Financial Performance - The group's revenue decreased by approximately HKD 11.0 million, or about 6.1%, from approximately HKD 180.1 million in the previous year to approximately HKD 169.1 million for the reporting period[10]. - Net profit for the reporting period was approximately HKD 3.7 million, down from approximately HKD 11.0 million in the previous year[11]. - The decrease in net profit was primarily due to increased administrative expenses and a decline in gross profit margin resulting from reduced revenue[12]. - Gross profit fell from approximately HKD 19.3 million to about HKD 15.5 million, a decrease of around 19.7%, with the gross profit margin dropping from approximately 10.7% to about 9.2%[26]. - Cash and bank balances decreased from approximately HKD 94.2 million to about HKD 58.5 million, a reduction of approximately HKD 35.7 million[34]. - The company did not recommend a final dividend for the reporting period, consistent with the previous year[30]. - The total employee cost for the reporting period was approximately HKD 24.3 million, down from HKD 30.3 million for the year ended April 30, 2018, reflecting a reduction in workforce from 144 to 97 employees[43]. - The company has not declared or paid any interim or final dividends during the reporting period (2018: none)[152]. Operational Challenges and Strategies - The company anticipates ongoing challenges in its Hong Kong operations due to rising operating costs and intense market competition[13]. - The board is actively pursuing business expansion in other Asia-Pacific markets, including Japan, Thailand, and Singapore, to enhance shareholder returns[13]. - The company will continue to focus on slope landslide prevention and remediation projects, as well as renovation works in Hong Kong[13]. - The company aims to diversify its business scope by investing in potential properties for capital appreciation and generating stable rental income[13]. - The company is committed to strengthening its competitive advantages over rivals in the construction industry[13]. - The government estimates an annual expenditure of at least HKD 600 million for the long-term landslide prevention program, which will benefit the company's slope engineering business[20]. Corporate Governance - The board emphasized the importance of corporate governance and transparency, adhering to GEM listing rules to maintain stakeholder trust[75]. - The board consists of five directors, including two executive directors and three independent non-executive directors, ensuring a strong independent element for independent judgment[80]. - The board diversity policy has been adopted, with three out of five directors being female, promoting a balance of skills, experience, and perspectives[82]. - The company has established three functional committees to assist the board in fulfilling its responsibilities, ensuring adherence to corporate governance standards[92]. - The company has received positive confirmations of independence from all three independent non-executive directors[80]. - The company emphasizes continuous professional development for all directors to ensure informed contributions to the board[91]. Risk Management and Compliance - The company has established a risk management framework that includes identifying significant risks in the operating environment and assessing their impact on the business[115]. - The board conducted a review of the effectiveness of the internal control and risk management systems, with no significant issues identified that could impact financial, operational, compliance, or risk management[116]. - The company has adopted a policy for the disclosure of inside information to ensure compliance with confidentiality obligations[116]. - The company has engaged external compliance and legal advisors to ensure adherence to applicable laws and regulations[142]. Shareholder Engagement - The annual general meeting will be held on October 11, 2019, providing a platform for direct communication between the board and shareholders regarding the company's affairs and future development[122]. - The company encourages all shareholders to attend annual general meetings to maintain effective communication[132]. Revenue Recognition and Audit - The group recorded construction contract revenue of approximately HKD 169,065,000 for the year ended April 30, 2019[195]. - Revenue recognition for contracts is based on the output method over time, measured directly by the value of services delivered or work performed[195]. - The auditor identified the estimation of total revenue and total cost of contracts as a key audit matter due to the subjectivity and significant management judgment involved[195]. - The auditor found that management's judgments and estimates used in accounting for construction contracts were supported by available evidence[195].

Financial Performance - For the nine months ended January 31, 2019, revenue was approximately HKD 129.4 million, an increase of about 4.8% compared to HKD 123.5 million for the same period in 2018[10]. - Profit attributable to equity holders for the same period was approximately HKD 2.6 million, down from HKD 7.4 million in 2018[10]. - Basic and diluted earnings per share for the nine months were approximately HKD 0.33 cents, compared to HKD 0.92 cents in 2018[10]. - Revenue increased from approximately HKD 123.5 million to approximately HKD 129.4 million, representing a growth of about 4.8% for the nine months ended January 31, 2019[17]. - Gross profit decreased from approximately HKD 12.5 million to approximately HKD 10.1 million, a decline of about 19.3%, with gross margin dropping from approximately 10.1% to approximately 7.8%[19]. - Net profit decreased from approximately HKD 7.4 million to approximately HKD 2.6 million, primarily due to increased administrative expenses and reduced gross margin[23]. - The total comprehensive income for the nine months ended January 31, 2019, was HKD 2,647,000, down from HKD 7,390,000 in the same period of 2018[41]. - The net profit attributable to equity holders for the three months ended January 31, 2019, was HKD 1,830,000, a decrease of 47.5% from HKD 3,497,000 in the same period of 2018[39]. - Profit attributable to equity holders for the three months ended January 31, 2019, was HKD 1,830, a decrease of 47.5% from HKD 3,497 in the same period of 2018[63]. Dividend Policy - The company does not recommend the payment of an interim dividend for the nine months ended January 31, 2019, consistent with the previous year[11]. - The company did not recommend the payment of an interim dividend for the nine months ended January 31, 2019[33]. - The company did not recommend the payment of an interim dividend for the nine months ended January 31, 2019, consistent with the previous year[61]. Revenue Sources - The majority of revenue during the reporting period was derived from slope works commissioned by the Civil Engineering and Development Department[14]. - Contract revenue from slope works for the nine months ended January 31, 2019, was HKD 124,001,000, slightly up from HKD 123,512,000 in the same period of 2018[50]. - Revenue for the three months ended January 31, 2019, was HKD 59,944,000, an increase of 5.0% compared to HKD 56,963,000 for the same period in 2018[39]. Cost and Expenses - Administrative expenses rose from approximately HKD 3.6 million to approximately HKD 6.3 million, an increase of about 72.8%[21]. - Direct costs increased from approximately HKD 111.0 million to approximately HKD 119.3 million, an increase of about 7.5%[19]. - Administrative expenses for the three months ended January 31, 2019, increased to HKD 2,202,000 from HKD 625,000 in the same period of 2018[39]. - Total employee costs, including directors' remuneration, for the nine months ended January 31, 2019, were HKD 24,290, an increase of 22.1% from HKD 19,829 in the same period of 2018[57]. - Depreciation expenses for the nine months ended January 31, 2019, were HKD 1,397, an increase of 62.9% from HKD 858 in the same period of 2018[57]. - The company reported subcontracting expenses of HKD 87,870 for the nine months ended January 31, 2019, an increase of 9.1% from HKD 80,637 in the same period of 2018[57]. Financing and Costs - Financing costs amounted to approximately HKD 149,000 for the nine months ended January 31, 2019, compared to no financing costs in the previous period[22]. - The company reported a financing cost of HKD 66,000 for the three months ended January 31, 2019, compared to no financing cost in the same period of 2018[39]. - The financing costs for other borrowings amounted to HKD 66,000 for the three months ended January 31, 2019, compared to HKD 149,000 for the same period in 2018[56]. Market Outlook - The company faces challenges from rising operational costs and intense market competition, which may impact profitability in the coming year[14]. - The board remains optimistic about the construction industry in Hong Kong and plans to cautiously develop its core business while adjusting strategies as needed[15]. Government Programs - The government estimates that the annual expenditure for the long-term landslide prevention program will be at least HKD 600 million, benefiting the company's slope engineering business[14]. - The estimated expenditure for landslide prevention by the Civil Engineering and Development Department for 2018 is approximately HKD 1,030 million, a slight increase of about 4.0% from the previous year[14]. Share Options and Equity - The company has not granted any share options since the adoption of the share option scheme on September 26, 2016[36]. - The company’s total equity as of January 31, 2019, was HKD 103,064,000, an increase from HKD 96,845,000 as of January 31, 2018[41]. Other Information - There were no significant post-reporting date events disclosed as of the report date[34]. - The company operates primarily in the construction sector in Hong Kong, with no geographical segment reporting due to the concentration of operations[18]. - The company reported a total of HKD 10,000 from the sale of properties and equipment for the nine months ended January 31, 2019, unchanged from the same period in 2018[54]. - Bank interest income for the three months ended January 31, 2019, was HKD 2,000, a decrease of 91.67% compared to HKD 24,000 for the same period in 2018[54]. - The income tax expense for the nine months ended January 31, 2019, was HKD 1,054, a decrease of 41.7% from HKD 1,812 in the same period of 2018[59].