Financial Performance - The group's revenue decreased by approximately HKD 126.3 million or 45.1% to about HKD 153.6 million for the six months ended September 30, 2021, compared to approximately HKD 279.9 million for the same period in 2020[15]. - Gross profit decreased by approximately HKD 18,500,000 or 83.3% to HKD 3,700,000, with gross margin dropping from 8.0% to 2.4%[18]. - The group recorded a loss of approximately HKD 3,200,000 for the six months ended September 30, 2021, compared to a profit of approximately HKD 25,000,000 for the same period in 2020[24]. - The company's loss attributable to owners for the six months ended September 30, 2021, was HKD 3,187,000, compared to a profit of HKD 25,034,000 for the same period in 2020[42]. - The basic earnings per share for the six months ended September 30, 2021, was HKD (0.80), down from HKD 6.26 for the same period in 2020[42]. - The net cash used in operating activities for the six months ended September 30, 2021, was HKD 12,281,000, compared to a net cash inflow of HKD 3,945,000 for the same period in 2020[51]. - The pre-tax profit for the three months ended September 30, 2021, was a loss of HKD 3,433,000, compared to a profit of HKD 15,015,000 for the same period in 2020[80]. Costs and Expenses - Direct costs reduced by approximately HKD 107.7 million or 41.8% to about HKD 149.9 million for the six months ended September 30, 2021, down from approximately HKD 257.6 million for the same period in 2020[16]. - Other income significantly reduced by approximately HKD 13,200,000 or 93.0% to HKD 1,000,000, primarily due to a decrease in government subsidies received[19]. - Administrative expenses increased by approximately HKD 300,000 or 4.7% to HKD 6,700,000, primarily due to the establishment of a new bidding department[21]. - Financing costs decreased by approximately HKD 500,000 or 20.8% to HKD 1,900,000, attributed to a decline in the Hong Kong Interbank Offered Rate[22]. - Tax expenses decreased by approximately HKD 3,000,000 or 136.4% to a tax credit of approximately HKD 800,000, due to a reduction in taxable income[24]. - The total employee cost for the six months ended September 30, 2021, was approximately HKD 76,300,000, down from HKD 82,200,000 for the same period in 2020, reflecting a reduction in workforce from 450 to 400 employees[39]. Contracts and Business Operations - As of April 1, 2021, the group had 47 existing contracts with a total contract value of HKD 1,110.7 million, and by September 30, 2021, the total number of contracts increased to 68 with a total value of HKD 1,119.2 million[12]. - The group was awarded 22 new contracts during the six months ended September 30, 2021, with a total value of HKD 17.6 million[12]. - The group operates as a single business segment focused on civil engineering construction services, with no further analysis presented for this segment[65]. - Revenue from civil engineering construction services for the six months ended September 30, 2021, was HKD 153,559,000, a decrease of 45% compared to HKD 279,868,000 for the same period in 2020[62]. Challenges and Market Conditions - The group faced challenges due to COVID-19, including supply chain disruptions and labor shortages, impacting project profit margins[14]. - The ongoing market environment remains challenging, with uncertainties stemming from the pandemic affecting the construction industry[14]. - The group remains optimistic about the construction business's growth potential despite challenges and competition in the industry[25]. Assets and Liabilities - Current liabilities increased to approximately HKD 212,300,000 from approximately HKD 183,900,000, mainly due to an increase in trade and other payables[28]. - The debt-to-equity ratio as of September 30, 2021, was 71.6%, up from 65.1% as of March 31, 2021[28]. - The group's total assets as of September 30, 2021, were HKD 283,820,000, an increase from HKD 252,266,000 as of March 31, 2021[44]. - The total liabilities as of September 30, 2021, were HKD 212,261,000, compared to HKD 183,946,000 as of March 31, 2021, indicating an increase in financial obligations[44]. Shareholder Information - The major shareholder, Chrysler Investments Limited, holds 260,000,000 shares, representing 65% of the company's equity[104]. - Other significant shareholders include Mr. Deng Shaofeng and Altivo Ventures Limited, each holding 40,000,000 shares, accounting for 10% of the company's equity[104]. - The company has a share option scheme in place, allowing for a maximum of 40,000,000 shares to be issued, which is 10% of the total issued shares post-IPO[109]. Governance and Compliance - The company has complied with the corporate governance code provisions during the six months ended September 30, 2021[122]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial performance for the three and six months ended September 30, 2021[119]. - The company did not engage in any related party transactions during the reporting period[92].

Financial Performance - The group's revenue decreased by approximately HKD 57 million or 40.1%, from HKD 142.2 million for the three months ended June 30, 2020, to HKD 85.2 million for the three months ended June 30, 2021[22]. - Revenue for the three months ended June 30, 2021, was HKD 85,174,000, a decrease of 40.0% compared to HKD 142,203,000 for the same period in 2020[33]. - The company recorded a profit of HKD 200,000 for the three months ended June 30, 2021, compared to HKD 10,000,000 for the same period in 2020[30]. - The pre-tax profit for the period was 246 thousand HKD, a significant decline from 10,019 thousand HKD in the previous year[53]. - Administrative expenses increased by 12.1% to HKD 3,689,000 from HKD 3,342,000 in the prior year[28]. - Financing costs decreased by 18.2% to HKD 905,000 from HKD 1,071,000 year-on-year[29]. - Tax expenses significantly dropped by 92.6% to HKD 96,000 from HKD 1,300,000 in the same period last year[30]. - The total employee costs decreased to 37,729 thousand HKD from 40,117 thousand HKD, a reduction of 5.9%[48]. - The tax expense for the period was 96 thousand HKD, down from 1,349 thousand HKD, indicating a decrease of 92.9%[49]. - No dividends were declared or proposed for the three months ended June 30, 2021, consistent with the previous year[54]. Cost Management - Direct costs reduced by approximately HKD 48.9 million or 37.7%, from HKD 129.7 million to HKD 80.8 million during the same periods[23]. - Direct costs for the same period were HKD 80,752,000, down 37.8% from HKD 129,713,000 year-on-year[33]. - The company is taking measures to strengthen cost control, particularly on materials and fuel costs, to achieve profitability and positive cash flow[31]. Market Conditions - The ongoing COVID-19 pandemic continues to create uncertainty in the market, impacting the construction industry due to supply chain disruptions and labor shortages[20]. - The board anticipates a challenging outlook for the construction industry, with ongoing pressure on contract amounts due to intense competition[31]. - The business activities of the group were not severely disrupted by the pandemic, and construction projects progressed well during the review period[20]. Corporate Governance - The company confirmed compliance with the corporate governance code during the three months ended June 30, 2021[77]. - The company has established a good corporate governance framework to balance the interests of shareholders, customers, and employees[76]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial performance for the three months ended June 30, 2021[74]. - The company adopted a code of conduct for securities transactions by directors, which has been fully complied with during the reporting period[73]. Operational Highlights - The group completed 12 new contracts during the review period, totaling HKD 3.5 million, bringing the total number of contracts to 59 with a total value of HKD 1,114.2 million[19]. - The group operates primarily in the civil engineering construction industry, providing site formation, road and drainage works, and structural engineering services in Hong Kong[17]. - The company has a single operating segment focused on civil engineering construction services in Hong Kong[44]. - The group is recognized as a contractor by the Hong Kong government and is registered as a general building contractor and specialist contractor in site formation works[17]. Shareholder Information - Major shareholder Chrysler Investments Limited holds 260,000,000 shares, representing 65.0% of the company's equity[62]. - The weighted average number of ordinary shares for the calculation of basic earnings per share remained at 400,000 thousand shares[53]. - The company did not recommend any dividend payment for the three months ended June 30, 2021, consistent with the previous year[66]. - No shares were repurchased by the company or its subsidiaries during the three months ended June 30, 2021[67]. - The company has not granted any share options under the share option scheme since its adoption on January 24, 2018[68]. Other Income - Other income decreased by approximately HKD 3.1 million or 83.8%, from HKD 3.7 million to HKD 600,000, primarily due to the termination of government subsidies under the Employment Support Scheme[25]. - Compensation income increased to 344 thousand HKD from 219 thousand HKD, representing a growth of 56.9% year-over-year[45].

Financial Performance - The company reported revenue of approximately HKD 468.6 million for the fiscal year ending March 31, 2021, a decrease of about 19.8% compared to the previous year[13]. - The profit for the fiscal year was HKD 20.6 million, representing a decline of 28.7% year-on-year[13]. - The group's revenue decreased by approximately HKD 115.8 million or 19.8% to about HKD 468.6 million for the year ended March 31, 2021, compared to approximately HKD 584.4 million for the previous year[23]. - Earnings before tax for the fiscal year was HKD 21.2 million, down from HKD 35.5 million the previous year[9]. - Basic earnings per share for the fiscal year was HKD 5.16, compared to HKD 7.23 in the prior year[9]. - The group recorded a profit of approximately HKD 20,600,000 for the year ended March 31, 2021, a decrease of HKD 8,300,000 or 28.7% compared to the previous year[33]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[57]. Assets and Liabilities - Non-current assets totaled HKD 130.5 million, while current assets amounted to HKD 252.3 million as of March 31, 2021[10]. - Total assets reached HKD 382.8 million, with total liabilities of HKD 198.3 million, resulting in a net asset value of HKD 184.5 million[10]. - As of March 31, 2021, the group's net asset value was approximately HKD 184,500,000, an increase from approximately HKD 163,800,000 as of March 31, 2020[37]. - Current assets increased to approximately HKD 252,300,000 as of March 31, 2021, compared to approximately HKD 242,800,000 as of March 31, 2020, primarily due to an increase in contract assets[37]. - The group's current liabilities decreased to approximately HKD 183,900,000 as of March 31, 2021, from approximately HKD 191,600,000 as of March 31, 2020, mainly due to reduced trade and other payables[38]. - The debt-to-equity ratio improved to 65.1% as of March 31, 2021, down from 72.1% as of March 31, 2020, due to repayments of bank loans and lease liabilities[41]. Dividends - The company does not intend to declare a final dividend for the fiscal year ending March 31, 2021[13]. - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future business growth[178]. - The company has no predetermined dividend payout ratio and will consider various factors before declaring dividends[180]. Operational Efficiency - Direct costs reduced by approximately HKD 82.4 million or 15.5% to about HKD 447.8 million for the year ended March 31, 2021, from approximately HKD 530.2 million[24]. - Gross profit fell by approximately HKD 33.3 million or 61.6% to about HKD 20.8 million, with the gross profit margin declining from 9.3% to 4.4%[26]. - Administrative expenses rose by approximately HKD 2.8 million or 20.9% to about HKD 16.2 million, attributed to increased employee salaries and the move to a larger office[31]. - Financing costs increased by approximately HKD 600,000 or 16.2% to about HKD 4.3 million, due to higher bank loan interest from additional mortgage loans[32]. - The company reported a 25% reduction in operational costs due to improved efficiency measures[65]. Strategic Initiatives - The management is actively seeking opportunities to enhance profitability and potential revenue streams[14]. - The construction business is expected to maintain strong and sustainable growth, with significant potential for future expansion[14]. - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[62]. - Market expansion plans include entering two new international markets by the end of the year, which could increase market share by 5%[63]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[64]. - A new marketing strategy is being implemented, aiming to increase brand awareness by 30% within the next six months[66]. Corporate Governance - The company adhered to the corporate governance code as per GEM Listing Rules Appendix 15 during the fiscal year ending March 31, 2021[84]. - The board of directors held a total of 4 meetings during the fiscal year, with all directors attending all meetings[89]. - The company has three independent non-executive directors, exceeding one-third of the board, in compliance with GEM Listing Rules[95]. - The chairman and CEO roles are separated, with the chairman overseeing overall planning and strategy, while the CEO manages daily operations[97]. - The company has established four board committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee[98]. - The independent non-executive directors have confirmed their independence annually, ensuring compliance with GEM Listing Rules[95]. Risk Management - The company has implemented a risk management and internal control system, with management providing confirmation of its effectiveness to the board[89]. - Significant risks identified during the reporting period include occupational health and safety hazards due to civil engineering work, which the company addresses through ISO 14001:2015 and OHSAS 18001:2007 compliant management systems[143]. - The company has introduced innovative technologies to improve health and safety on construction sites, including an AI monitoring platform and safety helmets with built-in sensors[147]. - The company has deployed measures to safeguard employee health during the COVID-19 pandemic, including remote work arrangements and providing personal protective equipment[147]. - The risk management committee assists the board in monitoring significant risks and evaluating the effectiveness of risk management and control activities[139]. Shareholder Engagement - The company has established multiple communication channels with shareholders, including quarterly, interim, and annual reports[158]. - The board is committed to providing high levels of disclosure and financial transparency to shareholders and investors[158]. - Shareholders have the statutory right to convene special meetings and propose agenda items for consideration[161]. - The company encourages shareholders to attend the annual general meeting and provides at least 20 business days' notice[158].

Contracts and Revenue - The group completed 4 contracts with a total value of HKD 96.5 million during the review period, while 15 new contracts were awarded with a total value of HKD 96.4 million[15]. - As of December 31, 2020, the group had a total of 33 contracts with a total value of HKD 791.8 million[15]. - The company’s only revenue source during the periods was from civil engineering construction services, with no further breakdown of individual financial data[48]. - For the nine months ended December 31, 2020, the company reported a total revenue of 123,998 thousand HKD, an increase from 116,427 thousand HKD in the same period of 2019, representing a growth of approximately 6.5%[58]. Financial Performance - The group's revenue decreased by approximately HKD 59.3 million or 13.1% to HKD 394 million for the nine months ended December 31, 2020, compared to HKD 453.3 million for the same period in 2019[20]. - Gross profit fell by approximately HKD 20.9 million or 46.8% to HKD 23.8 million, with the gross profit margin declining from 9.9% to 6.0%[23]. - The company reported a profit of approximately HKD 26 million, a decrease of HKD 1.6 million or 5.8% compared to HKD 27.6 million in the previous year[30]. - The company's profit before tax for the nine months ended December 31, 2020, was 9,670 thousand HKD, compared to 26,027 thousand HKD for the same period in 2019, indicating a decline of about 62.8%[64]. - The company reported a basic earnings per share of 24.2 HKD for the nine months ended December 31, 2020, down from 65.1 HKD in the same period of 2019, a decrease of about 62.8%[64]. Costs and Expenses - Direct costs reduced by approximately HKD 38.4 million or 9.4% to HKD 370.2 million for the nine months ended December 31, 2020, from HKD 408.6 million in the previous year[21]. - Administrative expenses rose by approximately HKD 3.3 million or 35.1% to HKD 12.7 million for the nine months ended December 31, 2020[26]. - Financing costs increased by approximately HKD 600,000 or 21.4% to HKD 3.4 million, attributed to higher bank loan interest from additional mortgage loans[29]. - The total employee costs, including direct labor costs, amounted to 116,614 thousand HKD for the nine months ended December 31, 2020, up from 109,509 thousand HKD in 2019, reflecting an increase of approximately 6.4%[58]. - The interest expenses on bank loans for the nine months ended December 31, 2020, were 2,682 thousand HKD, compared to 1,910 thousand HKD in 2019, representing an increase of approximately 40.3%[54]. Government Support and COVID-19 Impact - The group received a total of HKD 20 million in wage subsidies under the government's Employment Support Scheme to mitigate the impact of COVID-19[16]. - The group has not experienced any significant impact on its business activities due to the COVID-19 outbreak as of the report date[16]. - The group has implemented enhanced COVID-19 prevention measures to ensure a safe working environment for all employees and workers[16]. - The company received government subsidies related to COVID-19 amounting to approximately HKD 20,289,000 during the nine months, primarily from the Hong Kong government's Employment Support Scheme[49]. Legal and Compliance - The group is subject to ongoing legal proceedings related to safety compliance issues, with a trial scheduled for May 2021[19]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial performance for the nine months ended December 31, 2020[82]. - The company has complied with the corporate governance code provisions during the nine months ended December 31, 2020[84]. - There were no disclosures required under GEM Listing Rules sections 17.22, 17.23, and 17.24[85]. Equity and Retained Earnings - As of December 31, 2020, the total equity amounted to HKD 189,845,000, up from HKD 163,818,000 as of April 1, 2020[36]. - The total comprehensive income for the nine months ended December 31, 2020, was HKD 27,608,000, increasing the retained earnings to HKD 81,863,000[36]. - As of December 31, 2020, the company’s retained earnings increased to HKD 109,187,000 from HKD 83,160,000 as of April 1, 2020[36]. Future Outlook - The management is optimistic about the construction business maintaining strong growth potential, anticipating a recovery in infrastructure investment post-COVID-19[31]. - The company’s management indicated plans for market expansion and potential new product development in the upcoming quarters, although specific details were not disclosed[67].

Financial Performance - The group's revenue decreased by approximately HKD 17.2 million or 5.8% to HKD 279.9 million for the six months ended September 30, 2020, compared to HKD 297.1 million for the same period in 2019[23]. - Gross profit decreased by approximately HKD 6,400,000 or 22.4% to HKD 22,200,000 for the six months ended September 30, 2020, compared to HKD 28,600,000 for the same period in 2019[25]. - The group recorded a profit of approximately HKD 25,000,000 for the six months ended September 30, 2020, compared to HKD 17,900,000 for the same period in 2019[31]. - The group reported a net profit attributable to shareholders of HKD 25,034,000 for the six months ended September 30, 2020, compared to HKD 17,938,000 for the same period in 2019, representing a growth of 39.5%[50]. - Basic earnings per share for the six months ended September 30, 2020, was HKD 6.26, an increase from HKD 4.48 in the same period of 2019[50]. - The company reported a pre-tax profit of HKD 15,015,000 for the three months ended September 30, 2020, compared to HKD 8,234,000 for the same period in 2019[93]. Revenue and Contracts - The group had 22 existing contracts valued at HKD 791.9 million as of April 1, 2020, and by September 30, 2020, the total number of contracts increased to 26 with a total value of HKD 827.4 million[18]. - The group completed 3 contracts worth HKD 34.4 million during the six months ended September 30, 2020, and secured 7 new contracts valued at HKD 69.9 million[18]. - Revenue from civil engineering construction contracts for the six months ended September 30, 2020, was HKD 279,868,000, a decrease of 5.83% from HKD 297,069,000 in the same period of 2019[76]. - Revenue for the three months ended September 30, 2020, was HKD 137,665,000, down 10.56% from HKD 154,021,000 in the same quarter of 2019[76]. Costs and Expenses - Direct costs reduced by approximately HKD 10.9 million or 4.1% to HKD 257.6 million for the six months ended September 30, 2020, down from HKD 268.5 million in the previous year[24]. - Administrative expenses rose by approximately HKD 700,000 or 12.3% to HKD 6,400,000, driven by increased employee salaries and benefits[29]. - Financing costs increased by approximately HKD 600,000 or 33.3% to HKD 2,400,000, due to higher mortgage loans and bank financing[30]. - The total employee cost for the six months ended September 30, 2020, was approximately HKD 82,200,000, an increase of 9.3% from HKD 75,100,000 in the same period of 2019[47]. Government Support and Subsidies - The group received wage subsidies of approximately HKD 13.4 million under the government's "Employment Support Scheme" during the review period[19]. - Other income increased by approximately HKD 13,900,000 or 4,633.3% to HKD 10,900,000, mainly due to a government subsidy of approximately HKD 13,400,000 under the Employment Support Scheme[27]. - The company recognized government subsidies related to COVID-19 amounting to approximately HKD 13,666,000, primarily from the Hong Kong government's Employment Support Scheme[82]. Assets and Liabilities - As of September 30, 2020, the group's net asset value was approximately HKD 188,900,000, an increase from HKD 163,800,000 as of March 31, 2020[34]. - The group's current liabilities were approximately HKD 192,200,000, a slight increase from HKD 191,600,000 as of March 31, 2020, primarily due to reduced operating profits[35]. - The debt-to-equity ratio improved to 60.1% as of September 30, 2020, down from 72.1% as of March 31, 2020, due to repayment of bank loans and lease liabilities[37]. - As of September 30, 2020, the total assets amounted to HKD 268,102,000, an increase from HKD 242,754,000 as of March 31, 2020[52]. Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2020, was HKD 3,945,000, a significant decrease of 93.36% compared to HKD 59,331,000 in the same period of 2019[59]. - The net cash used in investing activities was HKD (7,183,000), an improvement from HKD (11,101,000) in the previous year, indicating a reduction in investment outflows[59]. - The net cash used in financing activities decreased to HKD (9,254,000) from HKD (18,375,000), reflecting a reduction in financing costs[59]. - The total cash and cash equivalents at the end of the period were HKD 15,283,000, down from HKD 36,266,000 in the previous year, showing a decline of 57.83%[59]. Legal and Compliance - The group is facing legal proceedings related to safety inspections and compliance issues, with hearings scheduled for later dates[22]. - The company has implemented accounting policies consistent with Hong Kong Financial Reporting Standards, ensuring compliance and transparency in financial reporting[65]. - The company has complied with the corporate governance code during the six months ending September 30, 2020[137]. Future Outlook and Strategy - The company provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[140]. - The company is investing in new technology development, allocating $10 million for R&D in the upcoming year[140]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[140]. - The company is considering strategic acquisitions to enhance its product offerings and market presence[140]. - Cost management strategies have been implemented, aiming to reduce operational costs by 8%[140]. - Overall, the company remains optimistic about future growth, driven by innovation and market expansion strategies[140].

Financial Performance - The group's revenue decreased by approximately HKD 800,000 or 0.6% to HKD 142,200,000 for the three months ended June 30, 2020, compared to HKD 143,000,000 for the same period last year[22] - Gross profit decreased by approximately HKD 2,100,000 or 14.4% to HKD 12,500,000, with a gross margin decline from 10.2% to 8.8% due to increased subcontractor costs and additional expenses in equipment leasing and transportation[25] - The company recorded a profit of approximately HKD 10,000,000, compared to HKD 9,700,000 in the same period last year[31] - The company reported total revenue of HKD 142,203,000, a slight decrease from HKD 143,048,000 in the previous year[34] - For the three months ended June 30, 2020, the company reported a pre-tax profit of 10,019 thousand HKD, compared to 9,704 thousand HKD for the same period in 2019, representing an increase of approximately 3.25%[56] - Basic and diluted earnings per share increased to HKD 2.50 from HKD 2.43 year-on-year[34] Costs and Expenses - Direct costs increased by approximately HKD 1,300,000 or 1.0% to HKD 129,700,000 for the three months ended June 30, 2020, from HKD 128,400,000 for the previous year[23] - Administrative expenses rose by approximately HKD 500,000 or 17.9% to HKD 3,300,000, mainly due to increased employee salaries and benefits[28] - Financing costs increased by approximately HKD 200,000 or 22.2% to HKD 1,100,000, attributed to increased mortgage loans for property purchases and higher bank financing needs[29] - The company incurred bank borrowings interest of 811 thousand HKD for the three months ended June 30, 2020, compared to 598 thousand HKD in 2019, indicating a rise of approximately 35.5%[47] - The company’s total financing costs for the three months ended June 30, 2020, were 1,071 thousand HKD, compared to 880 thousand HKD in 2019, reflecting an increase of approximately 21.7%[47] - The company’s depreciation on property, plant, and equipment was 1,663 thousand HKD for the three months ended June 30, 2020, compared to 1,015 thousand HKD in 2019, representing an increase of about 64%[51] Government Support and Subsidies - The group received government subsidies of approximately HKD 10,000,000 under the "Employment Support Scheme" during June, July, and August 2020[21] - Other income increased by approximately HKD 3,500,000 or 1,750% to HKD 3,700,000, primarily due to a government subsidy of approximately HKD 3,600,000 under the Employment Support Scheme[26] Contracts and Operations - As of June 30, 2020, the group had 22 existing contracts with a total contract value of HKD 769.9 million, down from HKD 791.9 million at the beginning of the period[17] - The group completed 3 contracts with a total value of HKD 34.4 million during the three months ended June 30, 2020[17] - The group acquired new construction equipment to enhance productivity and efficiency during the review period[18] - The group hired additional administrative staff to manage the increased workload during the review period[18] - The group established a site safety task force led by the board to improve safety management on construction sites[18] - The group continues to allow office staff to work from home to mitigate the impact of COVID-19[21] Shareholder Information - The company’s directors and senior management held 260,000,000 shares, representing 65.0% of the total shares, as of June 30, 2020[58] - Chrysler Investments Limited holds a beneficial interest of 260,000,000 shares, representing approximately 65% of the company's equity[61] - Mr. Tang Shao Fung and Xi Fang Investment Management Limited each hold 40,000,000 shares, accounting for 10% of the company's equity[61] Compliance and Governance - The company has complied with the corporate governance code during the three months ended June 30, 2020[75] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial results for the period[71] - The board of directors confirmed compliance with the code of conduct for securities transactions during the reporting period[70] - The company has no additional disclosure obligations under GEM Listing Rules[76] Dividends and Share Options - The company did not declare or propose any dividends for the three months ended June 30, 2020, consistent with the previous year[57] - The company did not declare any dividends for the three months ended June 30, 2020, consistent with the previous year[63] - No shares were repurchased or sold by the company or its subsidiaries during the three months ended June 30, 2020[65] - The company has not granted any options under the share option scheme since its adoption on January 24, 2018[66] Taxation - Tax expenses decreased by approximately HKD 200,000 or 13.3% to HKD 1,300,000, due to a reduction in taxable profits[31] - The total tax expense for the three months ended June 30, 2020, was 1,349 thousand HKD, compared to 1,464 thousand HKD in 2019, showing a decrease of about 7.8%[52]

Financial Performance - For the fiscal year ending March 31, 2020, the company recorded revenue of approximately HKD 584,400,000, an increase of about 74.4% compared to the previous year[16]. - The profit for the fiscal year was HKD 28,900,000, representing a year-on-year increase of 16.5%[16]. - The company's total liabilities reached HKD 211,082,000 as of March 31, 2020, compared to HKD 130,668,000 the previous year[13]. - The basic earnings per share for the fiscal year was HKD 7.23, an increase from HKD 6.19 in the previous year[12]. - The group recorded a profit of approximately HKD 28,900,000 for the year ended March 31, 2020, compared to approximately HKD 24,800,000 for the previous year[35]. - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a 15% growth compared to the previous year[76]. - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% year-over-year growth[86]. Assets and Liabilities - Total assets as of March 31, 2020, amounted to HKD 374,900,000, up from HKD 265,581,000 in the previous year[13]. - The company's net asset value increased to HKD 163,818,000 as of March 31, 2020, compared to HKD 134,913,000 the previous year[13]. - Current liabilities increased to approximately HKD 191,600,000 as of March 31, 2020, up from approximately HKD 117,600,000 as of March 31, 2019, mainly due to increased trade payables and bank borrowings[39]. - The debt-to-equity ratio increased to 72.1% as of March 31, 2020, from 51.0% as of March 31, 2019, primarily due to increased mortgage loans and lease liabilities[39]. Revenue and Cost Analysis - Direct costs rose by approximately HKD 237.1 million or 80.9% from HKD 293.1 million to HKD 530.2 million, primarily due to an increase in construction projects and changes in engineering instructions[27]. - Gross profit increased by approximately HKD 12.2 million or 29.1% from HKD 41.9 million to HKD 54.1 million, while the gross profit margin decreased from 12.5% to 9.3%[29]. - Administrative expenses increased by approximately HKD 2 million or 17.5% from HKD 11.4 million to HKD 13.4 million, mainly due to an increase in employee numbers and salaries[32]. - Financing costs increased by approximately HKD 1,300,000 or 54.2% to about HKD 3,700,000 for the year ended March 31, 2020, primarily due to increased bank loans to support rapid business growth[33]. - Tax expenses rose by approximately HKD 1,600,000 or 32.0% to about HKD 6,600,000 for the year ended March 31, 2020, driven by increased taxable profits and deferred tax provisions related to new equipment purchases[35]. Business Development and Strategy - The group was awarded 5 new civil engineering contracts with a total original contract value of approximately HKD 266.3 million during the year[22]. - The group has continuously sought opportunities to enhance profitability and potential revenue[20]. - The group has recruited more experienced engineering professionals and site workers to support rapid business growth[22]. - The company has successfully purchased additional equipment, including 5 excavators and 4 bulldozers, as part of its service enhancement strategy[60]. - The company has hired additional personnel, including 1 project manager and 4 quantity surveyors, to capture market growth in both public and private sectors[60]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[76]. - A strategic acquisition of a local construction firm is in progress, which is anticipated to increase the company's project capacity by 40%[76]. Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix 15, ensuring proper regulation of its operations and decision-making processes[102]. - The board consists of five directors, including two executive directors and three independent non-executive directors, with all directors attending 100% of the meetings held during the year[105][108]. - The company has complied with the corporate governance code provisions for the year ending March 31, 2020[103]. - The audit committee, established on January 24, 2018, consists of three independent non-executive directors and is responsible for overseeing the financial reporting process and internal controls[116]. - The company has established four board committees to assist the board in fulfilling its duties, including the audit committee, remuneration committee, nomination committee, and risk management committee[115]. Risk Management and Compliance - The company has a risk management and internal control review process that includes risk identification, assessment, control activities, and monitoring[153]. - The effectiveness of the risk management and internal control system is independently reviewed and reported to the audit committee and the board of directors[159]. - The company has established internal policies to regulate the handling and disclosure of insider information, ensuring compliance with relevant regulations[160]. - The company has begun assessing the impact of amendments related to environmental, social, and governance reporting, which will apply to fiscal years starting on or after July 1, 2020[156]. - Due to the COVID-19 pandemic, the company has implemented measures such as mandatory quarantine for returning employees and remote work arrangements for office staff to minimize operational disruptions[157]. Shareholder Communication - The company has established multiple communication channels with shareholders, including quarterly, interim, and annual reports[168]. - The company aims to provide a high level of disclosure and financial transparency to shareholders and investors[168]. - The board will hold the annual general meeting on August 27, 2020, with a suspension of share transfer registration from August 24 to August 27, 2020[194].

Financial Performance - The group's revenue increased by approximately HKD 230.8 million or 103.7% to HKD 453.3 million for the nine months ended December 31, 2019, compared to HKD 222.5 million for the same period in 2018[16]. - Gross profit increased by approximately HKD 16,900,000 or 60.8% to HKD 44,700,000 for the nine months ended December 31, 2019, while gross margin decreased from 12.5% to 9.9%[19]. - The company recorded a profit of approximately HKD 27,600,000 for the nine months ended December 31, 2019, an increase of HKD 11,600,000 or 72.5% compared to the previous year[25]. - The company reported a profit of HKD 15,969,000 for the nine months ended December 31, 2018, which increased to HKD 27,608,000 for the nine months ended December 31, 2019, representing a growth of approximately 73.3%[33]. - For the nine months ended December 31, 2019, the company's profit attributable to owners was HKD 27,608,000, compared to HKD 15,969,000 for the same period in 2018, representing a 73.5% increase[54]. - Basic and diluted earnings per share for the nine months ended December 31, 2019, were HKD 6.90, compared to HKD 3.99 for the same period last year[31]. - The basic earnings per share for the nine months ended December 31, 2019, was HKD 69.02, compared to HKD 39.92 for the same period in 2018, marking a 73.5% increase[54]. Costs and Expenses - Direct costs rose by approximately HKD 213.9 million or 109.9% to HKD 408.6 million for the nine months ended December 31, 2019, from HKD 194.7 million for the same period in 2018[17]. - Administrative expenses increased by approximately HKD 900,000 or 10.6% to HKD 9,400,000, primarily due to hiring senior staff and increased employee salaries and benefits[22]. - Financing costs rose by approximately HKD 1,300,000 or 86.7% to HKD 2,800,000, driven by the need for more bank financing to support rapid growth in construction activities[23]. - Tax expenses increased by approximately HKD 2,100,000 or 65.6% to HKD 5,300,000, attributed to higher taxable profits and deferred tax provisions related to new site equipment[25]. - The tax expense for the nine months ended December 31, 2019, was HKD 5,344,000, compared to HKD 3,233,000 in 2018, reflecting a 65.1% increase[49]. - The Hong Kong profits tax for the three months ended December 31, 2019, was HKD 1,809,000, up from HKD 1,270,000 in 2018, which is a 42.3% increase[49]. Contracts and Business Expansion - As of December 31, 2019, the group held a total of 29 civil engineering contracts with an original contract amount of approximately HKD 800.7 million[13]. - The group was awarded 4 new civil engineering contracts during the review period, with a total original contract amount of approximately HKD 250.7 million[13]. - The total number of contracts awarded and completed during the review period was 36, with a total contract amount of HKD 630.9 million as of April 1, 2019[12]. - The group has continuously acquired new site equipment to support business expansion, ensuring all equipment and machinery were fully utilized during the review period[13]. - The company plans to allocate approximately HKD 15,000,000 for purchasing additional site equipment to expand service capacity and approximately HKD 2,300,000 for expanding the accounting and administrative team[28]. Workforce and Operational Enhancements - The group has enhanced its workforce by hiring more experienced professionals to strengthen its accounting, administrative, contract, and civil engineering departments[15]. - The company’s total employee costs for the nine months ended December 31, 2019, amounted to HKD 116,427,000, up from HKD 71,536,000 in 2018, indicating a 62.7% increase[49]. - The company’s auditor's remuneration for the nine months ended December 31, 2019, was HKD 825,000, compared to HKD 600,000 in 2018, reflecting a 37.5% increase[49]. Financial Position and Equity - The total equity increased from HKD 110,303,000 on April 1, 2018, to HKD 162,521,000 by December 31, 2019, reflecting a growth of approximately 47.3%[33]. - The retained earnings rose significantly from HKD 29,645,000 to HKD 81,863,000 during the same period, indicating an increase of about 176.5%[33]. - The finance costs for bank borrowings increased from HKD 993,000 for the nine months ended December 31, 2018, to HKD 1,910,000 for the same period in 2019, marking an increase of about 92.1%[42]. - The total liabilities related to lease liabilities amounted to HKD 852,000 for the nine months ended December 31, 2019, compared to zero for the same period in 2018, indicating the adoption of new accounting standards[42]. - The company’s short-term lease payments totaled HKD 27,667,000 for the nine months ended December 31, 2019, compared to HKD 9,789,000 for the same period in 2018, reflecting an increase of approximately 182.5%[46]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the nine months ended December 31, 2019[74]. - The audit committee reviewed the unaudited condensed consolidated financial results for the nine months ended December 31, 2019[72]. - The company has adopted new accounting policies effective from April 1, 2019, which did not have a significant impact on the financial position as of that date[38]. Market Outlook - The board believes that the construction business will continue to thrive due to government infrastructure policies aimed at developing Hong Kong into a world-class city[26]. - The company aims to enhance its technical capabilities in civil engineering and improve quality craftsmanship and safety standards to maintain competitiveness[26]. Dividends and Shareholder Information - The company did not declare or propose any dividends for the nine months ended December 31, 2019, consistent with the previous year[55]. - The company did not recommend an interim dividend for the nine months ended December 31, 2019, compared to no dividend for the same period in 2018[64]. - No shares were repurchased by the company or its subsidiaries during the nine months ended December 31, 2019[65]. - The company has not granted any options under the share option scheme since its adoption on January 24, 2018[66]. - As of December 31, 2019, Chrysler Investments Limited held 260,000,000 shares, representing 65.0% of the company's equity[60].

Revenue and Profitability - The group's revenue increased by approximately HKD 150.1 million or 102.1% to approximately HKD 297.1 million for the six months ended September 30, 2019, compared to approximately HKD 147 million for the same period in 2018[17]. - The increase in revenue was primarily due to significant changes in the scope of work for the Tseung Kwan O Contract No. 137 and increased verified completion costs for ongoing projects[17]. - Gross profit increased by approximately HKD 12,500,000 or 77.6% to HKD 28,600,000, while gross margin decreased from 11.0% to 9.6% due to increased labor and material costs[20]. - The group recorded a profit of approximately HKD 17,900,000, compared to HKD 9,300,000 in the previous period[26]. - The net profit attributable to the owners of the company for the six months was HKD 17,938,000, up 93.06% from HKD 9,259,000 in the previous year[76]. - The company’s basic earnings per share increased to HKD 4.48, compared to HKD 2.31 for the same period in 2018, reflecting a growth of 93.51%[76]. Contracts and Business Expansion - The total number of contracts held by the group as of September 30, 2019, was 39, with a total original contract amount of approximately HKD 876.7 million, up from 36 contracts worth HKD 630.9 million as of April 1, 2019[13]. - The group was awarded 3 new civil engineering contracts during the review period, with a total original contract amount of approximately HKD 245.8 million[14]. - The group is in the final stages of applying for upgraded public works licenses, which would allow it to bid for larger public construction contracts and achieve higher contract amounts and profit margins[16]. - The company has completed initial investments for new projects, including site inspections and procurement of labor and materials[73]. Costs and Expenses - Direct costs increased by approximately HKD 137.6 million or 105.1% to approximately HKD 268.5 million for the six months ended September 30, 2019, compared to approximately HKD 130.9 million for the same period in 2018[18]. - Administrative expenses increased by approximately HKD 400,000 or 7.5% to HKD 5,700,000, mainly due to hiring senior staff and increased employee compensation[23]. - Financing costs doubled to HKD 1,800,000, reflecting the need for more bank financing to support rapid construction activity growth[25]. - The company incurred financing costs of HKD 1,839,000 for the six months ended September 30, 2019, compared to HKD 929,000 for the same period in 2018, reflecting a significant increase[147]. Workforce and Employee Costs - As of September 30, 2019, the total employee cost for the six months was approximately HKD 75.1 million, compared to HKD 45.2 million for the same period in 2018, reflecting a 66.3% increase[43]. - The company has expanded its workforce to approximately 450 employees as of September 30, 2019, up from 350 employees as of March 31, 2019[43]. - For the six months ended September 30, 2019, the company reported a total employee cost of HKD 75,138,000, an increase from HKD 45,268,000 in the same period of 2018, representing a growth of 66.1%[153]. Financial Position and Assets - The group’s net asset value increased to approximately HKD 152,900,000 from HKD 134,900,000[30]. - Total assets as of September 30, 2019, were HKD 214,442,000, an increase from HKD 181,802,000 as of March 31, 2019[78]. - The company’s cash and cash equivalents increased to HKD 36,266,000 from HKD 6,411,000 at the end of the previous reporting period[78]. - The trade payables as of September 30, 2019, totaled HKD 64,007,000, a significant increase from HKD 30,699,000 as of March 31, 2019[172]. - The outstanding bank borrowings as of September 30, 2019, were approximately HKD 44,217,000, down from HKD 53,984,000 as of March 31, 2019[173]. Financing and Capital Management - The group has received additional bank financing to meet the increased working capital demands due to business expansion[16]. - The company plans to reduce financing costs and improve profit returns by repaying short-term loans, having already repaid part of its bank borrowings and finance lease obligations[49]. - The debt-to-equity ratio improved to 41.4% from 51.0%, mainly due to the repayment of some bank loans[31]. Compliance and Reporting - The financial statements are presented in Hong Kong dollars (HKD) and prepared in accordance with Hong Kong Accounting Standards[89]. - The financial statements comply with the applicable disclosure requirements of the GEM Listing Rules[90]. - The board approved the interim financial statements on November 5, 2019, for the period ending September 30, 2019[180]. Miscellaneous - The company has no significant acquisitions or disposals of subsidiaries or associates during the reporting period[35]. - The company has no significant contingent liabilities or capital commitments as of September 30, 2019[39][40]. - The company did not declare or propose any dividends for the six months ended September 30, 2019, consistent with the same period in 2018[161].

常 滿 控 股 有 限 公 司 Sheung Moon Holdings Limited 股份代號 : 8523 2019 第一季度 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主板上市的公司帶 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。 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，概不對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。 本報告的資料乃遵照《聯交所GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提供有關常滿 控股有限公司（「本公司」或「我們」）及其附屬公司（統稱「本集團」）的資料；本公司董事（「董事」） 願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知 及所信，本報 ...