香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TAI KAM HOLDINGS LIMITED 泰錦控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8321） 二零二二年第三季度業績公告 泰錦控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司截至二零二三年一月三十一日止九個月的未經審核綜合業績。本公告列 載本公司二零二二年第三季度報告的全文，並符合香港聯合交易所有限公司GEM 證券上市規則（「GEM上市規則」）中有關中期業績初步公告附載的相關資料要求。 承董事會命 泰錦控股有限公司 主席兼執行董事 徐子花 香港，二零二三年三月十六日 於本公告日期，執行董事為徐子花女士（主席）及劉潭影女士；獨立非執行董事為 劉宏立先生、羅智勇先生及李懿軒女士。 本公告之資料乃遵照香港聯合交易所有限公司（「聯交所」）GEM證券上市規則而 刊載，旨在提供有關本公司之資料；各董事願就本公告之資料共同及個別地承擔 全部責任。各董 ...

Financial Performance - Revenue for the six months ended October 31, 2022, was approximately HK$54.5 million, an increase of about 71.9% compared to HK$31.7 million for the same period in 2021[9]. - Loss attributable to equity holders for the six months ended October 31, 2022, was approximately HK$10.2 million, compared to a loss of HK$4.6 million for the same period in 2021[10]. - Basic and diluted loss per share for the six months ended October 31, 2022, was approximately HK$0.0424, compared to earnings of HK$0.0199 per share for the same period in 2021[10]. - The company recorded a net loss of approximately HKD 10.2 million for the six months ended October 31, 2022, compared to a net loss of approximately HKD 4.6 million for the same period in 2021, primarily due to increased administrative expenses[22]. - The company reported a loss before tax of HKD 10,220,000 for the six months ended October 31, 2022, compared to a loss of HKD 4,582,000 in the prior year, reflecting a deterioration in performance[63]. - The basic and diluted loss per share for the six months was HKD 4.24, compared to HKD 1.99 in the previous year, indicating a worsening of the loss per share by approximately 113%[63]. Revenue and Profitability - Total contract revenue for the six months ended October 31, 2022, was HKD 54,527,000, representing a 72.2% increase compared to HKD 31,680,000 for the same period in 2021[84]. - The gross profit for the same period was HKD 1,426,000, compared to HKD 1,120,000 in the previous year, indicating an increase of about 27%[63]. - Gross profit increased from approximately HK$1.1 million to HK$1.4 million, a rise of about 27.3%, while gross margin decreased from approximately 3.5% to 2.6%[18]. Expenses - Direct costs rose from approximately HK$30.6 million to HK$53.1 million, an increase of about 73.5% due to higher subcontractor and labor costs[18]. - Administrative expenses increased from approximately HK$4.1 million to HK$11.1 million, a rise of about 166.7%, primarily due to higher personnel costs and professional fees[20]. - The company’s administrative expenses for the six months were HKD 11,059,000, up from HKD 4,146,000 in the previous year, representing an increase of approximately 167%[63]. Cash Flow and Liquidity - As of October 31, 2022, the company's cash and bank balances were approximately HKD 5.7 million, a decrease of about HKD 4.2 million from HKD 9.9 million as of April 30, 2022[23]. - Cash and cash equivalents decreased to HKD 5,726,000 as of October 31, 2022, down from HKD 9,945,000 at the end of April 2022, reflecting a net decrease of HKD 4,219,000[73]. - The net cash used in operating activities for the six months ended October 31, 2022, was HKD (5,371,000), compared to HKD (9,068,000) for the same period in 2021[73]. Shareholder Information - The board does not recommend the payment of an interim dividend for the six months ended October 31, 2022[11]. - The board of directors did not recommend the payment of an interim dividend for the six months ended October 31, 2022, consistent with the previous year[50]. - The company’s total issued share capital was HKD 12,320,000 with 246,400,000 ordinary shares as of October 31, 2022[32]. - The company issued 9,600,000 share options, increasing the total issued and paid-up shares to 246,400,000 as of October 31, 2022[122]. Assets and Liabilities - The company's equity attributable to owners was HKD 92,065,000 as of October 31, 2022, down from HKD 101,133,000 as of April 30, 2022[67]. - Current assets decreased to HKD 126,147,000 as of October 31, 2022, from HKD 133,225,000 as of April 30, 2022[67]. - Current liabilities increased to HKD 34,082,000 as of October 31, 2022, compared to HKD 32,123,000 as of April 30, 2022[67]. - Total liabilities, including trade and other payables, amounted to HKD 33,310,000 as of October 31, 2022, up from HKD 29,010,000 as of April 30, 2022[116]. Market Expansion and Strategy - The company is actively seeking to expand its business into other markets in the Asia-Pacific region, including Japan, Thailand, and Singapore[14]. - The company plans to enhance its competitive advantages in the construction industry in Hong Kong while focusing on site formation and renovation projects[14]. Employee Information - The company had 24 employees as of October 31, 2022, down from 27 employees as of April 30, 2022[33]. - The total remuneration for key management personnel remained stable at HKD 383,000 for the six months ended October 31, 2022, consistent with the previous year[123]. Risk Management - The company maintained a prudent treasury policy, ensuring a stable liquidity position throughout the reporting period[28]. - The company had no foreign exchange risk exposure as its transactions and monetary assets and liabilities were primarily denominated in HKD[29]. - The company had no significant contingent liabilities as of October 31, 2022, similar to the status as of April 30, 2022[31]. Other Information - The company has established an audit committee, which consists of three independent non-executive directors, ensuring compliance with GEM listing rules[61]. - There were no significant post-reporting period events disclosed as of the report date[52]. - The company has not recognized any deferred tax liabilities due to no significant temporary differences during the reporting period[95].

Financial Performance - Revenue for the three months ended July 31, 2022, was approximately HKD 24.7 million, an increase of about 59.4% compared to HKD 15.5 million for the same period last year[6] - Loss attributable to equity holders for the same period was approximately HKD 3.5 million, representing an increase of about 250.0% from a loss of HKD 1.0 million in the previous year[6] - Basic and diluted loss per share for the three months ended July 31, 2022, was approximately HKD 1.48 cents, compared to HKD 0.44 cents for the same period last year[6] - For the three months ended July 31, 2022, the net loss was approximately HKD 3.5 million, compared to a net loss of approximately HKD 1.0 million for the same period in 2021, indicating an increase in net loss due to higher employee costs[16] - The company incurred a loss before tax of HKD 3,487,000, compared to a loss of HKD 1,004,000 in the previous year, indicating a significant increase in losses[34] - Total comprehensive loss attributable to equity holders for the period was HKD 3,487,000, compared to HKD 1,004,000 in the prior year[34] Costs and Expenses - Direct costs increased by approximately 61.6% to HKD 24.1 million for the three months ended July 31, 2022, from HKD 14.9 million in the previous year[13] - Administrative expenses rose by approximately 284.6% to HKD 5.0 million for the three months ended July 31, 2022, compared to HKD 1.3 million for the same period last year[14] - Employee costs, including directors' remuneration, amounted to HKD 2,778,000 for the three months ended July 31, 2022, up from HKD 548,000 in the previous year, reflecting a substantial increase in personnel expenses[49] - Subcontracting expenses included in direct costs rose to HKD 24,085,000 for the three months ended July 31, 2022, compared to HKD 14,908,000 in the same period of 2021, showing a significant increase in operational costs[49] Profitability - Gross profit for the three months ended July 31, 2022, was approximately HKD 0.6 million, a decrease of about 5.4% from the previous year[13] - The gross profit margin decreased from approximately 3.9% to about 2.4% for the same period, primarily due to lower profit margins on contract revenues[13] - Direct costs for the same period were HKD 24,085,000, leading to a gross profit of HKD 577,000, a decrease of 5.4% from HKD 610,000 year-on-year[34] Other Income and Losses - Other income and losses for the three months ended July 31, 2022, amounted to approximately HKD 1.0 million, compared to a loss of HKD 0.3 million in the previous year[15] - The company recognized other income of HKD 973,000, a substantial increase from a loss of HKD 269,000 in the same period last year[34] Market and Business Strategy - The company is actively seeking to expand its business into other markets in the Asia-Pacific region, including Japan, Thailand, and Singapore[9] - The company plans to continue focusing on site formation and renovation works in Hong Kong while enhancing its competitive advantages in the construction industry[9] - The company continues to operate primarily in the Hong Kong market, focusing on site formation and renovation projects[39] Corporate Governance - The company confirmed compliance with the corporate governance code as per GEM Listing Rules, with no deviation except for the roles of Chairman and CEO being held by the same individual[23] - The board believes that having the same person serve as both Chairman and CEO provides strong and consistent leadership for the company's operations[23] - The company’s directors confirmed no interests in any competing businesses that could directly or indirectly compete with the company[21] Shareholder Information - The company did not recommend the payment of an interim dividend for the three months ended July 31, 2022, consistent with no dividend in the same period of 2021[25] - As of July 31, 2022, the total number of unexercised share options was 35.2 million, with exercise prices of HKD 0.12 and HKD 0.7, granted on September 30, 2020, and April 8, 2021, respectively[30] - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[22] - No major shareholders reported any interests in the company's shares or related securities as of July 31, 2022[19] - The company has adopted a share option scheme in compliance with GEM Listing Rules since September 26, 2016[26] Audit and Compliance - The audit committee reviewed the financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[32] - The company did not report any significant new strategies or product developments during the quarter[39] - The weighted average number of ordinary shares for the three months ended July 31, 2022, was 236,800,000 shares, compared to 230,400,000 shares in the previous year, indicating a slight increase in share count[56]

Financial Performance - The group's revenue decreased from approximately HKD 137.8 million in the previous year to about HKD 58.3 million, a decline of approximately 57.7%[9]. - The net loss for the reporting period was approximately HKD 18.8 million, compared to a net loss of about HKD 11.6 million in the previous year[10]. - The decrease in revenue was primarily due to a reduction in site formation and renovation works during the reporting period[20]. - The group's gross profit decreased by approximately HKD 2.0 million, or about 48.8%, to approximately HKD 2.1 million for the reporting period[22]. - Total revenue for the year ended April 30, 2022, was HKD 58,344,000, a decrease of 57.6% from HKD 137,781,000 in the previous year[195]. - Gross profit for the same period was HKD 2,054,000, down 50% from HKD 4,116,000 year-over-year[195]. - Operating loss increased to HKD 18,574,000 compared to HKD 11,556,000 in the prior year, reflecting a significant decline in profitability[195]. - The company reported a loss attributable to owners of HKD 18,778,000, which is a 62.3% increase from HKD 11,566,000 in the previous year[195]. - Basic and diluted loss per share was HKD 8.14, compared to HKD 6.23 in the previous year, indicating a worsening financial position[195]. - Total assets decreased to HKD 133,225,000 from HKD 155,998,000, representing a decline of 14.7%[200]. - Current liabilities decreased to HKD 32,123,000 from HKD 38,497,000, a reduction of 16.6%[200]. - The company's equity decreased to HKD 101,133,000 from HKD 117,569,000, reflecting a decline of 13.9%[200]. - Non-current assets, specifically property and equipment, dropped significantly from HKD 130,000 to HKD 37,000[200]. - Cash and bank balances decreased to HKD 9,945,000 from HKD 16,556,000, a decline of 40.3%[200]. Operational Challenges - The company anticipates continued challenges in its Hong Kong operations due to rising operational costs and intense market competition[13]. - The operational pressures include rising direct labor costs and subcontracting expenses[19]. - The impact of the COVID-19 pandemic on ongoing construction projects may affect profitability in the coming years[13]. Business Strategy and Expansion - The board is actively pursuing business expansion in other Asia-Pacific markets, including Japan, Thailand, and Singapore[13]. - The company aims to diversify its business scope by investing in potential properties for capital appreciation and generating stable rental income[13]. - The focus will remain on site formation and renovation works in Hong Kong while enhancing competitive advantages[19]. - The company is committed to increasing shareholder returns through business expansion and strategic investments[13]. Corporate Governance - The company is committed to maintaining good corporate governance practices, which are essential for effective management and business growth[52]. - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a strong independent element for independent judgment[58]. - The roles of the chairman and CEO are held by the same individual, which the board believes benefits the group's operations and management[53]. - The independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance and governance standards[58]. - The board regularly reviews its functions to ensure alignment with the group's needs and compliance with regulatory requirements[55]. - The company emphasizes transparency and accountability as critical components of its corporate governance framework[52]. - The board is responsible for guiding and supervising the group's affairs to promote successful development and growth[55]. - The board consists of five members, with three being female, promoting diversity in gender and professional background[60]. - The board diversity policy has been implemented and monitored annually by the nomination committee, achieving its objectives during the reporting period[61]. - A total of 12 board meetings were held during the reporting period, with significant decisions made only after thorough discussions[64]. - All directors confirmed compliance with the code of conduct regarding securities trading during the reporting period[63]. - The audit committee held six meetings during the reporting period, ensuring the effectiveness of internal controls and risk management systems[72]. - The audit committee reviewed the financial performance for the first quarter, interim results, and annual results up to April 30, 2022[72]. - The company has established three functional committees to assist the board in fulfilling its responsibilities, ensuring compliance with governance standards[69]. - All directors are encouraged to participate in continuous professional development to enhance their knowledge and skills[68]. - The independent non-executive directors have a term of three years, with provisions for termination and re-election[66]. - The remuneration committee held three meetings during the reporting period[77]. - The remuneration committee recommended compensation policies based on the group's performance and individual directors' contributions[81]. - The nomination committee conducted two meetings and reviewed the board's structure and diversity[85]. - The board confirmed that the internal control and risk management systems were effective and had been reviewed during the reporting period[92]. - The external auditor provided an independent opinion on the financial statements, confirming compliance with relevant accounting standards[90]. - The board's diversity policy was adopted and monitored regularly by the nomination committee[84]. - The board evaluated the performance of executive directors and recommended compensation adjustments accordingly[78]. - The company has no internal audit department but conducts annual reviews to assess the need for one[91]. - The board is responsible for overseeing the risk management and internal control systems[91]. - The company has implemented measures to improve its internal control and risk management systems based on external consultant recommendations[92]. Shareholder Engagement - The company has adopted a dividend policy aimed at allowing shareholders to share in profits while retaining sufficient liquidity for future development[111]. - The board will consider actual and expected financial performance, retained earnings, and capital requirements when deciding on dividend distribution[112]. - The annual general meeting is scheduled for October 28, 2022, providing a platform for direct communication between the board and shareholders[99]. - The company encourages shareholders to attend annual general meetings to foster effective communication[109]. - The company has a structured process for shareholders to propose inquiries and suggestions to the board[105]. Customer and Supplier Relationships - The group's revenue from contracts awarded by the Civil Engineering and Development Department and the Lands Department accounted for approximately 64.8% of total revenue for the year ended April 30, 2022[120]. - The largest and five largest customers contributed approximately 40.9% and 100.0% of total revenue, respectively, for the reporting period[124]. - The group maintained business relationships with most major customers for between one to ten years, indicating a sustainable business model[120]. - The procurement from the largest and five largest suppliers accounted for approximately 22.4% and 70.3% of total procurement, respectively, for the reporting period[124]. - The company did not face any significant difficulties in procuring materials or appointing subcontractors during the reporting period[122]. - The group has established an internal list of approved subcontractors to ensure quality and cost-effectiveness in project execution[122]. Employee and Compensation - The total employee costs for the reporting period were approximately HKD 4.7 million, significantly lower than approximately HKD 22.0 million for the year ended April 30, 2021[41]. - The company has a competitive compensation package to attract and retain employees, emphasizing the importance of employee contributions[123]. - The share options granted to employees include 1,920,000 options granted to 10 employees on April 8, 2021[163]. - On May 12, 2022, the group granted 23,040,000 share options to employees at an exercise price of HKD 0.389 per share[167]. Financial Assets and Liabilities - Cash and bank balances decreased by approximately HKD 6.7 million to about HKD 9.9 million as of April 30, 2022, compared to HKD 16.6 million as of April 30, 2021[30]. - The group's equity attributable to owners amounted to approximately HKD 101.1 million as of April 30, 2022, down from approximately HKD 117.6 million as of April 30, 2021[28]. - The debt-to-equity ratio increased to 13.8% as of April 30, 2022, from 11.7% as of April 30, 2021[32]. - As of April 30, 2022, the company's distributable reserves were approximately HKD 6.7 million, a decrease from approximately HKD 27.3 million in the previous year[138]. - The fair value of financial assets measured at fair value through profit or loss was HKD 21.2 million as of April 30, 2022[43]. - The group had no significant capital commitments or contingent liabilities as of April 30, 2022[39]. - No acquisitions or disposals of subsidiaries or associates occurred during the reporting period, and there are no plans for significant investments or capital assets[44]. Environmental and Social Responsibility - The company is committed to monitoring and minimizing its environmental impact, with an ESG report to be published within three months of the annual report[168].

==K Tai Kam Holdings Limited 泰 錦 控 股 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：8321 2021 第三季度業績報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 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。 有意投資者應了解投資該等公司的潛在風險，並應經過審慎周詳考慮後方可作出投資決定。 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聯交所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。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本報告載有遵照GEM證券上市規則（「GEM上市規則」）而提供的詳情，以提供有關泰錦控股有限公司（「本公司」） 的資料，本公司董事（「董事」）願共同及個別就此承擔全部責任。董事在作出一切合理查詢後確認，就彼等所深 知及確信，本報告所 ...

==K Tai Kam Holdings Limited 泰 錦 控 股 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：8321 2021 中期報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM乃為投資風險可能較聯交所其他上市公司為高的中小型公司而設的上市市場。有意投資者應了解投資該等 公司的潛在風險，並應經過審慎周詳考慮後方可作出投資決定。 鑑於在GEM 上市的公司通常為中小型公司，在GEM 買賣的證券可能會較於聯交所主板買賣的證券承受較高的 市場波動風險，且無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本報告載有遵照聯交所GEM證券上市規則（「GEM上市規則」）而提供的詳情，以提供有關泰錦控股有限公司（「本 公司」）的資料，本公司董事（「董事」）願共同及個別就此承擔全部責任。董事在作出一切合理查詢後確認，就彼 等所深知及確信，本報告所載資料在各重大方面均屬準確完 ...

Financial Performance - Revenue for the three months ended July 31, 2021, was approximately HKD 15.5 million, a decrease of about 62.1% compared to HKD 41.0 million for the same period in 2020[6] - Loss attributable to equity holders for the same period was approximately HKD 1.0 million, a reduction of about 20% from a loss of HKD 1.3 million in 2020[6] - Basic and diluted loss per share for the three months ended July 31, 2021, was approximately HKD 0.44, compared to HKD 0.78 for the same period in 2020[6] - For the three months ended July 31, 2021, the net loss was approximately HKD 1.0 million, a decrease from a net loss of approximately HKD 1.3 million for the same period in 2020, primarily due to reduced gross profit, employee costs, and professional fees[16] - The company reported a loss before tax of HKD 1,004,000, an improvement from a loss of HKD 1,217,000 in the previous year[32] - For the three months ended July 31, 2021, the company reported a loss attributable to equity holders of HKD 1,004 million, compared to a loss of HKD 1,255 million for the same period in 2020, indicating a 20% improvement in loss[54] Cost Management - Gross profit for the three months ended July 31, 2021, was approximately HKD 0.6 million, down from HKD 0.7 million, while gross margin increased from approximately 1.7% to 3.9%[13] - Direct costs decreased by approximately 63.0% to HKD 14.9 million for the three months ended July 31, 2021, from HKD 40.3 million in the previous year[13] - Administrative expenses were approximately HKD 1.3 million, a decrease of about 52.1% from HKD 2.7 million for the same period in 2020[14] - Other income and losses for the three months ended July 31, 2021, resulted in a loss of approximately HKD 0.3 million, compared to income of HKD 0.9 million in 2020, primarily due to a reduction in government subsidies[15] - Other income and losses totaled HKD (269,000), a significant decrease from HKD 861,000 in the prior year[32] - Administrative expenses were reduced to HKD 1,279,000 from HKD 2,671,000, indicating a cost-cutting effort[32] Dividend Policy - The board does not recommend the payment of an interim dividend for the three months ended July 31, 2021[7] - The company did not recommend the payment of an interim dividend for the three months ended July 31, 2021, compared to no dividend in 2020[25] - The company did not recommend the payment of an interim dividend for the three months ended July 31, 2021, consistent with no dividend declared in 2020[53] Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules, with the roles of Chairman and CEO held by the same individual, which the board believes provides strong and consistent leadership[23] - The audit committee reviewed the unaudited financial statements for the three months ended July 31, 2021, and confirmed compliance with applicable accounting standards and GEM Listing Rules[31] - The company confirmed that all directors adhered to the required standards of conduct regarding securities trading during the reporting period[24] - The company has no interests or short positions in any competing businesses as confirmed by its directors and their close associates[21] Market Expansion - The company is actively seeking to expand its business into other markets in the Asia-Pacific region, including Japan, Thailand, and Singapore[9] - The company plans to enhance its competitive advantages in the Hong Kong construction industry while focusing on site formation and renovation projects[9] Share Information - As of July 31, 2021, the total number of unexercised share options was 41,600,000, with specific allocations to various directors and employees[28] - The weighted average number of ordinary shares for the three months ended July 31, 2021, was 230,400 thousand shares, an increase from 160,000 thousand shares in the same period of 2020[54] Customer Information - Major customers included Customer C with revenue of HKD 3,034,000 and Customer D with HKD 10,937,000 for the current period[45] - The company did not report any revenue from customers exceeding 10% of total revenue in the current period[45] Taxation - The current tax expense for the three months ended July 31, 2021, was nil, compared to HKD 38 million for the same period in 2020[51] - The company operates under a two-tier profits tax system, with a tax rate of 8.25% on the first HKD 2 million of profits and 16.5% on profits exceeding that amount[52]

Financial Performance - The group's revenue decreased by approximately HKD 55.2 million, or about 28.6%, from approximately HKD 193.0 million in the previous year to approximately HKD 137.8 million in the reporting period[7]. - The net loss for the reporting period was approximately HKD 11.6 million, compared to a net loss of approximately HKD 3.9 million in the previous year[8]. - The decrease in net profit was primarily attributed to increased administrative expenses and a decline in gross profit margin during the reporting period[9]. - The revenue reduction was mainly due to a decrease in renovation works conducted during the reporting period[18]. - The group's gross profit decreased by approximately HKD 6.8 million, or about 62.1%, from approximately HKD 10.9 million to about HKD 4.1 million during the reporting period[20]. - The gross profit margin fell from approximately 5.6% to about 3.0%, primarily due to increased costs of subcontractors and labor as well as a rise in lower-margin contract revenue[20]. - Administrative expenses increased by approximately HKD 7.2 million, or about 59.4%, from approximately HKD 12.1 million to about HKD 19.4 million, mainly due to share-based payments recognized during the reporting period[21]. - The group recorded a net loss of approximately HKD 11.6 million for the reporting period, compared to a net loss of approximately HKD 3.9 million for the year ended April 30, 2020[23]. - The total comprehensive loss attributable to owners of the company was HKD 11,566,000, compared to HKD 3,918,000 in the previous year, reflecting a substantial increase in losses[200]. - The financial results indicate a need for strategic reassessment to address declining revenues and increasing operational costs[200]. Operational Challenges - The company anticipates continued challenges in its Hong Kong operations due to rising operational costs and intense market competition, exacerbated by the impact of the COVID-19 pandemic[11]. - The company remains focused on site formation and renovation works in Hong Kong while strengthening its competitive advantages in the construction industry[11]. - Major customers accounted for approximately 64.5% of total revenue, while the top five customers represented about 99.7% of total revenue[125]. - The company’s contracts with the Civil Engineering and Development Department and the Lands Department generated revenues of approximately 51.7% and 64.8% of total revenue for the years ending April 30, 2020, and April 30, 2021, respectively[121]. - The company has not encountered any significant difficulties in procuring materials or engaging subcontractors during the reporting period[123]. Strategic Initiatives - The board is actively pursuing business expansion in other Asia-Pacific markets, including Japan, Thailand, and Singapore, to enhance shareholder returns[11]. - The company is expanding its market presence in E regions, aiming to capture a larger market share and increase overall sales by F%[48]. - Recent acquisitions are expected to enhance operational capabilities and drive synergies, with an estimated impact of G million on the bottom line[48]. - The company is investing H million in R&D for new technologies, aiming to stay ahead of market trends and improve product offerings[48]. Corporate Governance - The management team emphasized the importance of maintaining strong corporate governance practices to ensure transparency and accountability[56]. - The board of directors is committed to regular reviews of strategic initiatives to align with the company's growth objectives and stakeholder expectations[58]. - The company has established a robust internal control system to monitor financial performance and operational efficiency, ensuring compliance with regulatory standards[58]. - The board consists of five directors, including two executive directors and three independent non-executive directors, meeting GEM listing rules requirements[61]. - The company has confirmed the independence of all three independent non-executive directors according to GEM listing rules[62]. - The board diversity policy emphasizes the importance of diverse perspectives, with three out of five directors being female[64]. - A total of 12 board meetings were held during the reporting period, with all directors confirming compliance with the code of conduct for securities trading[68][67]. - The independent non-executive directors' term is set for three years, with provisions for termination by either party with one month's written notice[72]. - The company has established three functional committees to assist the board in fulfilling its responsibilities, adhering to GEM listing rules[74]. - The board has implemented a continuous professional development plan for all directors to enhance their knowledge and skills[73]. Financial Management - Cash and bank balances decreased by approximately HKD 12.3 million, from about HKD 28.9 million to approximately HKD 16.6 million[28]. - The group's total equity attributable to owners was approximately HKD 117.5 million as of April 30, 2021, compared to approximately HKD 110.7 million as of April 30, 2020[26]. - The debt-to-equity ratio was 11.7% as of April 30, 2021, compared to 12.7% as of April 30, 2020[30]. - The total employee costs for the reporting period were approximately HKD 22.1 million, compared to approximately HKD 19.6 million for the year ended April 30, 2020[39]. - The company did not propose any final dividend for the reporting period, consistent with the previous year[25]. - The company has adopted a dividend policy that allows shareholders to share in profits while retaining liquidity for future development[113]. - The board of directors will review the dividend policy periodically and does not guarantee any specific amount of dividends during any designated period[115]. Audit and Compliance - The company confirmed that the consolidated financial statements for the fiscal year ending April 30, 2021, were prepared in accordance with applicable accounting standards and regulations[92]. - The audit committee reviewed the effectiveness of the company's risk management and internal control systems during the reporting period[77]. - The company has established a risk management framework that includes identifying significant risks in the operating environment and assessing their impact on the business[93]. - The board has conducted a review of the effectiveness of the risk management and internal control systems, covering all major control measures including financial, operational, and compliance controls[95]. - The external auditor, KPMG, was paid a total of HKD 403,000 for statutory audit services during the reporting period[97]. - The auditor found that the judgments and estimates used by management in assessing the impairment of trade receivables and contract assets are supported by available evidence[180]. - The auditor evaluates the disclosures related to the impairment assessment of trade receivables and contract assets in the consolidated financial statements[180]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected total revenue of $C million[48]. - New product launches are anticipated to contribute an additional D million in revenue, with a focus on innovative technology solutions[48]. - The company plans to propose a resolution to reappoint the auditor at the upcoming annual general meeting[169].

[Company Information](index=4&type=section&id=Company%20Information) The company's board includes executive and independent non-executive directors, with a company secretary and auditor, and registered in the Cayman Islands with a Hong Kong principal place of business - The Board of Directors includes executive directors Ms. Xu Zihua (Chairperson and Chief Executive Officer) and Ms. Liu Tanying, and independent non-executive directors Ms. Li Yixuan and Mr. Liu Hongli (Mr. Yan Jianping has resigned)[4](index=4&type=chunk) - The Company Secretary is Mr. Xu Zhigang, and the auditor is Kaiyuan Xinde Certified Public Accountants Limited[4](index=4&type=chunk) - The company's registered office is in the Cayman Islands, with its principal place of business in Hong Kong located at Kai Tak Commercial Building, Des Voeux Road Central[4](index=4&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section provides a summary of the company's key financial performance indicators for the nine months ended January 31, 2021 As at January 31, 2021 Financial Highlights | Indicator | For the nine months ended January 31, 2021 (HK$ million) | For the nine months ended January 31, 2020 (HK$ million) | Change (%) | | :--- | :----------------------------------------------- | :----------------------------------------------- | :------- | | Revenue | 82.9 | 158.9 | -47.8% | | Loss attributable to equity holders | 1.5 | 2.9 | -48.3% | | Basic and diluted loss per share | 0.85 HK cents | 1.79 HK cents | -52.5% | - The Board does not recommend the payment of an interim dividend for the nine months ended January 31, 2021 (2020: nil)[7](index=7&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's business operations, financial performance, and future outlook, addressing challenges and strategies [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) The group focuses on Hong Kong construction, facing cost and competition challenges, and is exploring new markets and business diversification - The Group primarily engages in construction business in Hong Kong, including site formation works (such as landslide prevention and repair works) and fitting-out works[9](index=9&type=chunk) - Facing increasing operating costs (including direct labor costs and subcontracting fees), intense market competition, and potential delays in construction projects due to demonstrations and the coronavirus outbreak[9](index=9&type=chunk) - The Board is actively taking measures to develop business in other markets in the Asia-Pacific region (including but not limited to Japan, Thailand, and Singapore), and is committed to diversifying its business scope, such as property design and construction, and investing in potential properties to benefit from capital appreciation and generate stable rental income[9](index=9&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) The group experienced a significant decline in revenue and gross profit, partially offset by reduced administrative expenses and increased other income [Revenue](index=6&type=section&id=Revenue) The group's revenue decreased by 47.8% to HK$82.9 million, primarily due to reduced fitting-out works in Hong Kong - Revenue refers to amounts received for providing construction services in site formation and fitting-out works in Hong Kong[11](index=11&type=chunk) Revenue Change | Period | Revenue (HK$ million) | Year-on-year Change (HK$ million) | Year-on-year Change (%) | | :--- | :-------------------- | :-------------------------------- | :---------------------- | | For the nine months ended January 31, 2021 | 82.9 | -76.0 | -47.8% | | For the nine months ended January 31, 2020 | 158.9 | | | - The decrease in revenue was primarily due to a reduction in fitting-out works undertaken in Hong Kong for the nine months ended January 31, 2021[11](index=11&type=chunk) [Gross Profit and Gross Margin](index=7&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit significantly decreased by 78.5% to HK$1.7 million, with gross margin falling from 5.0% to 2.0% Gross Profit and Gross Margin Change | Indicator | For the nine months ended January 31, 2021 | For the nine months ended January 31, 2020 | Change (%) | | :--- | :--------------------------------------- | :--------------------------------------- | :------- | | Gross Profit (HK$ million) | 1.7 | 7.9 | -78.5% | | Gross Margin (%) | 2.0% | 5.0% | -60.0% | - The decrease in gross margin was mainly due to the decrease in revenue for the nine months ended January 31, 2021[14](index=14&type=chunk) - Direct costs decreased by **46.2%** to approximately **HK$81.3 million**, primarily due to reduced subcontracting fees and labor costs from projects heavily utilizing subcontractors and labor[14](index=14&type=chunk) [Other Income](index=7&type=section&id=Other%20Income) Other income was approximately HK$5.3 million, mainly from government subsidies and fair value changes of financial assets - For the nine months ended January 31, 2021, the Group's other income was approximately **HK$5.3 million**[15](index=15&type=chunk) - Mainly comprising income from government subsidies of approximately **HK$1.4 million** and fair value changes of financial assets at fair value through profit or loss of approximately **HK$3.7 million**[15](index=15&type=chunk) [Administrative Expenses](index=7&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 21.9% to HK$8.2 million, primarily due to reduced staff costs and professional fees Administrative Expenses Change | Period | Administrative Expenses (HK$ million) | Year-on-year Change (HK$ million) | Year-on-year Change (%) | | :--- | :---------------------------------- | :-------------------------------- | :---------------------- | | For the nine months ended January 31, 2021 | 8.2 | -2.3 | -21.9% | | For the nine months ended January 31, 2020 | 10.5 | | | - The decrease in administrative expenses was primarily due to reduced administrative staff costs and professional fees for the nine months ended January 31, 2021[16](index=16&type=chunk) [Finance Costs](index=8&type=section&id=Finance%20Costs) Finance costs were approximately HK$213,000, mainly from interest on advances from a company Finance Costs Change | Period | Finance Costs (HK$) | | :--- | :------------------ | | For the nine months ended January 31, 2021 | 213,000 | | For the nine months ended January 31, 2020 | 197,000 | - Finance costs primarily refer to interest expenses arising from advances paid to a company for the nine months ended January 31, 2021[18](index=18&type=chunk) [Net Loss](index=8&type=section&id=Net%20Loss) The company's net loss narrowed to HK$1.5 million, primarily due to lower administrative expenses and higher other income Net Loss Change | Period | Net Loss (HK$ million) | | :--- | :--------------------- | | For the nine months ended January 31, 2021 | 1.5 | | For the nine months ended January 31, 2020 | 2.9 | - The decrease in net loss was primarily due to reduced revenue and gross profit, partially offset by lower administrative expenses and increased other income for the nine months ended January 31, 2021[19](index=19&type=chunk) [Other Information](index=8&type=section&id=Other%20Information) This section details directors' and major shareholders' interests, competing interests, securities transactions, dividends, and other corporate information [Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares, and Debentures of the Company or Associated Corporations](index=8&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20or%20Associated%20Corporations) As of January 31, 2021, the company's directors and chief executive primarily held long positions in shares and underlying shares through unlisted share options Directors' and Chief Executive's Long Positions in Shares and Underlying Shares of the Company (As at January 31, 2021) | Director | Number of Ordinary Shares/Underlying Shares (Unlisted Share Options) | Total | Percentage of the Company's Issued Share Capital | | :--- | :----------------------------------------------- | :--- | :--------------------------------------- | | Ms. Xu Zihua | 3,200,000 | 3,200,000 | 1.67% | | Ms. Liu Tanying | 3,200,000 | 3,200,000 | 1.67% | | Mr. Liu Hongli | 1,600,000 | 1,600,000 | 0.83% | - Save as disclosed above, none of the Company's directors or chief executive had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations[22](index=22&type=chunk) [Interests and Short Positions of Substantial Shareholders and Other Persons in Shares and Underlying Shares of the Company](index=9&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20and%20Other%20Persons%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of January 31, 2021, no substantial shareholders or other persons had notified the company of any disclosable interests or short positions in its shares or underlying shares - As of January 31, 2021, no person had informed the Company of any interests or short positions in the shares or underlying shares of the Company that were required to be recorded in the register kept by the Company under Section 336 of the Securities and Futures Ordinance, or to be disclosed under Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance[23](index=23&type=chunk) [Competing Interests](index=9&type=section&id=Competing%20Interests) Directors and their close associates confirmed no interests in businesses competing with the group, other than the group's own business - The directors and their respective close associates confirmed that, save for the Group's business, none of them had any interests in businesses that compete or are likely to compete, either directly or indirectly, with the Group's business[24](index=24&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=9&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the nine months ended January 31, 2021 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the nine months ended January 31, 2021, and up to the date of this report[25](index=25&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=9&type=section&id=Code%20of%20Conduct%20Regarding%20Securities%20Transactions%20by%20Directors) The group adopted a code of conduct for directors' securities transactions, no less exacting than GEM Listing Rules, with all directors confirming compliance - The Group has adopted a code of conduct for directors' securities transactions with terms no less exacting than the required standards of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules[26](index=26&type=chunk) - Following specific enquiries made to the directors, all directors have confirmed that they have complied with the required standards set out in the code of conduct for the nine months ended January 31, 2021, and up to the date of this report[26](index=26&type=chunk) [Dividends](index=9&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the nine months ended January 31, 2021 - The Board does not recommend the payment of an interim dividend for the nine months ended January 31, 2021 (2020: nil)[27](index=27&type=chunk) [Material Investments](index=10&type=section&id=Material%20Investments) As of January 31, 2021, the group held no material investments exceeding 5% of its total assets - As the Group did not hold any investments with a value exceeding **5%** of the Group's total assets, the Group held no material investments as of January 31, 2021[30](index=30&type=chunk) [Events After Reporting Period](index=10&type=section&id=Events%20After%20Reporting%20Period) As of the report date, the group had no material events after the reporting period other than those disclosed - Save as disclosed, there were no material events after the reporting period for the Group up to the date of this report[31](index=31&type=chunk) [Share Option Scheme](index=10&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in 2016, granting significant options to directors and other grantees at an exercise price of HK$0.12 per share - The Company conditionally adopted a share option scheme on September 26, 2016, with terms in compliance with the GEM Listing Rules[32](index=32&type=chunk) Details of Outstanding Share Options as at January 31, 2021 | Grantee | As at May 1, 2020 | Granted during the period | Exercised during the period | Lapsed during the period | As at January 31, 2021 | Date of grant during the period | Exercise price per share | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ms. Xu Zihua | 1,600,000 | 1,600,000 | – | – | 3,200,000 | September 30, 2020 | HK$0.12 | | Ms. Liu Tanying | 1,600,000 | 1,600,000 | – | – | 3,200,000 | September 30, 2020 | HK$0.12 | | Mr. Liu Hongli | – | 1,600,000 | – | – | 1,600,000 | September 30, 2020 | HK$0.12 | | Ms. Li Yixuan | – | 1,600,000 | – | – | 1,600,000 | September 30, 2020 | HK$0.12 | | Other Grantees | 3,200,000 | 9,600,000 | – | – | 12,800,000 | September 30, 2020 | HK$0.12 | | **Total** | **6,400,000** | **16,000,000** | **–** | **–** | **22,400,000** | | | - The closing price of the Company's shares immediately before the date of grant of share options on September 30, 2020, was **HK$0.12**[36](index=36&type=chunk) [Audit Committee](index=11&type=section&id=Audit%20Committee) The Audit Committee reviewed the unaudited financial statements for the nine months ended January 31, 2021, confirming compliance with accounting standards and GEM Listing Rules - The Audit Committee was established on September 26, 2016, with written terms of reference in compliance with the GEM Listing Rules[38](index=38&type=chunk) - The Audit Committee currently comprises two independent non-executive directors, namely Mr. Liu Hongli (Chairman) and Ms. Li Yixuan[38](index=38&type=chunk) - The Audit Committee has reviewed the Group's unaudited financial statements for the nine months ended January 31, 2021, with management and is of the opinion that the results comply with applicable accounting standards, the requirements of the GEM Listing Rules, and other applicable legal requirements, and that adequate disclosures have been made[38](index=38&type=chunk) [Condensed Consolidated Statement of Comprehensive Income (Unaudited)](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20(Unaudited)) This statement presents the group's unaudited financial performance, including revenue, costs, and net loss, for the nine months ended January 31, 2021 Condensed Consolidated Statement of Comprehensive Income Summary (For the nine months ended January 31) | Indicator | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :------------------ | :------------------ | | Revenue | 82,929 | 158,934 | | Direct costs | (81,266) | (151,012) | | Gross profit | 1,663 | 7,922 | | Other income | 5,315 | – | | Administrative expenses | (8,237) | (10,507) | | Finance costs | (213) | (197) | | Loss/(Profit) before income tax | (1,472) | (2,782) | | Income tax expense | (15) | (85) | | Total comprehensive income/(expense) for the period attributable to equity holders of the Company | (1,487) | (2,867) | | Basic and diluted loss/(earnings) per share (HK cents) | (0.85) | (1.79) | - For the nine months ended January 31, 2021, revenue decreased by **47.8%** year-on-year, and gross profit decreased by **78.9%** year-on-year[39](index=39&type=chunk) - Total comprehensive expense for the period attributable to equity holders of the Company narrowed from **HK$2,867 thousand** in 2020 to **HK$1,487 thousand** in 2021, indicating an improvement in loss[39](index=39&type=chunk) [Condensed Consolidated Statement of Changes in Equity (Unaudited)](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity%20(Unaudited)) This statement outlines the changes in the group's equity components, including share capital, share premium, and retained earnings, for the nine months ended January 31, 2021 Condensed Consolidated Statement of Changes in Equity Summary (For the nine months ended January 31, 2021) | Item | Share Capital (HK$ thousand) | Share Premium (HK$ thousand) | Share Option Reserve (HK$ thousand) | Capital Reserve (HK$ thousand) | Retained Earnings (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as at May 1, 2020 | 8,000 | 54,718 | 753 | 10,101 | 37,105 | 110,677 | | Placement of shares during the period | 1,600 | 1,709 | – | – | – | 3,309 | | Share options granted during the period | – | – | 1,241 | – | – | 1,241 | | Total comprehensive income/(expense) for the period | – | – | – | – | (1,487) | (1,487) | | Balance as at January 31, 2021 | 9,600 | 56,427 | 1,994 | 10,101 | 35,618 | 113,740 | - As of January 31, 2021, total equity increased to **HK$113,740 thousand**, primarily influenced by the placement of shares and share options granted during the period[41](index=41&type=chunk) - Placement of shares during the period resulted in an increase of **HK$3,309 thousand** in share capital and share premium, and share option reserve increased by **HK$1,241 thousand**[41](index=41&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the unaudited condensed consolidated financial statements, covering general information, accounting policies, and financial items [General Information](index=14&type=section&id=General%20Information) Tai Kam Holdings Limited, an investment holding company listed on GEM, primarily engages in site formation and fitting-out works in Hong Kong - Tai Kam Holdings Limited was incorporated in the Cayman Islands as an exempted company on April 1, 2016[43](index=43&type=chunk) - The Company is an investment holding company, and together with its subsidiaries, is principally engaged in site formation works and fitting-out works in Hong Kong, and investment holding[43](index=43&type=chunk) - The Company's shares were listed on GEM of the Stock Exchange on October 28, 2016[44](index=44&type=chunk) [Basis of Preparation and Reorganisation](index=14&type=section&id=Basis%20of%20Preparation%20and%20Reorganisation) The unaudited condensed consolidated financial statements are presented in HKD, prepared under HKFRS and GEM Listing Rules, with consistent accounting policies and no significant impact from new standards - These unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the GEM Listing Rules[45](index=45&type=chunk) - These unaudited condensed consolidated financial statements are presented in **HK$** and prepared on a historical cost basis[45](index=45&type=chunk)[46](index=46&type=chunk) - The adoption of new and revised standards, amendments, and interpretations has had no significant impact on the Group's operating results or financial position[46](index=46&type=chunk) [Revenue and Segment Information](index=15&type=section&id=Revenue%20and%20Segment%20Information) The group's revenue is from Hong Kong site formation and fitting-out works, treated as a single operating segment, with significant reliance on a few key customers - Revenue refers to amounts received for construction services in site formation and fitting-out works in Hong Kong[47](index=47&type=chunk) - The chief operating decision maker regards the Group's construction business in Hong Kong as a single operating segment, and no segment analysis information or separate analysis of segment information by geographical segment is presented[48](index=48&type=chunk)[49](index=49&type=chunk) Major Customer Revenue (For the nine months ended January 31) | Customer | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :------------------ | :------------------ | | Customer A | 97 | 14,126 | | Customer B | 63,204 | 58,652 | | Customer C | 196 | 7,257 | | Customer D | – | 58,453 | | Customer E | 7,872 | 20,447 | | Customer F | 11,560 | – | [Other Income](index=16&type=section&id=Other%20Income) Other income totaled HK$5,315 thousand, primarily from government grants and fair value changes of financial assets at fair value through profit or loss Other Income Details (For the nine months ended January 31) | Item | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :------------------ | :------------------ | | Gain on disposal of plant and equipment | 133 | – | | Government grants | 1,426 | – | | Fair value change of financial assets at fair value through profit or loss | 3,741 | – | | Others | 15 | – | | **Total** | **5,315** | **–** | [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs were HK$213 thousand, mainly comprising interest expenses on other borrowings Finance Costs Details (For the nine months ended January 31) | Item | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :------------------ | :------------------ | | Interest on bank overdrafts | 3 | – | | Interest on lease liabilities | 13 | – | | Interest expense on other borrowings | 197 | 197 | | **Total** | **213** | **197** | [Profit/(Loss) Before Income Tax](index=17&type=section&id=Profit%2F(Loss)%20Before%20Income%20Tax) Profit/(Loss) before income tax is presented after deducting staff costs of HK$9,222 thousand and subcontracting expenses of HK$73,028 thousand Staff Costs (For the nine months ended January 31) | Item | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :------------------ | :------------------ | | Salaries, wages and other benefits | 9,009 | 14,609 | | Contributions to defined contribution retirement plans | 213 | 385 | | **Total** | **9,222** | **14,994** | - Other deductions include depreciation of plant and equipment of **HK$974 thousand**, depreciation of right-of-use assets of **HK$533 thousand**, and subcontracting expenses of **HK$73,028 thousand** recognized in direct costs[55](index=55&type=chunk) - Fair value change of financial assets at fair value through profit or loss was negative **HK$3,741 thousand** (gain)[55](index=55&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) Income tax expense was HK$15 thousand, representing Hong Kong profits tax, with no deferred tax provision due to no significant temporary differences Income Tax Expense (For the nine months ended January 31) | Item | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :------------------ | :------------------ | | Current tax – Hong Kong Profits Tax | 15 | 85 | - The Hong Kong Profits Tax two-tiered rates regime stipulates that qualifying corporations are taxed at **8.25%** on the first **HK$2 million** of profits and **16.5%** on profits above **HK$2 million**[58](index=58&type=chunk) - No deferred tax provision has been made in the unaudited condensed consolidated financial statements as there were no significant temporary differences during the reporting period[59](index=59&type=chunk) [Dividends](index=18&type=section&id=Dividends) The directors do not recommend the payment of an interim dividend for the nine months ended January 31, 2021 - The directors do not recommend the payment of an interim dividend for the nine months ended January 31, 2021 (2020: nil)[60](index=60&type=chunk) [Loss/(Earnings) Per Share](index=18&type=section&id=Loss%2F(Earnings)%20Per%20Share) Basic and diluted loss per share was HK$0.85 cents, adjusted for the share consolidation completed in July 2020 Loss/(Earnings) Per Share (For the nine months ended January 31) | Indicator | 2021 (HK cents) | 2020 (HK cents) | | :--- | :-------------- | :-------------- | | Basic and diluted loss/(earnings) per share | (0.85) | (1.79) | - The weighted average number of ordinary shares was **174,261 thousand** (2020: **160,000 thousand**), adjusted for the share consolidation (five shares consolidated into one) completed on July 15, 2020[61](index=61&type=chunk) - As there were no dilutive potential ordinary shares for the periods ended January 31, 2021, and 2020, the diluted loss per share was equal to the basic loss per share[62](index=62&type=chunk)

Financial Performance - Revenue for the six months ended October 31, 2020, was approximately HKD 57.8 million, a decrease of about 53.7% compared to HKD 124.9 million for the same period in 2019[8]. - Loss attributable to equity holders for the six months ended October 31, 2020, was approximately HKD 4.2 million, compared to a profit of HKD 0.1 million for the same period in 2019[8]. - Basic and diluted loss per share for the six months ended October 31, 2020, was approximately HKD 2.52 cents, compared to earnings of HKD 0.07 cents per share for the same period in 2019[8]. - Gross profit for the six months ended October 31, 2020, was approximately HKD 0.9 million, a decrease of about 87.1% from HKD 7.0 million for the same period in 2019[17]. - Gross profit margin decreased from approximately 5.6% for the six months ended October 31, 2019, to about 1.5% for the same period in 2020[17]. - The company recorded a net loss of approximately HKD 4.2 million for the six months ended October 31, 2020, compared to a net profit of HKD 0.1 million for the same period in 2019[21]. - For the six months ended October 31, 2020, the company reported a revenue of HKD 80,081,000, a decrease of 6.4% compared to HKD 124,932,000 for the same period in 2019[53]. - The gross profit for the six months ended October 31, 2020, was HKD 7,026,000, representing a decline of 87.5% from HKD 56,937,000 in the previous year[53]. - The company reported a total comprehensive income of HKD 107,000 for the six months ended October 31, 2019, but incurred a loss of HKD (4,177,000) for the same period in 2020[59]. Costs and Expenses - Direct costs for the six months ended October 31, 2020, were approximately HKD 56.9 million, a decrease of about 51.7% from HKD 117.9 million for the same period in 2019[17]. - Administrative expenses decreased by approximately HKD 0.2 million or about 3.0% to HKD 6.5 million for the six months ended October 31, 2020, compared to HKD 6.7 million for the same period in 2019[18]. - Total employee costs for the six months ended October 31, 2020, were HKD 6,575,000, a decrease from HKD 11,024,000 in 2019[5]. - Depreciation expenses for the six months ended October 31, 2020, were HKD 665,000, down from HKD 838,000 in 2019[5]. - Financing costs for the six months ended October 31, 2020, were approximately HKD 146,000, an increase from HKD 131,000 for the same period in 2019[20]. Cash Flow and Liquidity - Cash and bank balances decreased by approximately HKD 14.8 million to HKD 14.1 million as of October 31, 2020, from HKD 28.9 million as of April 30, 2020[22]. - The company's cash and bank balances decreased to HKD 14,136,000 from HKD 28,858,000 as of April 30, 2020[57]. - Net cash used in operating activities for the six months ended October 31, 2020, was HKD (18,401,000), an improvement from HKD (23,665,000) in the previous year[62]. - Cash and cash equivalents decreased to HKD 14,136,000 at the end of October 31, 2020, down from HKD 28,858,000 at the beginning of the period[62]. Market and Business Strategy - The company plans to expand its business into other markets in the Asia-Pacific region, including Japan, Thailand, and Singapore[12]. - The company will continue to focus on site formation and renovation works in Hong Kong while enhancing its competitive advantages[13]. - The company continues to operate primarily in the construction sector in Hong Kong, focusing on site preparation and renovation projects[70]. Shareholder and Corporate Governance - The board does not recommend the payment of an interim dividend for the six months ended October 31, 2020[9]. - The company did not recommend the payment of an interim dividend for the six months ended October 31, 2020, consistent with the previous year[44]. - The board believes that the dual role of the chairperson and CEO held by Ms. Xu Zihua provides strong and consistent leadership for the group[41]. - The company completed a share consolidation on July 15, 2020, merging every five shares into one[83]. - The issued share capital as of October 31, 2020, was HKD 9.6 million, with 192 million ordinary shares in issue[30]. Employee and Management - The company had 40 employees as of October 31, 2020, down from 42 employees as of April 30, 2020[31]. - The total remuneration for key management personnel was HKD 310,000 for the six months ended October 31, 2020, down from HKD 423,000 for the same period in 2019, reflecting a decrease of approximately 26.7%[102]. Assets and Liabilities - As of October 31, 2020, total assets amounted to HKD 151,088,000, a decrease from HKD 166,569,000 as of April 30, 2020[57]. - Trade receivables as of October 31, 2020, amounted to HKD 65,073,000, down from HKD 73,223,000 as of April 30, 2020[87]. - The company's guaranteed receivables increased significantly to HKD 22,500,000 as of October 31, 2020, from HKD 4,500,000 as of April 30, 2020[90]. - Contract assets related to construction contracts were HKD 16,387,000 as of October 31, 2020, down from HKD 23,942,000 as of April 30, 2020[93]. - Total liabilities, including trade and other payables, amounted to HKD 41,993,000 as of October 31, 2020, down from HKD 56,534,000 as of April 30, 2020[97]. - The company reported a decrease in total equity from HKD 20,000,000 as of April 30, 2020, to HKD 9,600,000 as of October 31, 2020, following a share consolidation[101]. Other Information - The company had no capital commitments as of October 31, 2020[28]. - There were no significant contingent liabilities as of October 31, 2020[29]. - There were no significant post-reporting date events disclosed as of the report date[45]. - The company has not reported any significant new product developments or market expansions during the reporting period[64]. - The company adopted a simplified approach for expected credit loss provisioning under HKFRS 9, with the board considering the provision as not significant as of October 31, 2020[94].