to complying with relevant laws and regulations, with no significant violations reported for the fiscal year ending June 30, 2019 [114]. - Independent non-executive directors have reviewed the compliance and execution of the non-competition agreement and found it to be adhered to by independent shareholders [191]. Shareholder Information and Dividends - The board proposed a final dividend of 0.02 Hong Kong dollars per share, totaling 10 million Hong Kong dollars, to be paid on December 13, 2019, subject to approval at the upcoming annual general meeting [44]. - The board will consider various criteria for dividend distribution, including actual and expected financial performance, overall financial condition, and future business strategies [126]. - The company retains the right to review and amend its dividend policy at any time, with no legal obligation to declare dividends [127]. - As of June 30, 2019, the reserves available for distribution to shareholders amounted to approximately 106.4 million Malaysian Ringgit [158]. Employee and Workforce Information - The group has approximately 76 full-time employees as of June 30, 2019, down from 86 in 2018 [64]. - The group reported a total of 76 employees as of June 30, 2019, down from 86 in the previous year, indicating a reduction in workforce [116]. Risk Factors - The group faced significant risks related to the ability to secure new contracts after existing ones are completed, which could impact future profitability [106]. - The group's performance is influenced by the overall economic conditions and government policies affecting the construction industry, which is cyclical in nature [110]. - The group's profitability may be adversely affected by unforeseen circumstances during contract execution, such as design changes or adverse weather conditions [108]. - The group’s revenue may significantly differ from original contract amounts due to change orders or adjustments made by clients during project execution [109]. Financial Position and Resources - As of June 30, 2019, the group had cash and cash equivalents of approximately 114.6 million Ringgit, an increase from 41.6 million Ringgit as of June 30, 2018 [46]. - The current ratio remained stable at approximately 1.6 times as of June 30, 2019, compared to 1.1 times as of June 30, 2018 [47]. - The group had bank loans of approximately 0.5 million Ringgit as of June 30, 2019, down from 0.7 million Ringgit as of June 30, 2018 [46]. - Credit risk is concentrated, with 43% of trade receivables and contract assets coming from the largest customer as of June 30, 2019, down from 69% in the previous year [54]. Investments and Subsidiaries - The group plans to establish a wholly-owned subsidiary in Hong Kong to engage in sand and gravel trading and construction business, aiming to leverage Malaysia's abundant resources and the stable demand from China and Hong Kong [68]. - The company has a joint venture, JBB Kimlun Sdn. Bhd., in which Kimlun holds 40% of the issued share capital [163]. - The company has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures as of June 30, 2019 [62]. Environmental Compliance - The group emphasizes environmental compliance and has implemented measures such as sediment curtains and air quality monitoring to ensure adherence to environmental policies [111].