Financial Performance - Revenue for the six months ended April 30, 2022, was $14,138,000, a decrease of 24.5% compared to $18,581,000 for the same period in 2021[3] - Gross profit increased to $3,310,000, up 7.4% from $3,081,000 in the previous year[3] - Operating profit for the period was $416,000, compared to $214,000 in the same period last year, reflecting a significant improvement[4] - The net profit attributable to equity holders was $125,000, a turnaround from a loss of $114,000 in the previous year[4] - Total revenue for the six months ended April 30, 2022, was $14,138,000, a decline of 24.5% compared to $18,581,000 in the prior year[13] - The company reported a total segment profit of $672,000 for the six months ended April 30, 2022, compared to a profit of $200,000 in the same period of 2021[17] - The company reported a net profit of approximately $125,000 for the six months ended April 30, 2022, compared to a loss of $114,000 in the same period of 2021[24] - The basic earnings per share (EPS) for the current period is $0.0005, while the diluted EPS is $0.0003, reflecting a significant improvement from the previous year's loss per share[25][26] Assets and Liabilities - Total assets as of April 30, 2022, were $36,364,000, an increase from $28,412,000 as of October 31, 2021[6] - Current liabilities increased to $22,124,000 from $17,213,000, indicating a rise in short-term financial obligations[6] - Cash and bank balances rose significantly to $3,158,000 from $1,426,000, enhancing liquidity[6] - The company’s net asset value decreased slightly to $18,934,000 from $19,196,000, reflecting changes in reserves[6] - Trade receivables increased to $11,459,000 as of April 30, 2022, from $11,032,000 as of October 31, 2021, with a provision for impairment losses of $4,102,000[31] - Total trade and other payables decreased to $4,588,000 as of April 30, 2022, from $6,068,000 as of October 31, 2021[36] - The company secured new bank borrowings of approximately $11,247,000 during the reporting period[38] - The company entered into a subscription agreement for convertible bonds amounting to HKD 25,000,000 (approximately $3,222,000) with a conversion price of HKD 1.00 per share[39] Revenue Breakdown - Revenue from bus body and kit sales decreased to $9,808,000 in the six months ended April 30, 2022, down 38.5% from $15,948,000 in the same period of 2021[13] - Revenue from parts sales and related services increased to $4,330,000, up 64.5% from $2,633,000 year-over-year[13] - Revenue from city buses amounted to $5.17 million, representing 36.6% of total revenue, while long-distance buses generated $1.13 million, accounting for 8.0%[60] - The revenue from the Malaysian market for bus body sales was USD 2.92 million, down from USD 4.19 million in the previous year[51] Cost and Expenses - The cost of inventory for the six months ended April 30, 2022, was $10,828,000, down 30.3% from $15,500,000 in the previous year[19] - Employee costs decreased to $1,799,000 in the six months ended April 30, 2022, from $1,910,000 in the same period of 2021, reflecting a reduction of 5.8%[19] - The company incurred financial costs of $255,000 for the six months ended April 30, 2022, down from $321,000 in the same period of 2021[19] - The company maintained sales and distribution expenses at similar levels to the previous year, attributed to reduced business travel due to COVID-19 measures[64] Corporate Governance - The board believes that good corporate governance is essential for maintaining the company's success and has adhered to the applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO[96] - The audit committee, composed of three independent non-executive directors, reviewed the company's unaudited interim results for the six months ended April 30, 2022[99] - The board consists of both executive and independent non-executive directors, ensuring a balance of power and authority[96] - The company will continue to review its corporate governance structure and make necessary adjustments as needed[97] Market and Operations - The company aims to expand its market presence in regions such as the United States while maintaining its market position in Asia[54] - The demand for aluminum buses is expected to continue driving business growth due to their compliance with environmental standards and better energy efficiency[47] - The company has implemented measures to mitigate the impact of COVID-19 on operations, particularly in Malaysia[54] - The company aims to participate in electric vehicle projects and tenders, leveraging its experience in manufacturing electric buses[56] - The company is exploring opportunities to expand trade activities into the Chinese film and related intellectual property markets to diversify revenue sources[57] Capital Expenditures and Investments - The company purchased property, machinery, and equipment at a cost of approximately $116,000 during the six months ended April 30, 2022, compared to $89,000 in the same period of 2021[29] - The company has contracted but not yet recognized significant capital expenditures totaling approximately $3.72 million, including investments in joint ventures and land acquisition[76] - The company signed a purchase agreement for industrial land in Malaysia for a total price of MYR 16,915,864 (approximately USD 4,008,000), with a deposit of MYR 1,691,586.40 (approximately USD 401,000) paid[22] Employee and Workforce - The total number of full-time employees decreased to 273 as of April 30, 2022, from 313 as of October 31, 2021[83] Dividends - The company did not declare an interim dividend for the six months ended April 30, 2022, compared to no interim dividend declared in the same period of 2021[21] - The board did not recommend an interim dividend for the six months ended April 30, 2022, compared to no dividend for the same period in the previous year[82]

Financial Performance - The company recorded revenue of approximately $33.53 million for the fiscal year ending October 31, 2021, representing a 7.60% increase from $31.15 million in the previous fiscal year[15]. - Gross profit for the year was approximately $5.42 million, with a gross margin of about 16.2%, down from 18.3% in the previous year, primarily due to rising aluminum prices and freight costs[15]. - Profit attributable to equity holders for the year was approximately $0.82 million, a significant increase of about $0.42 million compared to $0.40 million in the previous fiscal year, mainly due to improved collection of trade receivables[15]. - Total revenue for the year was approximately $33.53 million, up from $31.15 million, driven by increased sales in Singapore and Malaysia[37]. - Revenue from the sales of bus bodies and kits was approximately $28.30 million for the year ending October 31, 2021, a slight decrease of about $0.30 million or 1.05% compared to approximately $28.60 million in the previous year[29]. - Revenue from the sales of parts and related services increased to approximately $5.23 million, a rise of about $2.67 million or 104.7% compared to $2.55 million in the previous year[34]. - Revenue from the Australian market increased from approximately $1.85 million to about $5.80 million, a rise of approximately $3.95 million or 213.5%[33]. - Revenue from the Malaysian market increased from approximately $2.68 million to about $8.06 million, an increase of approximately $5.38 million or 200.7%[33]. Assets and Liabilities - Total assets as of October 31, 2021, were $36.48 million, a decrease from $44.12 million in the previous year[11]. - Total liabilities decreased to $17.28 million from $24.20 million in the previous year, indicating improved financial stability[11]. - The group's net current assets and total equity were approximately $11.20 million and $19.20 million, respectively, compared to $11.83 million and $19.92 million in 2020[69]. - The group's debt-to-equity ratio as of October 31, 2021, was approximately 36%, down from 50% in 2020[69]. - The net debt, which includes bank overdrafts, interest-bearing bank loans, and lease liabilities, was $6.87 million as of October 31, 2021, compared to $10.04 million in 2020[72]. Dividends - The board proposed a final dividend of HKD 0.015 per share, compared to a proposed final dividend of HKD 0.01 and a special dividend of HKD 0.04 per share in the previous year[16]. - The proposed final dividend for the year ending October 31, 2021, is HKD 0.015 per share, compared to HKD 0.01 per share for the previous year[63]. - The company has adopted a dividend policy to allow shareholders to share in the profits while retaining sufficient reserves for future growth[107]. Business Strategy and Outlook - The company plans to implement various business strategies to effectively utilize its resources and maintain sustainable long-term growth[13]. - The company aims to address the challenges posed by rising material costs and enhance operational efficiency moving forward[15]. - Future outlook includes a focus on improving trade receivables management and exploring new market opportunities[15]. - The company aims to explore the manufacturing of more types of electric commercial and specialized vehicles, such as police and fire trucks[19]. - The company is focusing on expanding its presence in the United States and Australia, as well as other countries in Asia and the Middle East, including Uzbekistan and the UAE[19]. - The company expects to capture more market share in Malaysia due to government incentives for electric commercial vehicles announced in the national budget for 2022[19]. - The company plans to continue its efforts in research and development to create body solutions that meet various regional demands for electric vehicles[60]. Operational Efficiency - The company aims to enhance strategic partnerships with major chassis operators and expand its market presence in the US and Australia, where government incentives for electric vehicles have led to significant revenue growth[58]. - The company is committed to increasing production efficiency by sharing bus production technology and knowledge with chassis operators[59]. - The company plans to expand its manufacturing capacity and improve production processes in Malaysia to meet the growing demand for electric commercial vehicle body solutions[57]. Corporate Governance - The company emphasizes maintaining high standards of corporate governance and business ethics, aligning with the long-term interests of stakeholders[177]. - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a diverse range of perspectives[183]. - The company has established three committees: audit, remuneration, and nomination, primarily composed of independent non-executive directors[191]. - The Audit Committee consists of three independent non-executive directors, with Huan Yean San as the chairman[192]. - The company will continue to review its corporate governance structure and make necessary adjustments while reporting to shareholders[179]. Risk Management - The company has implemented internal controls to ensure compliance with relevant laws and regulations, including the Companies Ordinance and Securities and Futures Ordinance[165]. - The Audit Committee evaluates the effectiveness of internal controls and risk management systems annually[193]. - The company has confirmed compliance with the non-competition agreement by its controlling shareholders for the fiscal year ending October 31, 2021[162]. Employee and Community Engagement - The company has provided various employee development and environmental training programs to promote sustainable practices among its workforce[169]. - The company made charitable contributions of approximately $8,000 during the year[132]. Legal and Compliance - The company has faced a legal case involving a claim for approximately RM10,884,624 (equivalent to about $2.72 million) from a Malaysian customer, which remains unpaid[76]. - The company has not disclosed any related party transactions that would require compliance with the listing rules[157].

Revenue and Profit Performance - Revenue increased from approximately $31.15 million for the year ended October 31, 2020, to about $33.53 million for the year ended October 31, 2021, primarily due to increased sales of components and related services[4] - Total revenue for the year ended October 31, 2021, was $33.527 million, an increase from $31.152 million in the previous year, representing a growth of approximately 7.6%[26] - The company reported a pre-tax profit of $1.331 million for the year, compared to $688 thousand in the previous year, indicating a substantial increase of approximately 93.5%[26] - Profit attributable to equity holders rose significantly from approximately $0.42 million to about $0.82 million, mainly due to improved recovery of trade receivables, resulting in a net reversal of trade receivables impairment loss of approximately $0.64 million[4] - The company's profit before tax increased to $824,000 in 2021 from $417,000 in 2020, representing a growth of approximately 97.5%[40] - Total comprehensive income attributable to equity holders increased to approximately $0.896 million from $0.33 million[8] Earnings and Shareholder Returns - Basic and diluted earnings per share increased to 0.33 cents from 0.17 cents for the year ended October 31, 2020[4] - The company plans to distribute a final dividend of $486,000 in 2021, up from $324,000 in 2020, reflecting a 50% increase[38] - The board has proposed a final dividend of HKD 0.015 per share for the year ending October 31, 2021, compared to HKD 0.01 and a special dividend of HKD 0.04 for the previous year[90] Asset and Liability Management - Non-current assets decreased from $8.137 million in 2020 to $8.063 million in 2021, with property, plant, and equipment decreasing from $7.591 million to $7.170 million[10] - Current assets decreased from $35.978 million in 2020 to $28.412 million in 2021, with inventory decreasing from $19.276 million to $15.291 million[10] - Current liabilities decreased from $24.147 million in 2020 to $17.213 million in 2021, with bank borrowings decreasing from $9.059 million to $5.148 million[10] - The company’s net assets decreased from $19.920 million in 2020 to $19.196 million in 2021[11] Market Performance and Sales - Revenue from external customers in Malaysia increased significantly to $9.186 million from $2.910 million, marking a growth of approximately 215%[31] - Revenue from Singapore decreased to $12.547 million from $20.603 million, reflecting a decline of about 39%[31] - Revenue from the sales of bus bodies and kits was approximately $28.30 million, a slight decrease of about $0.30 million or 1.05% compared to $28.60 million in the previous year[56] - Revenue from the sales of parts and related services was approximately $5.23 million, an increase of about $2.67 million or 104.7% compared to $2.55 million in the previous year[62] - The company delivered a total of 202 complete buses and 129 fully assembled kits during the year[53] Cost and Expense Management - Gross profit decreased by approximately $0.27 million due to rising aluminum prices and freight costs, despite overall revenue growth[4] - Gross profit for the year ended October 31, 2021, was approximately $5.42 million, with a gross margin of 16.2%, down from $5.69 million and 18.3% in 2020, primarily due to increased aluminum prices and freight costs[67] - Total employee costs decreased to $3,085,000 in 2021 from $3,224,000 in 2020, a reduction of about 4.3%[34] - Sales and distribution expenses decreased by approximately $0.03 million or 7.9% to $0.39 million for the year ended October 31, 2021, compared to $0.43 million in 2020[68] - General and administrative expenses slightly decreased by approximately $3,000 or 0.07% to $4.116 million for the year ended October 31, 2021, from $4.119 million in 2020[69] Financial Position and Capital Management - The company aims to maintain an optimal capital structure to reduce capital costs and ensure sustainable operations[97] - The board regularly reviews the capital structure, considering capital costs and associated risks[97] - The company has not made any changes to its capital management objectives, policies, or procedures during the year[97] - The company's debt-to-equity ratio improved to approximately 36% as of October 31, 2021, down from 50% the previous year[96] Strategic Initiatives and Future Plans - The company aims to become a leading bus manufacturing solution provider in Asia, capitalizing on the growing demand for public transportation due to urbanization and population growth[79] - The company plans to expand manufacturing capacity and improve production processes in Malaysia to meet the increasing demand for electric commercial vehicle body solutions[82] - The company will focus on promoting lightweight aluminum body solutions for electric buses and strengthen relationships with major chassis operators in the Greater China region[81] - The company plans to enhance strategic partnerships with major chassis operators to explore new markets and develop new business models[83] - Significant revenue growth has been observed in the US and Australia due to government subsidies promoting the transition to electric vehicles[84] Compliance and Governance - The company has adhered to the corporate governance code, with the chairman and CEO roles held by the same individual, which the board believes ensures effective leadership[99] - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors throughout the year[111] - An audit committee has been established to review and oversee the financial reporting processes, risk management, and internal control systems[113] - The independent auditor confirmed that the preliminary performance announcement data aligns with the audited consolidated financial statements for the year[115] Risk Management - The company is actively monitoring foreign exchange risks, particularly with transactions in USD, AUD, and SGD, without a current hedging policy in place[95]

Revenue and Sales Performance - For the six months ended April 30, 2021, Gemilang International Limited delivered a total of 99 complete buses and 85 fully assembled kits[13]. - Revenue from the sales of complete buses and kits amounted to approximately $15.95 million, representing an increase of about 3.5% compared to $15.41 million in the same period of 2020[16]. - The sales of complete buses contributed over 85.8% of the total revenue for the group during the reporting period[16]. - Revenue from the sales of parts and related services reached approximately $2.63 million, a significant increase of about 128.6% from $1.15 million in the same period of 2020[18]. - The Malaysian market generated $4.19 million in revenue from the sales of complete buses and kits, a substantial increase from $122,000 in the previous year[16]. - In Singapore, revenue from the sales of complete buses decreased to $6.52 million from $10.99 million in the previous year, with the number of buses delivered dropping from 85 to 46[16]. - The Australian market contributed $3.87 million in revenue, with 47 complete buses delivered during the reporting period[16]. - The company recorded revenue of approximately $18.58 million for the reporting period, an increase of about 12.2% compared to $16.56 million in the same period of 2020[22]. - Revenue for the six months ended April 30, 2021, was $18,581,000, an increase of 12.2% compared to $16,558,000 for the same period in 2020[91]. - Sales of bus bodies and kits contributed $15,948,000, while sales of parts and related services generated $2,633,000 for the six months ended April 30, 2021[104]. - The company experienced a decline in revenue from Singapore, which fell to $8,274,000 in 2021 from $11,807,000 in 2020[105]. Profitability and Financial Performance - The gross profit for the reporting period was approximately $3.08 million, with a gross margin of about 16.6%, down from 21.7% in the same period of 2020[28]. - The operating profit significantly declined to $214,000, a decrease of 72.7% from $784,000 in the previous year[91]. - The company reported a net loss attributable to equity holders of $114,000, compared to a profit of $278,000 in the same period last year[91]. - Gross profit decreased to $3,081,000, down 14.4% from $3,596,000 year-over-year[91]. - The company reported a pre-tax loss of $107,000 for the six months ended April 30, 2021, compared to a pre-tax profit of $524,000 for the same period in 2020[109]. - The total comprehensive income for the period was $175,000, compared to a loss of $461,000 in the same period last year[94]. Expenses and Cost Management - The company's sales and distribution expenses decreased by approximately 28.6% to about $0.20 million, primarily due to reduced business travel expenses related to COVID-19[29]. - General and administrative expenses increased by approximately 19.4% to about $2.34 million, attributed to higher employee costs and legal expenses[30]. - Employee costs increased to $1,910,000 in 2021 from $1,693,000 in 2020, reflecting a rise in salaries and benefits[115]. - The company incurred finance costs of $321,000 for the six months ended April 30, 2021, compared to $260,000 in the same period of 2020[114]. - The company paid dividends amounting to $1,620,000 during the period[95]. Assets and Liabilities - The company's current assets net amount was approximately $10.31 million as of April 30, 2021, down from $11.83 million on October 31, 2020[34]. - The company's cash and cash equivalents were approximately $0.35 million as of April 30, 2021, a decrease from $1.93 million on October 31, 2020[35]. - Total assets decreased to $34,378,000 from $35,978,000, reflecting a decline of 4.4%[92]. - Current liabilities slightly decreased to $24,073,000 from $24,147,000, a reduction of 0.3%[92]. - Trade receivables amounted to $14,456,000 as of April 30, 2021, down from $14,751,000 as of October 31, 2020, with an impairment loss provision of $5,069,000[125]. - Trade payables were reported at $4,898,000 as of April 30, 2021, a decrease from $5,216,000 as of October 31, 2020[132]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[60]. - The board believes that having the same person serve as both Chairman and CEO enhances leadership consistency and strategic planning efficiency[59]. - The company has adopted a share option scheme aimed at incentivizing qualified participants for their contributions to the group[69]. - The company established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[87]. - The board holds regular meetings to discuss significant operational matters, ensuring all directors are informed and provided with accurate information[59]. - The company has undergone several changes in its board and senior management, including the appointment of new directors and the resignation of key executives[85]. Share Options and Capital Structure - The company has a share option plan in place, allowing for the issuance of options up to 10% of the issued shares at the time of listing[138]. - As of April 30, 2021, the company had unexercised stock options totaling 2,106,000, with a weighted average exercise price of HKD 1.764 per share[141]. - The maximum number of options that may be granted under the share option plan, combined with any other plans, cannot exceed 10% of the total issued shares[76]. - The company is required to issue shares to the option holders within 30 days of receiving the exercise notice and payment[79]. - The company considers the interests of employees and consultants in granting options to align their contributions with the group's performance[71]. Market Outlook and Strategic Initiatives - The demand for aluminum buses is expected to accelerate due to environmental standards, with aluminum likely becoming the preferred material for buses, especially electric ones[12]. - The group aims to expand its market presence by exporting products to various regions, including Australia and Hong Kong[12]. Contingent Liabilities and Legal Matters - The group reported contingent liabilities of $4.73 million in performance guarantees as of April 30, 2021, down from $5.83 million as of October 31, 2020[45]. - The company is pursuing a claim for approximately 10,884,624 MYR (approximately $2.72 million) against a Malaysian customer for unpaid goods supplied[158]. - A summary judgment was successfully obtained against the defendants in 2018, but subsequent bankruptcy proceedings have complicated the recovery of the outstanding amount[160].

Financial Performance - The company reported revenue of approximately $31.15 million for the fiscal year ending October 31, 2020, a significant decrease of about 50.68% compared to $63.16 million for the previous fiscal year[15]. - The net profit attributable to equity holders for the year was approximately $0.42 million, down from $3.70 million in the previous fiscal year, representing a decrease of about $3.28 million[15]. - Total assets as of October 31, 2020, were $44.12 million, a decrease from $46.80 million in 2019[10]. - Total liabilities decreased to $24.20 million in 2020 from $27.21 million in 2019[10]. - Revenue from the sales of bus bodies and kits was approximately $28.60 million, a decrease of about $31.78 million or 52.6% compared to approximately $60.38 million in the previous year[30]. - The gross profit for the fiscal year ending October 31, 2020, was approximately $5.69 million, with a gross margin of 18.3%, down from 20.3% in the previous year[40]. - Revenue for the fiscal year ending October 31, 2020, was approximately $31.15 million, a decrease of 50.7% from $63.16 million in the previous year[37]. - Revenue from the Australian market decreased from approximately $7.35 million to about $1.85 million, a decline of approximately $5.50 million or 74.8%[33]. - Revenue from the sales of parts and related services was approximately $2.55 million, a decrease of about $0.23 million or 8.3% compared to approximately $2.78 million in the previous year[34]. Impact of COVID-19 - The COVID-19 pandemic significantly impacted the company's performance, with a notable decline in bus body deliveries to Singapore and the UAE compared to the previous year[15]. - The company faced delays in scheduled production and project deliveries due to the unfavorable environment caused by the pandemic[18]. - The International Monetary Fund (IMF) projected a global economic contraction of 3.5% for 2020 due to the pandemic, which is expected to adversely affect economic recovery[18]. - The company has implemented necessary SOPs to continue operations in Malaysia amidst the pandemic challenges[18]. - The company aims to expand its market share in Asia and enhance its global footprint despite the challenges posed by the COVID-19 pandemic[20]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.01 per share and a special dividend of HKD 0.04 per share for the fiscal year ending October 31, 2020[17]. - The board has adopted a dividend policy allowing the distribution of dividends to shareholders while retaining sufficient reserves for future growth[97]. - The company reported a proposed final dividend of HKD 0.01 per share and a special dividend of HKD 0.04 per share for the fiscal year ending October 31, 2020[95]. Strategic Initiatives and Future Plans - The company plans to expand its business in China, Hong Kong, and other Asian countries, capitalizing on the growing demand for electric buses[54]. - The company aims to streamline and enhance production processes in Malaysia by increasing automation and upgrading production procedures[55]. - The company plans to strengthen strategic partnerships with key chassis operators to enhance business success[56]. - The company aims to develop a wider product range, including small and medium buses, to meet diverse market demands[58]. - The company is investing in new product development to enter new markets, including the United Arab Emirates, by adhering to different regulatory standards[58]. Corporate Governance - The company is committed to enhancing corporate governance practices to ensure compliance with the corporate governance code[70]. - The board is responsible for providing independent judgment and oversight, with members having extensive experience in finance and law[88]. - The company has adopted internal control measures to ensure compliance with relevant laws and regulations throughout the fiscal year ending October 31, 2020[154]. - The company has engaged in ongoing reviews of its corporate governance structure and will make necessary adjustments as needed[163]. - The board consists of seven members, with four being female, reflecting a commitment to diversity[198]. Employee and Operational Insights - The total number of full-time employees as of October 31, 2020, was approximately 332, down from 357 in 2019[68]. - The company encourages employees to participate in relevant seminars and training programs to enhance their skills[68]. - The company has expanded its after-sales service and marketing teams in Malaysia and Singapore to improve customer response and feedback collection[56]. Risk Management - The company continues to monitor foreign exchange risks due to transactions in foreign currencies, primarily USD, AUD, and SGD[64]. - The board's report includes a discussion of the main risks and uncertainties faced by the group[94]. Financial Position and Assets - As of October 31, 2020, the company's cash and bank balances were approximately $2.60 million, a decrease of about $2.98 million from $5.58 million on October 31, 2019[65]. - The company's debt-to-equity ratio as of October 31, 2020, was approximately 50%, up from 33% in the previous year[65]. - As of October 31, 2020, the company had contingent liabilities of $5.83 million related to performance guarantees for clients, down from $7.39 million in the previous year[50]. Stock Options and Incentives - The company has implemented a share option scheme to incentivize eligible participants for their contributions to the group[100]. - The stock option plan allows the company to grant options to employees, consultants, and partners, encouraging their contributions to the group[101]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the company's issued share capital at the time of listing, which amounts to 25,000,000 shares based on 250,000,000 shares issued[105]. - A total of 5,000,000 stock options were granted on January 26, 2017, with an exercise price of HKD 1.764 per share, compared to a closing price of HKD 1.74 on the grant date[111]. Customer and Supplier Insights - The top five customers accounted for approximately 82.1% of the total revenue for the year, with the largest customer contributing about 56.2%[123]. - The top five suppliers represented approximately 42.3% of total procurement, with the largest supplier accounting for about 15.7%[123].

Revenue Performance - Total revenue for the sales of bus bodies was approximately $15.41 million, a decrease of about 53.8% compared to $33.38 million in the same period last year[15]. - Revenue from the sales of components and related services was approximately $1.15 million, down about 25.9% from $1.56 million in the previous year[17]. - The sales of bus bodies contributed over 93.0% of the total revenue during the reporting period[15]. - Revenue from Malaysia was $122,000 for bus body sales, while Singapore generated $10.99 million, a decrease from $25.87 million in the previous year[15]. - Total revenue for the six months ended April 30, 2020, was $16.558 million, a decrease of 52.7% compared to $34.935 million in the same period of 2019[89]. - Revenue from completed buses (city buses) was $13.38 million, accounting for 80.8% of total revenue, down from $33.29 million (95.3%) in 2019[22]. - Revenue from bus body sales and kits decreased by 53.8% to $15,406 thousand in the six months ended April 30, 2020, compared to $33,380 thousand in the same period of 2019[124]. - Revenue from Singapore decreased by 56.6% to $11,807 thousand in the six months ended April 30, 2020, compared to $27,157 thousand in the same period of 2019[125]. Delivery and Production - The company delivered a total of 109 buses and 5 complete bus bodies during the reporting period[12]. - The company delivered 85 complete buses to customers in Singapore during the reporting period[15]. - The company experienced a significant impact on deliveries due to COVID-19 restrictions implemented in March and April 2020[15]. Profitability and Expenses - Gross profit for the six months ended April 30, 2020, was approximately $3.60 million, with a gross margin of 21.7%, an increase from 20.4% in 2019[27]. - Operating profit decreased to $0.784 million, a decline of 72.7% from $2.874 million in the previous year[89]. - The net profit attributable to equity holders for the period was $0.278 million, down 78.0% from $1.263 million in 2019[89]. - Basic and diluted earnings per share were both $0.11, compared to $0.50 in the same period last year, reflecting a 78.0% decrease[89]. - The group reported a total segment profit of $831 thousand for the six months ended April 30, 2020, a decline of 71.7% from $2,936 thousand in the same period of 2019[129]. - The group’s operating expenses increased to $310 thousand, impacting the overall profitability[129]. - Employee costs totaled $1,693,000 for the six months ended April 30, 2020, down 2.5% from $1,737,000 in 2019[134]. - The income tax expense for the six months ended April 30, 2020, was $246,000, a decrease of 73% from $935,000 in 2019[138]. Financial Position - The group's current assets net amount was approximately $11.3 million as of April 30, 2020, compared to $11.5 million on October 31, 2019[33]. - Cash and cash equivalents were approximately $0.46 million as of April 30, 2020, down from $2.28 million on October 31, 2019[34]. - The group's total assets as of April 30, 2020, were $29.244 million, down from $38.655 million as of October 31, 2019[90]. - Current liabilities decreased to $17.986 million from $27.149 million, indicating a reduction of 33.5%[90]. - The company's net asset value as of April 30, 2020, was $19.129 million, a decrease from $19.590 million in the previous year[90]. - The company's total equity attributable to equity holders as of April 30, 2020, was $17,616,000, an increase from $16,899,000 as of November 1, 2018[92]. - The company's retained earnings as of April 30, 2020, were $9,700,000, an increase from $5,917,000 as of November 1, 2018[92]. Borrowings and Liabilities - The group's bank borrowings decreased by approximately 26.7% to $6.28 million from $8.56 million on October 31, 2019[34]. - The company’s bank borrowings for the six months ended April 30, 2020, amounted to $10,953,000, compared to $18,354,000 in the same period of 2019[96]. - The company reported a net cash outflow from financing activities of $3,357,000 for the six months ended April 30, 2020, compared to $2,733,000 in the same period of 2019[96]. - The performance guarantee for contracts with customers was $5,633,000 as of April 30, 2020, down from $7,389,000 in 2018, a decrease of 23.8%[178]. Corporate Governance and Compliance - The company has adopted a standard code of conduct for securities trading by directors, confirming compliance during the reporting period[58]. - The company has complied with the corporate governance code, maintaining high standards to protect shareholder interests and enhance corporate value[59]. - The management has provided monthly updates to the board regarding the company's performance and outlook since March 2020[59]. - The company will continue to review its existing corporate governance structure and make necessary adjustments as needed[60]. Share Options and Capital - The company has adopted a share option scheme to incentivize and reward eligible participants for their contributions to the group[68]. - The maximum number of shares that can be issued under the stock option plan is capped at 25,000,000 shares, which is 10% of the total issued share capital as of November 11, 2016[73]. - A total of 5,000,000 stock options were granted on January 26, 2017, with an exercise price of HKD 1.764 per share, while the closing price on the grant date was HKD 1.74[79]. - The company granted a total of 5,000,000 stock options, with 2,942,000 options remaining unexercised as of April 30, 2020[82]. - The fair value of the stock options granted was determined using a binomial pricing model, with significant inputs including an expected volatility of 37.66% and a risk-free rate of 2.15%[82]. Legal and Related Party Transactions - The company is pursuing a legal claim for approximately $2.72 million against a Malaysian customer for unpaid debts, which remains unresolved[179]. - The group has recognized a provision for the uncollectible receivable from the aforementioned customer due to expected recoverability being minimal[182]. - The company has established significant related party transactions with entities controlled by directors' close relatives[170].

Financial Performance - The company reported revenue of approximately $63.16 million for the fiscal year ending October 31, 2019, representing a 10.63% increase from $57.09 million in the previous fiscal year[17]. - The gross profit for the year was $12.81 million, with a gross margin of approximately 20.3%[10]. - The net profit attributable to equity holders was approximately $3.70 million, a significant improvement of about $5.15 million compared to a loss of $1.45 million in the previous year[17]. - Total revenue for the fiscal year was approximately $63.16 million, up from $57.09 million in the previous year, primarily due to increased deliveries to Singapore, Hong Kong, and the UAE[39]. - Revenue from the bus body sales segment was approximately $60.38 million, an increase of about $6.12 million or 11.3% compared to $54.26 million in the previous year[31]. - The company’s revenue from completed buses accounted for 92.4% of total revenue, amounting to $58.34 million, compared to 82.2% in the previous year[40]. - Revenue from the Australian market decreased from approximately $15.20 million to $7.35 million, a decline of about $7.85 million due to reduced bus deliveries[35]. - Revenue from the parts sales and related services segment was approximately $2.78 million, a decrease of about $0.05 million or 1.6% compared to $2.83 million in the previous year[36]. Assets and Liabilities - Total assets as of October 31, 2019, were $46.80 million, while total liabilities were $27.21 million, resulting in total equity of $19.59 million[11]. - As of October 31, 2019, the company's cash and bank balances totaled approximately $5.58 million, an increase of about $1.22 million from $4.36 million in 2018[71]. - The company's total equity as of October 31, 2019, was approximately $19.59 million, up from $16.90 million in 2018[71]. - The company's debt-to-equity ratio improved to 32.7% as of October 31, 2019, compared to 48.3% in 2018[71]. Dividends - The board proposed a final dividend of HK$0.05 per share for the fiscal year, compared to no dividend in the previous year[18]. - The board proposed a final cash dividend of HK$0.05 per share for the year ended October 31, 2019, compared to HK$0.00 per share in 2018[65]. - The company has adopted a dividend policy allowing for the declaration and distribution of dividends to shareholders, considering financial performance and overall financial condition[107]. Market Expansion and Strategy - The company plans to deliver 111 double-decker buses and 35 electric buses to Singapore in 2020, enhancing its market position[19]. - The company will fulfill an order for 90 aluminum body kits for double-decker buses to Malaysia in 2020, as per a contract awarded in 2018[19]. - The company aims to become a leading bus manufacturing solutions provider in Asia, leveraging its technical capabilities to capture market share[21]. - The company is focusing on expanding its market presence in the UAE, having secured a contract for 79 double-decker city buses[32]. - The company plans to expand its business in China, Hong Kong, and other Asian countries, capitalizing on the growing demand for electric buses in the largest bus market globally[59]. - The company is exploring market expansion opportunities in international markets, aiming to increase its market share by CC% over the next two years[104]. Operational Efficiency - The company aims to streamline and enhance production processes in Malaysia by installing new automation machinery to improve production efficiency and increase output[60]. - The company has expanded its after-sales service and marketing teams in Malaysia and Singapore to improve customer response and feedback collection[61]. - The company has identified aluminum as a preferred material for buses, especially electric buses, due to its lightweight and energy efficiency[27]. Corporate Governance - The company has adopted the corporate governance code as of the fiscal year ending October 31, 2019, and is committed to enhancing its corporate governance practices[75]. - The board will continue to review and strengthen the company's corporate governance practices to ensure compliance with the latest developments[76]. - The company has established appropriate directors' liability insurance for its directors[140]. - The company has maintained a public float of over 25% of its issued shares as required by listing rules[170]. - The company has adopted internal controls to ensure compliance with relevant laws and regulations, including environmental laws[163]. Employee and Management - As of October 31, 2019, the total number of full-time employees in the group was approximately 357, an increase from 304 in 2018[74]. - The company has provided extensive onboarding and training for employees throughout the year, encouraging participation in relevant seminars and courses[74]. - The company’s directors are entitled to bonuses based on their performance and the group's overall performance for the relevant fiscal year[138]. Environmental Commitment - The company emphasized its commitment to environmental sustainability, with ongoing efforts to improve its eco-friendly practices[104]. - The company has committed to reducing greenhouse gas emissions and air pollutants during manufacturing processes[159]. - The company has implemented a comprehensive supplier management system to ensure compliance with environmental and safety regulations[168]. - The company is committed to continuously reviewing and seeking innovative methods to improve environmental performance[160]. Financial Management - The management highlighted the importance of financial risk management, with specific measures implemented to mitigate potential risks[104]. - The company continues to enhance its corporate strategy to create long-term value for stakeholders amidst changing market conditions[22]. Shareholder Information - Major customers accounted for approximately 90.7% of total revenue, with the largest customer contributing 40.6%[133]. - Major suppliers accounted for 47.3% of total procurement, with the largest supplier contributing 22.4%[133]. - The company has confirmed compliance with the non-competition agreement with controlling shareholders until October 31, 2019[158].

Revenue and Sales Performance - Revenue from the sales of complete buses amounted to approximately $33.38 million, a 167.0% increase compared to approximately $12.50 million in the same period of 2018[15]. - The sales of complete buses contributed over 95.5% of the group's total revenue during the reporting period[15]. - Revenue for the six months ended April 30, 2019, was $34,935,000, a significant increase from $14,107,000 in the same period of 2018, representing a growth of 147.5%[91]. - Revenue from customer contracts for the six months ended April 30, 2019, was $34,935,000, a significant increase of 147% compared to $14,107,000 for the same period in 2018[129]. - Sales of bus bodies and kits contributed $33,380,000 to revenue, while sales of parts and related services generated $1,555,000[129]. - Geographically, Singapore saw a dramatic increase in revenue to $27,157,000 from $1,747,000, marking a growth of 1460% year-over-year[130]. - The group delivered a total of 229 buses (complete vehicles) and 2 fully assembled kits during the reporting period[12]. - The group delivered 182 complete vehicles to a customer in Singapore during the reporting period[15]. Profitability and Financial Performance - The company recorded revenue of approximately $34.94 million for the reporting period, a significant increase of about 147.6% compared to $14.11 million in the same period of 2018[21]. - The company's gross profit for the six months ended April 30, 2019, was approximately $7.13 million, with a gross margin of about 20.4%, down from 23.0% in the previous year[26]. - Operating profit for the six months was $2,874,000, a turnaround from an operating loss of $1,889,000 in the previous year[91]. - Net profit attributable to equity holders for the period was $1,263,000, compared to a loss of $2,297,000 in the same period of 2018[91]. - The company reported a pre-tax profit of $2,198,000 for the six months ended April 30, 2019, compared to a pre-tax loss of $2,281,000 for the same period in 2018[134]. - The reported segment profit for the sale of bus bodies and kits was $2,829,000, while the related services segment reported a profit of $107,000[134]. Expenses and Cost Management - Sales and distribution expenses decreased by approximately 46.9% to about $1.68 million, primarily due to reduced commission expenses related to vehicle deliveries to Australia[27]. - General and administrative expenses increased by approximately 41.5% to about $2.95 million, mainly due to anticipated increases in credit loss provisions[29]. - Total employee costs, including directors' remuneration, increased to $1,737,000 in 2019 from $1,452,000 in 2018, reflecting a rise of 19.7%[138]. - The company incurred financial costs of $376,000 in 2019, up from $279,000 in 2018, indicating a 34.8% increase[138]. - The cost of inventory for the six months ended April 30, 2019, was $27,808,000, significantly higher than $10,859,000 in the previous year[139]. Assets and Liabilities - The company's current assets net amount was approximately $9.21 million as of April 30, 2019, compared to $8.13 million as of October 31, 2018[32]. - Total assets as of April 30, 2019, were $42,713,000, down from $46,966,000 as of October 31, 2018[93]. - Current liabilities decreased to $25,007,000 from $29,878,000, improving the company's liquidity position[93]. - The company's net asset value increased to $17,616,000 as of April 30, 2019, compared to $16,899,000 at the end of the previous reporting period[93]. - Trade receivables decreased to $11,056,000 as of April 30, 2019, from $12,150,000 as of October 31, 2018, with an allowance for doubtful debts of $3,585,000[151]. - The company reported a decrease in other receivables to $984,000 as of April 30, 2019, from $2,024,000 as of October 31, 2018[151]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended April 30, 2019, was $3.4 million, a significant increase from $0.878 million in the same period of 2018, representing a growth of approximately 287%[97]. - Cash and cash equivalents at the end of the period increased to $2.284 million from a negative $0.453 million in the previous year, indicating a turnaround in liquidity position[97]. - The net cash used in investing activities was $(0.047) million, an improvement compared to $(0.088) million in the prior year, reflecting better management of investment expenditures[97]. - The net cash used in financing activities was $(2.733) million, which is an increase from $(1.358) million in the same period last year, indicating higher financing costs[97]. - The company reported an increase in bank borrowings to $18.354 million from $9.747 million, highlighting a strategy to leverage debt for growth[97]. - Interest expenses rose to $0.376 million from $0.279 million, reflecting increased borrowing costs associated with higher debt levels[97]. Shareholder Information and Corporate Governance - The board declared an interim dividend of HK$0.03 per share for the six months ended April 30, 2019, compared to no dividend in 2018[44]. - The company confirmed compliance with the corporate governance code during the reporting period[59]. - The company has adopted a share option scheme on October 21, 2016, aimed at incentivizing eligible participants for their contributions to the group[72]. - The share option scheme allows the board to grant options to eligible participants for a period of ten years from the adoption date[74]. - The company has no knowledge of any director or their associates holding any interests in any business that may compete directly or indirectly with the group[71]. Related Party Transactions - The company has established significant related party transactions with companies controlled by a director's close relatives[173]. - The group had ongoing transactions with related parties, including commission expenses of $848,000 from Gemilang Australia Pty Ltd. for the six months ended April 30, 2019, down from $2,717,000 in the previous year[180]. - Sales to Gemilang Australia Pty Ltd. reached $898,000 for the six months ended April 30, 2019, compared to $0 for the same period in 2018[180]. Legal and Compliance Matters - The company is pursuing legal action to recover approximately MYR 10,884,624 (approximately $2.72 million) from a Malaysian customer[184]. - The company anticipates a low recoverability of the outstanding receivables, potentially leading to a provision for bad debts[186]. - The company has not reached a repayment agreement with the defendants regarding the outstanding amount as of the announcement date[186]. - The company plans to provide further information in accordance with listing rules at an appropriate time[188].

Financial Performance - The company reported revenue of approximately $57.09 million for the fiscal year ending October 31, 2018, representing a slight increase of about 13.4% compared to $50.35 million in the previous fiscal year[14]. - The company incurred a loss of approximately $1.45 million for the fiscal year, a decrease of about $2.64 million from a profit of $1.19 million in the previous year[14]. - The gross profit margin was affected by the appreciation of the Malaysian Ringgit against foreign currencies, leading to a decline in profitability[14]. - Revenue for the fiscal year ending October 31, 2018, was approximately $57.09 million, an increase of 13.5% from $50.35 million in the previous year[37]. - Gross profit for the fiscal year ending October 31, 2018, was approximately $12.13 million, resulting in a gross margin of 21.3%, down from 25.7% in the previous year[40]. - The revenue from the sales of bus bodies and kits for the fiscal year ended October 31, 2018, was approximately $54.26 million, an increase of about $6.48 million or 13.6% compared to $47.78 million for the previous fiscal year[29]. - Revenue from the Singapore market increased from approximately $18.07 million to about $24.87 million, a rise of approximately $6.80 million or 37.6%, due to the delivery of 216 city buses under a contract for a total of 250 buses[30]. - Revenue from the Hong Kong market surged from approximately $4.13 million to about $7.87 million, an increase of approximately $3.74 million or 90.6%, driven by rising demand for buses following the completion of the Hong Kong-Zhuhai-Macao Bridge[33]. - The sales of parts and related services generated approximately $2.83 million in revenue, an increase of about $0.26 million or 10.1% compared to $2.57 million in the previous fiscal year[34]. - Revenue from the Malaysian market for bus bodies decreased significantly from approximately $7.50 million to about $0.15 million, a decline of approximately $7.35 million, due to reduced market demand[33]. Assets and Liabilities - Total assets increased to $46.97 million in 2018 from $44.71 million in 2017, while total liabilities rose to $30.07 million from $26.01 million[8]. - As of October 31, 2018, the company had contingent liabilities of $7.14 million in performance guarantees, up from $5.14 million in the previous year[52]. - The company’s bank deposits pledged as collateral for financing amounted to approximately $2.71 million, an increase from $2.04 million in the previous year[50]. - The company's debt-to-equity ratio as of October 31, 2018, was approximately 48.3%, an increase from 39.1% in the previous year[65]. Business Expansion and Strategy - The company plans to deliver 150 double-decker city buses to Singapore in 2019 and has received orders for aluminum body kits for buses to be delivered to Malaysia[16]. - An additional order of 40 buses has been placed by a customer for operation on the Hong Kong-Zhuhai-Macao Bridge, following positive feedback from the initial deliveries[16]. - The company successfully expanded its market presence to the Middle East, securing a sales contract with a customer in Dubai, with plans to deliver double-decker city buses in 2019[18]. - The company aims to become a leading bus manufacturing solutions provider in Asia, believing it is well-prepared to capture market share[18]. - The company plans to expand its business in China, Hong Kong, and other Asian countries, with a focus on the electric bus market, which is expected to see increased demand[55]. - The company intends to streamline and enhance its production processes in Malaysia by installing new automation machinery to improve production efficiency and increase output[56]. - The company plans to expand its product range to include small and medium-sized buses, utilizing lighter materials to improve fuel efficiency and performance[61]. - The company has entered into a joint venture agreement to establish a company in Shanghai, with a capital commitment of RMB 1.2 million, to enhance its market presence in China[63]. Expenses and Cost Management - Sales and distribution expenses decreased due to reduced commissions payable to the marketing agent in Australia and New Zealand, while general and administrative expenses increased significantly[14]. - Selling and distribution expenses decreased by 17.1% to $5.39 million from $6.50 million in the previous year, primarily due to reduced commission expenses[41]. - General and administrative expenses increased by 56.7% to $7.32 million from $4.67 million in the previous year, mainly due to higher employee costs[43]. - The company plans to optimize operational processes to reduce costs by 5%[85]. Corporate Governance and Compliance - The company plans to continue reviewing and enhancing its corporate governance practices to ensure compliance with the corporate governance code[73]. - The board regularly reviews the capital structure, considering capital costs and associated risks[69]. - The company has not made any changes to its capital management objectives, policies, or procedures during the year[69]. - The company has established three committees: Audit, Remuneration, and Nomination, to enhance corporate governance practices[185]. - The board is responsible for reviewing the company's corporate governance policies and compliance with legal and regulatory requirements[196]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors for the fiscal year ending October 31, 2018[173]. Employee and Community Engagement - The company recognizes employees as its most valuable asset and provides reasonable compensation and benefits to retain high-quality staff[163]. - The company has implemented occupational health and safety training to enhance employee safety and health awareness[163]. - The company has established a whistleblowing system to encourage employees to report any internal violations[163]. - The company made charitable contributions of approximately $70,500 during the year[131]. Shareholder Information - The company did not recommend any final dividend for the fiscal year ending October 31, 2018, compared to a dividend of HKD 0.03 per share in 2017[15]. - The board has adopted a dividend policy allowing for the declaration and distribution of dividends to shareholders, considering financial performance and capital needs[106]. - The company's distributable reserves amounted to approximately $16,575,000 as of October 31, 2018[129]. - The top five customers accounted for approximately 85.5% of the total revenue for the year, with the largest customer contributing 44.0%[132]. Risk Management - The company’s financial risk management details are disclosed in the financial statements[102]. - The annual report includes a discussion of the major risks and uncertainties faced by the group[103]. - The group confirmed compliance with all applicable environmental laws and regulations during the reporting period from November 1, 2017, to October 31, 2018[157]. - The group has adopted internal control measures to ensure compliance with relevant laws and regulations, including the Companies Ordinance and Securities and Futures Ordinance[161].