格隆汇8月1日丨汇隆控股(08021.HK)发布公告，截至2025年4月30日止年度，实现收益7912.8万港元， 同比减少4%；毛利5215.9万港元，同比增加2.8%；公司拥有人应占本年度亏损684.6万港元，上年同期 公司拥有人应占年度亏损1114.7万港元；基本及摊薄每股亏损0.048港仙。 ...

GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較 高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市 場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 WLS Holdings Limited 滙隆控股有限公司* （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：8021） 截至二零二五年四月三十日止年度業績公佈 香港聯合交易所有限公司（「聯交所」）GEM的特色 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，並明確表示概不就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 致之任何損失承擔任何責任。 本公佈（滙隆控股有限公司（「本公司」或「滙隆」）各董事（「董事」）願共同及個別對此負全責）乃遵照 聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司的資料。各董事經作出一切合 理查詢後，確認就彼等所知及所信：(1) 本公佈所 ...

Financial Performance - Revenue for the six months ended October 31, 2024, was HKD 46,797,000, compared to HKD 46,474,000 for the same period in 2023, representing a slight increase of 0.7%[8]. - Gross profit for the period was HKD 33,466,000, up from HKD 26,264,000, indicating a significant increase of 27.0%[1]. - The company reported a net profit attributable to owners of HKD 30,486,000 for the six months, compared to a loss of HKD 11,740,000 in the previous year, marking a turnaround[14]. - The basic and diluted earnings per share for the period were HKD 0.212, compared to a loss per share of HKD (0.082) in the previous year[16]. - Other comprehensive income for the period included a fair value gain of HKD 1,080,000, compared to a loss of HKD (440,000) in the prior period[16]. - The group reported a total loss before tax of HKD 10,699,000 for the six months ended October 31, 2024, compared to a profit of HKD 23,020,000 in the same period of 2023[51]. - The company reported a profit of HKD 30,486 thousand for the six months ended October 31, 2024, compared to a loss of HKD (11,740) thousand in the same period of 2023[61]. - The increase in revenue was primarily driven by growth in the lending business during the reporting period[87]. Expenses and Liabilities - Operating and administrative expenses decreased to HKD (7,566,000) from HKD (10,303,000), reflecting a reduction of 26.7%[1]. - The group’s financing costs for the six months ended October 31, 2024, were HKD 3,251,000, compared to HKD 4,762,000 in the previous year[44]. - The group’s total liabilities decreased from HKD 18,000,000 in 2023 to HKD 147,000 in 2024, reflecting a significant reduction in debt obligations[26]. - Tax expenses for the period amounted to HKD 2,215 thousand, up from HKD 1,041 thousand in the previous year, reflecting a 112.5% increase[60]. - The group’s net cash used in financing activities was HKD 3,980,000 for the six months ended October 31, 2024, compared to a net cash generated of HKD 14,094,000 in 2023[26]. Assets and Equity - The company’s total assets as of October 31, 2024, were HKD 416,567,000, compared to HKD 384,680,000 as of April 30, 2024, showing an increase of 8.3%[18]. - The company’s equity attributable to owners increased to HKD 415,443,000 from HKD 383,877,000, an increase of 8.2%[21]. - As of October 31, 2024, the group's total equity was approximately HKD 415.4 million, up from approximately HKD 383.9 million on April 30, 2024[112]. - The total value of the investment portfolio as of October 31, 2024, was approximately HKD 63.4 million, compared to approximately HKD 48.8 million on April 30, 2024, with a net fair value gain of approximately HKD 21.4 million during the reporting period[113]. Cash Flow - For the six months ended October 31, 2024, the net cash generated from operating activities was HKD 2,904,000, compared to a net cash used of HKD 15,452,000 in the same period of 2023[26]. - The cash and cash equivalents at the end of the period were HKD 17,409,000, a decrease from HKD 17,175,000 at the end of October 31, 2023[26]. - The company’s cash and cash equivalents stood at HKD 17,409,000, down from HKD 18,480,000, a decrease of 5.8%[18]. Business Segments - The group has three operating segments: construction services, lending business, and securities investment, with a focus on resource allocation and performance evaluation[47]. - The scaffolding services segment generated revenue of approximately HKD 17,300,000, a decrease of about HKD 5,600,000 compared to the previous year, due to a reduction in new contracts[88]. - The group provided scaffolding services for 36 ongoing projects, with 26 completed on schedule and 3 new contracts secured during the reporting period[89]. - The group’s lending business is operated by its wholly-owned subsidiary, Kingway Hong Kong Limited, which is a licensed money lender under Hong Kong law[93]. Credit Loss and Impairment - The expected credit loss recognized under the model was a net impairment loss of HKD (11,702,000), an improvement from HKD (25,507,000) in the prior period[7]. - The net impairment loss recognized under the expected credit loss model for receivables was HKD (11,702) thousand for the six months ended October 31, 2024, compared to HKD (25,507) thousand for the same period in 2023, indicating a 54.1% decrease[58]. - The expected credit loss from receivables is approximately HKD 8,500,000, a significant decrease from HKD 38,000,000 in the same period last year[104]. Corporate Governance - The audit committee is responsible for reviewing the company's annual reports, half-year reports, and quarterly reports, ensuring compliance with applicable accounting standards and legal requirements[142]. - The company has established an audit committee composed of three independent non-executive directors[145]. - The company has adhered to the corporate governance code as per GEM listing rules, with some deviations noted[141]. - The roles of the chairman and CEO are not combined, ensuring a balance of power within the board[144]. Employee and Management - The group’s short-term employee benefits for the six months ending October 31, 2024, amounted to HKD 1,386,000, down from HKD 2,459,000 in the previous year[85]. - The company has implemented a stock option plan to incentivize employees and contributors to the group's development[125]. - No stock options were granted, exercised, canceled, expired, or remained unexercised during the reporting period[129]. - The company has not entered into any management or administrative contracts related to any significant part of its business as of October 31, 2024[131]. Future Outlook - The group will continue to focus on high-margin and growth-potential business segments, such as the lending business[116]. - The group is reviewing its current asset structure and business strategy to adapt to future uncertainties[116]. - The group aims to diversify its business scope and promote overall development in line with government strategies in property construction and infrastructure investment[110].

Revenue Performance - Total revenue for the six months ended October 31, 2024, was HKD 46,797,000, a slight increase from HKD 46,474,000 in the same period last year, representing a growth of 0.7%[17] - Revenue from construction and related services was HKD 17,290,000, down 24.0% from HKD 22,918,000 in the previous year[15] - Loan interest income increased to HKD 29,507,000, up 25.3% from HKD 23,556,000 year-on-year[16] - For the six months ended October 31, 2024, the company's revenue was approximately HKD 46,800,000, an increase of about 0.7% compared to HKD 46,500,000 in the same period of 2023[64] - The lending business recorded a revenue increase to approximately HKD 29,500,000, up from HKD 23,600,000 in the same period last year[76] Profit and Loss - The company reported a total comprehensive loss of HKD 12,180,000 for the period, compared to a loss of HKD 11,740,000 in the previous year[3] - The company reported a profit attributable to owners of HKD 30,486,000 for the six months ended October 31, 2024, compared to a loss of HKD (11,740,000) in the same period last year[40] - The net profit attributable to the company's owners for the reporting period was approximately HKD 30,500,000, a turnaround from a net loss of approximately HKD 11,700,000 in the same period of 2023[64] - The company incurred a pre-tax loss of HKD 10,699,000, reflecting the challenges faced in the construction segment[25] Cash Flow and Financial Position - The net cash generated from operating activities was HKD 2,904,000, a significant improvement compared to a net cash outflow of HKD 15,452,000 in the previous year[6] - The company’s cash and cash equivalents decreased to HKD 17,409,000 from HKD 17,175,000 year-on-year[6] - As of October 31, 2024, total equity attributable to owners of the company was HKD 415,443,000, an increase from HKD 383,877,000 at the end of the previous period[3] - The company’s total reserves increased to HKD 271,773,000 from HKD 240,207,000, indicating a growth of 13.9%[1] - The company's total assets as of October 31, 2024, were HKD 416,567,000, an increase from HKD 384,680,000 as of April 30, 2024[137] Expenses - Operating and administrative expenses decreased by approximately 26.6% compared to the same period last year, mainly due to reduced employee costs and tightened cost control[89] - The company’s depreciation expense for property, plant, and equipment was HKD 642,000, slightly up from HKD 640,000 in the previous year[43] - The tax expense for the period was HKD 2,215,000, up from HKD 1,041,000 in the previous year, reflecting a higher profit level[34] Credit Quality and Impairment - The net impairment loss recognized under the expected credit loss model for the period was HKD (11,702,000), a decrease from HKD (25,507,000) in the previous year, indicating improved credit quality[37] - The net impairment loss from expected credit losses on loans and interest receivable was approximately HKD 8,500,000, a significant decrease from HKD 38,000,000 in the same period last year[80] Investment Performance - The company recorded a fair value gain on financial assets of HKD 21,400,000 for the six months ended October 31, 2024, compared to HKD 1,330,000 in the previous year, indicating a significant increase in investment performance[31] - The total value of the investment portfolio as of October 31, 2024, was approximately HKD 63,400,000, up from HKD 48,800,000 as of April 30, 2024[83] - The fair value gain on the investment portfolio for the reporting period was approximately HKD 21,400,000, compared to HKD 1,300,000 in the same period last year[83] Operational Highlights - The company has three operating segments: construction services, lending business, and securities investment, with total external revenue of HKD 46,797,000 for the period[19] - The scaffolding services segment generated revenue of approximately HKD 17,300,000, a decrease of about HKD 5,600,000 compared to the same period in 2023, due to a reduction in new contracts obtained[65] - The group provided scaffolding services for 36 ongoing projects, with 26 completed on schedule and secured 3 new contracts during the reporting period[67] Lending Business - As of October 31, 2024, the lending portfolio consisted of loans ranging from approximately HKD 100,000 to HKD 25,000,000, with annual interest rates between 7.0% and 22%[76] - 74% of the outstanding loans and interest receivables as of October 31, 2024, were unsecured, while the remaining loans were secured by shares of listed companies[76] - The maximum loan and interest receivable from the largest borrower amounted to approximately HKD 28,800,000, representing about 6.1% of the total receivables[76] - The group has implemented stricter lending criteria, requiring borrowers to provide asset and income proof to demonstrate repayment capability[76] Corporate Governance - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the company's financial reports and internal control procedures[118] - The company has complied with the GEM listing rules regarding the code of conduct for directors' securities transactions during the reporting period[113] - There are no significant contracts in which directors have a material interest as of October 31, 2024[107] Future Outlook - The group plans to continue focusing on high-margin and growth potential business segments, such as lending services, while adapting its strategies to market dynamics[88] - The group aims to explore suitable investment opportunities to diversify its business scope and enhance overall development[88]

Compliance with GEM Listing Rules - WLS Holdings Limited reported its annual performance for the year ending April 30, 2024, with a focus on compliance with GEM listing rules[2] - Following the appointment of a new independent non-executive director on April 11, 2024, the company has since complied with GEM listing rules[3] - The board currently consists of four members, including three independent non-executive directors, ensuring compliance with governance standards[4] Governance Issues - The company faced governance issues due to the resignation of an independent non-executive director, resulting in a board composition that did not meet GEM requirements[2]

Financial Performance - WLS Holdings Limited reported a total revenue of HKD 68,850 million for the fiscal year 2024[1]. - The company experienced a year-on-year growth of 12.38% in revenue compared to the previous year[1]. - The Group recorded a total revenue decrease of approximately HK$82.4 million for the year ended April 30, 2024, representing a decline of about 44% compared to the previous year[17]. - Net loss attributable to the owners of the Company from continuing operations was approximately HK$11.1 million, a significant decrease of approximately HK$101.3 million compared to the last year[17]. - The overall loss per share for the year was HK$0.078, compared to HK$0.782 in the previous year[12]. - The Group recorded a turnover of approximately HK$82.4 million, a decrease of approximately 44% compared to last year (HK$146.0 million)[51]. - The net loss attributable to owners from continuing operations was approximately HK$11.1 million, a significant reduction from last year's loss of approximately HK$112.4 million[51]. - Gross profit slightly increased by approximately 6% to HK$50.7 million, with a gross profit margin rising to approximately 61.6% from 32.8% last year[51]. Business Strategy and Outlook - User data indicates a significant increase in active users, contributing to the overall revenue growth[1]. - The company has outlined a future outlook with a projected revenue growth of 10% for the next fiscal year[1]. - WLS is focusing on the development of new products and technologies to enhance its market position[1]. - Plans for market expansion include entering new geographical regions to increase market share[1]. - The company is considering strategic acquisitions to bolster its product offerings and customer base[1]. - The Group plans to focus on scaffolding, fitting out, and auxiliary services for construction, as well as money lending and securities investment business in the upcoming year[44]. - The Group is actively seeking profitable projects to diversify its business portfolio and mitigate risks from the competitive construction market[47]. Operational Challenges - The construction industry in Hong Kong is facing challenges due to a shortage of skilled workers, leading to increased labor costs and reduced profit margins[21]. - The scaffolding industry faces increasing competition, rising labor costs, and a declining workforce, leading to a lack of confidence in its future prospects[45]. - The Group has identified risks related to labor shortages and the failure to secure new contracts, which could negatively impact financial performance[75]. Risk Management - The Group identified principal risks classified into strategic, operational, financial, and compliance risks[169]. - Strategic risks include competitive landscape, failure to meet customer expectations, and over-concentration of customer bases[169]. - Operational risks encompass insufficient safety guidelines, technology breakdown, and increased operating costs[169]. - Financial risks identified are liquidity risk, credit risk, foreign exchange rate risk, and interest rate risk[169]. - Compliance risks involve non-compliance with safety, health, and environmental ordinances[169]. - The Group has established a "three lines of defence" corporate governance structure for risk management[172]. - A risk register is maintained to track all identified major risks and actions taken to mitigate them[172]. - Management conducts ongoing risk management activities and evaluates the effectiveness of the risk management framework annually[173]. Corporate Governance - The Company maintains high standards of corporate governance practices[101]. - The Board will arrange for the election of a new Chairman and CEO at an appropriate time[103]. - The Company has adopted a Board Diversity Policy effective from September 1, 2013, focusing on various diversity aspects including gender, age, and professional experience[112]. - The Company encourages all shareholders to attend the Annual General Meeting, which was held on October 27, 2023[117]. - The Company has received annual confirmations of independence from each independent non-executive Director[111]. - The Company has established specific terms of reference for all Board committees, clearly defining their authorities and responsibilities[155]. Financial Position - As of April 30, 2024, the Group's equity attributable to owners was approximately HK$383.9 million, down from HK$396.1 million the previous year[52]. - Current assets decreased to approximately HK$333.9 million from HK$534.5 million as of April 30, 2023[52]. - The Group's total assets were approximately HK$582.0 million, slightly up from HK$575.6 million the previous year[52]. - The gearing ratio as of April 30, 2024, was approximately 38.9%, an increase from 31.7% the previous year[53]. - The Group's bank balances and cash remained stable at approximately HK$18.5 million as of April 30, 2024[54]. - The Group's net loan and interest receivables amounted to approximately HK$456.2 million, an increase from HK$444.4 million in 2023[58]. Human Resources - The total number of full-time employees as of April 30, 2024, was 43, down from 50 on April 30, 2023[82]. - Total staff costs for the year amounted to approximately HK$17.1 million, compared to approximately HK$36.1 million in the previous year[82]. - The Group is committed to providing a safe and healthy working environment to retain labor and mitigate risks associated with labor shortages[75]. - The Group regularly reviews employee remuneration packages to ensure competitiveness in the market[185]. Shareholder Communication - The Company communicates with shareholders through annual, interim, and quarterly reports, as well as announcements and circulars when necessary[159]. - The annual general meeting of the Company provided a forum for shareholders to exchange views with the Board, with a majority of Directors attending to answer shareholder questions[159]. - Shareholders holding not less than one-tenth of the paid-up capital may requisition a general meeting[161]. Board Composition and Changes - The Group has seen significant changes in its board composition with multiple resignations and appointments in 2023 and 2024[89][91][92][94][95]. - The Board currently consists of one Executive Director and two Independent Non-Executive Directors[105]. - Following Ms. Lam's resignation, the Board did not meet the requirement of at least three Independent Non-Executive Directors[107]. - The Company complied with GEM Listing Rules after appointing Ms. Gong on April 11, 2024[108].

Financial Performance - For the fiscal year ending April 30, 2024, the total revenue decreased to HKD 82,405,000 from HKD 145,960,000, representing a decline of approximately 43.5%[5] - The gross profit increased to HKD 50,740,000 compared to HKD 47,848,000 in the previous year, showing an increase of about 6.0%[5] - The total comprehensive loss for the year was HKD 12,230,000, compared to HKD 106,438,000 in the previous year, reflecting a significant improvement of about 88.5%[9] - The company reported a loss from continuing operations of HKD 11,147,000, an improvement from a loss of HKD 105,320,000 in the previous year[5] - The company reported a loss of HKD 11,147,000 for the year ended April 30, 2024, compared to a loss of HKD 112,384,000 for the previous year, indicating an improvement in performance[14] - The total comprehensive expenses for the year amounted to HKD 12,230,000, which includes a fair value loss of HKD 1,083,000[14] - The accumulated losses increased to HKD 473,264,000 as of April 30, 2024, from HKD 462,117,000 as of April 30, 2023, reflecting a rise of approximately 2.5%[14] - The company recorded a consolidated after-tax loss of approximately HKD 11,147,000 for the year ending April 30, 2024, with cash and bank balances of HKD 18,480,000 insufficient to cover all current liabilities due within the next twelve months[26] - The company recorded a total revenue decrease of approximately HKD 82,400,000, representing a 44% decline compared to the previous year[73] - The net loss attributable to the owners of the company for the year was approximately HKD 11,100,000, a significant reduction of about HKD 94,200,000 from the previous year[73] Assets and Liabilities - The net asset value decreased to HKD 383,877,000 from HKD 396,107,000, a decline of approximately 3.1%[13] - The total current assets decreased to HKD 333,940,000 from HKD 534,535,000, a decline of approximately 37.5%[11] - The total liabilities increased to HKD 197,362,000 from HKD 174,893,000, an increase of about 12.8%[13] - As of April 30, 2024, the total equity attributable to the company's owners is HKD 383,877,000, a decrease from HKD 396,107,000 as of April 30, 2023, representing a decline of approximately 3.1%[14] - The company's total assets as of April 30, 2024, were approximately HKD 582,000,000, compared to HKD 575,600,000 on April 30, 2023[99] - The company's debt-to-equity ratio increased to approximately 38.8% from 31.5% in the previous year, indicating a rise in financial leverage[102] Revenue Sources - Revenue from customer contracts for construction and related services decreased to HKD 36,812,000 in 2024 from HKD 103,413,000 in 2023, representing a decline of approximately 64.4%[28] - Total revenue from continuing operations was HKD 82,405,000 for the year ending April 30, 2024, down from HKD 145,960,000 in 2023, indicating a decrease of about 43.4%[28] - The construction and related services segment generated external revenue of HKD 36,812,000, while the lending business contributed HKD 45,593,000[33] - Total revenue from external customers for the year ended April 30, 2023, was HKD 145,960,000, with contributions of HKD 103,413,000 from construction services and HKD 42,547,000 from lending business[34] - The lending business generated revenue of approximately HKD 45,600,000 this year, up from HKD 42,500,000 in the previous year[86] Expenses and Costs - The operating and administrative expenses were reduced to HKD 18,271,000 from HKD 27,440,000, a decrease of about 33.4%[5] - The financing costs increased to HKD 8,588,000 from HKD 7,147,000, representing an increase of approximately 20.2%[5] - The total tax expense for 2024 is HKD (5,906,000), compared to HKD 487,000 in 2023, reflecting a substantial increase in tax liabilities[48] - Employee costs for the year amounted to approximately HKD 17,100,000, a decrease from HKD 36,100,000 in the previous year[125] Credit Losses and Provisions - The expected credit loss recognized under the expected credit loss model was HKD 24,409,000, down from HKD 92,865,000, indicating a reduction of approximately 73.7%[5] - The expected credit loss impairment for loans and interest recognized in 2024 is HKD 24,038,000, a decrease from HKD 84,555,000 in 2023, indicating a significant reduction in credit risk[46] - The credit loss provision for accounts receivable was HKD 264,089,000 as of April 30, 2024, compared to HKD 240,051,000 in 2023[60] - The expected credit loss provision for receivables and interest was approximately HKD 264.1 million, up from HKD 240.1 million in 2023, with a net impairment loss of approximately HKD 24 million, down from HKD 84.6 million in 2023[103] Business Operations - The company’s main business includes scaffolding, fit-out services, lending, and securities investment[17] - The company secured 4 new construction contracts during the year, compared to 2 in the previous year[75] - The company provided scaffolding services for 44 ongoing projects, with 12 completed on schedule during the year[76] - The company is adapting to market trends by shifting from bamboo scaffolding to iron scaffolding, which is expected to dominate the future scaffolding business[94] - The company aims to diversify its business scope and actively explore suitable investment opportunities to drive overall business development[95] Compliance and Governance - The audit committee consists of two independent non-executive directors, responsible for reviewing the group's financial reporting and risk management[129] - The group has not used any financial instruments for hedging purposes during the year and has no unexercised hedging instruments as of April 30, 2024[115] - The group will continue to review investment strategies and take appropriate actions in response to market changes[112] Employee and Workforce - The group has a total of 43 full-time employees as of April 30, 2024, down from 50 employees the previous year[125] - The group emphasizes the importance of attracting, training, and retaining skilled personnel for its growth[123]

Financial Performance - For the three months ended October 31, 2023, the revenue from continuing operations was HKD 21,122,000, a decrease of 49.6% compared to HKD 41,786,000 for the same period in 2022[22] - The gross profit for the same period was HKD 12,596,000, representing a 39.5% increase from HKD 9,044,000 in the previous year[22] - The total comprehensive expenses for the six months ended October 31, 2023, amounted to HKD 16,640,000, compared to HKD 15,851,000 for the same period in 2022, reflecting an increase of 5.0%[11] - The net loss for the six months ended October 31, 2023, was HKD 11,740,000, a decrease of 44.8% from HKD 21,262,000 in the same period last year[22] - The company reported other income of HKD 768,000 for the six months ended October 31, 2023, down from HKD 2,559,000 in the previous year[22] - The basic and diluted loss per share from continuing operations was HKD 0.114 for the six months ended October 31, 2023, compared to a loss of HKD 0.148 for the same period in 2022, representing a 23% improvement[25] - The company reported a total comprehensive loss for the six months ended October 31, 2023, reflecting ongoing challenges in its operational segments[34] - The company reported a loss before tax of HKD 20,334 thousand for the three months ended October 31, 2023, compared to a loss of HKD 6,904 thousand in the same period of 2022[62] - For the three months ended October 31, 2023, the loss from continuing operations was HKD 16,378, compared to a loss of HKD 15,461 for the same period in 2022, indicating an increase in loss of approximately 5.9%[71] - For the six months ended October 31, 2023, the loss from continuing operations was HKD 11,740, a decrease of approximately 44.5% compared to a loss of HKD 21,209 in the same period of 2022[71] Revenue Breakdown - The revenue from scaffolding, fit-out, and other ancillary services for the six months ended October 31, 2023, was HKD 22,918,000, down 63.2% from HKD 62,331,000 in the same period of 2022[36] - Total revenue from the scaffolding, fit-out, and other ancillary services segment was HKD 22,918 thousand for the three months ended October 31, 2023[61] - The company’s revenue from the securities investment business was HKD 1,330 thousand for the three months ended October 31, 2023[61] - The lending business segment recorded revenue of approximately HKD 23,600,000, an increase from HKD 22,700,000 in the same period last year[114] - The company generated revenue of approximately HKD 22,900,000 during the reporting period, a significant decrease of about HKD 62,300,000 compared to the same period last year due to a reduction in new contracts[111] Expenses and Liabilities - The operating and administrative expenses for the six months ended October 31, 2023, were HKD 10,303,000, compared to HKD 19,298,000 for the same period in 2022, indicating a reduction of 46.6%[22] - Interest expenses from other loans decreased to HKD 1,574 thousand for the three months ended October 31, 2023, compared to HKD 1,747 thousand in the same period of 2022, representing a decrease of 9.9%[45] - The company recorded a net impairment loss of HKD 39,015 thousand due to expected credit losses for the six months ended October 31, 2023[47] - The total accounts payable and other payables amounted to HKD 41,720 as of October 31, 2023, compared to HKD 34,975 as of April 30, 2023, reflecting an increase of approximately 19.9%[80] - The company’s total liabilities increased to HKD 192,827 thousand as of October 31, 2023, compared to HKD 174,893 thousand[49] Assets and Equity - The total assets as of October 31, 2023, were valued at HKD 383,927,000, a decrease from HKD 396,107,000 in the previous year[14] - The company’s equity attributable to owners was HKD 383,927,000, down from HKD 396,107,000 year-on-year[14] - Cash and cash equivalents from continuing operations amounted to HKD 17,175 thousand as of October 31, 2023, down from HKD 26,324 thousand[54] - The company’s total assets less current liabilities were HKD 385,143 thousand as of October 31, 2023, compared to HKD 400,712 thousand[49] - The company’s accounts receivable as of October 31, 2023, totaled HKD 41,022,000, an increase from HKD 33,571,000 as of April 30, 2023[101] Business Operations - The company has three operating segments: scaffolding and fit-out services, lending business, and securities investment business, which are managed separately due to their different operational systems and strategies[38] - The company continues to provide scaffolding, fit-out, and other ancillary services in the construction and building sector[86] - The company has adjusted its business strategy to increase lending requirements for borrowers, which has led to a decrease in revenue from this segment[142] - The construction and scaffolding services segment faced challenges due to a shortage of skilled labor, leading to increased labor costs and decreased profit margins[138] - The company has received positive feedback for its expansion into ceiling engineering within its renovation services[140] Investments and Sales - The company agreed to sell two wholly-owned subsidiaries for a total consideration of HKD 530 million[43] - The company completed the sale of its subsidiary for a cash consideration of HKD 530,000, which resulted in the termination of its asset management division[118] - Instant Victory Global Limited agreed to sell 1,000 shares of its subsidiary, Blue Tang Ventures Limited, for a total consideration of approximately HKD 199,000, HKD 199,000, and HKD 132,000, representing 37.5%, 37.5%, and 25.0% of the issued share capital respectively[65] - The fair value gain on financial assets measured at fair value through profit or loss for the six months ended October 31, 2023, was HKD 1,022,000, compared to HKD 6,939,000 in the same period of 2022[42] - The total value of the company's investment portfolio was approximately HKD 48,700,000 as of October 31, 2023, an increase from HKD 47,500,000 on April 30, 2023[143] Corporate Governance - The board currently does not have a chairman or CEO, with daily operations managed by executive directors[178] - The audit committee is responsible for reviewing the annual report, half-yearly report, and quarterly reports, providing recommendations to the board[179] - The company has adopted a share option scheme in compliance with GEM Listing Rules[152] - The company has maintained the required public float as per GEM Listing Rules[162] - The unaudited condensed consolidated interim results have been reviewed by the audit committee and comply with applicable accounting standards and legal requirements[165]

Financial Performance - For the three months ended July 31, 2023, total revenue from continuing operations was HKD 25,352,000, a decrease of 41.4% compared to HKD 43,265,000 for the same period in 2022[7] - Gross profit for the same period was HKD 13,668,000, down from HKD 15,675,000, reflecting a decline of 12.8%[7] - The company reported a profit attributable to owners of the company of HKD 4,638,000, compared to a loss of HKD 5,801,000 in the previous year[7] - Earnings per share from continuing operations was HKD 0.032, an improvement from a loss of HKD 0.040 per share in the same period last year[7] - The company's revenue for the three months ended July 31, 2023, was approximately HKD 25,400,000, a decrease of about 41.3% compared to HKD 43,300,000 in the same period of 2022[41] - The net profit attributable to the company's owners for the reporting period was approximately HKD 4,638,000, compared to a net loss of HKD 5,801,000 in the same period of 2022[28] Revenue Breakdown - Revenue from construction and related services was HKD 12,551,000, significantly down from HKD 30,239,000, indicating a decline of 58.5%[23] - The company reported a decrease in contract revenue from scaffolding, finishing, and other ancillary services, generating approximately HKD 12,600,000, down by about HKD 17,600,000 from the previous year[42] - The group recorded revenue of approximately HKD 12,800,000 for the lending business, a slight decrease from HKD 13,000,000 in the same period last year, reflecting a decrease of about 1.5%[47] - The asset management business did not record any revenue during the reporting period, compared to approximately HKD 176,000 in the same period last year[51] - The company reported no revenue from discontinued operations for the three months ended July 31, 2023, compared to HKD 176,000 in the same period of 2022[38] Expenses and Losses - Interest income from loans was HKD 12,801,000, slightly down from HKD 13,026,000, a decrease of 1.7%[23] - Other income for the period was HKD 762,000, down from HKD 1,682,000, a decline of 54.7%[7] - Operating and administrative expenses included a loss of HKD 4,559,000 from the sale of properties, plant, and equipment, compared to a loss of HKD 7,579,000 in the previous year[7] - The company experienced a significant reduction in other gains and losses, reporting a loss of HKD 2,734,000 compared to a loss of HKD 12,726,000 in the prior year[7] - Operating and administrative expenses decreased from approximately HKD 7,600,000 to about HKD 4,600,000, primarily due to reduced employee costs and depreciation[55] Financial Position - As of July 31, 2023, the group had shareholders' equity of approximately HKD 400,600,000, up from HKD 396,100,000 on April 30, 2023[56] - The company experienced a reduction in bad debt write-offs by approximately HKD 5,600,000 compared to the previous year[41] - The fair value loss on financial assets measured at fair value through profit or loss decreased by approximately HKD 1,100,000 compared to the previous year[41] - The group reported a net fair value loss of approximately HKD 3,000,000 from its investment portfolio, an improvement from a net loss of HKD 4,200,000 in the same period last year[48] Business Strategy and Operations - The company is focused on expanding its construction and related services, as well as its lending and securities investment businesses[20] - The group aims to revitalize its scaffolding business in response to the declining use of bamboo scaffolding, focusing on mixed and steel scaffolding solutions[53] - The group plans to strictly adhere to cost control policies and rapidly adjust its scaffolding business strategies to respond to market dynamics[53] - The group will continue to seek opportunities to diversify its business scope and enhance overall development[53] - The company provided scaffolding services for 14 ongoing projects during the reporting period, with 26 projects completed on schedule, but did not secure any new contracts[43] Corporate Governance - The board of directors has established an audit committee consisting of three independent non-executive directors to review financial reports[79] - The company has complied with the GEM listing rules regarding the conduct of securities trading by directors during the reporting period[74] - The company has adhered to the corporate governance code as per GEM listing rules, with a clear distinction of roles between the chairman and CEO[77] - There were no arrangements made during the reporting period that would allow directors to benefit from purchasing the company's securities[71] - As of July 31, 2023, the only recorded shareholding by a director was Mr. Su Hongjin, holding 800,000 shares, representing approximately 0.01% of the issued share capital[69] Shareholder and Securities Information - The company did not recommend any dividend payments for the three months ended July 31, 2023, nor for any period since July 31, 2022[39] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the reporting period[72] - The company has not established any preferential purchase rights for existing shareholders regarding the issuance of new shares[61] - As of July 31, 2023, there were no stock options granted, exercised, canceled, expired, or unexercised[66] - As of July 31, 2023, the company had no significant management or administrative contracts in place[62]

Financial Performance - For the financial year ended April 30, 2023, the turnover was HK$145,960,000, a decrease of 23.5% from HK$191,027,000 in 2022[25]. - The loss before taxation for the year was HK$105,807,000, compared to a loss of HK$7,519,000 in the previous year[25]. - The attributable loss to the owners of the Company was HK$112,413,000, significantly higher than the loss of HK$10,818,000 in 2022[25]. - The basic and diluted loss per share increased to HK$0.782 from HK$0.075 in the prior year[25]. - The financial highlights indicate a trend of increasing losses over the past four years, with the highest loss recorded in 2023[25]. - The Group recorded a total revenue decrease of approximately HK$146.0 million, representing a decline of about 22.8% compared to the previous year[32]. - Net loss attributable to the owners of the Company from continuing operations was approximately HK$112.4 million, an increase of approximately HK$101.8 million from the last year[32]. - Gross profit decreased by approximately 32.7% to approximately HK$47.8 million, with a gross profit margin dropping to approximately 32.8% from 37.7% in the previous year[103]. - The increase in net loss was primarily due to a rise in net impairment losses of approximately HK$42.8 million related to expected credit losses on loans and interest receivables[101]. Business Operations - The Company emphasizes continuous improvement in "Safety, Quality, and Efficiency" as part of its corporate mission[15]. - The Company aims to enhance business efficiencies and build a solid foundation for future growth[14]. - The report indicates a focus on innovation and breakthroughs as part of the Company's strategy moving forward[27]. - The Group was awarded a total of 2 new construction contracts during the year, down from 13 contracts in the previous year[34]. - The Group provided scaffolding services to 40 ongoing projects, with 25 of these projects completed on schedule[40]. - The Group aims to continue acquiring new contracts in the competitive fitting out services market[46]. - The Group has actively developed the rental business for suspended working platforms, gaining a good reputation in the market[47]. - The Group's construction-related services faced increased competition due to a decrease in new projects approved by the government[80]. Money Lending Business - The Group's money lending business is operated through a wholly-owned subsidiary, with 89 clients as of April 30, 2023[48]. - The money lending business recorded a turnover of approximately HK$42.5 million for the year, a decrease from approximately HK$48.8 million in the previous year[65]. - The usual tenure of loans is between 3 months to 5 years, with interest rates for loans under HK$5,000,000 ranging from 7% to 15%[56]. - Approximately 46% of the Group's net loan and interest receivables were unsecured as of April 30, 2023[65]. - The principal amount of loans in the portfolio ranged from approximately HK$0.1 million to HK$25.0 million, with interest rates from 7.0% to 40.6% per annum[65]. - The net amount of loan and interest receivables due from the largest borrower was approximately HK$20.3 million, representing about 4.6% of the Group's net loan and interest receivables[65]. - The five largest borrowers accounted for less than 21% of the net loan and interest receivables of the Group, all being independent third parties[65]. - The Group's money lending business adjusted its lending criteria to reduce default rates, requiring borrowers to provide asset or income proof[84]. - The money lending business faced challenges, with net impairment losses recognized amounting to approximately HK$84.6 million, up from approximately HK$41.8 million in the previous year[86]. Financial Position - As of April 30, 2023, the Group's equity attributable to the owners was approximately HK$396.1 million, down from approximately HK$509.6 million as of April 30, 2022, representing a decrease of about 22.2%[109]. - The Group's current assets increased to approximately HK$534.5 million as of April 30, 2023, compared to approximately HK$437.2 million as of April 30, 2022, reflecting an increase of about 22.3%[109]. - The total assets of the Group decreased to approximately HK$575.6 million as of April 30, 2023, from approximately HK$703.4 million as of April 30, 2022, indicating a decline of about 18.2%[109]. - The Group had no bank borrowings or overdrafts as of April 30, 2023, compared to approximately HK$8.6 million and HK$10.9 million respectively as of April 30, 2022[110]. - The Group's gearing ratio increased to approximately 31.5% as of April 30, 2023, up from approximately 27.6% as of April 30, 2022[115]. - The net amount of loans and interest receivables was approximately HK$444.4 million as of April 30, 2023, down from approximately HK$486.3 million in 2022, a decrease of about 8.5%[120]. - The allowance for credit losses of loan and interest receivables under the ECL model rose to approximately HK$240.1 million as of April 30, 2023, compared to approximately HK$155.5 million in 2022, an increase of about 54.4%[120]. - The net impairment loss arising from ECL amounted to approximately HK$84.6 million as of April 30, 2023, up from approximately HK$41.8 million in 2022, reflecting an increase of about 102%[120]. Management and Governance - The management team has undergone significant changes in 2022 and 2023, impacting the Group's strategic direction[197]. - Dr. So Yu Shing resigned as Chairman and Executive Director effective May 2, 2023[195]. - Ms. Lai Yuen Mei, Rebecca resigned as Executive Director effective December 19, 2022[196]. - Mr. Kong Kam Wang resigned as Chief Executive Officer and Executive Director effective November 16, 2022[197]. - The Audit Committee held four meetings during the year to review the Group's consolidated financial statements[191]. - The Group employs a prudent treasury policy, financing operations through internally generated resources and flexible fiscal policies to manage assets and liabilities effectively[158]. Risks and Challenges - The Group faces significant risks including labor shortages and competition in the scaffolding and fitting out services sectors, which could adversely affect operations and profitability[164][167]. - The Group is committed to providing a safe and competitive working environment to retain labor and mitigate risks associated with labor shortages[165]. - The Group is exposed to various financial risks, including credit, interest rate, currency, liquidity, and other price risks[171]. - The Group's reliance on information technology systems is critical for operations, inventory management, and financial reporting[173]. Investment and Future Outlook - The Group plans to review its asset structure and business strategies to adapt to economic uncertainties and enhance competitiveness in the scaffolding business[95]. - The Group aims to focus on high-margin business segments, particularly in money lending operations, to improve financial returns for shareholders[95]. - The Directors anticipate that the upward trend in the Hong Kong stock market will continue into 2023 and 2024, potentially enhancing the performance of the Group's securities investments[152]. - The performance of the Group's securities investments will depend on the financial and operational performance of investee companies and market sentiment, influenced by interest rate movements, high inflation, and macroeconomic performance[152].