Financial Performance - The group reported a revenue of approximately HKD 266.9 million from foundation and site preparation works, an increase of about HKD 62.8 million or 30.8% compared to HKD 204.1 million for the same period last year[11]. - Revenue for the six months ended September 30, 2022, was approximately HKD 273.0 million, compared to approximately HKD 209.4 million for the same period in 2021, representing a growth of approximately 30.4%[43]. - Total revenue for the six months ended September 30, 2022, was HKD 273,012,000, a 30.4% increase from HKD 209,386,000 in the same period of 2021[58]. - The company's profit attributable to owners for the reporting period was approximately HKD 8.9 million, an improvement from approximately HKD 1.3 million for the six months ended September 30, 2021, mainly due to improved gross profit and a HKD 6.0 million employment subsidy received[20]. - The company reported a net profit of HKD 8,907,000 for the six months ended September 30, 2022, compared to a net profit of HKD 1,325,000 for the same period in 2021, representing a significant increase[47]. - The company's basic and diluted earnings per share for the reporting period were 1.0 cents, compared to 0.1 cents for the same period in 2021[43]. Profitability and Expenses - The group's gross profit reached approximately HKD 19.9 million, an increase of about HKD 7.4 million or 59.2% compared to HKD 12.5 million for the same period last year, resulting in a gross profit margin of approximately 7.3%[12]. - Other income for the group amounted to approximately HKD 6.3 million, a significant increase of about HKD 5.2 million or 472.7% compared to HKD 1.1 million for the same period last year, primarily due to government subsidies[13]. - Administrative expenses increased to approximately HKD 16.5 million, up about HKD 4.8 million or 41.0% from HKD 11.7 million for the same period last year, mainly due to increased salary costs and provisions for losses[15]. - Financial costs rose to approximately HKD 0.8 million, an increase of about HKD 0.6 million or 300.0% compared to HKD 0.2 million for the same period last year, attributed to higher lease liabilities[18]. Assets and Liabilities - Total assets as of September 30, 2022, were approximately HKD 256.6 million, up from approximately HKD 215.0 million as of March 31, 2022, with current assets increasing to approximately HKD 197.8 million from approximately HKD 161.9 million[22]. - Total liabilities as of September 30, 2022, were approximately HKD 130.4 million, compared to approximately HKD 97.7 million as of March 31, 2022, with current liabilities rising to approximately HKD 114.0 million from approximately HKD 89.0 million[22]. - The company's equity attributable to owners was approximately HKD 126.2 million as of September 30, 2022, an increase from approximately HKD 117.3 million as of March 31, 2022[23]. Cash Flow and Investments - Operating cash flow for the six months ended September 30, 2022, was HKD 26,255,000, up from HKD 1,103,000 in the previous year, indicating improved operational efficiency[49]. - The company incurred a net cash outflow from investing activities of HKD 8,829,000, compared to HKD 4,968,000 in the prior year, indicating increased investment in assets[49]. - The company’s financing activities generated a net cash inflow of HKD 5,155,000, a turnaround from a net cash outflow of HKD 1,301,000 in the previous year[49]. - Cash and cash equivalents increased to HKD 47,944,000 as of September 30, 2022, compared to HKD 33,590,000 at the end of the previous period[49]. Projects and Contracts - The group secured 19 new contracts during the reporting period, with a total original contract value of approximately HKD 384.4 million, and completed 11 projects with an original contract value of approximately HKD 175.0 million[8]. - The group had a total of 29 projects on hand as of September 30, 2022, including ongoing and awarded but not yet commenced projects[8]. - The total amount of unbilled revenue related to performance obligations as of September 30, 2022, was approximately HKD 479.9 million, compared to HKD 367.9 million as of September 30, 2021[8]. Future Outlook and Strategy - The group aims to expand its scope of work in the construction industry and aspires to become a general contractor for foundation works in the future[6]. - The group will continue to monitor service costs and market trends closely to enhance its competitiveness in the market[6]. - The company plans to continue focusing on its core business of foundation and site preparation services, with no significant changes in operational strategy indicated[59]. Shareholder Information and Governance - As of September 30, 2022, Mr. Li Zhuojin holds 484,998,000 shares, representing 51.94% of the issued shares through a controlled corporation[109]. - Major shareholders include Caihui Global Limited and De Yi Global Limited, holding 51.94% and 20.35% of shares respectively[113]. - The company has adopted the corporate governance code as per the listing rules and has complied with it during the reporting period, except for the separation of roles between the Chairman and CEO[106]. - The audit committee was established on September 21, 2017, to review financial information and monitor the financial reporting system[122]. - The audit committee consists of three independent non-executive directors, including Mr. Chan Chung-kik, Mr. Wong Chik-kong, and Mr. Lee Kwok-lun[123].

Financial Performance - The company recorded revenue of approximately HKD 421.1 million for the year ended March 31, 2022, representing a slight increase of about 2.3% compared to HKD 411.8 million for the year ended March 31, 2021[5]. - The profit attributable to shareholders significantly increased to approximately HKD 4.4 million, compared to a loss of approximately HKD 46.4 million for the previous year[5]. - Revenue from foundation and site formation works for the year ended March 31, 2022, was approximately HKD 410.9 million, an increase of about HKD 11.3 million or 2.8% compared to the previous year[13]. - Revenue from machinery leasing decreased to approximately HKD 10.2 million, a reduction of about HKD 2.0 million or 16.4% from approximately HKD 12.2 million in the previous year[13]. - Gross profit for the year ended March 31, 2022, was approximately HKD 29.6 million, compared to a gross loss of approximately HKD 29.6 million in the previous year, resulting in a gross profit margin of about 7.0%[16]. - Other income for the year ended March 31, 2022, was approximately HKD 2.6 million, a decrease of about HKD 3.0 million or 53.6% from approximately HKD 5.6 million in the previous year[17]. - Administrative expenses increased to approximately HKD 25.8 million, an increase of about HKD 4.0 million or 18.3% compared to approximately HKD 21.8 million in the previous year[18]. - Net profit attributable to owners for the year ended March 31, 2022, was approximately HKD 4.4 million, a significant improvement from a loss of approximately HKD 46.4 million in the previous year[23]. Project and Contract Management - The company was awarded 20 new contracts with a total original contract value of approximately HKD 296.1 million and completed 31 projects with an original total contract value of approximately HKD 434.2 million[12]. - As of March 31, 2022, the company had 21 projects on hand, including ongoing and awarded but not yet commenced projects[12]. - The total amount of unbilled revenue allocated to performance obligations was approximately HKD 390.5 million as of March 31, 2022, compared to HKD 428.2 million in 2021[12]. Industry Outlook and Strategy - The company remains optimistic about the construction industry due to ongoing government investments in infrastructure and housing, which are expected to increase potential development opportunities[6]. - The company will continue to implement strict cost control measures and improve workflow efficiency in response to market competition and economic uncertainties[11]. - The company is actively seeking opportunities to expand its scope of work beyond being a subcontractor to becoming a general contractor in foundation engineering[10]. - The company will continue to focus on improving project cost control measures, strengthening project management teams, and enhancing production efficiency[55]. Corporate Governance - The company reported a strong performance with a focus on maintaining high corporate governance standards, which is essential for protecting and enhancing shareholder and stakeholder interests[73]. - The board of directors consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[79]. - The company has adopted a board diversity policy aimed at achieving a balanced and sustainable development, recognizing the benefits of a diverse board on performance quality[88]. - The company has complied with the corporate governance code during the reporting period, except for the separation of the roles of chairman and CEO, which is currently held by the same individual[74]. - The company emphasizes the importance of effective corporate governance as a fundamental aspect of its operations[73]. - The company has a strong commitment to compliance with the standards of the securities trading code, with all directors confirming adherence during the reporting period[75]. Risk Management and Compliance - The board is responsible for maintaining a comprehensive risk management and internal control system to safeguard the group's assets and ensure compliance with applicable laws and regulations[107]. - During the reporting period, the group identified and assessed significant risks, confirming the establishment and adherence to appropriate internal control policies and procedures[107]. - The group has engaged an external independent consulting firm to review the effectiveness and efficiency of its risk management and internal control systems, with recommendations being implemented in phases[107]. - The company has not been aware of any significant legal issues related to bribery, fraud, or money laundering during the reporting period[182]. Environmental, Social, and Governance (ESG) - The company adheres to the Environmental, Social, and Governance (ESG) reporting guidelines set by the Hong Kong Stock Exchange, ensuring compliance with all "comply or explain" provisions during the reporting period[124]. - The company has established an environmental management system in accordance with ISO 14001:2015 to improve its ability to identify, reduce, and manage negative environmental impacts[131]. - The company has implemented measures to reduce air pollutant emissions, including the use of low-sulfur diesel in machinery and regular dust suppression during construction activities[132]. - The company aims to achieve energy savings and waste reduction through various environmental initiatives[147]. - The company has a commitment to environmental goals set by the Hong Kong SAR government regarding emissions, energy, water, material usage, and waste management[132]. Employee Management and Training - The total employee cost for the year ended March 31, 2022, was approximately HKD 116.8 million, up from HKD 104.5 million for the previous year, indicating an increase of 11.0%[49]. - The group employed a total of 363 employees as of March 31, 2022, compared to 319 employees as of March 31, 2021, representing a significant increase of 13.8%[49]. - The employee turnover rate for full-time staff was approximately 41%, with 18 full-time employees leaving the company during the reporting period[159]. - 16% of employees participated in training during the reporting year, with 15% of male employees and 26% of female employees engaged in training[169]. - The company has a performance evaluation system in place to review employee performance and compensation annually[152]. Health and Safety - The company reported zero work-related fatalities for the years 2019/20, 2020/21, and 2021/22, maintaining a work-related death rate of 0%[165]. - The company is committed to continuous improvement in occupational health and safety training, with regular safety meetings held among staff[163]. - The company has implemented a comprehensive occupational health and safety management system certified to ISO 45001:2018[162]. - The company has received awards for safety, including "The Best Safety Worker" and "The Best Safety Sub-contractor" during the reporting period[166].

Financial Performance - The group reported a revenue of approximately HKD 204.1 million from foundation and site preparation works, an increase of about HKD 30.3 million or 17.4% compared to HKD 173.8 million for the same period last year[11]. - Revenue for the six months ended September 30, 2021, was HKD 209,386,000, an increase of 15.1% compared to HKD 182,001,000 in 2020[39]. - Gross profit for the same period was HKD 12,511,000, a significant recovery from a gross loss of HKD 17,626,000 in 2020[39]. - The company reported a profit before tax of HKD 1,715,000, compared to a loss of HKD 27,527,000 in the previous year[39]. - Net profit for the period was HKD 1,325,000, recovering from a loss of HKD 27,508,000 in the same period last year[39]. - Basic and diluted earnings per share were HKD 0.1 cents, compared to a loss of HKD 2.9 cents per share in 2020[39]. - The group’s profit attributable to owners during the reporting period was approximately HKD 1.3 million, an improvement from a loss of approximately HKD 27.5 million for the six months ended September 30, 2020, primarily due to gross profit generated during the period[19]. Project and Contract Activity - The group completed 15 projects with a total original contract value of approximately HKD 255.7 million during the reporting period, and currently has 22 projects on hand[8]. - The group secured 7 new contracts with an original total contract value of approximately HKD 103.2 million during the reporting period[8]. - The total amount of unbilled revenue related to performance obligations as of September 30, 2021, was approximately HKD 367.9 million, compared to HKD 316.6 million as of September 30, 2020[8]. Income and Expenses - Other income for the reporting period was approximately HKD 1.1 million, a decrease of about HKD 1.0 million or 47.6% compared to HKD 2.1 million for the same period last year[13]. - The group’s machinery rental income decreased to approximately HKD 5.3 million, down about HKD 2.9 million or 35.4% from HKD 8.2 million for the same period last year[11]. - The total employee cost during the reporting period was approximately HKD 63.1 million, compared to approximately HKD 41.3 million for the six months ended September 30, 2020, due to hiring more employees for construction projects[33]. - The group’s administrative expenses during the reporting period were approximately HKD 11.7 million, showing no significant change compared to approximately HKD 11.8 million for the six months ended September 30, 2020[14]. Assets and Liabilities - The total assets of the group as of September 30, 2021, were approximately HKD 176.0 million, down from approximately HKD 217.8 million as of March 31, 2021[21]. - The total liabilities of the group as of September 30, 2021, were approximately HKD 61.7 million, a decrease from approximately HKD 104.9 million as of March 31, 2021[21]. - Current liabilities decreased to HKD 56,229,000 from HKD 98,595,000, indicating improved liquidity[41]. - The total value of trade and other receivables decreased to HKD 11,969,000 as of September 30, 2021, from HKD 25,781,000 as of March 31, 2021, indicating a reduction of approximately 53.6%[80]. - Trade receivables were reported at HKD 10,989,000 as of September 30, 2021, down from HKD 24,490,000 as of March 31, 2021, a decline of 55.2%[80]. Investments and Cash Flow - The group invested approximately HKD 10.0 million during the reporting period in acquiring machinery and equipment, down from approximately HKD 20.2 million as of March 31, 2021[27]. - The company plans to continue focusing on machinery and equipment investments, with cash outflow for purchases amounting to HKD 8,363,000 during the period[48]. - Operating cash flow for the six months was HKD 1,103,000, a recovery from an outflow of HKD 3,542,000 in 2020[48]. - Cash and cash equivalents at the end of the period were HKD 33,590,000, a decrease from HKD 38,756,000 at the beginning of the period[48]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the reporting period, except for the separation of roles between the chairman and the CEO[103]. - The company confirmed that all directors have complied with the standards set out in the securities trading code during the reporting period[104]. - The company has maintained compliance with corporate governance standards as per the relevant regulations[117]. Shareholder Information - As of September 30, 2021, Mr. Li Zhuojin holds 484,998,000 shares, representing 51.94% of the total issued shares of the company[105]. - The major shareholder, Caihui Global Limited, also holds 484,998,000 shares, equivalent to 51.94% of the total issued shares[109]. Subsequent Events and Other Information - There were no significant subsequent events after the reporting period[116]. - The company did not declare or propose any dividends for the six months ended September 30, 2021[67]. - The company had no significant acquisitions or disposals of subsidiaries or associates during the reporting period[30].

Financial Performance - The company reported revenue of approximately HKD 411.8 million for the year ended March 31, 2021, an increase of about 26.1% compared to HKD 326.5 million for the year ended March 31, 2020[5]. - The loss attributable to shareholders increased significantly to approximately HKD 46.4 million, up from HKD 13.7 million in the previous year[5]. - The gross loss margin decreased due to the adverse impacts of the COVID-19 pandemic, which affected project profit margins and overall performance[5]. - Revenue from foundation and site formation works reached approximately HKD 399.6 million, an increase of about HKD 85.7 million or 27.3% compared to the previous year[13]. - The group recorded a gross loss of approximately HKD 29.6 million, resulting in a gross loss margin of about 7.2%, a decline from a gross profit margin of 2.2% in the previous year[16]. - Other income surged to approximately HKD 5.6 million, a significant increase of about HKD 4.9 million or 700.0% due to government subsidies related to COVID-19 relief measures[18]. - Administrative expenses slightly increased to approximately HKD 21.8 million, up about HKD 0.7 million or 3.3% from the previous year[19]. - The group reported a net loss attributable to owners of approximately HKD 46.4 million, an increase from HKD 13.7 million in the previous year[24]. - Total assets as of March 31, 2021, were approximately HKD 217.8 million, compared to HKD 199.6 million in the previous year[25]. - Total liabilities increased to approximately HKD 104.9 million, up from HKD 40.4 million in the previous year, with current liabilities at approximately HKD 98.6 million[25]. - The debt-to-equity ratio was approximately 7.5%, a rise from 2.6% in the previous year, indicating increased leverage[26]. - The group maintained a conservative financial management policy, closely monitoring cash flow to meet business development needs[27]. Operational Challenges and Strategies - The company faced challenges including significant losses on certain construction projects and increased difficulty in negotiating with clients due to the pandemic[10]. - The overall revenue growth in the industry is slowing, and the company will continue to implement measures to control project costs and improve operational efficiency[11]. - The company aims to enhance its competitiveness by closely monitoring market conditions and continuing to provide quality engineering services[6]. - The company is actively seeking opportunities to expand its scope of work in the construction industry, aspiring to become a general contractor for foundation engineering[10]. - The group is focusing on improving project cost control measures and enhancing project management teams to increase production efficiency[60]. - The construction industry in Hong Kong is expected to remain optimistic despite the competitive landscape and challenges posed by COVID-19[60]. - The group is diversifying its customer base to ensure a sufficient number of awarded projects[60]. Employee and Workforce Management - The total employee cost for the year ended March 31, 2021, was approximately HKD 104.5 million, an increase from approximately HKD 72.1 million for the year ended March 31, 2020[53]. - The group employed a total of 319 employees as of March 31, 2021, a significant increase from 166 employees as of March 31, 2020[53]. - The company has established a performance appraisal system to encourage and reward employees at all levels[39]. - The company has established a performance evaluation system to review employee performance and compensation annually[148]. - The company is committed to continuous employee development and provides training opportunities to enhance professional knowledge and skills[162]. - 39% of male employees and 10% of female employees participated in training during the reporting period, with average training hours of approximately 0.48 hours for males and 16.64 hours for females[163]. - The average training duration for different employee categories was about 32.02 hours for senior employees, 6.18 hours for middle employees, 0.17 hours for junior employees, and 0.23 hours for temporary employees[163]. - The company reported 5 incidents of work-related accidents (more than 3 days of sick leave) in 2020/21, an increase from 3 in 2019/20[159]. - The total number of lost workdays due to work-related injuries decreased to 928 days in 2020/21 from 2,049 days in 2019/20[159]. - The company has implemented COVID-19 preventive measures, including providing masks and sanitizers to employees[161]. - The company has established a comprehensive occupational health and safety management system certified to ISO 45001:2018[157]. - There were no work-related fatalities reported in both 2020/21 and 2019/20, maintaining a 0% fatality rate[159]. Environmental Management - The company recognizes the importance of environmental protection, resource conservation, and sustainable development as mainstream trends in society[126]. - The company's greenhouse gas emissions from mobile combustion sources decreased from 269.34 tons in 2019/20 to 197.1 tons in 2020/21, representing a reduction of approximately 26.8%[138]. - Nitrogen oxides (NOx) emissions decreased from 1,087.08 kg in 2019/20 to 862.07 kg in 2020/21, a reduction of about 20.8%[138]. - The total carbon dioxide (CO2) emissions from electricity purchased (Scope 2) decreased from 9.56 tons in 2019/20 to 8.05 tons in 2020/21, a decrease of approximately 15.8%[138]. - The company aims to use vehicles with lower N2O emissions in the coming year despite an increase in project numbers[139]. - The company has implemented various measures to reduce air pollutant emissions at the source, including using low-sulfur diesel for machinery[135]. - The total waste generated from construction sites is managed by a general contractor, with a focus on recycling and reducing waste[140]. - The company encourages employees to adopt sustainable practices, including electronic record-keeping to minimize paper waste[140]. - The company has committed to meeting local government environmental goals regarding emissions, energy, and waste management[135]. - Total electricity consumption decreased from 15,172.23 kWh in 2019/20 to 14,128.61 kWh in 2020/21, representing a reduction of approximately 6.9%[142]. - Electricity consumption per employee dropped significantly from 83.82 kWh to 44.29 kWh, a decrease of about 47.3%[142]. - The company implemented energy-saving measures, including using energy-efficient appliances and optimizing office lighting systems[143]. - The company encourages the reuse and recycling of greywater on construction sites to reduce freshwater consumption[142]. - The company is committed to further reducing emissions and waste to minimize its adverse impact on the environment and natural resources[144]. Corporate Governance - The management emphasized the importance of maintaining high corporate governance standards to protect shareholder interests[79]. - The board of directors held four meetings during the reporting period, with full attendance from executive members[91]. - The company has adopted the corporate governance code and has complied with its provisions throughout the reporting period[80]. - The board has adopted a diversity policy aimed at achieving a balanced and sustainable development, recognizing the benefits of a diverse board for enhancing performance quality[94]. - All directors participated in continuous professional development during the reporting period to enhance their knowledge and skills[95]. - The audit committee reviewed and recommended approval of the audited financial statements for the year ended March 31, 2021, and the interim financial report for the six months ended September 30, 2020[101]. - The audit committee held two meetings during the reporting period, with all members attending both meetings[101]. - The nomination committee held one meeting to review the board's structure and diversity, and to assess the independence of non-executive directors[105]. - The remuneration committee discussed the current remuneration policy for directors and recommended it for consideration at the 2020 annual general meeting[106]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules and corporate governance codes[98]. - The company reported a total remuneration of HKD 1,077,000 for audit and non-audit services during the reporting period, with HKD 850,000 for audit services and HKD 227,000 for non-audit services[115]. - The board confirmed that there are no significant uncertainties that may cast doubt on the company's ability to continue as a going concern, thus adopting the going concern basis for preparing the financial statements[110]. - The company has engaged an external independent consulting firm to conduct internal audit functions and review the effectiveness of its risk management and internal control systems, with recommendations being implemented in phases[111]. - The company believes that integrating environmental, social, and governance aspects into its risk management system is crucial for sustainable business practices[126]. - The board has identified and assessed significant risks during the reporting period and confirmed that appropriate internal control policies and procedures are in place[111]. - The company has complied with the relevant regulations regarding insider information and has ensured timely public disclosure of material information[117]. - The company has not made any significant changes to its organizational documents during the reporting period[123]. - The board believes that the risk management and internal control systems were effective during the reporting period[111]. Community Engagement and Social Responsibility - The group made donations to local community organizations, including the Hong Kong Five Flower Association, as part of its corporate social responsibility initiatives[178]. - The group contributed to the Community Chest's "Dress Casual Day," which supports over 160 social welfare member organizations benefiting more than 2.5 million people in Hong Kong[178]. - The group emphasizes the importance of maintaining a sustainable and reliable supply chain to minimize negative environmental and social impacts[168]. - The group continuously optimizes and improves its supplier management system to enhance the specialization and transparency of supply chain management[168]. - The group has established policies to prevent all forms of fraud and corruption, ensuring compliance with relevant laws such as the Prevention of Bribery Ordinance[173]. - The group conducted a training event for management in March 2021 focusing on high-risk areas related to corruption, including contract awarding and management[174].

Financial Performance - The company reported a revenue of approximately HKD 173.8 million for the period, an increase of about HKD 12.7 million or 7.9% compared to HKD 161.1 million for the same period last year[12]. - The group faced a gross loss of approximately HKD 17.6 million during the reporting period, a decline from a gross profit of about HKD 3.0 million in the previous year, resulting in a gross loss margin of approximately 9.7%[13]. - Revenue from machinery leasing was approximately HKD 8.2 million, showing no significant change from HKD 8.1 million in the previous year[12]. - Other income for the reporting period reached approximately HKD 2.1 million, an increase of about HKD 1.6 million or 320.0% compared to approximately HKD 0.5 million for the six months ended September 30, 2019, primarily due to government subsidies from the "Employment Support Scheme" of about HKD 2.0 million[14]. - The group recorded a net loss attributable to the owners of the company of approximately HKD 27.5 million for the reporting period, an increase of about HKD 20.0 million or 266.7% compared to approximately HKD 7.5 million for the six months ended September 30, 2019, primarily due to gross losses during the reporting period[20]. - The company reported a loss before tax of HKD 27,527,000, compared to a loss of HKD 7,136,000 in the prior year, indicating a significant increase in losses[41]. - Basic and diluted loss per share was HKD 2.9, compared to HKD 0.8 for the same period last year[41]. - The company reported a loss attributable to owners of approximately HKD 27,508,000 for the six months ended September 30, 2020, compared to a loss of HKD 7,543,000 for the same period in 2019, representing an increase in loss of 264%[73]. Assets and Liabilities - As of September 30, 2020, the total assets of the group were approximately HKD 202.9 million, an increase from approximately HKD 199.6 million as of March 31, 2020, with current assets of approximately HKD 157.2 million[22]. - The total liabilities of the group as of September 30, 2020, were approximately HKD 71.1 million, an increase from approximately HKD 40.4 million as of March 31, 2020, with current liabilities of approximately HKD 65.1 million[22]. - The group had total debts (including lease liabilities and bank borrowings) of approximately HKD 7.6 million, an increase from approximately HKD 4.2 million as of March 31, 2020, resulting in a debt-to-equity ratio of approximately 5.8%[23]. - The total cash and bank balances of the group as of September 30, 2020, were approximately HKD 32.5 million, a decrease from approximately HKD 41.7 million as of March 31, 2020, primarily due to net cash used in operating, investing, and financing activities of approximately HKD 9.2 million[22]. - Trade receivables increased significantly to HKD 20,609,000 as of September 30, 2020, from HKD 8,553,000 as of March 31, 2020, marking an increase of 141%[85]. - The company reported trade payables of HKD 35,171,000 as of September 30, 2020, significantly up from HKD 13,586,000 as of March 31, 2020, representing an increase of 159%[90]. Operational Highlights - The company secured 17 new contracts with a total original contract value of approximately HKD 199.1 million during the reporting period[9]. - The company completed 17 projects with an original total contract value of approximately HKD 213.5 million during the reporting period[9]. - The company aims to enhance project management effectiveness and control costs amid economic uncertainties and competitive pressures in the market[8]. - The group is actively seeking opportunities to expand its scope of work in the construction industry, aspiring to become a general contractor for foundation engineering in the future[7]. - The impact of COVID-19 has led to increased challenges in negotiations with clients regarding completed projects, affecting the overall performance of the group[7]. - The company is committed to ensuring the health and safety of its employees while preventing the further spread of COVID-19 at its sites[8]. Cash Flow and Investments - The cash flow from operating activities was a net outflow of HKD 3,542,000, compared to an inflow of HKD 5,826,000 in the previous year, indicating a significant decline[60]. - The company incurred a net cash outflow from investing activities of HKD 3,495,000, an improvement from HKD 13,331,000 in the prior year[60]. - The financing activities resulted in a net cash outflow of HKD 2,191,000, compared to HKD 1,546,000 in the same period last year[60]. - The company has made investments in machinery and equipment amounting to HKD 28,400,000 during the reporting period[44]. - The group invested approximately HKD 11.9 million in capital expenditures for the purchase of machinery and equipment during the reporting period[27]. Management and Governance - The company has adopted the corporate governance code and has complied with it during the reporting period, except for the separation of roles between the chairman and CEO[112]. - The company has established an audit committee to oversee financial reporting and risk management processes[126]. - The chairman of the company is 李灼金, who confirmed the financial statements were prepared in accordance with applicable accounting standards[129]. - The total remuneration for key management personnel for the six months ended September 30, 2020, was HKD 1,806,000, up from HKD 1,638,000 in the same period of 2019, reflecting a 10.3% increase[99]. - The company’s short-term benefits for key management personnel increased by 10% from HKD 1,593,000 in 2019 to HKD 1,753,000 in 2020[99]. Shareholder Information - As of September 30, 2020, the company’s chairman and CEO, Mr. Li, holds 51.94% of the issued shares, totaling 484,998,000 shares[114]. - The major shareholders include 彩暉環球 with 484,998,000 shares, representing 51.94% of the total issued shares[119]. - 周文珍 holds spouse equity in 彩暉環球, which also accounts for 51.94% of the total issued shares[120]. - 得意環球有限公司 owns 190,002,000 shares, equivalent to 20.35% of the total issued shares[119]. - 何春樹 is the sole owner of 得意環球有限公司, which holds 20.35% of the total issued shares[120]. - The company did not declare any dividends for the six months ended September 30, 2020, consistent with the previous period[71]. Legal and Compliance - The group is involved in several lawsuits related to work injuries and civil claims, but the board believes these will not have a significant impact on the financial statements[103]. - No significant events occurred after the reporting period[125]. - The audit committee, consisting of independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the reporting period[129].

Financial Performance - The company recorded revenue of approximately HKD 326.5 million for the year ended March 31, 2020, a decrease of about 16.8% compared to HKD 392.5 million for the year ended March 31, 2019[7]. - The loss attributable to shareholders significantly decreased from approximately HKD 34.5 million in the previous year to about HKD 13.7 million for the year ended March 31, 2020[7]. - The gross profit margin improved due to a significant reduction in the number of loss-making projects compared to the previous year[7]. - Revenue from foundation and site formation works for the fiscal year was approximately HKD 313.9 million, a decrease of about HKD 67.7 million or 17.7% compared to approximately HKD 381.6 million for the previous year[15]. - The group reported a gross profit of approximately HKD 7.3 million for the fiscal year, compared to a gross loss of approximately HKD 12.4 million in the previous year, resulting in a gross profit margin of approximately 2.2%[18]. - The group recorded a net loss attributable to owners of approximately HKD 13.7 million, a decrease from approximately HKD 34.5 million in the previous year, primarily due to an increase in gross profit margin[25]. - Other income for the fiscal year was approximately HKD 0.7 million, a decrease of about HKD 0.6 million or 46.2% from approximately HKD 1.3 million in the previous year[19]. - Administrative expenses for the fiscal year were approximately HKD 21.1 million, slightly down from approximately HKD 21.2 million in the previous year, representing a decrease of about HKD 0.1 million or 0.5%[20]. Challenges and Outlook - The company faces challenges including delays in project approvals and material supply disruptions due to the COVID-19 pandemic, which have increased warranty costs and office expenses[8]. - The company remains optimistic about the industry outlook, supported by various public construction projects, including the Hong Kong International Airport's three-runway system[8]. - The COVID-19 pandemic and trade tensions with the U.S. have negatively impacted business confidence and the competitive landscape in Hong Kong's construction market[55]. - The company plans to maintain its market position by lowering bid prices and diversifying its customer base[55]. - The company will continue to focus on improving project cost control measures and enhancing project management efficiency[55]. Contracts and Projects - For the fiscal year ending March 31, 2020, the group secured 32 new contracts with a total contract value of approximately HKD 401.7 million, completing 15 projects valued at approximately HKD 196.6 million[14]. Financial Position - Total assets as of March 31, 2020, were approximately HKD 199.6 million, down from approximately HKD 224.1 million in the previous year, with current assets at approximately HKD 155.3 million[26]. - Total liabilities as of March 31, 2020, were approximately HKD 40.4 million, a decrease from approximately HKD 51.1 million in the previous year, with current liabilities at approximately HKD 36.7 million[26]. - The group maintained a conservative financial management policy, ensuring sufficient liquidity to meet business development needs[28]. Employee and Management - The total employee cost, including director salaries, was about HKD 72.1 million for the year ended March 31, 2020, compared to approximately HKD 77.9 million for the year ended March 31, 2019[47]. - The number of employees decreased significantly from 253 as of March 31, 2019, to 166 as of March 31, 2020, primarily due to the completion of labor-intensive projects[47]. - The company has implemented a performance appraisal system to encourage and reward employees at all levels[36]. - The group has implemented a performance evaluation system to review employee performance and compensation annually[147]. Corporate Governance - The company has maintained a high level of corporate governance, which is considered essential for protecting and enhancing shareholder and stakeholder interests[71]. - The board of directors consists of six members, including two executive directors and three independent non-executive directors, ensuring compliance with listing rules[77]. - The company has adopted the corporate governance code as its own, and has complied with it during the reporting period, except for a specific provision regarding the separation of roles of the chairman and CEO[72]. - The company has appointed independent non-executive directors for a term of three years, with the possibility of re-election, ensuring compliance with listing rules regarding independence[79]. - The audit committee, composed entirely of independent non-executive directors, has reviewed and recommended approval of the audited financial statements for the year ended March 31, 2020[91]. Environmental and Social Responsibility - The company has established an environmental management system in accordance with ISO 14001:2015 to improve its ability to identify, reduce, prevent, and manage environmental impacts[125]. - The company emphasizes the importance of sustainable development and has invested significant resources to comply with local government environmental goals regarding emissions, energy, water, material usage, and waste management[126]. - The group has adhered to all relevant environmental laws and regulations during the reporting period, with no significant violations reported[136]. - The company has actively engaged in corporate social responsibility activities to enhance its community relations[121]. - The company donated 2 tons of rice to the Yuen Long Chiu Kiu Association, which will distribute it to those in need, including the elderly and impoverished individuals[169]. Safety and Health - The group reported 0 work-related deaths and a work-related death rate of 0% for the 2019/20 year[151]. - The group has established a health and safety management system certified to ISO 45001:2018[148]. - The group has taken measures to protect employees' health during the COVID-19 pandemic, including providing masks and disinfectants[153]. Training and Development - The company provides comprehensive on-the-job training for new employees to familiarize them with corporate culture, management systems, and business processes[155]. - Training programs are designed to enhance employees' professional knowledge and skills, with senior employees mentoring junior staff[155]. - 36% of male employees and 65% of female employees participated in training, with average hours of approximately 0.91 hours and 7.79 hours respectively[156]. Shareholder Information - The company did not recommend any final dividend for the year ending March 31, 2020[54]. - The board does not recommend the payment of a final dividend for the year ended March 31, 2020 (2019: none) [193].

Contracts and Projects - The company secured 9 new contracts during the reporting period, with a total contract value of approximately HKD 95.6 million, and completed 10 projects with a total contract value of approximately HKD 187.5 million[9]. - The total contract value of projects on hand as of September 30, 2019, was approximately HKD 192.7 million[9]. Revenue and Profitability - Revenue from foundation and site preparation engineering reached approximately HKD 161.1 million, a decrease of about HKD 23.0 million or 12.5% compared to the same period last year[10]. - Revenue from machinery leasing increased to approximately HKD 8.1 million, up by about HKD 2.9 million or 55.8% compared to the same period last year[10]. - The group’s total revenue for the six months ended September 30, 2019, was approximately HKD 169.2 million, compared to HKD 189.3 million for the same period in 2018[39]. - The gross profit for the reporting period was approximately HKD 3.0 million, compared to a gross loss of approximately HKD 15.9 million in the same period last year, resulting in a gross profit margin of approximately 1.8%[13]. - The group recorded a net loss attributable to the owners of approximately HKD 7.5 million for the period, a decrease from approximately HKD 26.8 million for the six months ended September 30, 2018, primarily due to an increase in gross profit[18]. - The company reported a net loss of HKD 7,543,000 for the six months ended September 30, 2019, compared to a net loss of HKD 26,823,000 for the same period in 2018[45]. - Revenue for the six months ended September 30, 2019, was HKD 169,168,000, a decrease of 10.6% from HKD 189,308,000 in the same period of 2018[75]. - Income from foundation and site preparation services was HKD 161,092,000, down 12.5% from HKD 184,116,000 in 2018[75]. - Machinery leasing income increased to HKD 8,076,000, up 55.5% from HKD 5,192,000 in 2018[75]. Expenses and Liabilities - Other income decreased to approximately HKD 0.5 million, down by about HKD 0.8 million or 61.5% compared to the same period last year[14]. - Administrative expenses were approximately HKD 10.6 million, a slight decrease of about HKD 0.3 million or 2.8% compared to the same period last year[15]. - The group’s total liabilities as of September 30, 2019, were approximately HKD 43.0 million, a decrease from approximately HKD 51.1 million as of March 31, 2019[21]. - Total trade payables decreased to HKD 15,378,000 as of September 30, 2019, down from HKD 24,296,000 as of March 31, 2019, reflecting a reduction of approximately 37%[99]. Cash Flow and Assets - The group’s cash and bank balances totaled approximately HKD 42.3 million as of September 30, 2019, down from approximately HKD 51.3 million as of March 31, 2019, mainly due to net cash used in operating, investing, and financing activities of approximately HKD 9.0 million[21]. - Cash flow from operating activities was HKD 5,826,000 for the six months ended September 30, 2019, a significant improvement from a cash outflow of HKD 33,651,000 in the previous year[48]. - Total assets as of September 30, 2019, were approximately HKD 208.4 million, down from approximately HKD 224.1 million as of March 31, 2019[21]. - The company’s cash and cash equivalents decreased to HKD 42,281,000 from HKD 89,496,000 at the beginning of the period[48]. - Trade receivables decreased to HKD 8,645,000 as of September 30, 2019, down from HKD 13,105,000 as of March 31, 2019, indicating a reduction of approximately 34%[94]. Employee and Management Information - The group employed a total of 123 employees as of September 30, 2019, a significant decrease from 253 employees as of March 31, 2019[33]. - The total remuneration for key management personnel for the six months ended September 30, 2019, was HKD 1,638,000, a decrease of 4.83% from HKD 1,721,000 in 2018[18]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with it during the reporting period, except for the separation of roles between the chairman and CEO[114]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the reporting period[130]. - The audit committee ensures compliance with applicable accounting standards and regulations, and oversees the independence of external auditors[127]. Accounting Standards and Financial Reporting - The group adopted HKFRS 16, resulting in a reclassification of assets and liabilities, with machinery and equipment reported at HKD 28,762,000 after adjustments[65]. - The transition to HKFRS 16 did not significantly affect the financial performance and position of the group for the current and prior periods[58]. - The group’s financial statements are prepared based on historical cost, except for investment properties measured at fair value[54]. - The group’s accounting policies remain consistent with those applied in the annual consolidated financial statements for the year ended March 31, 2019, except for the changes due to the adoption of new standards[54]. Legal Matters - As of September 30, 2019, the company was involved in several lawsuits related to work injuries and criminal litigation, but the board believes these will not have a significant impact on the financial statements[107].

Financial Performance - For the fiscal year ending March 31, 2019, the group recorded revenue of approximately HKD 392.5 million, a decrease of about 26.7% compared to HKD 534.5 million for the previous year[6]. - The group reported a loss attributable to shareholders of approximately HKD 34.5 million for the fiscal year ending March 31, 2019[6]. - The revenue from foundation and site formation works was approximately HKD 381.6 million, down by about 26.5% from approximately HKD 519.1 million in the previous year[12]. - Revenue from machinery leasing was approximately HKD 11.0 million, a decrease of about 32.9% from approximately HKD 16.4 million in the previous year[12]. - The group recorded a gross loss of approximately HKD 12.4 million for the year ended March 31, 2019, compared to a gross profit of approximately HKD 54.5 million for the year ended March 31, 2018, resulting in a gross loss margin of about 3.2%[14]. - The group recorded a net loss of approximately HKD 34.5 million for the year ended March 31, 2019, compared to a profit of approximately HKD 12.0 million for the year ended March 31, 2018, mainly due to the gross loss incurred[19]. - Other income decreased by approximately HKD 0.1 million or 7.1%, reaching about HKD 1.3 million for the year ended March 31, 2019, primarily due to the absence of government subsidies related to the "EU Phase 4 Diesel Commercial Vehicle Special Grant Scheme"[15]. - Administrative expenses decreased by approximately HKD 17.0 million or 44.5%, totaling about HKD 21.2 million for the year ended March 31, 2019, mainly due to the absence of one-time listing expenses in 2019[16]. - Financial costs decreased by approximately HKD 0.3 million or 50.0%, amounting to about HKD 0.3 million for the year ended March 31, 2019, due to a reduction in borrowings compared to the previous year[17]. - Income tax expenses decreased by approximately HKD 3.3 million or 63.5%, totaling about HKD 1.9 million for the year ended March 31, 2019, primarily because one subsidiary did not have taxable profits[18]. Contracts and Projects - The group secured 19 new contracts with a total original contract value of approximately HKD 306.7 million during the fiscal year[11]. - The group had 11 projects on hand as of March 31, 2019, with an original total contract value of approximately HKD 284.6 million[11]. - The group remains optimistic about the construction industry in Hong Kong, citing potential development opportunities from major projects like the three-runway system at Hong Kong International Airport[7]. - The government plans to sell 27 private residential sites, potentially increasing demand for site formation and foundation works in the coming year[7]. Financial Position and Management - As of March 31, 2019, the group had cash and bank balances of approximately HKD 51.3 million, a decrease from approximately HKD 89.5 million as of March 31, 2018, primarily due to cash used in operating, investing, and financing activities totaling about HKD 38.2 million[22]. - Total liabilities amounted to approximately HKD 5.8 million as of March 31, 2019, down from approximately HKD 6.8 million as of March 31, 2018, with a debt-to-equity ratio of about 3.4%[22]. - The group continues to manage its financial position prudently and maintains a conservative policy regarding cash and financial management[23]. - The group invested approximately HKD 22.3 million in capital expenditures for machinery, equipment, vehicles, and computer equipment for the year ended March 31, 2019[36]. - The net proceeds from the share offering amounted to approximately HKD 103.9 million, with actual usage as of March 31, 2019, totaling HKD 69.0 million, leaving HKD 34.9 million unutilized[44]. Employee and Management Structure - The group employed a total of 253 employees as of March 31, 2019, an increase from 224 employees as of March 31, 2018[42]. - Total employee costs, including director salaries, amounted to approximately HKD 77.9 million for the year ended March 31, 2019, compared to HKD 71.3 million for the previous year[42]. - The board has decided not to recommend any final dividend for the year ended March 31, 2019[46]. - The company appointed Mr. Pan Wei Gang as a non-executive director since October 12, 2018, bringing over 25 years of experience in accounting and finance[51]. - The company has a strong management team with Mr. Liu Da Hong as the quantity surveying manager since May 2014, responsible for providing quantity surveying services[60]. - Ms. Li Mei Hui has been the financial director and company secretary since January 2017, overseeing financial planning and internal controls[61]. Corporate Governance - The company emphasizes the importance of financial reporting and internal controls, led by experienced professionals in the finance sector[62]. - The company is committed to maintaining high standards of corporate governance through the expertise of its board members[59]. - The company has adopted the corporate governance code as per the listing rules and has complied with it during the reporting period, except for the separation of roles between the Chairman and CEO[64]. - The board consists of seven directors, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules[69]. - The company encourages continuous professional development for directors, ensuring they are well-informed about their duties and responsibilities under applicable laws and regulations[79]. Environmental, Social, and Governance (ESG) Initiatives - The company recognizes the importance of integrating environmental, social, and governance (ESG) factors into its risk management system to align with mainstream trends[108]. - The company has complied with all "comply or explain" provisions of the ESG reporting guidelines during the reporting period[109]. - The company implemented various measures to reduce air pollutant emissions, including using ultra-low sulfur diesel in machinery[117]. - The company has established an environmental management system in accordance with ISO 14001:2015 standards to improve its ability to manage environmental impacts[116]. - The group adheres to various environmental laws and regulations, including the Air Pollution Control Ordinance and the Waste Disposal Ordinance, ensuring compliance throughout the reporting period[129]. Safety and Employee Welfare - The group actively promotes a non-discriminatory work environment, ensuring equal opportunities regardless of gender, race, or other characteristics[131]. - The group emphasizes the importance of employee health and safety, conducting regular training and safety meetings to mitigate risks[141]. - The group reported 11 incidents of work-related accidents with sick leave exceeding 3 days during the 2018/19 year, compared to 12 incidents in the previous year[142]. - The total number of workdays lost due to injuries was 1,147 days in 2018/19, significantly higher than 404 days in 2017/18[142]. - The group achieved a work-related death rate of 0% for both 2018/19 and 2017/18, with no reported fatalities[142]. Community Engagement and Corporate Social Responsibility - The group donated to local community organizations and provided gifts to the elderly as part of its corporate social responsibility initiatives[156]. - The group made charitable donations of HKD 3,000 during the reporting period, a decrease from HKD 1 million in the previous year[193].