Financial Performance - The group's revenue for the year was approximately HKD 945.9 million, an increase of 20.3% compared to HKD 786.2 million in the previous fiscal year[2]. - The gross profit margin for the year was approximately 4.2%, up from 3.1% in the previous fiscal year[2]. - The profit attributable to equity holders of the company was approximately HKD 4.2 million, a decrease of 47.3% from HKD 7.9 million in the previous fiscal year[2]. - Basic and diluted earnings per share were approximately HKD 0.35, down from HKD 0.66 in the previous fiscal year[2]. - The total comprehensive income attributable to equity holders of the company was HKD 4,195, down from HKD 7,923 in the previous fiscal year[30]. - The profit attributable to equity holders for the year 2024 is HKD 4,188,000, compared to HKD 7,923,000 in 2023, representing a decrease of approximately 47.3%[53]. - The company's revenue before tax for 2024 is HKD 6,794,000, down from HKD 9,039,000 in 2023, reflecting a decline of about 25.0%[75]. - Net profit decreased by approximately HKD 3.7 million or about 46.8% to HKD 4.2 million, with a net profit margin of approximately 0.4% compared to 1% in the previous fiscal year[128]. Dividends and Shareholder Returns - The board of directors decided not to recommend the payment of a final dividend for the year, consistent with the previous fiscal year[2]. - The company did not declare or propose any dividends for the years ending March 31, 2024, and 2023[75]. - The company does not recommend the declaration of a final dividend for the review period[154]. Expenses and Costs - Administrative expenses rose to HKD 27,759, an increase of 26.1% from HKD 22,023 in the previous fiscal year[30]. - Employee costs, including director remuneration, decreased to HKD 140,034,000 from HKD 157,844,000, a reduction of 11.3%[46]. - Direct costs for the fiscal year 2024 were HKD 125,208,000, down from HKD 144,460,000, indicating a decrease of 13.3%[51]. - Financial expenses rose to approximately HKD 1.0 million from approximately HKD 0.2 million in the previous fiscal year, primarily due to an increase in bank borrowings[126]. - Total employee costs amounted to approximately HKD 140.0 million, down from HKD 157.8 million in the previous fiscal year[152]. Assets and Liabilities - The company's total assets less current liabilities increased to HKD 272,147,000 from HKD 264,677,000, a rise of 2.8%[12]. - The net asset value of the company rose to HKD 267,835,000, compared to HKD 263,282,000 in the previous year, reflecting a growth of 1.9%[12]. - The company reported a current asset net value of HKD 245,525,000, an increase from HKD 224,850,000, representing a growth of 9.2%[12]. - The company's debt-to-equity ratio increased from approximately 1.3% on March 31, 2023, to about 23.1% on March 31, 2024, primarily due to an increase in bank borrowings[167]. Credit and Risk Provisions - The expected credit loss provision for trade receivables and contract assets was HKD 3,733, significantly higher than HKD 74 in the previous fiscal year[30]. - The expected credit loss provision for trade receivables and contract assets increased to HKD 5,501,000 in 2024 from HKD 1,533,000 in 2023, indicating a significant rise in credit risk[60]. - The net expected credit loss provision for trade receivables decreased to HKD 27,000 in 2024 from HKD 262,000 in 2023, indicating improved credit quality[80]. Revenue Sources and Growth - Revenue from contracts with customers amounted to HKD 911,778,000, up from HKD 784,126,000, reflecting a growth of 16.3%[38]. - Revenue increased by approximately HKD 159.7 million or about 20.3% to approximately HKD 945.9 million, primarily due to an increase in the number of projects contributing to revenue during the review period[122]. - The company secured 8 projects with a total contract value of approximately HKD 1,255 million[98]. Future Outlook and Strategy - The company plans to expand its business beyond Hong Kong, particularly in collaboration with enterprises in China and other regions, aiming to diversify revenue sources[121]. - The company anticipates a competitive environment for project contracts due to a high number of contractors in the market[99]. Compliance and Governance - The audit committee has reviewed and approved the consolidated financial statements for the review period, confirming compliance with applicable accounting standards[162]. - There have been no significant events occurring from March 31, 2024, until the date of this announcement[159].

Financial Performance - The Group's revenue for the Reporting Period amounted to approximately HK$331.3 million, representing an increase of approximately HK$6.0 million, or 1.8%, compared to the same period last year[17]. - The Group's gross profit increased by approximately 48.7% or HK$7.6 million, totaling HK$23.2 million for the Reporting Period[17]. - The Group's net profit amounted to approximately HK$5.4 million, reflecting an increase of approximately HK$0.4 million, or 8.0%[17]. - For the Reporting Period, the Group's revenue increased by approximately HK$6.0 million or approximately 1.8%, from approximately HK$325.3 million to approximately HK$331.3 million, primarily due to an increase in the number of projects[24][28]. - The Group's gross profit increased by approximately HK$7.6 million or approximately 48.7%, from approximately HK$15.6 million to approximately HK$23.2 million, with a gross profit margin of approximately 7.0%, up from approximately 4.8% in the corresponding period in 2022[25][29]. - Profit before income tax increased to HK$7,272,000, up 16.9% from HK$6,223,000 in the prior year[84]. - The total comprehensive income for the period was HK$5,387,000, compared to HK$4,983,000 for the same period in 2022, reflecting an increase of 8.1%[84]. - Profit for the period attributable to equity holders of the Company was HK$5,388,000, an increase from HK$4,983,000, which is an 8% growth[154]. Expenses and Costs - Administrative expenses rose by approximately HK$3.8 million or approximately 37.6%, from approximately HK$10.1 million to approximately HK$13.9 million, mainly due to increased marketing and consulting expenses[32][37]. - Finance costs increased by approximately HK$61,000 or approximately 77.2%, from approximately HK$79,000 to approximately HK$140,000, primarily due to an increase in borrowings[33][38]. - Income tax expense increased by approximately HK$0.7 million or approximately 58.3%, from approximately HK$1.2 million to approximately HK$1.9 million, driven by an increase in deferred tax expense[34][39]. - The total staff costs incurred by the Group for the Reporting Period was approximately HK$63.3 million, compared to approximately HK$48.7 million for the corresponding period in 2022[76]. - Employee costs for the period amounted to approximately HK$63.3 million, an increase of 30% from HK$48.7 million in the same period last year[79]. - Profit before income tax for the six months ended September 30, 2023, was impacted by increased staff costs totaling HK$63,264,000, compared to HK$48,728,000 in 2022, an increase of 29.9%[141]. Cash Flow and Financial Position - As of 30 September 2023, the Group had total cash, bank balances, and pledged bank deposits of approximately HK$97.5 million, an increase from approximately HK$96.3 million as of 31 March 2023[43]. - The Group's short-term bank borrowings and corporate bonds amounted to approximately HK$6.0 million, up from approximately HK$1.9 million as of 31 March 2023, resulting in a gearing ratio of approximately 2.6%[44]. - The net cash from operating activities for the six months ended September 30, 2023, was HK$11,789,000, a decrease of 68.9% compared to HK$37,953,000 for the same period in 2022[96]. - The cash and cash equivalents at the end of the period on September 30, 2023, were HK$77,643,000, down from HK$124,223,000 at the end of September 2022[96]. - The balance of retained earnings increased to HK$159,086,000 as of September 30, 2023, up from HK$153,698,000 as of April 1, 2023[96]. - The Group's total equity as of September 30, 2023, was HK$269,027,000, an increase from HK$263,282,000 as of April 1, 2023[96]. Investments and Projects - The Group was awarded 4 projects with an original contract sum of approximately HK$505.3 million during the Reporting Period[17]. - The Group is expanding into supplementary businesses, including cross-border trading of construction materials and modular integrated construction in Hong Kong[23][27]. - There were no significant investments, acquisitions, or disposals of subsidiaries during the Reporting Period[58]. Market Outlook and Government Initiatives - The Hong Kong government forecasts a real GDP growth of 4.0% to 5.0% for the year, with a 2.0% underlying inflation rate[18]. - The construction sector is experiencing increased optimism, as indicated by the latest data from the government's Business Outlook Quarterly Survey[19]. - The Hong Kong government plans to significantly increase public housing units over the next five years and enhance land supplies[20]. Accounting Policies and Standards - The Group has adopted new or amended Hong Kong Financial Reporting Standards (HKFRSs) effective from April 1, 2023, for the preparation of its condensed consolidated interim financial statements for the six months ended September 30, 2023[109]. - The Group's significant judgements and estimates in preparing the interim financial statements remain consistent with those applied in the annual consolidated financial statements for the year ended March 31, 2023[119]. - The Group's financial reporting will not be significantly impacted by the adoption of the new or amended HKFRSs for the current and prior periods[107]. Trade Receivables and Payables - Trade receivables from third parties amounted to HK$49,140,000 as of September 30, 2023, up from HK$39,078,000 as of March 31, 2023[168]. - The expected credit loss (ECL) allowance on trade receivables increased to HK$840,000 as of September 30, 2023, from HK$262,000 as of March 31, 2023[173]. - Trade payables decreased to HK$34,576,000 as of September 30, 2023, from HK$36,702,000 as of March 31, 2023, showing a decline of approximately 5.8%[196]. Employee and Workforce - The Group employed a total of 277 full-time employees as of September 30, 2023, down from 304 as of March 31, 2023[76]. - The Group did not declare any interim dividend for the Reporting Period, consistent with the previous year[60].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Dragon Rise Group Holdings Limited 龍昇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6829） 截至二零二三年九月三十日止六個月 中期業績公佈 財務摘要 • 於報告期間本集團的收益約為331.3百萬港元（截至二零二二年九月三十 日止六個月：約325.3百萬港元）。 • 於報告期間本公司權益持有人應佔溢利約為5.4百萬港元（截至二零二二 年九月三十日止六個月：溢利約5.0百萬港元）。 • 於報告期間每股基本及攤薄盈利約為0.45港仙（截至二零二二年九月三十 日止六個月：每股盈利約0.42港仙）。 • 董事會議決不宣派報告期間的任何中期股息（截至二零二二年九月三十 日止六個月：無）。 龍昇集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司及 ...

Financial Performance - The Group's total revenue for the year ended March 31, 2023, was approximately HK$786.2 million, an increase of approximately 28.1% compared to HK$613.6 million for the previous year[13]. - The gross profit for the Group was HK$24.2 million, reflecting an increase of approximately 24.7% from HK$19.4 million in the prior year[13]. - The Group's revenue for the Review Year reached approximately HK$786.2 million, an increase of 28.1% compared to the previous year[31]. - The Group's gross profit increased by approximately HK$4.8 million, or approximately 24.7%, reaching approximately HK$24.2 million[41]. - The gross profit margin for the Review Year was approximately 3.1%, slightly down from 3.2% in the previous year[41]. - Net profit for the Review Year was approximately HK$7.9 million, compared to approximately HK$7.4 million from Last Year, with a net profit margin of approximately 1.0%[50]. - Other gains, net amounted to approximately HK$7.1 million, an increase from approximately HK$1.8 million, primarily due to government grants and subsidies of approximately HK$7.8 million recognized for the Review Year[46]. - Direct costs increased by approximately HK$167.8 million, or approximately 28.2%, reaching approximately HK$762.0 million for the Review Year[40]. - Administrative expenses increased by approximately HK$3.0 million or about 15.8% to approximately HK$22.0 million, mainly due to an increase in staff costs of approximately HK$2.3 million[47]. - Income tax expense increased by approximately HK$6.5 million or about 120.4%, resulting in an income tax expense of approximately HK$1.1 million[49]. - Net profit margin decreased slightly from approximately 1.2% to approximately 1.0% due to a lower gross profit margin[66]. Market Conditions - Hong Kong's real GDP contracted by 3.5% throughout 2022 due to the impact of COVID-19 and external economic conditions[10]. - The construction industry in Hong Kong faced significant challenges, including project delays and increased costs due to local COVID-19 restrictions[11]. - The lifting of COVID-19 restrictions in 2023 is expected to boost business sentiment and recovery in the construction industry[12]. - The Hong Kong government's 2023–24 budget presents promising opportunities for new projects in the construction market[18]. - The Northern Metropolis plan and various residential and commercial sites indicate a booming potential for new projects in the construction market[18]. - A survey indicated that 11% of large enterprises in the construction industry expressed optimism for business conditions in Q1 2023, while 18% anticipated a worsening outlook[25]. Challenges and Risks - The Group faces challenges such as rising fuel and construction material costs, a shortage of skilled labor, and strong competition[18]. - The Group's operations may face uncertainties due to unexpected geological or sub-soil conditions, potentially leading to increased project complexity and additional costs[75]. - Damage to underground service utilities during foundation works may result in repair costs that are not covered by insurance, impacting financial stability[82]. - Revenue is primarily derived from non-recurrent projects, with no guarantee of securing new contracts, which may significantly affect future business prospects[83]. - The number and scale of projects from which the Group derives revenue may vary significantly, making future business volume difficult to forecast[86]. - The Group may incur additional costs due to unforeseen geological conditions, which could lead to cost overruns and adversely affect financial position[76]. Corporate Governance and Management - The Group is committed to maintaining good corporate governance to safeguard shareholder interests and maximize shareholder value[191]. - The Company has adopted the corporate governance code contained in Appendix 14 to the Listing Rules, ensuring compliance with all code provisions from the Listing Date to March 31, 2023[192][193]. - The Board consists of five members, including two executive Directors and three independent non-executive Directors, ensuring a balanced composition[198]. - Mr. Yip serves as both Chairman and Chief Executive Officer, a decision made for effective management and business development[192]. - The Company has adopted the Model Code for Securities Transactions by Directors, with all Directors confirming compliance since the Listing Date[197]. Employee and Remuneration - The total staff cost incurred by the Group for the review year was approximately HK$157.8 million, compared to approximately HK$96.2 million in the previous year, reflecting an increase of about 64%[138]. - The Group employed a total of 304 full-time employees as of March 31, 2023, up from 205 full-time employees as of March 31, 2022, indicating a growth of approximately 48% in workforce size[138]. - The Group provides comprehensive remuneration packages to attract and retain skilled employees, including salary, discretionary bonuses, and cash subsidies[101]. - The Group's remuneration packages include salaries, discretionary bonuses, and other cash subsidies, with an annual review system in place for performance assessment[138]. Financial Position and Funding - The Group plans to seek external funding for long-term debt to facilitate geographic expansion beyond the Hong Kong market[34]. - The Group had total cash, bank balances, and pledged deposits of approximately HK$96.3 million as of March 31, 2023, down from approximately HK$120.4 million as of March 31, 2022[108]. - The net proceeds received by the Group were approximately HK$91.9 million, intended for enhancing construction machinery, strengthening workforce, reinforcing sales efforts, and funding general working capital[128]. - The actual application of the net proceeds has been in accordance with the intentions disclosed in the Prospectus, with no material changes in the use of proceeds[135]. - The unutilized proceeds are currently placed in interest-bearing deposits with authorized financial institutions in Hong Kong[134]. - As of March 31, 2023, the total amount utilized was HK$90.4 million, leaving an unutilized balance of HK$1.5 million, which is expected to be fully utilized by December 31, 2023[130]. Environmental Management - As of March 31, 2023, the Group has 127 machines regulated under the NRMM Regulation, with plans to acquire more environmentally friendly equipment[91]. - The Group has established an environmental management system compliant with ISO 14001:2015 standards to minimize adverse environmental impacts[90]. - Compliance with environmental protection laws is critical, as operations may result in air and noise pollution, effluent discharge, and construction waste disposal[88].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Dragon Rise Group Holdings Limited 龍昇集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6829） 截至二零二三年三月三十一日止年度 全年業績公佈 財務摘要 • 回顧年度本集團的收益約為786.2百萬港元（二零二二財年：約613.6百萬 港元）。 • 回顧年度毛利率約為3.1%（二零二二財年：約3.2%）。 • 回顧年度本公司權益持有人應佔溢利約為7.9百萬港元（二零二二財年： 約7.4百萬港元）。 • 回顧年度每股基本及攤薄盈利約為0.66港仙（二零二二財年：約0.62港仙）。 • 董事會議決不建議宣派回顧年度的末期股息（二零二二財年：無）。 龍昇集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司及 ...

Financial Performance - The Group's revenue for the Reporting Period was approximately HK$325.3 million, a decrease of approximately HK$4.9 million, or 1.5%, compared to the corresponding period in 2021[18]. - The Group's gross profit increased by approximately 225% to approximately HK$15.6 million, compared to the corresponding period in 2021[18]. - The net profit for the Group amounted to approximately HK$5.0 million, representing an increase of approximately HK$8.7 million, or 235.1%, compared to the corresponding period in 2021[18]. - Revenue for the six months ended September 30, 2022, was HK$325.27 million, a slight decrease from HK$330.16 million in the same period of 2021, reflecting a decline of approximately 1.7%[81]. - Gross profit for the same period was HK$15.60 million, significantly up from HK$4.78 million in 2021, indicating an increase of approximately 227%[81]. - Profit before income tax for the period was HK$6.22 million, compared to a loss of HK$3.35 million in the previous year, marking a turnaround in profitability[81]. - The company reported a profit attributable to equity holders of HK$4.98 million, compared to a loss of HK$3.68 million in the prior year[81]. - Earnings per share attributable to equity holders was HK$0.42, a recovery from a loss of HK$0.31 per share in the previous year[81]. - For the six months ended September 30, 2022, the company reported a total comprehensive income of HK$4,983,000, compared to a loss of HK$3,677,000 for the same period in 2021[90]. Project and Market Overview - The Group was awarded 8 projects with an original contract sum of approximately HK$246.5 million during the Reporting Period[18]. - The construction industry in Hong Kong is facing challenges due to the lingering COVID-19 pandemic and the war in Ukraine, impacting the economic outlook[19]. - Continuous interest rate hikes in Hong Kong have led to a low point in the real estate price index, affecting investment sentiment[20]. - The government has included large-scale infrastructure plans in its Policy Address, which may lead to an increase in sizable construction projects[20]. - The Group plans to explore business opportunities and expand its geographical coverage beyond the Hong Kong market for future development[21]. Expenses and Costs - Administrative expenses rose by approximately HK$0.9 million or 9.8% to approximately HK$10.1 million, primarily due to increased staff costs[29]. - Finance costs decreased by approximately HK$219,000 or 73.5% to approximately HK$79,000, attributed to a reduction in short-term borrowings[30]. - Other gains decreased by approximately HK$0.4 million or 26.7% to approximately HK$1.1 million, mainly due to exchange losses from Renminbi-denominated deposits[28]. - Total staff costs for the reporting period were approximately HK$48.7 million, down from approximately HK$56.2 million for the corresponding period in 2021, representing a decrease of about 14%[72][76]. - Depreciation expenses increased to HK$10,691,000 in 2022 from HK$9,207,000 in 2021, reflecting a rise of about 16.1%[123]. - Subcontracting charges included in direct costs rose to HK$94,087,000 in 2022, up from HK$81,793,000 in 2021, indicating an increase of approximately 15%[121]. Cash and Financial Position - The Group's total cash, bank balances, and pledged bank deposits increased to approximately HK$129.4 million as of 30 September 2022, up from approximately HK$120.4 million[41]. - As of 30 September 2022, the company had short-term bank borrowings of approximately HK$4.1 million, down from approximately HK$6.6 million[42]. - The company's short-term bank borrowings were approximately HK$4.1 million as of September 30, 2022, down from HK$6.6 million as of March 31, 2022[47]. - The asset-to-liability ratio was approximately 1.6% as of September 30, 2022, compared to 2.8% as of March 31, 2022[47]. - The company’s cash and cash equivalents at the end of the period were HK$124,223,000, up from HK$73,980,000 at the end of the previous year[94]. - The company recorded a net increase in cash and cash equivalents of HK$25,017,000, compared to HK$34,941,000 in the prior year[94]. - Cash generated from operations for the six months ended 30 September 2022 was HK$37,953,000, a decrease from HK$40,466,000 in 2021[94]. Taxation and Dividends - The increase in income tax expense was approximately HK$0.9 million or 300%, rising from approximately HK$0.3 million to approximately HK$1.2 million due to increased deferred tax expenses[38]. - The total income tax expense for the six months ended September 30, 2022, was HK$1,240,000, compared to HK$331,000 in 2021, marking an increase of about 274%[126]. - The company did not declare any interim dividend for the reporting period, consistent with the previous year[63]. - No interim dividend was declared for the six months ended September 30, 2022, consistent with the same period in 2021[129]. Employee and Management Information - As of September 30, 2022, the company employed 256 full-time employees, an increase from 205 employees as of March 31, 2022[72][76]. - The salaries, fees, and allowances for key management personnel for the six months ended 30 September 2022 were HK$1,879,000, an increase from HK$1,600,000 in 2021, reflecting an increase of approximately 17.4%[198]. - The total remuneration for key management personnel, including discretionary bonuses and retirement benefit scheme contributions, was HK$1,915,000 for the six months ended 30 September 2022, compared to HK$1,655,000 in 2021, indicating an increase of approximately 15.7%[198]. Assets and Liabilities - Total assets as of September 30, 2022, were HK$281.66 million, an increase from HK$247.60 million as of March 31, 2022, representing a growth of approximately 13.8%[84]. - Net assets stood at HK$260.34 million, up from HK$255.36 million as of March 31, 2022, reflecting a modest increase of about 1.2%[87]. - The Group's deposits, prepayments, and other receivables total HK$49,816,000 as of September 30, 2022, compared to HK$39,488,000 as of March 31, 2022[151]. - The ageing analysis of trade receivables shows HK$41,092,000 within 0-30 days and HK$8,724,000 within 31-60 days as of September 30, 2022[160]. - The Group's borrowings and bank facilities are secured by investment property with a carrying amount of HK$4,660,000 as of September 30, 2022[147]. Other Information - The Group operates solely in one segment, focusing on foundation works in Hong Kong[54]. - The Group's financial position and results were not materially impacted by the adoption of amended HKFRSs effective from April 1, 2022[99]. - There were no significant events affecting the company after the reporting period up to the date of the report[74][78].

Financial Performance - The Group's total revenue for the year ended 31 March 2022 was approximately HK$613.6 million, a decrease of about 33.5% compared to HK$922.9 million in the previous year[12]. - The Group achieved a gross profit of HK$19.4 million, a turnaround from a gross loss of HK$13.3 million for the year ended 31 March 2021[12]. - The Group's net profit for the year was approximately HK$7.4 million[27]. - The gross profit increased by approximately HK$32.7 million, or approximately 245.9%, from a gross loss of approximately HK$13.3 million to a gross profit of approximately HK$19.4 million, with a gross profit margin of approximately 3.2%[35]. - The net profit for the Review Year was approximately HK$7.4 million, compared to a net loss of approximately HK$20.1 million for the previous year, resulting in a net profit margin of approximately 1.2%[38]. - The total staff cost incurred by the Group for the Review Year was approximately HK$96.2 million, a decrease from approximately HK$171.9 million in the year ended March 31, 2021[110]. Economic Context - Hong Kong's GDP grew by 6.4% in 2021, indicating a significant rebound after two difficult years due to the COVID-19 pandemic[10]. - The economic recovery in Hong Kong is still ongoing, with the economy approximately 2% below its size in 2018[10]. - The construction industry in Hong Kong experienced a loss of approximately 22.5%, equating to HK$38 billion, due to the pandemic[11]. - The gross value of construction works performed by main contractors in Hong Kong reached approximately HK$231,404 million, with a 0.7% growth compared to the previous year[24]. - The gross value of piling and related foundation works performed by main contractors grew 18.4%, reaching approximately HK$15,761 million[24]. - The construction demand in Hong Kong is expected to increase due to government initiatives to tackle housing shortages[21]. Operational Efficiency - The Group's cost control efforts have yielded significant results, contributing to the gross profit achieved[12]. - The Group has developed an improved cost control system to enhance operational efficiency amid COVID-19 pressures[27]. - Direct costs decreased by approximately HK$342.0 million, or approximately 36.5%, from approximately HK$936.2 million to approximately HK$594.2 million for the Review Year[35]. - Administrative expenses decreased by approximately HK$2.1 million, or approximately 10.0%, from approximately HK$21.1 million to approximately HK$19.0 million[38]. - Finance costs decreased to approximately HK$547,000 from approximately HK$771,000, primarily due to a decrease in average bank borrowings[38]. Corporate Governance - The Group has been committed to maintaining good corporate governance to safeguard shareholder interests and maximize shareholder value[135]. - The Company has complied with all code provisions set out in the Corporate Governance Code from the Listing Date to March 31, 2022[139]. - The Board consists of five members, including two executive directors and three independent non-executive directors, chaired by Mr. Yip[142]. - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all directors during the reporting period[141]. - The Company has a balanced composition of executive and non-executive directors to ensure independent judgment[142]. Risk Management - The Group faces industry risks related to the property market in Hong Kong, which may affect the availability of foundation projects[46]. - Compliance risks exist due to various laws and regulations governing the Group's operations, which may increase costs and operational burdens[52]. - Uncertainties in construction progress may arise from unexpected geological conditions, potentially leading to additional costs and project complexity[54]. - The Group's financial position and business operations may be adversely affected by significant unexpected geological conditions[55]. Community Engagement - The Group continues to engage in charitable activities to support the local community during challenging times[19]. - The Group values customer feedback and maintains strong relationships to enhance recognition and visibility in the foundation industry[79]. Future Outlook - The Group aims to explore business opportunities and expand its geographical coverage beyond the Hong Kong market[21]. - The Group aims to reduce reliance on major customers by undertaking larger projects for a broader customer base[78]. - The Company will continue to evaluate other business development opportunities when uncertainties about the pandemic decrease[107]. Environmental Management - The Group has established an environmental management system compliant with ISO 14001:2015 standards to minimize environmental impact from construction activities[70]. - The Group plans to acquire new, environmentally friendly machinery to comply with the NRMM Regulation[71].

Financial Performance - The Group recorded a revenue of approximately HK$330.2 million, representing a 36.2% decrease compared to the corresponding period last year[19] - The Group's gross profit reached approximately HK$4.8 million, an increase of 269.2% compared to approximately HK$1.3 million from the corresponding period last year[19] - The Group's net loss decreased by approximately 21.3%, from approximately HK$4.7 million in the corresponding period last year to approximately HK$3.7 million during the Reporting Period[19] - The Group's revenue for the Reporting Period decreased by approximately HK$187.4 million or approximately 36.2%, from approximately HK$517.6 million to approximately HK$330.2 million[28] - The Group's gross profit increased by approximately HK$3.5 million or approximately 269.2%, from approximately HK$1.3 million to approximately HK$4.8 million[28] - The gross profit margin for the Reporting Period was approximately 1.4%, compared to approximately 0.3% in the corresponding period in 2020[28] - Other gains decreased by approximately HK$5.0 million or approximately 76.9%, from approximately HK$6.5 million to approximately HK$1.5 million[28] - Administrative expenses decreased by approximately HK$1.6 million or approximately 14.8%, from approximately HK$10.8 million to approximately HK$9.2 million[28] - Finance costs decreased by approximately HK$0.1 million or approximately 25.0%, from approximately HK$0.4 million to approximately HK$0.3 million[28] - The Group was awarded 11 projects with an original contract sum of approximately HK$421.7 million during the Reporting Period[23] Economic Context - Hong Kong's economy recorded a GDP growth rate of 7.8% for the first half of 2021, indicating a recovery from the pandemic[10] - The unemployment rate within the construction industry dropped to 6.8% for the three months from July to September 2021, a significant improvement from 10.9% in the same period in 2020[11] - The property market in Hong Kong is gaining momentum again, supported by low interest rates and a solid economic rebound[20] - The solid demand for housing and infrastructure is expected to boost the foundation industry as business activities return to normal[22] Cost Management - The Group managed to exercise stringent cost control, resulting in an approximately 37.0% drop in direct costs during the Reporting Period[19] - Direct costs decreased by approximately HK$190.8 million or approximately 37.0%, from approximately HK$516.2 million to approximately HK$325.4 million[28] - Total staff costs incurred during the reporting period were approximately HK$56.2 million, down from approximately HK$94.3 million in the corresponding period of 2020, representing a reduction of 40.4%[57] - The company employed a total of 194 full-time employees as of 30 September 2021, a decrease from 335 full-time employees as of 31 March 2021[57] Cash and Liquidity - As at 30 September 2021, the Group had total cash and cash equivalents and pledged bank deposits of approximately HK$96.0 million, an increase from approximately HK$60.7 million as of 31 March 2021[1] - Cash and cash equivalents at the end of the period increased to HK$73,980,000, compared to HK$49,096,000 at the end of the same period in 2020, representing a growth of 50.5%[76] - The net cash generated from operating activities was HK$43,013,000, significantly higher than HK$2,752,000 in the prior year[76] - The company had borrowings of HK$11,349,000 as of September 30, 2021, which is comparable to HK$11,387,000 as of March 31, 2021[68] Shareholder Information - As of September 30, 2021, Mr. Yip Yuk Kit holds 890,000,000 shares, representing a 74.17% shareholding in the company[185] - Fame Circle Limited, which is 100% owned by Mr. Yip, also holds 890,000,000 shares, equating to a 74.17% interest[196] - Ms. Yip Lai Ping, as the spouse of Mr. Yip, is deemed to have an interest in the same 890,000,000 shares, also representing 74.17%[196] - The shareholding structure indicates a concentrated ownership with Mr. Yip Yuk Kit and Fame Circle Limited controlling 74.17% of the company[196] Future Outlook - The expected timeline for full utilization of unutilized proceeds has been delayed to 31 December 2022 due to the impact of COVID-19[55] - The company plans to continue monitoring the developments of the COVID-19 pandemic to effectively utilize the net proceeds for long-term benefits[55] Accounting and Reporting - The financial statements are prepared in accordance with HKFRS 15 and have not been audited, highlighting the preliminary nature of the reported figures[82][83] - The adoption of amended HKFRSs effective from 1 April 2021 had no material impact on the Group's financial results[80] - The Group's management is responsible for making accounting judgments and estimates that affect the reported amounts of assets, liabilities, income, and expenses[80] Risks and Liabilities - The Group's foreign exchange rate risks are considered insignificant as all revenue and transactions are settled in Hong Kong dollars[4] - The Group has been involved in various claims and litigations, but the Directors believe these will not materially impact the financial statements[180] - No significant provisions have been made in the financial statements for potential claims or lawsuits as they are expected not to have a material impact[181]

Financial Performance - The Group's total revenue for the year ended March 31, 2021, was approximately HK$922.9 million, an increase of approximately 81.2% compared to HK$509.3 million in the previous year[11]. - The Group experienced a gross loss of HK$13.3 million, compared to a gross profit of HK$5.2 million in the previous year, primarily due to intensified market competition and COVID-19-related project delays[11]. - Despite an increase in revenue, the Group recorded a gross loss due to increased direct costs amid the COVID-19 pandemic[28]. - The gross loss for the Review Year was approximately HK$13.3 million, compared to a gross profit of approximately HK$5.2 million for the previous year, resulting in a gross loss margin of approximately 1.4%[34]. - The net loss for the Review Year was approximately HK$20.1 million, with a net loss margin of approximately 2.2%, improved from a margin of approximately 3.9% in the previous year[43]. - The net profit margin improved to approximately negative 2.2% as at 31 March 2021, from negative 3.9% as at 31 March 2020, primarily due to an increase in revenue[58]. Market Conditions - The total gross value of construction works performed by main contractors in Hong Kong decreased by approximately 2.8% in nominal terms to approximately HK$229.9 billion in 2020[11]. - The construction industry is facing challenges such as skilled labor shortages and rising labor costs, which are expected to continue even after COVID-19 restrictions are lifted[13]. - The overall sentiment in the construction industry remains pessimistic, with players expected to stay prudent in their business decisions[22]. - The construction industry remains cautious due to ongoing competition, skilled labor shortages, and rising labor costs[17]. Business Strategy - The Group plans to explore business opportunities and expand its geographical coverage beyond the Hong Kong market to enhance future development and strengthen revenue bases[14]. - The Group aims to leverage its competitive strengths and established long-term relationships with customers to navigate the challenging market environment[14]. - The Group aims to diversify its business and expand its geographical coverage beyond the Hong Kong market to enhance its revenue base[17]. - The Group continues to leverage its competitive advantages in foundation engineering and long-term client relationships to explore new business opportunities[17]. - The Group aims to reduce reliance on major customers by undertaking larger projects for a broader customer base[87]. Operational Challenges - Government subsidies have provided relief for businesses and individuals in the construction industry, contributing to a hopeful outlook for recovery[13]. - The Group acknowledges the importance of maintaining productivity and performance despite ongoing challenges faced by the industry[15]. - Uncertainties in construction progress may arise from unexpected geological conditions, leading to potential cost overruns[65]. - The company’s financial position may be adversely affected by significant unexpected geological or subsoil conditions during foundation works[65]. Financial Management - Direct costs rose by approximately HK$432.1 million, or approximately 85.7%, from approximately HK$504.1 million to approximately HK$936.2 million[33]. - The current ratio increased from approximately 3.6 times as at 31 March 2020 to approximately 5.1 times as at 31 March 2021, primarily due to a decrease in trade and other payables[50]. - The gearing ratio decreased from approximately 7.0% as at 31 March 2020 to approximately 5.1% as at 31 March 2021, mainly due to a reduction in bank borrowings[50]. - The Group has adopted a prudent financial management approach towards its treasury policy, closely monitoring liquidity to meet funding requirements[94]. Human Resources - As of 31 March 2021, the Company employed 335 full-time employees, a decrease from 426 employees as of 31 March 2020[114]. - Total staff costs for the Review Year were approximately HK$171.9 million, compared to approximately HK$120.3 million for the year ended 31 March 2020, reflecting a 43% increase[114]. - The remuneration packages for employees include salary, discretionary bonuses, and other cash subsidies, with an annual review system in place[114]. - The Group recognizes the importance of maintaining competitive remuneration packages to attract and retain skilled labor in the construction industry[86]. Corporate Governance - The Group has adopted the corporate governance code contained in Appendix 14 to the Listing Rules to enhance accountability and safeguard shareholder interests[164]. - The Board consists of six members, including two executive Directors and four independent non-executive Directors, ensuring a balanced composition[169]. - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors during the reporting period[168]. - The Company reviews its corporate governance policies annually and complies with the "comply or explain" principle in its corporate governance report[197]. Environmental Management - The Group has established an environmental management system certified to ISO 14001:2015 standards to minimize adverse environmental impacts from operations[79]. - The Group plans to acquire more environmentally friendly machinery to comply with the NRMM Regulation and adapt to industry changes[80]. - The Group's operations may result in emissions and waste, subjecting them to various environmental protection laws and regulations[77].

Revenue and Financial Performance - The Group's revenue increased by approximately HK$280.4 million compared to the corresponding period in 2019[15]. - For the Reporting Period, the Group's revenue increased by approximately HK$280.4 million or approximately 118.2% compared to the corresponding period in 2019, reaching approximately HK$517.6 million[22]. - Revenue for the six months ended September 30, 2020, was HK$517,588,000, a significant increase from HK$237,189,000 in the same period of 2019, representing a growth of approximately 118%[113]. - Revenue from Customer A was HK$421,267,000, contributing over 10% of the Group's total revenue, compared to HK$175,216,000 in 2019, reflecting a growth of approximately 140%[123]. - The company reported a net loss of HK$4,655,000 for the six months ended September 30, 2020, compared to a loss of HK$5,632,000 for the same period in 2019, indicating an improvement in financial performance[86]. - Loss before tax for the six months ended 30 September 2020 was HK$4,655,000, compared to a loss of HK$5,632,000 for the same period in 2019, representing a decrease of approximately 17.3%[143]. Costs and Expenses - The Group's gross profit decreased by approximately HK$5.8 million or approximately 81.7% compared to the corresponding period in 2019, resulting in a gross profit margin of approximately 0.3%[22]. - Employee costs for the reporting period totaled approximately HK$94.3 million, a significant increase from HK$45.1 million in the same period of 2019, representing an increase of about 109%[57]. - Direct costs for the period were HK$87,465,000, compared to HK$38,664,000 in the previous year, reflecting an increase of 126.4%[134]. - Administrative expenses were HK$6,884,000 for the six months ended September 30, 2020, slightly up from HK$6,424,000 in 2019, showing an increase of 7.1%[134]. - Total staff costs, including directors' remuneration, amounted to HK$94,349,000 for the six months ended 30 September 2020, up from HK$45,088,000 in 2019, indicating a significant increase of 109.1%[134]. Cash Flow and Liquidity - As of 30 September 2020, the Group had total cash and cash equivalents of approximately HK$54.3 million, a decrease from approximately HK$72.0 million as of 31 March 2020[29]. - Cash generated from operating activities was HK$2,752,000, a significant recovery from cash used in operations of HK$62,693,000 in the previous year[90]. - Cash and cash equivalents at the end of the period increased to HK$49,096,000, compared to HK$43,533,000 at the end of the same period last year, showing a positive cash flow trend[90]. - The Group's total net assets decreased to HK$263,383,000 from HK$268,038,000, reflecting a 1.5% decline[77]. - Net current assets increased to HK$209,255,000, up from HK$204,168,000, reflecting a positive trend in liquidity[75]. Borrowings and Financial Position - The Group's short-term bank borrowings decreased by approximately 19.0% from HK$18.4 million as of 31 March 2020 to approximately HK$14.9 million as of 30 September 2020[30]. - The gearing ratio of the Group as of 30 September 2020 was approximately 5.7%, down from approximately 7.0% as of 31 March 2020[30]. - The company had no new borrowings during the period, contrasting with HK$20,000,000 in proceeds from new borrowings in the previous year[90]. - Bank loans repayable on demand amounted to HK$14,924,000, compared to HK$18,375,000 as of March 31, 2020[194]. - The interest rate on bank loans remained stable at 4.73% to 4.76% per annum for both September 30, 2020, and March 31, 2020[194]. Government Support and Grants - Other gains increased by approximately HK$7.3 million or approximately 912.5% compared to the corresponding period in 2019, primarily due to government grants and subsidies amounting to approximately HK$5.6 million[22]. - The Group received government grants totaling HK$5,574,000 under various COVID-19 support schemes, which were recognized in the financial statements[126]. Employment and Workforce - As of September 30, 2020, the Group employed a total of 333 full-time employees, a decrease from 426 full-time employees as of March 31, 2020[53]. - The total staff costs incurred by the Group for the Reporting Period were approximately HK$94.3 million, compared to approximately HK$45.1 million for the corresponding period in 2019[53]. Market and Economic Conditions - The overall gross value of construction works in Q2 2020 dropped, with a 14.4% increase in the public sector unable to offset a 26.1% decline in the private sector[8]. - The COVID-19 pandemic has led to higher operating costs due to project delays during the Reporting Period[15]. - Hong Kong's GDP contracted by 9.0% year-on-year in Q2 2020, reflecting ongoing economic challenges[7]. - The negative business confidence indicator during the first half of 2020 highlights the pessimistic sentiment among investors[7]. Future Outlook and Business Strategy - The Hong Kong government plans to accelerate approximately HK$500 billion in public works over the next five years, indicating more opportunities for contractors[16]. - The Group anticipates increased demand for foundation works services due to upcoming housing developments in both public and private sectors[16]. - The Group continues to explore business opportunities beyond the Hong Kong market to enhance future development[17]. - The Group is exploring opportunities to expand its main business beyond the Hong Kong market to strengthen its revenue base[19]. Accounting and Reporting - The condensed consolidated interim financial statements for the six months ended 30 September 2020 have been prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange and Hong Kong Accounting Standard ("HKAS") 34[94]. - The Group's accounting policies remain consistent with those used in the annual consolidated financial statements for the year ended 31 March 2020, except for the adoption of new and amended HKFRSs effective from 1 April 2020[96]. - The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were consistent with those applied to the annual consolidated financial statements for the year ended 31 March 2020[106].