Financial Performance - Revenue for the nine months ended December 31, 2022, was HK$253,408,000, a decrease of 11.7% compared to HK$287,208,000 for the same period in 2021[10] - Gross profit for the same period was HK$11,165,000, down 20.5% from HK$14,104,000 in 2021[10] - Profit for the period was HK$1,891,000, representing a decline of 44.5% compared to HK$3,415,000 in the previous year[10] - Profit before tax decreased to HK$2,064,000, down 50% from HK$4,122,000 in the corresponding period of 2021[10] - Basic earnings per share for the period were HK$0.24, a decrease from HK$0.43 in the same period last year[10] - Total comprehensive income for the period was HK$1,910,000, down from HK$3,432,000 in the previous year[10] - The total revenue decreased by approximately HK$33.8 million or 11.8%, from approximately HK$287.2 million for the nine months ended December 31, 2021, to approximately HK$253.4 million for the nine months ended December 31, 2022[76] - Gross profit decreased by approximately HK$2.9 million from approximately HK$14.1 million for the nine months ended December 31, 2021, to approximately HK$11.2 million for the nine months ended December 31, 2022[82] - Profit for the period decreased from approximately HK$3.4 million for the nine months ended December 31, 2021, to approximately HK$1.9 million for the nine months ended December 31, 2022[94] Revenue Breakdown - Revenue from construction services for residential properties increased to HK$168,938,000, up 27.7% from HK$132,057,000 in 2021[30] - Revenue from construction services for commercial properties decreased to HK$84,470,000, down 45.7% from HK$155,151,000 in 2021[30] - Major customers contributing 10% or more of total revenue included Customer A with HK$92,339,000 and Customer D with HK$55,939,000[39] Expenses and Costs - Administrative expenses were reduced to HK$6,565,000, down from HK$6,949,000 in 2021, indicating a cost control effort[10] - Finance costs for the period increased to HK$4,514,000, compared to HK$3,028,000 in the previous year, primarily due to higher interest on bank borrowings[44] - Current tax expenses for the period were HK$173,000, a decrease from HK$707,000 in the same period of 2021[46] - Total staff costs for the period amounted to HK$39,445,000, an increase of 9.5% from HK$35,983,000 in the previous year[55] - The cost of services decreased to approximately HK$242.2 million for the nine months ended December 31, 2022, from approximately HK$273.1 million for the nine months ended December 31, 2021, representing a decrease of approximately 11.3%[77] Projects and Market Outlook - The Group had nine projects in progress with a total original contract sum of approximately HK$521.1 million, of which approximately HK$29.8 million was recognized as revenue during the reporting period[65] - Three new projects were awarded during the reporting period, with a total contract sum of approximately HK$47.6 million[65] - The forecast for residential building completions in Hong Kong is 22,851 new units in 2022 and 21,848 new units in 2023, driving demand for façade and curtain wall works[66] - Office completions in Hong Kong are expected to increase to 350,200 m² in 2022, with Grade A completions accounting for 282,300 m²[67] Corporate Governance and Compliance - The unaudited financial statements have been reviewed by the Audit Committee but not audited by independent auditors[22] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2022, confirming compliance with applicable accounting standards and adequate disclosure[127] - The Company has established an Audit Committee in compliance with GEM Listing Rules and the Corporate Governance Code[125] - The Company has applied the principles and code provisions in the Corporate Governance Code as of December 31, 2022[124] - All Directors confirmed compliance with the required standards for securities transactions during the nine months ended December 31, 2022[122] Shareholding and Securities - As of December 31, 2022, Mr. Chow Mo Lam holds 600,000,000 shares, representing 75% of the company's shareholding[99] - C.N.Y. Holdings Limited, owned 83% by Mr. Chow and 17% by Mr. Yu, directly holds 600,000,000 shares, which are deemed to be controlled by Mr. Chow[103] - Ms. Hau Pak Sui, spouse of Mr. Chow, is also deemed to be interested in the 600,000,000 shares held by C.N.Y. Holdings Limited[114] - No dividends were paid, declared, or proposed during the nine months ended 31 December 2022, consistent with the previous year[56] - The Company has not purchased, sold, or redeemed any of its listed securities during the reporting period[116] Other Income and Gains - The Group reported exchange gains of HK$203,000 and government subsidies of HK$1,699,000 during the nine months ended December 31, 2022[41] - Other income, gains, and losses increased by approximately HK$1.9 million for the nine months ended December 31, 2022, mainly due to subsidies received under the Employment Support Scheme[83]

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$169,577,000, a slight increase of 1.2% compared to HK$166,537,000 in the same period of 2021[11]. - Gross profit decreased to HK$6,962,000, down 23.9% from HK$9,139,000 year-on-year[11]. - Profit for the period was HK$1,247,000, representing a decline of 38.1% compared to HK$2,012,000 in the previous year[11]. - Total comprehensive income for the period was HK$1,325,000, down 35.2% from HK$2,047,000 in the same period of 2021[11]. - Basic and diluted earnings per share were both HK$0.16, down from HK$0.25 in the previous year[11]. - Profit before taxation for the six months ended 30 September 2022 was HK$1,391,000, down 42.6% from HK$2,425,000 in the previous year[21]. - Total comprehensive income for the six months ended 30 September 2022 was HK$1,325,000, a decrease of 35.3% compared to HK$2,048,000 for the same period in 2021[17]. - Profit for the period decreased from approximately HK$2.0 million for the six months ended 30 September 2021 to approximately HK$1.2 million for the six months ended 30 September 2022, a decline of 40%[150]. Revenue Breakdown - Revenue from construction services for residential properties was HK$96,510,000, up 8.5% from HK$88,897,000 in 2021[46]. - Revenue from construction services for commercial properties decreased by 6% to HK$73,067,000 from HK$77,640,000 in 2021[46]. - Major customers contributing 10% or more of total revenue included Customer A with HK$67,307,000 and Customer C with HK$39,806,000[54]. - Total revenue increased by approximately HK$3.1 million or 1.9% from approximately HK$166.5 million for the six months ended 30 September 2021 to approximately HK$169.6 million for the six months ended 30 September 2022[138]. Assets and Liabilities - Trade receivables increased to HK$39,686,000 from HK$29,462,000, reflecting a growth of 34.7%[12]. - Contract assets rose to HK$184,519,000, up 24.2% from HK$148,580,000 as of March 31, 2022[12]. - Current liabilities increased to HK$238,146,000 from HK$184,741,000, indicating a rise of 28.9%[12]. - Net assets as of September 30, 2022, were HK$70,350,000, a slight increase from HK$69,025,000 as of March 31, 2022[15]. - The Group's total direct costs and administrative expenses amounted to HK$23,608,000 and HK$2,785,000 respectively, compared to HK$20,418,000 and HK$2,954,000 in the previous year[72]. Cash Flow and Financing - Cash used in operating activities amounted to HK$27,790,000, slightly higher than HK$27,645,000 used in the same period last year[21]. - Net cash generated from financing activities was HK$28,208,000, compared to HK$29,704,000 in the previous year, reflecting a decrease of 5.0%[21]. - Cash and cash equivalents at the end of the period increased to HK$12,883,000 from HK$12,681,000, representing a growth of 1.6%[21]. - New bank borrowings raised during the period were HK$222,498,000, slightly lower than HK$225,495,000 in the previous year[21]. - The group’s bank borrowings totaled HK$149,345,000 as of September 30, 2022, up from HK$117,720,000 as of March 31, 2022, representing a 26.9% increase[101]. Expenses - The company reported an increase in administrative expenses to HK$4,667,000 from HK$4,861,000, a decrease of 4%[11]. - Total staff costs for the period amounted to HK$26,393,000, representing an increase of 13% from HK$23,372,000 in the previous year[70]. - Finance costs rose to HK$2,549,000, compared to HK$1,927,000 in the same period last year, primarily due to increased interest on bank borrowings[59]. - Administrative expenses decreased by approximately HK$0.2 million from approximately HK$4.9 million to approximately HK$4.7 million, primarily due to a reduction in staff costs[147]. Market Outlook - The Group remains optimistic about its core business despite the economic slowdown and aims to expand its customer base and achieve sustainable growth[132]. - The Group expects to recognize revenue from unsatisfied contracts for construction services between 2023 and 2025[85]. - Forecast completions for residential buildings in Hong Kong are 22,851 new units in 2022 and 21,848 new units in 2023, driving demand for façade and curtain wall works[126]. - Office completions in Hong Kong are expected to increase to 350,200 m² in 2022, with Grade A completions accounting for 282,300 m²[131]. Risk Management - The Group believes that effective risk management practices are crucial to mitigate operational and financial risks[185][188]. - The Group's exposure to foreign exchange rate risk is limited, as there are no material monetary assets or liabilities denominated in foreign currencies, and currently, there is no foreign currency hedging policy in place[177][181]. - The management closely monitors the credit quality of trade receivables, with regular reviews of credit limits for customers[91]. Shareholder Information - As of September 30, 2022, Mr. Chow Mo Lam holds a long position of 600,000,000 shares, representing 75% of the Company[194]. - The interests of Mr. Chow and Mr. Yu in C.N.Y. Holdings Limited are 83% and 17%, respectively, with Mr. Chow deemed to be interested in the 600,000,000 shares held by the company[195]. - No directors or chief executives of the company had any interests or short positions in the company's shares or associated corporations as of September 30, 2022[199].

Financial Performance - Revenue for the first quarter ended June 30, 2022, was HK$92,508,000, representing a 28% increase from HK$72,379,000 in the same period of 2021[10] - Gross profit for the same period was HK$4,381,000, slightly down from HK$4,852,000, indicating a decrease of approximately 10%[10] - Profit for the period was HK$1,288,000, up by 11% compared to HK$1,161,000 in the previous year[10] - Basic earnings per share for the first quarter was HK$0.16, an increase from HK$0.15 in the same quarter of 2021[10] - Total comprehensive income for the period was HK$1,318,000, compared to HK$1,197,000 in the previous year, showing an increase of about 10%[10] - The Group's profit for the period was HK$1,288,000 for the three months ended June 30, 2022, compared to HK$1,161,000 for the same period in 2021[62] - Profit for the period increased from approximately HK$1.2 million to approximately HK$1.3 million, driven by an increase in other income and a decrease in administrative expenses[92] Revenue Breakdown - Revenue from construction services for residential properties was HK$40,177,000, up from HK$35,103,000, reflecting a growth of 14% year-on-year[31] - Revenue from construction services for commercial properties increased to HK$52,331,000 from HK$37,276,000, marking a significant rise of 40%[31] - The Group's total revenue recognized during the reporting period was primarily from ongoing projects, reflecting the company's operational performance[66] - The Group's total revenue increased by approximately HK$20.1 million or 27.8%, from approximately HK$72.4 million for the three months ended June 30, 2021, to approximately HK$92.5 million for the same period in 2022[79] Expenses and Costs - Administrative expenses decreased to HK$2,378,000 from HK$2,629,000, reflecting a reduction of about 10%[10] - Total staff costs for the period amounted to HK$13,692,000, an increase from HK$11,442,000 in the previous year[56] - The cost of services rose to approximately HK$88.1 million for the three months ended June 30, 2022, representing an increase of approximately 30.5% from approximately HK$67.5 million for the same period in 2021[80] - Finance costs increased to HK$1,175,000 from HK$941,000, marking a rise of approximately 25%[10] - Finance costs increased from approximately HK$0.9 million to approximately HK$1.2 million, attributed to a rise in the average interest rate of bank borrowings[90] Corporate Governance and Compliance - The Company has applied the principles and code provisions in the Corporate Governance Code and complied with all applicable code provisions during the reporting period[126] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2022, confirming compliance with applicable accounting standards and adequate disclosure[129] - The Company has established an Audit Committee in compliance with GEM Listing Rules since January 25, 2018[127] - The Company has maintained a code of conduct for Directors regarding securities transactions, ensuring adherence to GEM Listing Rules[124] Shareholding and Ownership - As of June 30, 2022, Mr. Chow Mo Lam holds a long position of 600,000,000 shares, representing 75% of the company's shareholding[100] - C.N.Y. Holdings Limited, owned 83% by Mr. Chow and 17% by Mr. Yu Lap On Stephen, directly holds 600,000,000 shares[101] - The substantial shareholders' interests include C.N.Y. Holdings Limited with a long position of 600,000,000 shares, equating to 75% of the issued capital[111] - Mr. Chow, Mr. Yu, and C.N.Y. Holdings Limited are regarded as controlling shareholders due to their significant shareholdings[105] Operational Focus and Market Outlook - The company continues to focus on providing design and project management services for façade and installation of curtain wall systems in Hong Kong[16] - The demand for façade and curtain wall works is driven by the construction of residential and commercial buildings, with forecast completions of 22,851 new units in 2022 and 21,848 new units in 2023[67] - The Group remains optimistic about its core business despite the economic slowdown, focusing on expanding its customer base and achieving sustainable growth[74] - The Group plans to strengthen its sales efforts and closely monitor project statuses to enhance competitiveness in securing larger and more profitable projects[74] Risks and Challenges - The recent COVID-19 outbreak is expected to impact the Group's business, with ongoing assessments of its operational risks and uncertainties[75] Other Information - The company was incorporated in the Cayman Islands and its shares are listed on GEM of The Stock Exchange of Hong Kong Limited since February 23, 2018[15] - The principal place of business is located in North Point, Hong Kong, indicating a stable operational base[16] - The Group operates a single operating segment, focusing on construction services without further segmentation analysis[32] - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, with no significant effects from the adoption of new standards[22] - The report will remain available on the Stock Exchange's website for at least seven days from the posting date[132]

Financial Performance - The total revenue of Polyfair Holdings Limited increased by approximately HK$62.1 million or 20.7%, from approximately HK$300.0 million for the year ended March 31, 2021, to approximately HK$362.1 million for the year ended March 31, 2022[18]. - The increase in revenue was mainly attributable to the contribution from a sizable project, namely Fo Tan[18]. - Revenue from commercial properties projects was approximately HK$204.9 million, representing approximately 56.6% of the Group's total revenue, while revenue from residential properties projects was approximately HK$157.2 million, representing approximately 43.4%[40]. - The Group's gross profit increased by approximately HK$1.3 million to approximately HK$16.5 million for the year ended March 31, 2022, while the gross profit margin decreased from approximately 5.1% to approximately 4.6%[42]. - Profit for the year increased from approximately HK$1.9 million for the year ended March 31, 2021, to approximately HK$2.7 million for the year ended March 31, 2022, representing a growth of approximately 42.1%[59]. Project and Contract Management - As of March 31, 2022, the Group had twelve projects in progress with a total original contract sum of approximately HK$906.5 million, of which approximately HK$339.5 million was recognized as revenue during the Reporting Period[27]. - During the Reporting Period, Polyfair Holdings Limited was awarded six new projects with a total contract sum of approximately HK$473.5 million, all of which are currently at the commencement stage[27]. - The total contract sum of ongoing projects reflects the Group's strong market position and ability to secure significant contracts[27]. - The Group engages subcontractors for installation work as needed, ensuring technical specifications and performance requirements are met[26]. - Project mismanagement or delays could severely affect the Group's reputation and financial performance due to potential penalties and additional costs[94]. Industry Outlook - The Group is confident about the prospects of the façade and curtain wall works solution industry in Hong Kong, driven by government initiatives to increase land supply for private housing and commercial buildings[19]. - The expected growth of the construction industry in Hong Kong is anticipated to positively impact the Group's business outlook[19]. - The Group aims to capture emerging business opportunities within the construction industry in Hong Kong, indicating a focus on market expansion[96]. Cost and Expenses - The cost of services increased to approximately HK$345.6 million for the year ended March 31, 2022, up from approximately HK$284.8 million for the year ended March 31, 2021, representing an increase of approximately 21.3%[41]. - Administrative expenses decreased by approximately HK$0.2 million from approximately HK$9.8 million to approximately HK$9.6 million for the year ended March 31, 2022[50]. - Finance costs decreased from approximately HK$4.1 million to approximately HK$4.0 million for the year ended March 31, 2022[51]. - Total staff cost, including Directors' emoluments, was approximately HK$49.9 million for the year ended March 31, 2022, compared to approximately HK$41.5 million for the previous year, indicating an increase of approximately 20.6%[80]. Staffing and Management - The number of employees increased from 98 as at March 31, 2021, to 117 as at March 31, 2022, representing a growth of approximately 19.4%[80]. - The Group's management team has extensive experience in the construction industry, with over 30 years of experience in façade and curtain wall construction and project management[102][104]. - The success of the Group significantly depends on key management and the ability to attract and retain additional façade and curtain wall design team staff[94]. Corporate Governance - The Company has complied with the applicable code provisions as set out in the Corporate Governance Code for the year ended March 31, 2022[129]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, meeting GEM Listing Rules requirements[138]. - The Company has established written guidelines for securities transactions by employees, with no incidents of non-compliance noted[131]. - The Company aims to enhance transparency and accountability to safeguard shareholder interests and increase corporate value[128]. - The Board is collectively responsible for directing and supervising the Company's affairs, ensuring sound internal control and risk management systems[163]. Risk Management - The Group's risk management practices are crucial, with potential cost overruns due to changes in building materials and staff costs, which could materially affect operational results and financial performance[94]. - The Group may face refinancing difficulties or increased financing costs, which could impact financial stability[94]. - The Group's cash flow from projects may fluctuate, indicating potential financial volatility[94].

Financial Performance - Revenue for the nine months ended December 31, 2021, was HK$287,208,000, representing an increase of 17.6% compared to HK$243,996,000 for the same period in 2020[10] - Gross profit for the same period was HK$14,104,000, up from HK$13,019,000, indicating a gross profit margin improvement[10] - Profit for the period was HK$3,415,000, slightly down from HK$3,645,000, reflecting a decrease of 6.3% year-over-year[10] - Profit before tax increased to HK$4,122,000 from HK$3,909,000, marking a growth of 5.4%[10] - Total comprehensive income for the period was HK$3,432,000, compared to HK$3,603,000 in the previous year, a decrease of 4.7%[10] - Basic and diluted earnings per share were both HK$0.43, down from HK$0.46 in the previous year[10] - The Group reported a profit of HK$32,641,000, compared to HK$2,641,000 for the same period in 2020, representing a significant increase[57] - Profit for the period decreased from approximately HK$3.6 million for the nine months ended December 31, 2020, to approximately HK$3.4 million for the nine months ended December 31, 2021[92] Revenue Breakdown - Revenue from construction services for residential properties decreased to HK$132,057,000, down 26.1% from HK$178,907,000 in the previous year[32] - Revenue from construction services for commercial properties increased significantly to HK$155,151,000, up 138.0% from HK$65,089,000 in the previous year[32] - The Group's revenue is entirely derived from services provided in Hong Kong, with no geographical diversification[34] - All revenue recognition for the nine months ended December 31, 2021, was recognized over time[35] Cost Management - Administrative expenses decreased to HK$6,949,000 from HK$8,495,000, a reduction of approximately 18.2%[10] - Total staff costs for the period amounted to HK$35,983,000, up from HK$30,445,000 in 2020, indicating a rise of approximately 18%[57] - The Group's cost of services rose to approximately HK$273.1 million for the nine months ended December 31, 2021, an increase of approximately 18.2% from approximately HK$231.0 million for the same period in 2020[76] - Finance costs decreased from approximately HK$3.4 million for the nine months ended December 31, 2020, to approximately HK$3.0 million for the nine months ended December 31, 2021, mainly due to a decrease in the average interest rate of bank borrowings[89] Financial Management - The company reported a finance cost of HK$3,028,000, a decrease from HK$3,353,000, indicating improved financial management[10] - Interest on bank borrowings decreased to HK$2,952,000 from HK$3,326,000, reflecting a reduction of about 11%[47] - The Group incurred an exchange loss of HK$72,000, a decrease from HK$209,000 in 2020, showing an improvement of about 65%[44] - Current tax expenses for the period were HK$707,000, compared to HK$266,000 in the previous year, marking an increase of approximately 165%[49] Shareholder Information - As of December 31, 2021, Mr. Chow Mo Lam held a long position of 600,000,000 shares, representing 75% of the company's shareholding[97] - Mr. Chow and Mr. Yu are regarded as controlling shareholders, with Mr. Chow owning 83% and Mr. Yu 17% of C.N.Y. Holdings Limited, which holds the shares[98] - As of December 31, 2021, C.N.Y. Holdings Limited directly held 600,000,000 shares, representing 75% of the issued capital of the Company[106] - Mr. Chow and Mr. Yu own 83% and 17% of C.N.Y. Holdings Limited, respectively, and both are executive Directors[112] Corporate Governance - The Company complied with all applicable code provisions set out in the Corporate Governance Code during the nine months ended December 31, 2021[117] - The Audit Committee was established on January 25, 2018, and comprises three independent non-executive Directors[124] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2021, and confirmed compliance with applicable accounting standards and GEM Listing Rules[126] - All Directors confirmed compliance with the Required Standard for securities transactions for the nine months ended December 31, 2021[115] Operational Focus - The company continues to focus on cost management and operational efficiency to enhance profitability in the upcoming quarters[10] - The Group remains optimistic about its core business despite the negative impact from the economic slowdown and aims to expand its customer base and achieve sustainable growth[73] - The Group operates a single operating segment, focusing on construction services without further segmentation[33] - The Group's non-current assets are substantially located in Hong Kong, reinforcing its operational focus in the region[34]

Revenue and Profitability - Revenue for the six months ended September 30, 2021, was HK$166,537,000, representing an increase of 6% compared to HK$156,710,000 for the same period in 2020[12] - Profit for the period was HK$2,012,000, down 42.1% from HK$3,465,000 in the corresponding period of 2020[12] - Basic earnings per share for the period was HK$0.25, compared to HK$0.43 for the same period in 2020, reflecting a decline of 41.9%[12] - Total comprehensive income for the period was HK$2,047,000, down 40.5% from HK$3,444,000 in the previous year[12] - The Group's gross profit decreased by approximately HK$1.3 million to approximately HK$9.1 million for the six months ended 30 September 2021, with a gross profit margin decrease from approximately 6.6% to approximately 5.5%[148] - Profit for the period decreased from approximately HK$3.5 million to approximately HK$2.0 million for the six months ended 30 September 2021, mainly due to the absence of subsidies[158] Expenses and Costs - Gross profit for the reporting period was HK$9,139,000, a decrease of 13.8% from HK$10,358,000 in the previous year[12] - Administrative expenses decreased to HK$4,861,000 from HK$5,806,000, a reduction of 16.3%[12] - Finance costs decreased to HK$1,927,000 from HK$2,270,000, a decline of 15.1%[12] - Total staff costs for the period amounted to HK$23,372,000, representing an increase of 19.0% from HK$19,585,000 in the previous year[72] - The cost of services increased to approximately HK$157.4 million for the six months ended 30 September 2021, representing an increase of approximately 7.5% from approximately HK$146.4 million for the six months ended 30 September 2020[147] Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$238,687,000, an increase from HK$192,224,000 as of March 31, 2021, representing a growth of approximately 24.2%[14] - Trade receivables significantly increased to HK$75,880,000 from HK$29,837,000, marking a rise of approximately 154.1%[14] - Current liabilities rose to HK$187,385,000 from HK$141,874,000, reflecting an increase of about 32.1%[14] - Net assets increased to HK$68,388,000 from HK$66,340,000, showing a growth of approximately 3.1%[17] - The company’s lease liabilities decreased from HK$1,672,000 to HK$805,000, a reduction of approximately 51.9%[17] - The company reported bank overdrafts of HK$4,849,000 as of September 30, 2021, significantly up from HK$48,000 as of March 31, 2021[112] Cash Flow and Financing - Net cash used in operating activities increased significantly to HK$27,663,000 compared to HK$537,000 in the previous year, indicating a substantial cash outflow[23] - New bank borrowings raised amounted to HK$225,495,000, a significant increase from HK$79,342,000, reflecting a strategy to enhance liquidity[23] - The net cash generated from financing activities rose to HK$29,704,000, compared to HK$4,634,000 in the prior period, indicating improved financing conditions[23] - Outstanding borrowings amounted to approximately HK$129.0 million repayable within one year, up from HK$95.5 million as of March 31, 2021[166] - The current ratio decreased from approximately 1.4 as of March 31, 2021, to approximately 1.3 as of September 30, 2021[167] Revenue Sources - Revenue from residential construction services was HK$88,897,000, significantly up from HK$30,012,000 in the previous year, indicating a growth of 196%[48] - Revenue from commercial construction services decreased to HK$77,640,000 from HK$126,698,000, reflecting a decline of 39%[48] - For the six months ended September 30, 2021, the Group's revenue from construction services amounted to HK$166,537,000, representing an increase of 6% compared to HK$156,710,000 for the same period in 2020[48] Management and Strategy - The company continues to focus on cost management strategies to improve profitability in future periods[12] - The Group remains optimistic about its core business despite the economic slowdown and plans to strengthen sales efforts and control service costs[141] - The Group's overall capital management strategy remains unchanged from the prior year, focusing on optimizing the debt and equity balance[120] - The Group will balance its overall capital structure through the issuance of new shares, raising new borrowings, or repaying existing borrowings[123] Risks and Challenges - The Group is actively monitoring the impact of COVID-19 on its operations and assessing related risks[142] - Changes in the cost of building materials, staff, and subcontracting fees may lead to cost overruns, materially affecting operational results and financial performance[197] - The Group may face difficulties in refinancing or an increase in financing costs, which could impact financial performance[197] - The cash flow of the Group's projects may fluctuate, affecting overall financial stability[197] Compliance and Governance - The Group has complied with all relevant laws and regulations in Hong Kong during the reporting period[191] - The Group does not currently have a foreign currency hedging policy but monitors foreign exchange risks closely[188]

Financial Performance - Revenue for the three months ended June 30, 2021, was HK$72,379,000, representing an increase of 7.3% compared to HK$67,066,000 for the same period in 2020[10]. - Gross profit for the same period was HK$4,852,000, slightly up from HK$4,742,000, indicating a gross margin improvement[10]. - Profit for the period was HK$1,161,000, a decrease of 26% from HK$1,567,000 in the prior year[10]. - Total comprehensive income for the period was HK$1,197,000, compared to HK$1,563,000 in the previous year, showing a decline of 23.3%[10]. - Basic and diluted earnings per share for the period were both HK$0.15, down from HK$0.20 in the same period last year[10]. - The Group's profit for the period ended June 30, 2021, was HK$19,000, compared to HK$1,467,000 for the same period in 2020, indicating a significant decrease[43]. - Profit for the period decreased from approximately HK$1.6 million to about HK$1.2 million, influenced by a decrease in other income and gains, despite a slight increase in gross profit[92]. Revenue Breakdown - Revenue from construction services for residential properties decreased to HK$35,103,000, down 34% from HK$53,817,000 in the previous year[32]. - Revenue from construction services for commercial properties increased significantly to HK$37,276,000, up 181% from HK$13,249,000 in the same period last year[32]. - The Group's total revenue increased by approximately HK$5.3 million or 7.9%, from approximately HK$67.1 million for the three months ended June 30, 2020, to approximately HK$72.4 million for the three months ended June 30, 2021[80]. - Total revenue increased by approximately HK$5.3 million or 7.9% from about HK$67.1 million for the three months ended June 30, 2020, to about HK$72.4 million for the three months ended June 30, 2021, primarily due to contributions from a large project[84]. Expenses and Costs - Administrative expenses decreased to HK$2,629,000 from HK$3,140,000, reflecting a reduction of 16.2%[10]. - Total staff costs for the period were HK$11,442,000, up 21.5% from HK$9,415,000 in the previous year[56]. - The cost of services rose to approximately HK$67.5 million for the three months ended June 30, 2021, up from approximately HK$62.3 million for the same period in 2020, representing an increase of approximately 8.3%[81]. - Service costs rose from approximately HK$62.3 million to about HK$67.5 million, an increase of approximately 8.3%, consistent with the revenue growth[85]. - Finance costs were reduced to HK$941,000 from HK$1,396,000, a decrease of 32.7%[10]. - Interest on bank borrowings decreased to HK$911,000 from HK$1,384,000, reflecting a reduction of 34.1%[46]. - Finance costs decreased from approximately HK$1.4 million to about HK$0.9 million, primarily due to a decrease in the average interest rate of bank borrowings[90]. Shareholder Information - The company’s controlling shareholder, Mr. Chow Mo Lam, holds a long position of 600,000,000 shares, representing 75% of the company's shareholding[100]. - The interests in shares of the company are held through C.N.Y. Holdings Limited, which is owned 83% by Mr. Chow and 17% by Mr. Yu, both of whom are executive directors[101]. - C.N.Y. Holdings Limited directly holds 600,000,000 shares, representing 75% of the issued capital of the Company[110]. - Mr. Chow Mo Lam owns 83% of C.N.Y. Holdings Limited, while Mr. Yu Lap On Stephen owns 17%[116]. - As of June 30, 2021, no other Directors or chief executives had interests or short positions in the shares of the Company[105]. Corporate Governance - The Company has not purchased, sold, or redeemed any of its listed securities during the reporting period[118]. - The Group has adopted a share option scheme, but no share options had been granted as of June 30, 2021[120]. - The Company complied with all applicable code provisions set out in the Corporate Governance Code during the three months ended June 30, 2021[121]. - There were no known competing businesses or conflicts of interest involving Directors or controlling shareholders as of June 30, 2021[117]. - The Company has confirmed that all Directors complied with the required standards for securities transactions during the reporting period[119]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2021, and confirmed compliance with applicable accounting standards and GEM Listing Rules[129]. Market and Economic Conditions - The demand for façade and curtain wall works is driven by the construction of residential buildings, which increased from 13,643 new units in 2019 to 20,888 new units in 2020[69]. - Office completions in Hong Kong were 69,000 m² in 2020, a significant fall of 74% from 2019, with expectations for completions to increase to 70,900 m² in 2021 and 275,300 m² in 2022[74]. - The Group remains optimistic about its core business despite the economic slowdown, aiming to expand its customer base and achieve sustainable growth[75]. - The recent outbreak of COVID-19 is expected to impact the Group's business, and the Board will continue to assess its potential effects[76].

Financial Performance - The total revenue of Polyfair Holdings Limited increased by approximately HK$70.2 million or 30.5%, from approximately HK$229.8 million for the year ended March 31, 2020, to approximately HK$300.0 million for the year ended March 31, 2021[19][23]. - The revenue increase was mainly attributed to a sizable project, namely Kai Tak KT1K[19][23]. - Revenue from commercial properties projects was approximately HK$89.7 million, representing about 29.9% of the Group's total revenue, while revenue from residential properties projects was approximately HK$210.3 million, accounting for approximately 70.1%[41]. - The Group's cost of services increased to approximately HK$284.8 million for the year ended 31 March 2021, up from approximately HK$212.3 million for the year ended 31 March 2020, representing an increase of approximately 34.2%[42]. - Gross profit decreased by approximately HK$2.3 million from approximately HK$17.5 million for the year ended 31 March 2020 to approximately HK$15.2 million for the year ended 31 March 2021, with the gross profit margin decreasing from approximately 7.6% to approximately 5.1%[43]. - Profit for the year decreased from approximately HK$3.1 million for the year ended 31 March 2020 to approximately HK$1.9 million for the year ended 31 March 2021, a decline of about 38.7%[58]. Project Management and Operations - The Group was awarded five new projects during the reporting period, with a total contract sum of approximately HK$348.1 million, all of which are now at the commencement stage[28]. - As of 31 March 2021, the Group had 10 projects in progress with a total original contract sum of approximately HK$520.5 million, of which approximately HK$130.6 million was recognized as revenue during the reporting period[28]. - The Group relies on subcontractors for project completion, and underperformance or unavailability may adversely affect operations[92]. - Changes in building material costs and subcontracting fees may lead to cost overruns, impacting financial performance[92]. Administrative and Financial Management - Other income, gain and loss increased by approximately HK$1.6 million for the year ended 31 March 2021, mainly due to subsidies received under the Employment Support Scheme[48]. - Administrative expenses decreased by approximately HK$1.4 million from approximately HK$11.2 million for the year ended 31 March 2020 to approximately HK$9.8 million for the year ended 31 March 2021[50]. - Finance costs decreased from approximately HK$5.6 million for the year ended 31 March 2020 to approximately HK$4.1 million for the year ended 31 March 2021, primarily due to a decrease in the average interest rate of bank borrowings[51]. - Cash and bank balances increased by approximately HK$2.5 million to approximately HK$10.6 million as at 31 March 2021[59]. - Pledged deposits decreased by approximately HK$4.9 million to approximately HK$27.4 million as at 31 March 2021[60]. - The gearing ratio increased from approximately 46.4% to approximately 47.5% as at 31 March 2021[62]. Human Resources - As of March 31, 2021, the Group employed 98 staff, an increase from 87 in 2020[79]. - Total staff costs, including Directors' emoluments, were approximately HK$41.5 million, up from HK$39.4 million in 2020[79]. - Key management's ability to attract and retain staff is crucial for the Group's success[92]. Corporate Governance - The company has complied with the applicable code provisions as set out in the Corporate Governance Code for the year ended March 31, 2021[127]. - The Board currently comprises six Directors, including three executive Directors and three independent non-executive Directors[136]. - The company has established written guidelines for securities transactions by employees, with no incidents of non-compliance noted[130]. - The company is committed to enhancing its corporate governance practices appropriate to the operation and growth of the business[127]. - The Board is responsible for overseeing the Group's businesses, strategic decisions, and performance[135]. - The company has adopted a code of conduct regarding securities transactions by the Directors, which meets the required standard[128]. - The Board met the GEM Listing Rules requirements with at least three independent non-executive Directors, representing one-third of the Board[151]. - Each independent non-executive Director confirmed their independence annually as per GEM Listing Rules[150]. Board and Committee Activities - The Audit Committee held 5 meetings for the year ended March 31, 2021, reviewing quarterly, interim, and annual financial statements[180]. - The Remuneration Committee held 1 meeting for the year ended March 31, 2021, discussing and reviewing the existing remuneration policy and structure for Directors and senior management[186]. - The Nomination Committee held 1 meeting for the year ended March 31, 2021, reviewing the Board's structure, size, composition, and diversity[195]. - The primary duties of the Audit Committee include reviewing financial statements and overseeing internal control procedures[178]. - The primary duties of the Remuneration Committee include making recommendations on overall remuneration policy and structure for all Directors and senior management[184]. - The primary duties of the Nomination Committee include assessing the independence of independent non-executive Directors and making recommendations on appointments[191]. Management Team - Mr. Yu Li An has over 30 years of experience in the construction industry, focusing on project management and operational strategies[102]. - Mr. Wong Kam Man has been with the Group since August 2012, overseeing project management and quality control procedures[104]. - Dr. Lung Cheuk Wah has over 30 years of experience in company secretary, accounting, and finance, serving as an independent non-executive director since January 2018[108]. - Mr. Man Yun Yee, appointed in February 2020, has over 40 years of experience in auditing and management, currently serving as an engagement partner at a CPA firm[113]. - Mr. Wong Chi Yung has extensive experience in accounting and corporate finance, appointed as an independent non-executive director in January 2018[115]. - The Group's management team includes professionals with significant experience in the construction and engineering sectors[107]. Risk Management - The Group's exposure to foreign exchange rate risk is limited, with no foreign currency hedging policy currently in place[78]. - The Group does not face significant foreign exchange risk as most operations are conducted in Hong Kong dollars, Renminbi, and US dollars[82]. - The Group's risk management practices are deemed important to mitigate operational and financial risks effectively[91].

Financial Performance - Revenue for the nine months ended December 31, 2020, was HK$243,996,000, representing a 29.6% increase from HK$188,221,000 in the same period of 2019[9]. - Gross profit for the same period was HK$13,019,000, slightly down from HK$13,840,000, indicating a decrease of 5.9%[9]. - Profit for the period was HK$3,645,000, compared to HK$1,748,000 in 2019, marking a significant increase of 108.5%[9]. - Basic earnings per share increased to HK$0.46 from HK$0.22, reflecting a growth of 109.1%[9]. - Total comprehensive income for the period was HK$3,603,000, compared to HK$1,738,000 in the previous year, an increase of 107.9%[9]. - The total revenue of the Group increased by approximately HK$55.8 million or 29.6%, from approximately HK$188.2 million for the nine months ended 31 December 2019 to approximately HK$244.0 million for the nine months ended 31 December 2020[66]. - Profit for the period increased from approximately HK$1.7 million to approximately HK$3.6 million for the nine months ended 31 December 2020[78]. Revenue Breakdown - Revenue from residential properties significantly increased to HK$178,907,000, up 371.5% from HK$37,860,000 in the previous year[30]. - Revenue from commercial properties decreased to HK$65,089,000, down 56.7% from HK$150,361,000 in the previous year[30]. - Major customers contributing over 10% of total revenue included Customer C2 with HK$142,345,000 and Customer A1 with HK$28,448,000[34]. Expenses and Costs - Administrative expenses decreased to HK$8,495,000 from HK$10,137,000, a reduction of 16.2%[9]. - Finance costs decreased to HK$3,353,000 from HK$4,258,000, a decline of 21.2%[9]. - Total staff costs increased to HK$30,445,000 in 2020 from HK$27,459,000 in 2019, reflecting a rise of approximately 7%[41]. - The cost of services increased to approximately HK$231.0 million for the nine months ended 31 December 2020, representing an increase of approximately 32.5% from approximately HK$174.4 million for the nine months ended 31 December 2019[67]. Other Income and Gains - Other income, gain, and loss increased significantly to HK$2,738,000 from HK$81,000, showing a growth of 3,284.0%[9]. - Other income for the period was HK$2,850,000, compared to no other income reported in the previous year[36]. - Other income, gain and loss increased by approximately HK$2.7 million for the nine months ended December 31, 2020, mainly due to subsidies received under the Employment Support Scheme[69]. Projects and Operations - The Group had ten projects in progress with a total original contract sum of approximately HK$695.1 million, of which HK$222.1 million was recognized as revenue during the reporting period[57]. - Four new projects were awarded during the reporting period, with a total contract sum of approximately HK$318.9 million[57]. - The Group operates a single segment focused on construction services, with all revenue generated from this line of business[26]. - The Group's operations are primarily based in Hong Kong, serving property developers and main contractors in the private sector[31]. Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and have not been audited but reviewed by the audit committee[20]. - The company has established an Audit Committee comprising three independent non-executive directors to oversee financial reporting and internal control procedures[111]. - The company has complied with all applicable code provisions set out in the Corporate Governance Code[109]. - All Directors confirmed compliance with the required standard of dealings regarding securities transactions for the nine months ended December 31, 2020[101]. Shareholding and Directors - As of December 31, 2020, Mr. Chow Mo Lam holds a long position of 600,000,000 Shares, representing 75% of the Company's shareholding[87]. - The 600,000,000 Shares are directly held by CNY, a BVI company, with Mr. Chow owning 83% and Mr. Yu owning 17%[88]. - Ms. Hau Pak Sui, spouse of Mr. Chow, is deemed to have an interest in the same 600,000,000 Shares, also representing 75%[95]. - No other Directors or chief executives had any interests or short positions in the shares or debentures of the Company as of December 31, 2020[91]. - The executive directors as of the report date include Mr. Chow Mo Lam (Chairman), Mr. Yu Lap On Stephen (CEO), and Mr. Wong Kam Man[119]. Auditor and Financial Review - Deloitte Touche Tohmatsu resigned as the auditor on September 28, 2020, and ZHONGHUI ANDA CPA Limited was appointed as the new auditor[110]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2020, confirming compliance with applicable accounting standards and adequate disclosure[117].

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$156,710,000, a slight increase of 1% compared to HK$154,729,000 in the same period of 2019[11]. - Gross profit for the same period was HK$10,358,000, down 2.8% from HK$10,652,000 in 2019[11]. - Profit before taxation increased significantly to HK$3,791,000, compared to HK$1,131,000 in the previous year, representing a growth of 235%[11]. - Profit for the period was HK$3,465,000, up 5.7% from HK$3,277,000 in 2019[11]. - Total comprehensive income for the period was HK$3,444,000, compared to HK$3,275,000 in the same period last year, reflecting an increase of 5.1%[11]. - Earnings per share for the period was HK$0.43, compared to HK$0.41 in the previous year, marking a 4.9% increase[11]. - Profit before taxation for the six months ended 30 September 2020 was HK$3,465,000, compared to HK$3,277,000 for the same period in 2019, representing an increase of approximately 5.7%[66]. - Profit for the period increased from approximately HK$3.3 million to approximately HK$3.5 million, an increase of about 6.1%, driven by a net result of various factors including a decrease in gross profit and administration expenses[143][147]. Assets and Liabilities - Current assets as of September 30, 2020, totaled HK$211,048,000, an increase from HK$177,072,000 as of March 31, 2020[12]. - Net current assets improved to HK$52,386,000 from HK$51,031,000 as of March 31, 2020[12]. - Total equity increased to HK$67,847,000 from HK$64,403,000, indicating a growth of 3.8%[12]. - The company reported a significant increase in trade receivables, which rose to HK$42,939,000 from HK$14,930,000, indicating a growth of 187%[12]. - The company’s total equity attributable to owners increased to HK$64,639,000 as of September 30, 2020, compared to HK$61,364,000 at the beginning of the period, reflecting a growth of about 5.7%[16]. - The company’s cash flow from financing activities showed a net inflow of HK$4,634,000, compared to HK$2,914,000 in the previous year, indicating improved financing conditions[16]. - The company’s retained profits increased to HK$18,941,000 as of September 30, 2020, up from HK$15,684,000 at the end of the previous period, marking a growth of approximately 20%[16]. - The company reported a decrease in other comprehensive expenses for the period, which amounted to HK$21,000, compared to HK$2,000 in the previous year[16]. - The aged analysis of trade receivables shows that HK$37,446,000 is within 30 days, HK$4,824,000 is between 31 to 90 days, and HK$669,000 is overdue for more than 90 days[81][88]. - Trade payables increased to HK$41,892,000 as of September 30, 2020, up from HK$17,114,000 as of March 31, 2020[91]. - Bank borrowings amounted to HK$104,116,000 as of September 30, 2020, compared to HK$96,268,000 as of March 31, 2020[96]. - The amount due within one year from bank borrowings is HK$98,904,000, while HK$5,212,000 is not repayable within one year but contains a repayment on demand clause[96]. Cash Flow and Financing - Cash and cash equivalents at the end of the period were HK$12,138,000, a significant increase from HK$3,287,000 at the end of the same period in 2019, reflecting a growth of approximately 270%[16]. - Net cash used in operating activities improved to HK$19,000 from a negative HK$537,000 in the previous year, showing a turnaround in operational cash flow[16]. - New bank borrowings raised during the period amounted to HK$79,342,000, while repayments of bank borrowings were HK$71,494,000, resulting in a net increase in financing cash flow of HK$4,634,000[16]. - The Group's interest income decreased to HK$60,000 from HK$96,000, while other income increased to HK$1,467,000 from nil in the previous year[47]. - Finance costs for the six months ended September 30, 2020, were HK$2,270,000, down from HK$2,844,000 in the same period of 2019, indicating a reduction of 20.1%[49]. - The Group's cash flow from financing activities showed a net inflow of HK$4,634,000, compared to HK$2,914,000 in the previous year, indicating improved financing conditions[16]. Operational Highlights - For the six months ended September 30, 2020, the Group's revenue from residential properties was HK$30,012,000, an increase of 16.4% from HK$25,709,000 in the same period of 2019[40]. - Revenue from commercial properties was HK$126,698,000, a decrease of 1.0% from HK$129,020,000 in the same period of 2019[40]. - The Group had nine projects in progress with a total original contract sum of approximately HK$651.1 million, and recognized total revenue of approximately HK$138.6 million during the reporting period[120]. - Three new projects were awarded during the reporting period, with a total contract sum of approximately HK$236.2 million[120]. - The number of new residential units in Hong Kong is expected to increase from 13,643 in 2019 to 20,854 in 2020, driving demand for façade and curtain wall works[121]. - Office completions in Hong Kong rose by 49% in 2019, totaling 266,900 m², with 90% of completions in non-core districts, indicating a growing market for the Group's services[122]. Management and Governance - The Group's success significantly depends on key management and the ability to attract and retain additional design team staff[178]. - Mr. Chow Mo Lam holds a long position of 600,000,000 shares, representing 75% of the Company[182]. - Mr. Chow's interest in shares is through CNY, a company incorporated in the BVI, which he owns 83%[183]. - As of September 30, 2020, no other directors or chief executives had interests in shares or debentures of the Company[186]. - The directors confirmed compliance with the required standard of dealings regarding securities transactions for the six months ended September 30, 2020[197]. - The company is regarded as having controlling shareholders, including Mr. Chow, Mr. Yu, and C.N.Y. Holdings Limited[193].