Financial Performance - Revenue for the six months ended September 30, 2023, increased to HK$186,471,000, up 9.3% from HK$169,577,000 in the same period of 2022[12] - Gross profit for the period was HK$11,066,000, representing a significant increase of 59.9% compared to HK$6,962,000 in the prior year[12] - Profit for the period decreased to HK$765,000, down 38.5% from HK$1,247,000 in the same period of 2022[12] - Total comprehensive income for the period was HK$779,000, compared to HK$1,325,000 in the previous year, reflecting a decline of 41.2%[12] - Basic earnings per share for the period were HK$0.10, down from HK$0.16 in the same period of 2022, a decrease of 37.5%[12] - Profit before taxation for the six months ended 30 September 2023 was HK$1,087,000, down from HK$1,391,000 in 2022, indicating a decline of about 22%[21] - Cash used in operations for the six months ended 30 September 2023 was HK$17,487,000, a significant improvement compared to cash used of HK$27,790,000 in the same period last year[21] - Total comprehensive income for the six months ended 30 September 2023 was HK$780,000, compared to HK$1,325,000 for the same period in 2022, representing a decrease of approximately 41%[17] - Profit for the period decreased from approximately HK$1.3 million to approximately HK$0.8 million for the six months ended 30 September 2023, primarily due to increased finance costs and decreased other income[149] Assets and Liabilities - Trade receivables increased significantly to HK$93,043,000 from HK$28,795,000, indicating a growth of 223.5%[13] - Current liabilities rose to HK$261,344,000, up from HK$249,472,000, marking an increase of 4.7%[13] - Net assets as of September 30, 2023, were HK$72,814,000, slightly up from HK$72,034,000 as of March 31, 2023[15] - Other borrowings increased to HK$25,027,000 from HK$5,000,000, showing a substantial rise of 400.5%[15] - The company reported a change in trade receivables of negative HK$64,249,000 for the six months ended 30 September 2023, compared to negative HK$10,224,000 in the previous year[21] - As of September 30, 2023, total bank borrowings amounted to HK$157,217,000, a decrease of 7.2% from HK$169,373,000 as of March 31, 2023[15] - The total carrying amount of bank borrowings classified under current liabilities was HK$152,375,000 as of September 30, 2023, down from HK$164,373,000[15] Revenue Breakdown - For the six months ended September 30, 2023, the Group's revenue from construction services amounted to HK$186,471,000, representing an increase of 9.3% compared to HK$169,577,000 for the same period in 2022[46] - Revenue from residential construction services was HK$146,796,000, up 52.2% from HK$96,510,000 in the previous year, while revenue from commercial construction services decreased by 45.6% to HK$39,675,000 from HK$73,067,000[46] - Major customers contributing 10% or more of total revenue included Customer A with HK$100,315,000, Customer B with HK$31,611,000, and Customer C with HK$19,377,000, indicating a significant increase in reliance on these customers[54] Expenses and Costs - The company reported an increase in administrative expenses to HK$4,957,000 from HK$4,667,000, reflecting a rise of 6.2%[12] - Total staff costs amounted to HK$27,572,000, an increase from HK$26,393,000 in the previous year, reflecting a growth of 4.5%[70] - Finance costs increased from approximately HK$2.5 million to approximately HK$5.5 million for the six months ended 30 September 2023, mainly due to the increase in the average interest rate of bank borrowings[147] - The cost of services increased to approximately HK$175.4 million for the six months ended 30 September 2023 from approximately HK$162.6 million for the six months ended 30 September 2022, representing an increase of approximately 7.9%[138] Cash Flow and Financing - Net cash generated from financing activities for the six months ended 30 September 2023 was negative HK$18,410,000, compared to positive HK$28,208,000 in 2022[21] - Cash and cash equivalents at the end of the period were HK$12,724,000, slightly down from HK$12,883,000 at the end of September 2022[21] - The current ratio of the Group remained at 1.2 as at 30 September 2023, while the gearing ratio decreased from approximately 62.3% to approximately 59.8%[158] Management and Governance - The Group's success significantly depends on key management and the ability to attract and retain additional design team staff[182] - The Group has complied with all relevant laws and regulations in Hong Kong during the reporting period[180] - The interests of Directors and chief executives are recorded in the register maintained under section 352 of the SFO[195] Shareholding Structure - As of September 30, 2023, Mr. Chow Mo Lam holds a long position of 600,000,000 shares, representing 75% of the company's shareholding[190] - C.N.Y. Holdings Limited holds 600,000,000 shares, representing 75% of the issued capital of the Company[200] - Mr. Chow Mo Lam owns 83% of C.N.Y. Holdings Limited, while Mr. Yu Lap On Stephen owns 17%[194] - Both Mr. Chow and Mr. Yu are executive Directors and are considered Controlling Shareholders[196] Future Outlook - The Group's management remains optimistic about its core business despite economic slowdown, believing there is a market for quality façade and curtain wall works in Hong Kong[134] - The Group plans to strengthen its sales efforts, closely monitor project statuses, and control service costs to expand its customer base and achieve sustainable growth[134] - The Group's management expects revenue recognition from unsatisfied contracts to occur between 2024 and 2026[87]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 截至2023年9月30日止六個月的 中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資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。 本公告乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供 有關寶發控股有限公司（「本公司」）的資料；本公司的董事（「董事」）願就本公告共 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，就彼等所知及所 信，本 ...

Financial Performance - Revenue for the first quarter ended June 30, 2023, was HK$90,322,000, a decrease of 2.6% compared to HK$92,508,000 in the same period of 2022[10] - Gross profit increased to HK$6,279,000, representing a 43.3% increase from HK$4,381,000 in the previous year[10] - Profit from operations rose to HK$3,856,000, up 50% from HK$2,570,000 in the same quarter of 2022[10] - Profit for the period was HK$1,022,000, a decrease of 20.6% compared to HK$1,288,000 in the prior year[10] - Total comprehensive income for the period was HK$1,044,000, down from HK$1,318,000 in the same quarter of 2022[10] - Basic earnings per share for the first quarter was HK$0.13, compared to HK$0.16 in the previous year[10] - The Group reported exchange gains of HK$7,000 for the period, compared to exchange losses of HK$30,000 in the previous year[43] - For the three months ended June 30, 2023, the Group's profit was HK$1,022,000, a decrease from HK$1,288,000 in the same period of 2022, representing a decline of approximately 20.6%[64] - The Group's total revenue decreased by approximately HK$2.2 million or 2.4%, from approximately HK$92.5 million for the three months ended June 30, 2022, to approximately HK$90.3 million for the three months ended June 30, 2023[79] - Profit for the period decreased from approximately HK$1.3 million to approximately HK$1.0 million, influenced by various factors including increased finance costs and decreased other income[91] Expenses and Costs - Administrative expenses increased to HK$2,548,000, up from HK$2,378,000 in the same period of 2022[10] - Finance costs significantly increased to HK$2,641,000 from HK$1,175,000 in the previous year, indicating a rise in borrowing costs[10] - Current tax expenses for the period were HK$193,000, compared to HK$107,000 in the same period of 2022[48] - The total staff costs for the period amounted to HK$14,439,000, an increase of 5.5% compared to HK$13,692,000 in the previous year[57] - The cost of services decreased to approximately HK$84.0 million for the three months ended June 30, 2023, from approximately HK$88.1 million for the same period in 2022, representing a decrease of approximately 4.7%[80] - Finance costs increased from approximately HK$1.2 million to approximately HK$2.6 million, mainly due to the increase in the average interest rate of bank borrowings[89] - The income tax expenses increased by approximately HK$0.1 million, from approximately HK$0.1 million to approximately HK$0.2 million for the same period[90] Revenue Breakdown - Revenue from construction services for residential properties increased to HK$61,330,000, up 53% from HK$40,177,000 in 2022[31] - Revenue from construction services for commercial properties decreased to HK$28,992,000, down 45% from HK$52,331,000 in 2022[31] - All revenue recognition for the period was over time, consistent with the previous year[34] Company Overview - Polyfair Holdings Limited was incorporated in the Cayman Islands and listed on GEM of The Stock Exchange of Hong Kong Limited on February 23, 2018[15] - The Group's non-current assets are substantially located in Hong Kong, with no geographical revenue breakdown provided[33] - The Group's financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and have not been audited by independent auditors[22] Corporate Governance - The Company complied with all applicable code provisions set out in the Corporate Governance Code as of June 30, 2023[120] - The Audit Committee, established on January 25, 2018, comprises three independent non-executive Directors[126] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, confirming compliance with applicable accounting standards and GEM Listing Rules[128] - All Directors confirmed compliance with the Required Standard for securities transactions for the three months ended June 30, 2023[118] - The Company has not been aware of any competing businesses or conflicts of interest among Directors as of June 30, 2023[116] Future Outlook - The forecast for residential building completions in Hong Kong is 19,953 new units in 2023 and 26,970 new units in 2024, driving demand for façade and curtain wall works[70] - Office completions in Hong Kong in 2022 were 351,300 m², expected to drop to 267,200 m² in 2023 and further to 105,700 m² in 2024[75] - The Group remains optimistic about its core business in high-quality facade and curtain wall engineering in Hong Kong, aiming to enhance sales efforts and expand its customer base[77] - The Group aims to strengthen its sales efforts and control service costs to expand its customer base and achieve sustainable business growth[76] Shareholding and Directors - 600,000,000 shares are directly held by C.N.Y. Holdings Limited, with Mr. Chow owning 83% and Mr. Yu owning 17%[105] - As of June 30, 2023, C.N.Y. Holdings Limited holds a 75% shareholding in the Company[111] - No share options had been granted up to June 30, 2023, under the Group's share option scheme[119] - Directors' remuneration for the period was HK$1,502,000, slightly up from HK$1,470,000 in the previous year[57] - There were no interests or short positions in shares recorded for Directors or chief executives as of June 30, 2023[106] - Mr. Chow is deemed to be interested in the 600,000,000 shares held by C.N.Y. Holdings Limited[115] - Ms. Hau Pak Sui, as the spouse of Mr. Chow, is also deemed to be interested in the same 600,000,000 shares[115]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 截至2023年6月30日止三個月的 第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資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 的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公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公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。 本公告乃遵照聯交所的GEM證券上市規則 ...

Financial Performance - The total revenue of Polyfair Holdings Limited decreased by approximately HK$31.4 million or 8.7%, from approximately HK$362.1 million for the year ended March 31, 2022, to approximately HK$330.7 million for the year ended March 31, 2023[19][23]. - The decrease in revenue was mainly attributable to the substantial completion of a sizable project[19][23]. - Revenue from commercial properties projects was approximately HK$95.9 million, representing approximately 29.0% of the Group's revenue, while revenue from residential properties projects was approximately HK$234.8 million, representing approximately 71.0% of the Group's revenue[39]. - The Group's cost of services decreased to approximately HK$313.8 million for the year ended March 31, 2023, from approximately HK$345.6 million for the year ended March 31, 2022, representing a decrease of approximately 9.2%[40]. - The Group's gross profit increased by approximately HK$0.4 million from approximately HK$16.5 million for the year ended March 31, 2022, to approximately HK$16.9 million for the year ended March 31, 2023, with a gross profit margin increase from approximately 4.6% to approximately 5.1%[41]. - Profit for the year increased from approximately HK$2.7 million for the year ended 31 March 2022 to approximately HK$3.0 million for the year ended 31 March 2023, representing an increase of about 11.1%[57]. Project and Operational Insights - As of March 31, 2023, the Group had ten ongoing projects with a total original contract sum of approximately HK$760.2 million, of which approximately HK$237.2 million was recognized as revenue during the Reporting Period[30]. - The Group remains optimistic about its core business despite the economic slowdown, believing there is a market for quality façade and curtain wall works in Hong Kong[34]. - The forecast completions for residential buildings in Hong Kong are 19,953 new units in 2023 and 26,970 new units in 2024, driving demand for façade and curtain wall works[32]. - The Group plans to strengthen its sales efforts and carefully control service costs to expand its customer base and achieve sustainable business growth[34]. Financial Position and Ratios - Cash and bank balances as at 31 March 2023 were approximately HK$14.5 million, an increase of approximately HK$2.0 million compared to HK$12.5 million as at 31 March 2022[58]. - Outstanding borrowings increased from approximately HK$110.7 million as at 31 March 2022 to approximately HK$154.4 million as at 31 March 2023, reflecting a rise of about 39.5%[59]. - The current ratio decreased from approximately 1.3 as at 31 March 2022 to approximately 1.2 as at 31 March 2023[60]. - The gearing ratio increased from approximately 53.0% to approximately 62.3% from 31 March 2022 to 31 March 2023[60]. Human Resources and Staff Management - Total staff cost increased to approximately HK$53.9 million in 2023 from HK$49.9 million in 2022, marking an increase of about 4.0%[76]. - As of March 31, 2023, the Group employed 140 staff, an increase from 117 in 2022[80]. - The Group provides on-the-job training and sponsors employees for training courses to enhance skills[80]. - Total employee costs, including director remuneration, amounted to approximately HKD 53.9 million, up from HKD 49.9 million in 2022[80]. Risk Management and Compliance - The Group's risk management practices are crucial to mitigate operational and financial risks effectively[89]. - Changes in building material costs, staff costs, and subcontracting fees may lead to cost overruns, significantly impacting operational results and financial performance[90]. - The Group may face difficulties in refinancing or an increase in financing costs, which could affect financial stability[90]. - The Group has complied with all relevant laws and regulations in Hong Kong during the year[84]. Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code for the year ended March 31, 2023[125]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors[133]. - The Company will enhance its corporate governance practices to align with the growth of the business[125]. - The Audit Committee was established on January 25, 2018, and is composed of three independent non-executive directors, ensuring compliance with GEM Listing Rules[175]. - The company has a structured approach to corporate governance, with all directors subject to retirement by rotation at least once every three years[156]. - The majority of members in each Board committee are independent non-executive directors, promoting objectivity and independence in decision-making[174]. - The company has implemented sound internal control and risk management systems to monitor operational and financial performance[158]. Board and Committee Activities - Four Board meetings were held during the year ended March 31, 2023, all of which were regular meetings[143]. - The Audit Committee held 4 meetings for the year ended 31 March 2023, reviewing quarterly, interim, and annual financial statements[177]. - The Remuneration Committee held 1 meeting during the year, discussing and reviewing the existing remuneration policy and structure for Directors and senior management[184]. - The Nomination Committee also held 1 meeting, reviewing the Board's structure, size, composition, and diversity, and assessing the independence of independent non-executive Directors[194]. - All executive directors attended 100% of the board meetings, demonstrating strong governance participation[199]. - Independent non-executive directors also attended all meetings, indicating robust oversight[199].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 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。 Polyfair Holdings Limited 寶發控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8532） 截至2023年3月31日止年度的 全年業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資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。 本公告乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供 有關寶發控股有限公司（「本公司」）的資料；本公司的董事（「董事」）願就本公告共 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，就彼等所知及所 信，本 ...

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].