Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 334,021,000, representing a 108.3% increase from HKD 160,136,000 in the same period of 2022[8] - Gross profit for the same period was HKD 22,440,000, up from HKD 5,515,000, indicating a significant improvement in profitability[8] - Operating profit turned positive at HKD 8,457,000 compared to an operating loss of HKD 2,617,000 in the previous year[8] - Net profit for the period was HKD 7,126,000, a recovery from a net loss of HKD 2,729,000 in the prior year[8] - Basic earnings per share improved to HKD 1.49 from a loss of HKD 0.57 per share in the previous year[8] - For the six months ended September 30, 2023, Vicon Holdings Limited reported a pre-tax profit of HKD 8,160,000, a significant recovery from a loss of HKD 3,077,000 in the same period last year[14] - The company reported a net profit of HKD 7,126,000 for the period, after accounting for tax expenses of HKD 1,034,000[28] - The profit attributable to the company's owners increased from a loss of approximately HKD 2.7 million to a profit of about HKD 7.1 million[87] Assets and Liabilities - Total assets increased to HKD 309,526,000 from HKD 278,947,000, reflecting a growth in the company's asset base[10] - The company's net asset value rose to HKD 265,348,000 from HKD 258,222,000, indicating a strengthening financial position[10] - Trade receivables and contract assets increased significantly, with trade receivables at HKD 167,068,000 and contract assets at HKD 101,287,000 as of September 30, 2023[10] - The total cash and cash equivalents increased to HKD 25,975,000 as of September 30, 2023, from HKD 18,258,000 at the beginning of the period[14] - The company experienced a significant increase in contract assets, which decreased by HKD 56,242,000 compared to an increase of HKD 30,728,000 in the previous year[14] - The increase in trade payables and accrued engineering retention increased by HKD 12,551,000, reflecting growth in operational activities[14] - The total amount of uncompleted contract revenue as of September 30, 2023, was approximately HKD 112.1 million, down from HKD 448.3 million as of March 31, 2023[69] Expenses and Costs - The company reported a decrease in administrative expenses to HKD 4,967,000 from HKD 9,597,000, contributing to improved profitability[8] - Total employee costs increased to HKD 9,297,000 for the six months ended September 30, 2023, compared to HKD 4,938,000 in the same period of 2022, reflecting an increase of approximately 88%[39] - Direct costs rose to approximately HKD 311.6 million, an increase of about 101.6% from approximately HKD 154.6 million in the previous period, consistent with revenue growth[77] - The company recorded a decrease in revenue from construction machinery leasing, which amounted to approximately HKD 1.4 million, a decline of about 58.8% compared to HKD 3.4 million in the previous period[72] - Administrative expenses decreased from approximately HKD 9.6 million to about HKD 5.0 million, primarily due to reduced depreciation after the sale of certain machinery[85] Market Outlook and Strategy - Future outlook includes continued focus on market expansion and potential new product development to sustain growth momentum[8] - The construction market in Hong Kong is expected to remain under pressure due to a decrease in foundation contracts from both public and private sectors, alongside skilled labor shortages and inflationary pressures[109] - The company is focusing on "design and build" projects to maintain a strong financial position for future project requirements[109] - The company is submitting bids for multiple foundation projects and aims to enhance cost control measures to achieve stable revenue and reduce direct costs[109] - The company anticipates that the government's strategy to increase public housing supply will have a positive impact on the industry[109] Corporate Governance - The company has adopted the corporate governance code and has complied with the relevant standards during the reporting period[119] - An audit committee has been established, consisting of three independent non-executive directors, ensuring compliance with applicable accounting standards and regulations[126] - The company maintained sufficient public float as of September 30, 2023, in accordance with listing rules[124] - No significant acquisitions or disposals of subsidiaries or associates occurred during the period[106] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2023[123] Shareholder Information - As of September 30, 2023, major shareholders, including VGH, hold 150,000,000 shares, representing approximately 31.3% of the issued share capital[115] - No share options have been granted under the share option scheme since its adoption, and there are no unexercised options as of June 30, 2023[121]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 VICON HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：3878） 截至二零二三年九月三十日止六個月 未經審核中期業績公告 中期業績 Vicon Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司（統稱「本集團」）截至二零二三年九月三十日止六個月的未經審核綜合 中期業績，連同二零二二年同期的比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 收益 4 334,021 160,136 銷售成本 (311,581) (154,621) 毛利 22,440 5,515 其他收入 1,208 1,465 金融資產之減值虧損 (10,224) – 其他行政開支 (4,967) (9,597) ...

Financial Performance - For the fiscal year ending March 31, 2023, Vicon Holdings Limited reported revenue of approximately HKD 417.0 million, an increase of about HKD 260.4 million or 166.3% from approximately HKD 156.6 million in the previous fiscal year[8]. - The company achieved a profit of approximately HKD 2.4 million for the fiscal year, recovering from a loss of approximately HKD 24.6 million in the previous year[8]. - Revenue from projects where the company acted as the main contractor increased to approximately 90% of total revenue, up from about 17% in the previous fiscal year[11]. - As of March 31, 2023, the value of unfinished project revenue was approximately HKD 448.3 million, compared to HKD 29.5 million a year earlier[11]. - The company experienced a decrease in revenue from construction machinery leasing, which was approximately HKD 6.5 million, down from HKD 18.4 million, representing about 1.6% of total revenue compared to 11.7% in the previous year[13]. - Direct costs rose to approximately HKD 371.3 million from about HKD 110.3 million, primarily due to increased labor costs and inflationary pressures[17]. - The gross profit decreased from approximately HKD 46.3 million in FY2022 to about HKD 45.7 million in FY2023, representing a decline of approximately HKD 0.6 million[19]. - The gross profit margin fell from approximately 29.6% in FY2022 to about 11.0% in FY2023, indicating a significant reduction in profitability[20]. - Other income shifted from a loss of approximately HKD 1.1 million in FY2022 to an income of about HKD 2.3 million in FY2023, primarily due to gains from machinery sales[22]. - The impairment loss on financial assets increased to approximately HKD 35.2 million in FY2023 from HKD 33.9 million in FY2022, reflecting the latest assessment of default risk[23]. - As of March 31, 2023, the expected credit loss rate was approximately 19.50%, up from 3.16% in FY2022, indicating increased risk in contract assets[26]. - Administrative expenses decreased significantly from approximately HKD 36.4 million in FY2022 to about HKD 10.2 million in FY2023, mainly due to reduced employee costs[27]. - Financing costs dropped by approximately 75.0% from HKD 2.6 million in FY2022 to about HKD 0.7 million in FY2023, attributed to the repayment of several finance leases[28]. - The net cash and cash equivalents as of March 31, 2023, were approximately HKD 18.6 million, down from HKD 25.5 million in FY2022[35]. - The capital expenditure for the year was approximately HKD 3.3 million, a decrease from HKD 5.3 million in FY2022, due to increased purchases of vehicles and leasehold improvements[42]. - The company's equity holders' profit shifted from a loss of approximately HKD 24.6 million in FY2022 to a profit of about HKD 2.4 million in FY2023[30]. Market Outlook and Strategy - The company anticipates a competitive construction market in Hong Kong for the upcoming year, which may impact bidding prices and contract awards[9]. - Management will continue to monitor project costs and collaborate with subcontractors and suppliers to address any cost issues in the foundation industry[9]. - The company plans to maintain its focus on "design and build" projects to leverage its expertise in foundation design and project management[9]. - The board is committed to adjusting operational strategies to enhance shareholder returns amid industry challenges[9]. Employee and Workforce - As of March 31, 2023, the group had a total of 22 employees, an increase from 13 employees in the previous year, with total employee costs amounting to approximately HKD 13.9 million, compared to HKD 13.5 million in 2022[48]. - The overall employee turnover rate for fiscal year 2023 was 13.64%, a significant decrease from 92.31% in fiscal year 2022[128]. - The turnover rate for male employees in fiscal year 2023 was 12.50%, down from 120.00% in fiscal year 2022, while female turnover increased to 16.67%[128]. - The employee composition at the end of the reporting period was 77% male and 23% female[121]. - The company provides ongoing professional development opportunities for employees to enhance their skills and service quality[132]. - The average training hours completed per employee in fiscal year 2023 is 5.27 hours, an increase from 5.15 hours in fiscal year 2022[136]. - The average training hours for senior management in fiscal year 2023 is 6.39 hours, up from 5.88 hours in fiscal year 2022[136]. - The percentage of trained employees by gender and employee category for the fiscal year 2023 is 72.73% male and 27.27% female, compared to 76.92% male and 23.08% female in fiscal year 2022[136]. - The company emphasizes the importance of safety training, providing employees with safety production training and encouraging compliance with applicable laws[132]. - The company has not reported any work-related injuries or fatalities over the past three years, including the reporting period[132]. Environmental, Social, and Governance (ESG) - The group has established a dedicated ESG reporting team to enhance its environmental, social, and governance performance and disclosures[62]. - The group has committed to sustainable operations while balancing the interests of various stakeholders, encouraging participation in environmental and social activities[63]. - The group has achieved a reduction in emissions, waste generation, and resource consumption density compared to the previous fiscal year[63]. - The company has identified 13 key ESG issues that are significant for its business and stakeholders, focusing on areas such as waste management, employee compliance, and environmental compliance[82]. - The company has not reported any significant environmental compliance issues during the reporting period, adhering to local environmental laws and regulations[88]. - Air pollutant emissions have increased due to business activity growth and an expanded workforce, with plans in place to reduce emissions from vehicle fuel consumption[89]. - The company is committed to maintaining consistent reporting and calculation methods for ESG performance to ensure comparability across years[68]. - The company actively promotes environmental sustainability through training and the use of eco-friendly products, aiming for long-term growth and development[86]. - The company conducts regular performance reviews to meet environmental goals and stakeholder expectations[86]. - The company engages stakeholders in prioritizing ESG issues based on their importance to business development and sustainability[77]. - The company has established a matrix to illustrate the significance of various ESG issues to stakeholders and the business[78]. - The company is focused on preventing pollution and minimizing waste as key considerations in its core management processes[86]. - Nitrogen oxides emissions increased to 9.50 kg in FY2023 from 4.84 kg in FY2022, representing a 96.7% increase[90]. - Total greenhouse gas emissions rose to 79.14 tons in FY2023 from 47.29 tons in FY2022, marking a 67.4% increase[97]. - The intensity of greenhouse gas emissions per employee decreased slightly to 3.60 tons in FY2023 from 3.64 tons in FY2022[97]. - The total amount of hazardous waste generated increased to 2.75 kg in FY2023 from 1.85 kg in FY2022, a 48.6% increase[101]. - The total amount of non-hazardous waste generated rose to 798.00 kg in FY2023 from 498.00 kg in FY2022, a 60.3% increase[101]. - Energy consumption totaled 164.76 thousand kWh in FY2023, up from 152.29 thousand kWh in FY2022, a 8.2% increase[106]. - The intensity of energy consumption per employee decreased to 7.49 thousand kWh in FY2023 from 11.71 thousand kWh in FY2022, a 36.5% decrease[106]. - The company implemented various energy-saving measures, including the use of LED bulbs and reducing private vehicle usage[106]. - The total amount of paper recycled increased to 145 kg in FY2023 from 118 kg in FY2022, a 22.9% increase[102]. - The company aims to continue optimizing policies to control future emissions and waste generation[105]. - Total water consumption for the fiscal year 2023 was 48,078 cubic meters, with a water intensity of 2,185.36 cubic meters per employee[112]. Corporate Governance - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition for effective leadership[158]. - The board held a total of 4 meetings and 1 annual general meeting during the fiscal year ending March 31, 2023, with all directors attending all meetings[171]. - The company has adopted a board diversity policy to enhance equal participation opportunities, considering various objective factors such as gender, age, and professional experience[167]. - The nomination committee was established on November 30, 2017, to review the board's structure and diversity at least annually and recommend changes as necessary[173]. - The board is responsible for formulating the overall strategy and monitoring the performance of senior management, ensuring effective governance[166]. - All directors participated in continuous professional development to enhance their knowledge and skills, ensuring informed contributions to the board[159]. - The chairman and CEO roles are currently held by the same individual, which the board believes is appropriate for unified leadership and effective strategic planning[163]. - Independent non-executive directors confirm their independence according to the listing rules, providing strong support for the board's duties[164]. - The company has arranged appropriate insurance coverage for legal actions against its directors[172]. - The board receives monthly updates on the company's performance and financial status to fulfill its responsibilities effectively[166]. - The remuneration committee held one meeting during the year ending March 31, 2023[181]. - The remuneration committee consists of one executive director and two independent non-executive directors, with a total of three members[179]. - The audit committee held two meetings during the year ending March 31, 2023[187]. - The audit committee is composed of three independent non-executive directors, all of whom attended all meetings[188]. - The auditor's fees for the year amounted to 900,000 HKD for audit services[192]. - The company secretary participated in no less than 15 hours of relevant professional training during the review year[193]. - The company plans to recommend the reappointment of the auditor at the 2023 annual general meeting[190]. - The board of directors is responsible for developing and reviewing corporate governance policies and practices[191]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting[196]. - The company has established a procedure for shareholders to nominate individuals for the board of directors[199]. - The process aims to ensure transparency and shareholder engagement in board nominations[199]. - The company encourages active participation from shareholders in governance matters[199]. - The nomination procedure is part of the company's commitment to good corporate governance practices[199]. - Shareholders are advised to adhere to the specified guidelines for nominations[199]. - The company will review all nominations in accordance with its established policies[199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 VICON HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：3878） 截至二零二三年三月三十一日止年度全年業績公告 財務摘要 （截至二零二三年三月三十一日止年度） － 收益約為417.0百萬港元（二零二二年：156.6百萬港元） － 毛利約為45.7百萬港元（二零二二年：46.3百萬港元） － 本公司擁有人應佔年內溢利約為2.4百萬港元（二零二二年：虧損24.6百萬 港元） － 每股基本及攤薄盈利約為每股0.50港仙（二零二二年：每股虧損5.45港仙） 全年業績 Vicon Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）欣然呈報本公司及 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 160,136,000, a significant increase of 168% compared to HKD 59,635,000 in the same period of 2021[7] - Gross profit for the same period was HKD 5,515,000, up from HKD 4,849,000, reflecting a gross margin improvement[7] - Operating loss decreased to HKD 2,617,000 from HKD 14,796,000 year-over-year, indicating improved operational efficiency[7] - The net loss for the period was HKD 2,729,000, a reduction from HKD 14,727,000 in the previous year[7] - The group reported a loss before tax of HKD 3,077,000 for the period, compared to a loss of HKD 16,557,000 for the same period in 2021, indicating an improvement in financial performance[27] - The net loss for the six months ended September 30, 2022, was HKD 2,729,000, a reduction from a net loss of HKD 14,727,000 in the previous year[27] - Basic loss per share for the six months ended September 30, 2022, was HKD 0.57, compared to HKD 3.50 for the same period in 2021, indicating a reduction in losses[44] - The company reported a loss attributable to owners of approximately HKD 2.7 million, a reduction from a loss of about HKD 14.7 million in the previous period[77] Revenue Breakdown - Revenue from construction contracts for the six months ended September 30, 2022, was HKD 156,779,000, a significant increase of 169% compared to HKD 58,066,000 for the same period in 2021[23] - Revenue from construction machinery leasing for the same period was HKD 3,357,000, up 113% from HKD 1,569,000 in the previous year[23] - Total revenue for the six months ended September 30, 2022, reached HKD 160,136,000, representing a 168% increase from HKD 59,635,000 in the prior year[23] - For the six months ended September 30, 2022, total revenue was HKD 117,557,000 from Customer A and HKD 16,424,000 from Customer B, contributing over 10% of total revenue[34] - The revenue contribution from projects where the company acted as the main contractor increased from approximately 56.4% of total revenue in the previous period to about 82.4% in the current period[67] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 269,625,000, compared to HKD 245,553,000 as of March 31, 2022[9] - Current liabilities increased to HKD 77,343,000 from HKD 71,760,000, reflecting changes in trade payables and contract liabilities[9] - Cash and cash equivalents decreased to HKD 18,258,000 from HKD 25,477,000, indicating cash flow challenges during the period[13] - The group’s non-current assets in Hong Kong decreased to HKD 63,588,000 as of September 30, 2022, down from HKD 89,637,000 as of March 31, 2022[32] - Trade receivables decreased to HKD 50,714,000 as of September 30, 2022, from HKD 54,539,000 as of March 31, 2022, representing a decline of approximately 7%[50] - Trade payables rose to HKD 27,191,000 as of September 30, 2022, from HKD 22,929,000 as of March 31, 2022, marking an increase of approximately 18%[59] - The total amount of uncompleted long-term construction contracts as of September 30, 2022, was HKD 506,718,000, significantly higher than HKD 29,532,000 as of March 31, 2022[57] Operational Efficiency - The company plans to continue focusing on operational improvements and cost management strategies to enhance profitability in the future[7] - Depreciation expenses for property, plant, and equipment decreased to HKD 5,193,000 from HKD 10,861,000 year-on-year, reflecting cost management efforts[38] - Financing costs for the six months ended September 30, 2022, were HKD 460,000, down from HKD 1,761,000 in the previous year, indicating improved financial efficiency[39] - Administrative expenses decreased to approximately HKD 9.6 million from HKD 20.8 million in the previous period, mainly due to reduced employee costs and lower depreciation on unused machinery[75] - Total employee costs decreased to HKD 4,938,000 for the six months ended September 30, 2022, from HKD 6,796,000 in the same period of 2021, indicating a reduction in workforce expenses[38] Corporate Governance - The company has adopted corporate governance practices in line with the listing rules, with a focus on maintaining effective leadership and oversight[106] - The board believes that the current arrangement of Mr. Zhao serving as both Chairman and CEO is appropriate for the company's interests[106] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ending September 30, 2022[117] - There are no records of directors or their close associates holding interests in any competing businesses during the reporting period[109] Market Outlook - The construction market in Hong Kong is expected to remain under pressure due to a decrease in foundation contract numbers and increased competition[98] - The group is focusing on submitting tenders for multiple foundation projects and enhancing cost control measures to achieve stable revenue[99]

Financial Performance - The company's revenue for the fiscal year 2022 decreased by approximately HKD 98.0 million or 38.5% to about HKD 156.6 million, compared to approximately HKD 254.6 million in the previous fiscal year[6]. - The group recorded a loss of approximately HKD 24.6 million for the fiscal year 2022, compared to a profit of approximately HKD 51.5 million in the previous fiscal year, representing a decrease in profit of about HKD 26.9 million[6]. - Revenue contribution from projects where the company acted as the main contractor decreased to about 17% of total revenue in fiscal year 2022, down from approximately 97% in fiscal year 2021[10]. - Revenue from construction machinery leasing decreased to approximately HKD 18.4 million in FY2022, down 48.6% from HKD 36.0 million in FY2021, representing 11.7% of total revenue compared to 14.1% in FY2021[13]. - Total revenue decreased by approximately HKD 98.0 million or 38.5% to about HKD 156.6 million in FY2022 from approximately HKD 254.6 million in FY2021[15]. Project Management and Operations - The number of unfinished project revenues as of March 31, 2022, was approximately HKD 29.5 million, compared to HKD 7.3 million as of March 31, 2021[11]. - The company completed 14 projects in fiscal year 2022, contributing approximately HKD 138.2 million in revenue, down from 9 projects and HKD 218.6 million in the previous fiscal year[12]. - The management adopted a cautious approach in pricing due to significant fluctuations in construction material prices and supply chain disruptions, leading to a decrease in the number of large projects awarded[12]. - The company will continue to focus on "design and construction" projects and leverage its expertise in foundation design and project management to meet future project requirements[7]. - The management will closely monitor the foundation industry and continuously adjust operational strategies to enhance shareholder returns[8]. Cost and Profitability - Gross profit increased to approximately HKD 46.3 million in FY2022 from a gross loss of about HKD 36.6 million in FY2021, with a gross margin of 29.6% compared to a gross loss margin of 14.4% in FY2021[18][19]. - Direct costs decreased to approximately HKD 110.3 million in FY2022 from about HKD 291.3 million in FY2021, primarily due to the absence of one-time additional costs related to subcontractor work[16]. - Other income/loss net amount decreased to a loss of approximately HKD 1.1 million in FY2022 from income of about HKD 5.8 million in FY2021, mainly due to a loss on disposal of approximately HKD 1.4 million[20]. - Financial asset impairment losses increased to approximately HKD 33.9 million in FY2022 from about HKD 10.1 million in FY2021, reflecting the latest assessment of default risk[21]. - Administrative expenses rose to approximately HKD 36.4 million in FY2022 from about HKD 9.1 million in FY2021, driven by increased employee costs and depreciation of machinery not used in construction projects[23]. Financial Position and Liquidity - Cash and cash equivalents increased to approximately HKD 25.5 million in FY2022 from HKD 14.6 million in FY2021[30]. - Current ratio improved to approximately 3.4 times in FY2022 from 2.3 times in FY2021[31]. - As of March 31, 2022, the group's capital debt ratio was approximately 3.1%, a significant decrease from 18.5% in 2021[34]. - The net current assets as of March 31, 2022, were approximately HKD 173.8 million, up from HKD 152.3 million in 2021, primarily due to proceeds from the sale of certain properties, plants, and equipment[35]. - The group's capital expenditure for the year was approximately HKD 5.3 million, slightly down from HKD 5.9 million in 2021[36]. Corporate Governance and Compliance - The board of directors plays a crucial role in overseeing ESG (Environmental, Social, and Governance) matters, ensuring alignment with investor expectations and regulatory requirements[61]. - The report was approved by the board of directors in June 2022, ensuring the accuracy and reliability of the disclosed information[56]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition for effective leadership[147]. - The company emphasizes continuous professional development for all directors to enhance their knowledge and skills, ensuring informed contributions to the board[148]. - The board aims to hold at least four meetings annually, with notifications sent to all directors at least 14 days prior to meetings[156]. Environmental Sustainability - The company has committed to developing policies and monitoring measures to improve ESG disclosures and performance[62]. - The group has reported a decrease in carbon footprint, indicating progress in environmental performance from the fiscal year 2020-2021 to 2021-2022[63]. - The company reported a significant reduction in nitrogen oxides emissions from 9.15 kg in FY2021 to 4.84 kg in FY2022, representing a decrease of approximately 47.3%[84]. - Sulfur oxides emissions decreased dramatically from 5.38 kg in FY2021 to 0.15 kg in FY2022, a reduction of about 97.2%[84]. - Total greenhouse gas emissions decreased from 925.51 tons in FY2021 to 47.29 tons in FY2022, representing a reduction of approximately 94.9%[89]. Employee Management and Training - Employee turnover rates for the overall workforce decreased from 126.09% in 2020 to 92.31% in 2021-2022[120]. - The company provided safety training to all employees, with no reported work-related injuries or fatalities over the past three years[125]. - The percentage of trained employees by gender shows that 76.92% of male employees received training compared to 23.08% of female employees[127]. - Average training hours completed per male employee were 5.50 hours, while female employees completed an average of 4.00 hours[127]. - The company promotes a harmonious work-life balance through annual events and team-building activities[111]. Community Engagement and Social Responsibility - The group donated HKD 200,000 to charitable organizations and HKD 50,000 for church operations and general sponsorship during the reporting period[138]. - The group has established a transparent labor policy and has not encountered any incidents related to child labor or forced labor during the reporting period[128]. - The group has a total of 59 suppliers in Hong Kong and none in other regions, focusing on long-term strategic partnerships based on regular evaluations[129]. - The group has implemented a quality management system compliant with ISO 9001:2008 standards, ensuring project quality from the foundation stage to maintenance[130]. - No significant complaints regarding service quality were received during the reporting period[131].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 59,635,000, a decrease of 71.7% compared to HKD 210,389,000 in the same period of 2020[7] - Gross profit for the same period was HKD 4,849,000, down 73.1% from HKD 18,085,000 year-on-year[7] - Operating loss for the six months was HKD 14,796,000, compared to an operating profit of HKD 16,793,000 in the previous year[7] - Net loss attributable to equity holders for the period was HKD 14,727,000, compared to a profit of HKD 10,489,000 in the same period last year[7] - The company experienced a pre-tax loss of HKD 16,557,000 for the period, compared to a profit of HKD 12,562,000 in the previous year[23] - Basic loss per share for the period was HKD 3.50, compared to earnings per share of HKD 2.62 in the previous year[7] - The company reported a total segment loss before tax of HKD 16,557,000 for the period[27] - The company reported a loss attributable to equity holders of approximately HKD 14.7 million, a decrease of about HKD 25.2 million from a profit of approximately HKD 10.5 million in the previous period[76] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 394,346,000, a decrease from HKD 405,047,000 as of March 31, 2021[9] - Total liabilities decreased to HKD 128,681,000 from HKD 144,018,000 as of March 31, 2021[9] - Cash and cash equivalents increased to HKD 19,604,000 from HKD 14,609,000 as of March 31, 2021[9] - The company reported a decrease in trade receivables to HKD 40,770,000 from HKD 55,322,000 as of March 31, 2021[9] - Non-current assets in Hong Kong decreased to HKD 125,213,000 as of September 30, 2021, down from HKD 139,807,000 as of March 31, 2021[32] - Trade receivables were reported at HKD 8,954,000 as of September 30, 2021, significantly lower than HKD 23,590,000 as of March 31, 2021, reflecting a decrease of approximately 62%[50] - The total lease liabilities amounted to HKD 36,697,000 as of September 30, 2021, down from HKD 44,646,000 as of March 31, 2021, indicating a reduction of about 18%[47] Cash Flow - Cash generated from operating activities was HKD 14,995,000, down from HKD 38,344,000 in the prior year[23] - The net cash flow from investing activities was HKD 7,300,000, compared to a cash outflow of HKD 523,000 in the same period last year[23] - The total cash and cash equivalents increased to HKD 19,604,000 as of September 30, 2021, from HKD 15,396,000 at the end of the previous period[23] - The current ratio as of September 30, 2021, was approximately 2.5 times, up from 2.3 times as of March 31, 2021[80] - Cash and cash equivalents amounted to approximately HKD 19.6 million, an increase from HKD 14.6 million as of March 31, 2021[79] Revenue Breakdown - Revenue from construction contracts was HKD 58,066,000, significantly lower than HKD 198,710,000 in the previous year[23] - Revenue from construction machinery leasing was HKD 1,569,000, down from HKD 11,679,000 in the same period last year[23] - Revenue contribution from projects where the company acted as the main contractor decreased from approximately 99.9% of total revenue in the previous period to about 56.4% in the current period[68] Employee Costs - Total employee costs for the six months ended September 30, 2021, were HKD 6,796,000, significantly lower than HKD 14,702,000 in the same period of 2020[37] - As of September 30, 2021, the total employee cost for the group was approximately HKD 6.8 million, a decrease from HKD 14.7 million for the same period in 2020[90] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial information for the six months ended September 30, 2021[122] - The company has complied with the corporate governance code as of September 30, 2021[113] - The company has confirmed that all directors have adhered to the standards set out in the code of conduct for securities transactions during the reporting period[114] Market Conditions and Future Outlook - The construction market in Hong Kong is expected to remain under pressure due to a decrease in foundation contract numbers, leading to increased competition and lower project award prices[105] - The group plans to continue focusing on "design and build" projects while maintaining a strong financial position to meet future project requirements[105] - The group is actively submitting bids for multiple foundation projects to secure stable revenue and reduce direct costs[105] Shareholder Information - As of September 30, 2021, the company has a significant shareholder, VGH, holding 200,000,000 shares, representing 41.7% of the issued share capital[111] - Mr. Zhao Guojun, the beneficial owner of VGH, also holds 200,000,000 shares, equating to 41.7% of the company's issued share capital[111] Other Financial Information - The company did not declare an interim dividend for the six months ended September 30, 2021, compared to no dividend declared in the same period of 2020[42] - No capital expenditures were reported during the period, compared to HKD 1.0 million in the previous period[87] - The group had no capital commitments as of September 30, 2021[91]

Financial Performance - The company's revenue decreased by approximately HKD 213.6 million or 45.6% from HKD 468.2 million in the previous fiscal year to approximately HKD 254.6 million in the current fiscal year[5]. - The group recorded a loss of approximately HKD 51.5 million, compared to a profit of approximately HKD 23.7 million in the previous year, representing a decrease of approximately HKD 75.2 million[5]. - Revenue from projects where the company acted as the main contractor remained stable at approximately 97% of total revenue[10]. - The uncompleted project revenue as of March 31, 2021, was approximately HKD 7.3 million, down from HKD 280.1 million the previous year[10]. - Revenue from the newly established construction machinery rental business was approximately HKD 36.0 million, accounting for about 14.1% of total revenue[12]. - The decrease in revenue was primarily due to the completion of several larger contracts in the previous year and a significant reduction in the number of foundation engineering tenders[15]. - Direct costs decreased by approximately 30.5% from HKD 419.1 million in FY2020 to HKD 291.3 million in FY2021[16]. - Gross profit fell from approximately HKD 49.1 million in FY2020 to a gross loss of about HKD 36.6 million in FY2021, a decrease of approximately HKD 85.7 million[17]. - Gross margin shifted from approximately 10.5% in FY2020 to a gross loss margin of about 14.4% in FY2021[18]. - Other income decreased from approximately HKD 9.9 million in FY2020 to about HKD 5.8 million in FY2021, primarily due to a reduction in machinery leasing income[19]. - Financial asset impairment losses increased to approximately HKD 10.1 million in FY2021 from HKD 8.0 million in FY2020[20]. - Administrative expenses decreased by approximately 36.0% from HKD 14.2 million in FY2020 to HKD 9.1 million in FY2021[21]. - Net financing costs decreased by approximately 25.2% from HKD 8.8 million in FY2020 to HKD 6.6 million in FY2021[22]. - The company's equity attributable to shareholders fell from a profit of approximately HKD 23.7 million in FY2020 to a loss of about HKD 51.5 million in FY2021, a decrease of approximately HKD 75.2 million[26]. Capital and Financing - Capital expenditure for the year was approximately HKD 5.9 million, significantly down from HKD 47.1 million in FY2020[35]. - The net proceeds from the share issuance amounted to approximately HKD 82.7 million after deducting listing expenses[39]. - The actual usage of the net proceeds as of March 31, 2021, included HKD 34.0 million for performance guarantees, HKD 17.4 million for machinery purchases, and HKD 20.3 million for bank loan repayments[40]. - As of March 31, 2021, the group provided guarantees for performance bonds amounting to approximately HKD 5.7 million[41]. - The carrying value of machinery and equipment pledged for bank loans was approximately HKD 13.2 million as of March 31, 2021[42]. - The total bank financing obtained for specific projects was approximately HKD 89.0 million, with HKD 66.4 million yet to be utilized[42]. Employee and Operational Metrics - The total employee cost for the year was approximately HKD 28.0 million, down from HKD 43.3 million in the previous year[45]. - Employee turnover rate increased to 126.09% in 2021 from 64.71% in 2020, indicating a significant rise in workforce mobility[85]. - The company emphasizes the importance of employee training and development to enhance professional skills and service quality[87]. - The company has established a transparent labor policy to ensure fair labor practices, with no incidents of child or forced labor reported[88]. Environmental Responsibility - Total greenhouse gas emissions decreased from 3,339.77 tons in 2020 to 925.51 tons in 2021, a reduction of approximately 72.2%[69]. - Nitrogen oxides (NOx) emissions slightly increased from 9.11 kg in 2020 to 9.15 kg in 2021, while sulfur dioxide (SO2) emissions significantly decreased from 19.72 kg to 5.38 kg[68]. - The company generated no hazardous waste during the reporting period, with non-hazardous waste primarily consisting of paper[73]. - The total amount of recycled paper decreased from 116 kg in 2020 to 73 kg in 2021[73]. - Carbon emissions per employee reduced from 65.49 tons to 40.24 tons, reflecting improved operational efficiency[69]. - The company actively promotes environmental responsibility among employees and encourages the use of eco-friendly products[64]. - The company has implemented energy-saving measures to reduce greenhouse gas emissions associated with energy consumption[69]. - Total energy consumption decreased from 12,422.21 thousand kWh in 2020 to 3,410.33 thousand kWh in 2021, a reduction of approximately 72.6%[75]. - Water usage reduced from 32,847 cubic meters in 2020 to 13,803 cubic meters in 2021, representing a decrease of about 58.0%[76]. - The intensity of energy consumption per employee improved from 243.57 thousand kWh in 2020 to 148.28 thousand kWh in 2021, a reduction of approximately 39.1%[75]. - The company promotes environmental awareness among stakeholders to mitigate resource waste[78]. - The company is committed to enhancing resource efficiency and has adopted guidelines to improve energy and water utilization[74]. Governance and Compliance - The board of directors consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced and independent governance structure[109]. - The company has established a fraud prevention framework and reporting mechanisms to manage fraud and corruption risks[97]. - The company respects intellectual property rights and actively registers and protects its trademarks[93]. - The board of directors is responsible for leading and controlling the company, reviewing operational and financial performance[108]. - The board aims to hold at least four meetings annually, with notifications sent at least 14 days in advance[120]. - The independent non-executive directors possess qualifications in architecture, accounting, and finance, providing strong support for the board's responsibilities[115]. - The company maintains a focus on compliance with regulatory requirements and internal policies[161]. - The company has implemented a risk management system defined by its approved risk management policies[159]. - The internal control measures are supervised by the management team, which is responsible for identifying risks and implementing additional controls as necessary[159]. - The board conducted an annual review of the effectiveness of risk management and internal control systems, covering financial, operational, and compliance controls[160]. Shareholder Relations - The company is committed to open and sincere communication with shareholders, ensuring reasonable information disclosure[155]. - The company will notify all shareholders regarding proposals presented at the annual general meeting, ensuring transparency in decision-making[153]. - The company has established a process for shareholders to submit proposals and nominations for directors, ensuring compliance with regulations[152]. - The company will hold a special general meeting if a valid request is made by qualified shareholders within two months[147]. Corporate Social Responsibility - The company encourages employee participation in charitable activities and environmental initiatives to enhance social responsibility[99]. - The company made charitable donations of approximately HKD 0.3 million during the year[198]. - The company does not recommend the payment of a final dividend for the year[197]. - The company emphasizes the importance of maintaining good relationships with employees, customers, subcontractors, and suppliers[195].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 210,389,000, an increase of 19.5% compared to HKD 175,882,000 for the same period in 2019[7] - Gross profit decreased to HKD 18,085,000, down 16.5% from HKD 21,659,000 year-on-year[7] - Operating profit for the period was HKD 16,793,000, a decline of 12.1% from HKD 19,115,000 in the previous year[7] - Profit before tax was HKD 12,562,000, down 17.5% from HKD 15,225,000 in the same period last year[7] - Net profit for the period was HKD 10,489,000, a decrease of 15% compared to HKD 12,332,000 in 2019[7] - Basic and diluted earnings per share were HKD 2.62, down from HKD 3.08 in the previous year, representing a decline of 15%[7] Assets and Liabilities - Total assets as of September 30, 2020, were HKD 540,691,000, down from HKD 576,567,000 as of March 31, 2020[9] - Total liabilities decreased to HKD 217,664,000 from HKD 264,029,000, indicating a reduction of 17.5%[9] - The company's equity increased to HKD 323,027,000 from HKD 312,538,000, reflecting a growth of 3.3%[9] - Cash and cash equivalents decreased to HKD 15,396,000 from HKD 19,386,000, a decline of 20.5%[9] Cash Flow and Investments - The operating cash flow generated was HKD 38,344,000, a significant improvement from a cash outflow of HKD 452,000 in the previous year[23] - The company reported a net cash outflow from investing activities of HKD 523,000, a decrease from HKD 3,423,000 in the previous year[23] - The company experienced a significant increase in contract assets, which rose by HKD 25,862,000, compared to a decrease of HKD 7,180,000 in the previous year[23] Revenue Sources - Revenue from external customers for the six months ended September 30, 2020, was HKD 210,389,000, an increase of 19.6% compared to HKD 175,882,000 for the same period in 2019[31] - The revenue contribution from construction projects where the company acted as the main contractor increased from approximately 96.4% in the previous period to approximately 99.9% in the current period[69] - Revenue from construction machinery leasing was approximately HKD 11.7 million, a significant increase from HKD 1.7 million in the same period last year, accounting for about 5.6% of total revenue[71] Expenses and Costs - The total operating expenses for the six months ended September 30, 2020, were HKD 14,702,000, down from HKD 19,848,000 in 2019, a reduction of 26.0%[38] - The financing costs net amount for the six months ended September 30, 2020, was HKD (4,231,000), compared to HKD (3,890,000) in 2019, an increase of 8.8%[39] - Total employee costs for the six months ended September 30, 2020, were approximately HKD 14.4 million, down from HKD 19.8 million for the same period last year[91] Capital Structure - As of September 30, 2020, the group's capital structure included equity of approximately HKD 323.0 million and borrowings of approximately HKD 79.3 million[79] - The current ratio improved to approximately 2.2 times from 1.9 times as of March 31, 2020[81] - The capital debt ratio decreased to approximately 24.6% from 34.6% as of March 31, 2020[85] Market Conditions and Strategy - The construction market in Hong Kong is under pressure due to a decrease in foundation contract numbers, leading to increased competition and lower project award prices[103] - The group plans to continue bidding for profitable foundation projects to achieve stable revenue growth despite the challenging economic environment[103] Corporate Governance - The company has adopted the corporate governance code as per the listing rules appendix 14 and has complied with its provisions as of September 30, 2020[112] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial information for the six months ending September 30, 2020[120]

Financial Performance - The company's revenue increased by approximately HKD 97.8 million or 26.4% from HKD 370.4 million in the previous fiscal year to approximately HKD 468.2 million in the fiscal year ending March 31, 2020[5]. - The profit for the fiscal year was approximately HKD 23.7 million, a decrease of about HKD 5.5 million compared to the previous year's profit of HKD 29.2 million[5]. - The gross profit for the fiscal year was approximately HKD 49.1 million, down from HKD 50.1 million in the previous fiscal year, resulting in a gross margin decrease from 13.5% to 10.5%[13]. - Profit attributable to equity holders decreased by approximately 18.8% from about HKD 29.2 million in FY2019 to approximately HKD 23.7 million in FY2020[19]. - Other income increased from approximately HKD 6.7 million in FY2019 to about HKD 9.9 million in FY2020, primarily due to rental income from machinery and equipment rising from approximately HKD 0.5 million to about HKD 10.1 million[14]. Revenue and Project Contributions - The revenue contribution from projects where the company acted as the main contractor rose from approximately 72% in the previous fiscal year to about 98% in the current fiscal year[8]. - The number of projects contributing to revenue decreased from 20 in the previous fiscal year to 13 in the current fiscal year, yet revenue still increased due to several large-scale projects reaching construction maturity[9]. - The uncompleted project revenue as of March 31, 2020, was approximately HKD 280.1 million, down from HKD 374.0 million the previous year[8]. Competition and Market Conditions - The company anticipates continued competition in the Hong Kong construction market, which may impact bidding prices and contract awards[6]. - The management will closely monitor the foundation industry and continuously adjust operational strategies to enhance shareholder returns[6]. - The company remains focused on "design and construction" projects to maintain competitive advantages[6]. Environmental Impact - Air pollutant emissions for 2020 included 9.11 kg of nitrogen oxides (NOx), 19.72 kg of sulfur dioxide (SO2), and 0.67 kg of particulate matter (PM), showing a slight increase in NOx and PM compared to 2019[62]. - The increase in sulfur dioxide emissions is attributed to a higher proportion of projects where the company acts as the main contractor, leading to increased use of owned machinery[61]. - Total greenhouse gas emissions decreased from 3,510.42 tons in 2019 to 3,339.77 tons in 2020, representing a reduction of approximately 4.86%[63]. - Energy consumption decreased from 13,072.63 thousand kWh in 2019 to 12,422.21 thousand kWh in 2020, a reduction of about 5.00%[68]. - Water usage increased significantly from 7,165 cubic meters in 2019 to 32,847 cubic meters in 2020, an increase of approximately 358.00% due to a higher proportion of projects undertaken as a general contractor[70]. Governance and Management - The board of directors is responsible for leading and controlling the company, reviewing operational and financial performance, and making decisions on overall strategy and significant acquisitions[103]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition for effective leadership[104]. - The management team is responsible for executing the strategies set by the board and regularly reports on the group's operational status[112]. - The company has established a robust governance structure with various committees, including the remuneration and audit committees[163]. - The board has delegated certain responsibilities related to diversity to the nomination committee, which monitors progress towards measurable diversity goals[114]. Financial Position and Ratios - As of March 31, 2020, the group's current ratio was approximately 1.9, down from 2.1 in FY2019[22]. - The capital debt ratio as of March 31, 2020, was approximately 34.6%, a decrease from 47.8% in FY2019[27]. - The group's cash and cash equivalents were approximately HKD 19.4 million as of March 31, 2020, compared to HKD 16.5 million in FY2019[21]. - The group's net current assets increased to approximately HKD 198.7 million as of March 31, 2020, from HKD 192.0 million in FY2019, primarily due to profits generated during the year[28]. Employee and Training - The total employee cost for the year was approximately HKD 43.3 million, slightly up from HKD 42.5 million in 2019[41]. - Employee turnover rate increased to 64.71% in 2020 from 28.05% in 2019, reflecting a significant rise in workforce flexibility[79]. - The company encourages continuous professional development and provides on-the-job training for employees[81]. - The company has a strong focus on internal training programs for technical personnel to enhance project management capabilities[161]. Risk Management and Compliance - The company has developed and implemented a risk management system defined by its approved risk management policies, which includes risk identification, analysis, and management phases[155]. - The internal control system covers key business areas including revenue management, expenditure management, and compliance, with management responsible for identifying risks and implementing additional controls as necessary[151]. - The board conducts an annual review of the effectiveness of the risk management and internal control systems, covering financial, operational, and compliance controls[152]. Shareholder Relations - The company is committed to open and sincere communication with shareholders, ensuring reasonable information disclosure[148]. - The company has maintained good corporate governance standards to ensure the integrity and transparency of disclosed information[96]. - The company has complied with the corporate governance code as outlined in the listing rules[98].