Revenue and Financial Performance - The Group recorded an increase in revenue from vessel chartering services, driven by major marine construction projects and short-term marine services projects[15]. - The Group's total revenue increased by approximately 60.9%, from approximately HK$226,194,000 for the year ended 31 March 2021 to approximately HK$364,005,000 for the year ended 31 March 2022[28]. - Revenue from the Group's vessel chartering and related services increased by approximately 68.4%, from approximately HK$200,850,000 to approximately HK$338,265,000 during the same period[28]. - The Group's gross profit increased by approximately 54.9%, from approximately HK$60,242,000 to approximately HK$93,310,000, with a slight decrease in gross profit margin from approximately 26.6% to approximately 25.6%[35]. - The Group's profit attributable to owners increased by approximately 63.1%, from approximately HK$25,020,000 for the year ended 31 March 2021 to approximately HK$40,803,000 for the year ended 31 March 2022[53]. - Basic earnings per share attributable to owners increased from approximately HK2.50 cents for the year ended 31 March 2021 to approximately HK4.08 cents for the year ended 31 March 2022[53]. - The proposed final dividend is HK2.0 cents per ordinary share, totaling HK$20,000,000, an increase from HK$13,000,000 in the previous year[53]. Operational Overview - The Group's fleet consists of 45 self-owned vessels and additional vessels chartered from third-party suppliers[21]. - The Group provided vessel chartering services primarily to marine construction contractors for significant projects, including the Three-Runway System project and Integrated Waste Management Facilities Phase 1 project[23]. - The Group has over 20 years of operating history in maritime services, focusing on vessel chartering and ship management[21]. - The Group's services include time charter, voyage charter, and related services such as crew provision and maritime consultation[21]. - The Group aims to develop new customer sources for vessel chartering services to meet increasing demand in the future[15]. - The management expects steady demand for vessel chartering and related services due to ongoing marine construction projects initiated by the Hong Kong government[26]. Cost and Expenses - The cost of revenue increased by approximately 63.1%, from approximately HK$165,952,000 to approximately HK$270,695,000, mainly due to increased vessel chartering costs and subcontracting fees[34]. - Other income decreased by approximately 92.1%, from approximately HK$10,743,000 to approximately HK$851,000, due to the absence of government grants[39]. - Administrative expenses increased by approximately 10.5%, from approximately HK$36,793,000 to approximately HK$40,666,000, attributed to higher business development expenses and professional fees[44]. - The Group's income tax expenses were approximately HK$10,242,000, with an effective tax rate of approximately 18.2%[47]. Corporate Governance - The Company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices[77]. - The Company emphasizes transparency and accountability in its corporate governance framework[77]. - The Board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a strong independence element[82]. - The Board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the Company's affairs[101]. - The Company has adopted a "Board Diversity Policy" to enhance the quality of its performance through a diverse Board[109]. - The Company believes that having the chairman and chief executive officer roles vested in the same person is beneficial for management[87]. Risk Management and Internal Control - The Board concluded that the Group's risk management and internal control systems are effective and adequate, with ongoing evaluations conducted by external professionals[122]. - Senior management is tasked with designing, implementing, and maintaining effective risk management and internal control systems[125]. - The Company has developed a risk management process to identify, evaluate, and manage significant risks, with senior management responsible for the annual risk reporting process[127]. - The Company has adopted an Inside Information Disclosure Policy to ensure full, accurate, and timely information dissemination to shareholders and the public[129]. Environmental, Social, and Governance (ESG) Performance - The ESG report covers the Group's performance in Environmental and Social aspects from April 1, 2021, to March 31, 2022[149]. - Key performance indicators (KPIs) have been established to measure and compare the Group's ESG performance[151]. - The materiality assessment process involved key stakeholders to identify and prioritize ESG material issues crucial for sustainable development[153]. - The Group conducts annual inspections of its vessel fleet to ensure safety and compliance with applicable laws and regulations[165]. - The Group integrates sustainability considerations into its decision-making processes for ongoing business operations[163]. - The Group aims to enhance its ESG performance and management of ESG-related risks for future business development[160]. Stakeholder Engagement - Stakeholder engagement includes regular meetings, questionnaires, and written communication with investors, shareholders, employees, customers, and suppliers[151]. - The Group maintains close communication with stakeholders to gather feedback on its ESG approach and performance[160]. - The Company aims to enhance investor relations through effective communication and ongoing dialogue with shareholders[146].

Revenue and Profitability - For the six months ended 30 September 2021, the Group's total revenue increased by 45.2% to approximately HK$145,531,000 from approximately HK$100,198,000 in the corresponding period last year[5]. - The Group's gross profit increased by approximately 18.3% to around HK$31,607,000, while the gross profit margin decreased by approximately 5.0 percentage points to about 21.7%[5]. - The increase in revenue was attributed to services rendered to major marine construction projects and other short-term marine services[5]. - The Group's profit attributable to owners increased by approximately 25.4%, from approximately HK$10,389,000 to approximately HK$13,033,000, with basic earnings per share rising from approximately HK1.04 cent to approximately HK1.30 cent[8]. - Profit before taxation increased to HK$18.6 million, up from HK$15.3 million in the prior year, representing a 22% growth[57]. - The profit for the period was HK$13,033,000, compared to HK$80,268,000 for the same period last year, indicating a decrease of approximately 83.8%[64]. Costs and Expenses - The cost of revenue rose by approximately 55.0% to about HK$113,924,000, primarily due to increased vessel chartering expenses payable to third-party vessel suppliers[5]. - Administrative expenses increased by approximately 9.3%, from approximately HK$15,774,000 to approximately HK$17,241,000, mainly due to increased staff costs and business development expenses[6]. - Finance costs decreased from approximately HK$52,000 to approximately HK$35,000, attributed to the recognition of interest on lease liabilities[6]. - The Group recognized nil impairment loss for trade receivables during the period, compared to HK$800,000 in the same period of 2020[134]. Assets and Liabilities - The Group had net current assets of approximately HK$135,401,000 as at 30 September 2021, with a current ratio decreasing from approximately 5.6 to approximately 3.6[9]. - The Group's gearing ratio was nil as at 30 September 2021, indicating no non-trade debt[9]. - The Group's trade and other receivables increased by approximately 2.7%, from approximately HK$74,834,000 to approximately HK$76,821,000[8]. - Total assets less current liabilities amounted to HK$254,141,000, an increase from HK$250,074,000 as of March 31, 2021, representing a growth of approximately 1.3%[62]. - The net cash from operating activities for the six months ended 30 September 2021 was HK$34,160,000, compared to HK$15,762,000 for the same period in 2020, indicating a significant increase of 116.5%[70]. Strategic Outlook and Investments - The Group expects steady growth in demand for vessel chartering and related services due to ongoing marine construction projects in Hong Kong[3]. - The Group plans to continue investing in its vessel fleet to capture business opportunities arising from marine construction projects[3]. - The company has allocated HKD 10 million for research and development in innovative maritime solutions for 2021[16]. - The Company plans to set up a shipyard in Hong Kong with a budget of HK$22 million, expected to be fully utilized by 2022[38]. Shareholder Information and Dividends - The board of directors has approved a dividend payout of HKD 0.05 per share, reflecting a 10% increase from the previous year[17]. - The Group declared a final dividend of HK1.3 cents per share, totaling HK$13,000,000, compared to HK$5,000,000 in the previous year[120]. Market and Competitive Position - The Group provided vessel chartering services mainly to marine construction contractors involved in significant projects such as the Three-Runway System at Hong Kong International Airport[3]. - The company is expanding its market presence by entering two new regional markets in Southeast Asia by the end of 2021[16]. - A strategic acquisition of a local competitor is planned, which is anticipated to enhance market share by 15%[16]. Financial Performance Metrics - The Group recorded other gains of approximately HK$3,607,000 for the Period, compared to approximately HK$1,000 for the corresponding period last year[6]. - The Group's identifiable non-current assets are principally located in Hong Kong, with no geographical segment information presented due to the concentration of revenue sources[105]. - The Group's share of results from associates amounted to HK$290, with other income reported at HK$390 and other gains and losses totaling HK$3,607[91].

Financial Performance - The Group recorded an increase in revenue from vessel chartering services, driven by demand from major marine construction projects[7]. - The Group's total revenue increased by approximately 11.7%, from approximately HK$202,418,000 for the year ended 31 March 2020 to approximately HK$226,194,000 for the year ended 31 March 2021[16]. - Revenue from vessel chartering and related services rose by approximately 13.4%, from approximately HK$177,194,000 to approximately HK$200,850,000, primarily due to major marine construction projects[19]. - Gross profit increased by approximately 16.7%, from approximately HK$51,608,000 to approximately HK$60,242,000, with stable gross profit margins[22]. - Other income surged by approximately 464.2%, from approximately HK$1,904,000 to approximately HK$10,743,000, mainly due to government grants related to COVID-19[23]. - The Group's profit attributable to owners increased by approximately 157.9%, from approximately HK$9,700,000 for the year ended 31 March 2020 to approximately HK$25,020,000 for the year ended 31 March 2021[34]. - Basic earnings per share attributable to owners increased from approximately HK0.97 cent for the year ended 31 March 2020 to approximately HK2.50 cents for the year ended 31 March 2021[34]. Operational Strategy - The Group aims to continue developing new customer sources for vessel chartering services to meet increasing demand[7]. - The Group's efforts in expanding its fleet are aimed at satisfying future demand for vessel chartering services[7]. - The Group is focused on maintaining its leading position in the industry while exploring new project opportunities[7]. - The Group plans to continue investing in its vessel fleet to capture emerging business opportunities in marine construction[17]. Corporate Governance - The Company is committed to high corporate governance standards, adopting the principles of the Corporate Governance Code as a framework[58]. - The independent non-executive directors provide independent judgment on the group's strategy, performance, resources, and conduct standards, contributing to corporate governance[51]. - The Company has maintained a robust corporate governance framework, ensuring compliance with relevant regulations and guidelines[60]. - The Board of Directors is responsible for major policy matters, strategies, budgets, internal control, risk management, and significant operational matters of the Company[73]. - The Company encourages Directors to participate in continuous professional development to keep their knowledge and skills updated[75]. Risk Management - The Company has developed a risk management process to identify, evaluate, and manage significant risks, with senior management responsible for the annual risk reporting process[99]. - Risks are evaluated based on the severity of their impact on the Company's financial results and the probability of occurrence[99]. - The Group continues to review the need for an internal audit function annually, assessing its effectiveness through the Audit Committee[92]. Environmental, Social, and Governance (ESG) Initiatives - The Group is committed to environmental sustainability and adheres to all relevant local laws and regulations regarding environmental protection and pollution control[128]. - The Group's Board is fully responsible for the ESG strategy and reporting, ensuring close monitoring of daily operations and ESG performance[125]. - The Group integrates sustainability considerations into its decision-making processes to minimize business, environmental, and social risks[125]. - The Group's commitment to ESG is reflected in its proactive approach to stakeholder feedback and continuous improvement[124]. Employee Management - The Group had a total of 208 employees as of March 31, 2021, all of whom were full-time employees from Hong Kong[166]. - The overall employee turnover rate was 16%, a reduction of 15 percentage points compared to the last Reporting Period[181]. - The Group emphasizes a competitive compensation and benefits package, including annual leave, sick leave, and mandatory provident fund[178]. - The Group conducts exit interviews to understand reasons for employee turnover and address concerns of existing employees[182]. Safety and Compliance - Regular safety training is conducted for crew members, including fire safety and sea rescue simulator training[199]. - The Group has established in-house emergency procedures and fire precautions on vessels[198]. - No non-compliance with relevant laws and regulations affecting employee safety and occupational health was identified during the reporting period[192].

Financial Performance - For the six months ended 30 September 2020, the Group's total revenue slightly decreased to approximately HK$100,198,000 from approximately HK$100,225,000 for the corresponding period last year[5]. - The Group's gross profit decreased by approximately 2.9%, from approximately HK$27,516,000 to approximately HK$26,716,000, with a gross profit margin decrease of approximately 0.8 percentage points to approximately 26.7%[5]. - The Group's profit attributable to owners increased by approximately 18.0%, from approximately HK$8,805,000 to approximately HK$10,389,000 for the Period[9]. - Basic earnings per share increased from approximately HK$0.88 to approximately HK$1.04 for the Period[9]. - Profit before taxation increased to HK$15,289,000, compared to HK$10,707,000 in the previous year, representing a growth of 42.5%[68]. - Total comprehensive income for the period was HK$13,579,000, up from HK$9,333,000, marking a significant increase of 45.0%[68]. - Profit for the period attributable to owners of the Company increased to HK$10,389,000, representing a 17.9% increase from HK$8,805,000 in the same period last year[131]. Revenue Sources - For the six months ended 30 September 2020, the Group's revenue primarily derived from vessel chartering and related services, as well as ship management services[97]. - Revenue from vessel chartering and related services was HK$87,470,000, down 0.2% from HK$87,644,000 in the previous year[110]. - Revenue from ship management services increased by 1.2% to HK$12,728,000 from HK$12,581,000 in 2019[110]. - The Group's revenue is entirely derived from customers located in Hong Kong, with no geographical segment information presented[112]. Cost and Expenses - The Group's cost of revenue increased by approximately 1.1%, from approximately HK$72,709,000 to approximately HK$73,482,000, mainly due to increased staff costs and depreciation expenses[5]. - Administrative expenses decreased by approximately 19.5%, from approximately HK$19,590,000 to approximately HK$15,774,000, mainly due to reduced Directors' remuneration and public relations expenses[7]. - Staff costs rose significantly to HK$40,674,000, up from HK$29,622,000, indicating a 37.3% increase year-on-year[127]. - The Group's income tax expense for the current period was HK$1,710,000, a decrease from HK$1,374,000 in the previous year[123]. Government Support and Grants - Other income increased by around 401.3%, from approximately HK$1,053,000 to approximately HK$5,279,000, including government grants of HK$4,554,000 related to COVID-19 subsidies[5]. - The Group confirmed government subsidies related to Covid-19 amounting to HK$4,554,000, of which HK$4,145,000 is related to the Employment Support Scheme[119]. - The Group has received approval for the second tranche of the Employment Support Scheme (ESS), amounting to HK$2,247,000[12]. Assets and Liabilities - Non-current assets increased to HK$99,011,000 from HK$86,465,000, reflecting a growth of 14.5%[70]. - Current assets decreased to HK$158,718,000 from HK$165,320,000, a decline of 4.0%[70]. - The Group's trade and other receivables decreased by approximately 0.2%, from approximately HK$53,007,000 to approximately HK$52,898,000[9]. - The total number of shares held by Kitling (BVI) Limited is 558,858,750, which is a significant portion of the company's total share capital[24]. Corporate Governance - The company has complied with the Corporate Governance Code during the six months ended September 30, 2020, except for the separation of the roles of chairman and CEO[54]. - The Board consists of two executive directors and three independent non-executive directors, ensuring a strong element of independence[54]. - The report indicates a stable governance structure with independent directors overseeing the company's strategic decisions[18]. Cash Flow and Financing - The net cash from operating activities for the six months ended September 30, 2020, was HK$15,762,000, compared to HK$4,864,000 in the previous year, indicating a significant increase of approximately 224.5%[80]. - The total cash used in investing activities was HK$10,307,000 for the six months ended September 30, 2020, compared to cash used of HK$16,369,000 in the same period of 2019, indicating a reduction in cash outflow[80]. - For the six months ended September 30, 2020, the net cash used in financing activities was HK$5,018,000, compared to a net cash inflow of HK$1,023,000 in the same period of 2019[84]. Shareholder Information - As of September 30, 2020, the company has a significant shareholding structure with Mr. Wen Tsz Kit Bondy and Ms. Chan Sau Ling Amy holding 55.89% of the shares through Kitling (BVI) Limited, which represents 558,858,750 shares[20]. - The entire share capital of Kitling (BVI) is owned 70% by Mr. Wen and 30% by Ms. Chan, indicating a controlled corporation structure[24]. - The company has not received notifications of any other interests or short positions in shares that would require disclosure under the Securities and Futures Ordinance[26]. Operational Insights - The Group expects the demand for vessel chartering and related services to increase steadily due to several high-profile marine construction projects initiated by the Hong Kong government[3]. - The Group will continue to invest in its vessel fleet to capture business opportunities arising from these marine construction projects[3]. - The Group's operating segments are classified into (i) Vessel chartering and related services and (ii) Ship management services, focusing on the types of services provided[97].

Financial Performance - The Group recorded an increase in revenue from vessel chartering services, driven by major marine construction projects[7]. - The Group's total revenue increased by approximately 11.8%, from approximately HK$181,010,000 for the year ended 31 March 2019 to approximately HK$202,418,000 for the year ended 31 March 2020[15]. - Revenue from vessel chartering and related services rose by approximately 13.6%, from approximately HK$155,954,000 to approximately HK$177,194,000, primarily due to increased services for major marine construction projects[15]. - The Group's profit attributable to owners decreased by approximately 17.5%, from approximately HK$11,753,000 for the year ended 31 March 2019 to approximately HK$9,700,000 for the year ended 31 March 2020[39]. - Basic earnings per share decreased from approximately HK1.43 cents for the year ended 31 March 2019 to approximately HK0.97 cent for the year ended 31 March 2020[39]. Cost and Expenses - The Group's cost of revenue increased by approximately 18.9%, from approximately HK$126,855,000 to approximately HK$150,810,000, mainly due to higher staff costs from an increased number of crew and wage levels[20]. - Gross profit decreased by approximately 4.7%, from approximately HK$54,155,000 to approximately HK$51,608,000, with gross profit margin declining by approximately 4.4 percentage points to approximately 25.5%[20]. - Other income decreased by approximately 17.5%, from approximately HK$2,308,000 to approximately HK$1,904,000, mainly due to the non-recurring nature of prior service income[21]. - Administrative expenses rose by approximately 71.8%, from approximately HK$25,901,000 to approximately HK$44,492,000, attributed to increased Directors' remuneration and business development expenses[23]. Investments and Acquisitions - The Group subscribed for 51% equity of New Legend Ferry Services Limited, enhancing its fleet to meet rising demand for vessel chartering[7]. - The Group completed a share subscription agreement on August 29, 2019, acquiring a 51% equity interest in New Legend for HK$34,500,000[43]. - There were no material acquisitions or disposals of subsidiaries during the year ended March 31, 2020, aside from the aforementioned acquisition[45]. Management and Governance - The Group's management team has over 20 years of experience in the maritime services industry[51]. - The company has a strong focus on vessel chartering and related services, managed by senior manager Mr. Chow Wai Ming, who has been with the group since 1994[58]. - The management team includes independent non-executive directors with extensive backgrounds in finance and real estate, enhancing corporate governance[55]. - The Board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a strong independence element[64]. - The Board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the Company's affairs[81]. Risk Management and Internal Control - The Board is responsible for maintaining effective risk management and internal control systems, conducting an annual review of these systems[99]. - The Audit Committee is tasked with reviewing the effectiveness of the Group's risk management and internal control systems at least annually, covering all material controls including financial, operational, and compliance controls[102]. - The Group does not have an internal audit function due to its size and cost-effectiveness considerations, with the Board directly overseeing risk management and internal control systems[99]. Environmental, Social, and Governance (ESG) Initiatives - The ESG report covers the Group's performance in Environmental and Social aspects from April 1, 2019, to March 31, 2020[120]. - The Group is committed to operating its business in an environmentally-friendly manner while providing favorable returns for its shareholders[133]. - The Group abides by all relevant local laws and regulations related to environmental protection and pollution control, including the Merchant Shipping (Local Vessels) Ordinance and the Air Pollution Control Ordinance[134]. - The Group aims to keep close communication with its stakeholders and improve its ESG performance and management[130]. - The Board is fully responsible for the Group's ESG strategy and reporting, monitoring daily operations through regular meetings[130]. Employee and Workplace Safety - The Group recorded zero work-related fatalities during the Reporting Period[199]. - A total of 2 work-related injuries were reported, resulting in 27 lost days[199]. - Regular safety surveys and inspections are conducted for the Group's vessel fleet to ensure safety and seaworthiness[197]. - The Group provides regular occupational health and safety (OH&S) training to crew members and assesses their understanding[197]. - The Group has established a Code of Safe Working Practices for crew members, outlining essential health and safety information[197].

Financial Performance - For the six months ended 30 September 2019, the Group's total revenue increased by approximately 9.5%, from approximately HK$91,540,000 to approximately HK$100,225,000, mainly due to increased revenue from vessel chartering services[9]. - The Group's gross profit decreased by approximately 10.6%, from approximately HK$30,763,000 to approximately HK$27,516,000, with a gross profit margin decrease of approximately 6.1 percentage points to approximately 27.5%[16]. - The Group's profit attributable to owners decreased by approximately 5.8% from HK$9,350,000 to approximately HK$8,805,000, with basic earnings per share dropping from HK$1.15 cents to HK$0.88 cents[26]. - Profit before taxation was HK$10,707,000, compared to HK$12,716,000 in the previous year, reflecting a decline of 15.8%[85]. - Profit and total comprehensive income for the period was HK$9,333,000, slightly down from HK$9,350,000 in 2018[85]. - Basic earnings per share decreased to HK$0.88 from HK$1.15, a decline of 23.5%[85]. Revenue and Income Sources - Other income increased by around 36.9%, from approximately HK$769,000 to approximately HK$1,053,000, mainly due to increased bank interest income[17]. - The Group's other gains for the Period amounted to approximately HK$210,000, primarily from non-recurring gains on sales of motor vehicles and net exchange gains[17]. - Interest income from banks rose significantly to HK$528,000 in the first half of 2019, compared to HK$36,000 in the same period of 2018, reflecting a growth of 1,466.7%[171]. - The Group's management fee income decreased to HK$216,000 in the first half of 2019 from HK$399,000 in 2018, a decline of 45.9%[171]. Costs and Expenses - The Group's cost of revenue increased by approximately 19.6%, from approximately HK$60,777,000 to approximately HK$72,709,000, primarily due to increased staff costs[15]. - Administrative expenses increased by approximately 78.4%, from approximately HK$10,980,000 to approximately HK$19,590,000, attributed to increased Directors' remuneration and professional fees[17]. - Finance costs increased significantly from approximately HK$7,000 to approximately HK$51,000, mainly due to the recognition of interest on lease liabilities under HKFRS 16[22]. - Staff costs increased significantly to HK$29,622,000, up 65.8% from HK$17,906,000 in the previous year[182]. Assets and Liabilities - Non-current assets increased to HK$75,693,000 as of 30 September 2019, up from HK$32,380,000 as of 31 March 2019[87]. - Total assets less current liabilities rose to HK$225,261,000 from HK$181,732,000, an increase of 24%[91]. - The Group's current ratio improved from approximately 6.6 to approximately 7.7, indicating stable liquidity[27]. - The gearing ratio remained nil as the Group had no non-trade debt as of 30 September 2019[27]. - Trade and other receivables increased by approximately 8.6% from HK$56,049,000 to approximately HK$60,884,000, driven by increased revenue during the period[27]. Investments and Acquisitions - The Group completed the subscription of 51% in New Legend Ferry Services Limited for HK$34.5 million, enhancing its operational capacity in vessel operations[6]. - The Group completed the acquisition of 51% equity interest in New Legend for HK$34,500,000 on 29 August 2019, making it an indirect non-wholly owned subsidiary[29]. - The Group committed to acquire property, plant, and equipment for its vessel chartering operation amounting to approximately HK$6,772,000 as of 30 September 2019[29]. - The Group acquired property, plant, and equipment totaling HK$6,224,000 to expand operational capabilities, compared to HK$60,000 in the same period last year[185]. Shareholding and Corporate Governance - As of September 30, 2019, Wen Tsz Kit Bondy and Chan Sau Ling Amy each hold a long position of 628,858,750 shares, representing 62.89% of the company's total shareholding[37]. - The entire issued share capital of Kitling (BVI) is owned by Mr. Wen and Ms. Chan as to 70% and 30% respectively[39]. - The company has not been notified of any other substantial shareholders with interests that require disclosure under the SFO provisions as of September 30, 2019[43]. - The Company has adopted the Corporate Governance Code and complied with it during the six months ended 30 September 2019, except for provision A.2.1 which requires separation of the roles of chairman and CEO[67]. - Mr. Wen Tsz Kit Bondy serves as both chairman and CEO, leveraging over 20 years of experience in the maritime industry to drive the Group's growth since November 1994[67]. Financial Reporting and Compliance - The interim condensed consolidated financial statements for the six months ended 30 September 2019 have been reviewed by Deloitte Touche Tohmatsu[68]. - The Audit Committee, comprising three independent non-executive Directors, is responsible for reviewing the effectiveness of financial reporting and internal controls[69]. - The Group's financial reporting process and risk management systems were discussed and reviewed by the Audit Committee[70]. - The Group's financial statements have been prepared on a historical cost basis, with no significant changes in accounting policies other than those mentioned[109]. Lease Accounting Changes - The Group has applied HKFRS 16 for the first time in the current interim period, which supersedes HKAS 17 "Leases" and related interpretations[116]. - The application of HKFRS 16 has resulted in significant changes in accounting policies, particularly in how leases are recognized and measured[117]. - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less accumulated depreciation and impairment losses[123]. - Lease liabilities are recognized at the present value of unpaid lease payments, with adjustments made for interest accretion and changes in lease terms[126]. - The Group applied a modified retrospective approach under HKFRS 16, excluding initial direct costs for the measurement of right-of-use assets[137].

Company Overview - The Group successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 18 March 2019, enhancing its market position and reputation[9]. - The Group's vessel fleet comprises 21 self-owned vessels and additional vessels chartered from third-party suppliers, providing a range of chartering services[18]. - The Group provided vessel chartering services primarily for major marine infrastructure projects in Hong Kong, including the Hong Kong-Zhuhai-Macao Bridge and the Three-Runway System project[19]. Financial Performance - The Group's total revenue decreased by approximately 15.0%, from approximately HK$213,048,000 for the year ended 31 March 2018 to approximately HK$181,010,000 for the year ended 31 March 2019[26]. - Revenue from vessel chartering and related services decreased by approximately 17.0%, from approximately HK$187,792,000 to approximately HK$155,954,000 during the same period[26]. - The Group's gross profit shrank by approximately 11.2%, from approximately HK$60,978,000 to approximately HK$54,155,000[32]. - The Group's gross profit margin increased by approximately 1.3 percentage points from approximately 28.6% to approximately 29.9%[32]. - Other income increased by approximately 72.6%, from approximately HK$1,337,000 to approximately HK$2,308,000, mainly due to non-recurring service income[35]. - Administrative expenses increased by approximately 30.7%, from approximately HK$19,813,000 to approximately HK$25,901,000, due to increased administrative costs and professional fees post-listing[37]. - Finance costs decreased by approximately 86.0%, from approximately HK$50,000 to approximately HK$7,000, primarily due to a decrease in average bank borrowings[42]. - The Group's share of results of associates decreased by approximately 45.2%, from approximately HK$1,563,000 to approximately HK$856,000[43]. - The Group's profit attributable to owners decreased by approximately 63.7%, from approximately HK$32,398,000 for the year ended March 31, 2018, to approximately HK$11,753,000 for the year ended March 31, 2019[51]. - Adjusted net profit, excluding non-recurring listing expenses, decreased by 27.4%, from approximately HK$36,284,000 to approximately HK$26,349,000[51]. - Basic earnings per share decreased from approximately HK3.99 cents to approximately HK1.43 cents[51]. - Income tax expenses for the year ended March 31, 2019, were approximately HK$5,077,000, with an effective tax rate of approximately 16.2%[50]. Market Outlook - The management expects steady growth in demand for vessel chartering services due to ongoing high-profile development projects initiated by the Hong Kong government[21]. - The demand for the Group's services is anticipated to contribute positively to future revenue streams[21]. - The Group anticipates a steady increase in demand for vessel chartering and related services due to ongoing marine construction projects initiated by the Hong Kong government[23]. - The Group plans to continue investing in its fleet to capitalize on emerging business opportunities[23]. - The Group has been awarded contracts for vessel chartering services related to several marine infrastructure projects, indicating a positive outlook for future operations[9]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code and has complied with it since the Listing Date up to 31 March 2019, except for the separation of roles between chairman and chief executive officer[110]. - The Board consists of two executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[110]. - The company engaged an independent internal control adviser to review its procedures, systems, and controls, and has adopted recommended internal control improvement measures[107]. - The company has confirmed compliance with the Model Code for Securities Transactions by Directors for the year ended 31 March 2019[111]. - The Company has complied with the Listing Rules by maintaining at least three independent non-executive directors, representing at least one-third of the Board[123]. - All independent non-executive directors have confirmed their independence in accordance with the guidelines set out in Rule 3.13 of the Listing Rules[124]. - The independent non-executive directors are appointed for a specific term of three years, subject to renewal[127]. - The Board is collectively responsible for directing and supervising the Company's affairs and ensuring sound internal control and risk management systems[130]. - The Company has a commitment to high corporate governance standards to safeguard shareholder interests and enhance corporate value[109]. Management Team - Mr. Wen has over 20 years of experience in the maritime services industry and has been responsible for the overall management of the Group's operations since its founding in 1994[85]. - Ms. Chan has been with the Group since April 1995, overseeing finance and administrative matters, and has over 20 years of experience in the maritime services industry[84]. - Mr. Liu has over 27 years of experience in the marine industry and serves as the Chairman of the Nomination Committee, providing independent judgment on the Group's strategy and performance[87]. - Mr. Wu has over 35 years of experience in accounting and corporate finance, and has held various significant positions in listed companies[90]. - Mr. Fu has over 12 years of experience in real estate private equity and corporate finance, currently serving as the Head of Acquisitions at Heitman International HK Limited[93]. - Mr. Cheung has approximately 30 years of experience in the marine industry and is responsible for the overall management of the Group's ship management services[95]. - Mr. Chow has been with the Group since November 1994 and is responsible for the overall management of the Group's vessel chartering and related services[96]. - The Group's management team consists of individuals with extensive experience in the maritime industry, ensuring strong leadership and operational oversight[86]. Risk Management - The Board is responsible for maintaining effective risk management and internal control systems, conducting annual reviews to safeguard the Group's assets and shareholders' interests[161]. - The Audit Committee oversees the Group's risk management and internal control systems, ensuring that all material controls, including financial, operational, and compliance controls, are reviewed at least annually[165]. - The Company has developed a risk management process to identify, evaluate, and manage significant risks, with senior management responsible for the annual risk reporting process[168]. - Risks are evaluated based on the severity of their impact on financial results and the probability of occurrence, guiding the Company's risk management strategies[169]. - The Group's senior management may implement risk elimination, mitigation, or retention strategies based on risk evaluations[171]. ESG Reporting - This is the first Environmental, Social and Governance (ESG) report of the Company, highlighting its ESG performance[196]. - The Group's ESG report covers performance in Environmental and Social areas from April 1, 2018, to March 31, 2019[197]. - Key stakeholders, including investors and employees, were engaged to identify significant ESG aspects for reporting[199]. - The Group identified the top 5 material aspects for ESG performance improvement and management[200].