Financial Performance - The group's revenue decreased by approximately 41.0 million HKD or 28.7% to about 101.7 million HKD for the six months ended September 30, 2022, compared to approximately 142.7 million HKD for the same period in 2021[41]. - Gross profit for the review period was approximately 11.7 million HKD, a decrease of about 27.7% from approximately 16.2 million HKD for the six months ended September 30, 2021[42]. - The profit attributable to the owners of the company decreased by approximately HKD 4.0 million or about 48.2% to approximately HKD 4.3 million during the review period, down from approximately HKD 8.3 million for the six months ended September 30, 2021[48]. - Net profit for the period was HKD 4,252 thousand, a decline of 48.6% from HKD 8,254 thousand in the previous year[77]. - The company reported a pre-tax profit of HKD 4,838 thousand, down 50.3% from HKD 9,717 thousand in 2021[77]. - The basic earnings per share for the six months ended September 30, 2022, was HKD 4,252,000, down from HKD 8,254,000 in 2021, a decline of 48.6%[132]. Revenue and Income Sources - Revenue for the six months ended September 30, 2022, was HKD 101,739 thousand, a decrease of 28.7% compared to HKD 142,679 thousand in 2021[77]. - Revenue from residential building construction services increased to HKD 90,866,000 in 2022 from HKD 73,324,000 in 2021, representing a growth of 23.9%[114]. - Other income for the six months ended September 30, 2022, totaled HKD 1,558,000, significantly up from HKD 215,000 in 2021, indicating a growth of 624.7%[118]. - The group received government subsidies of HKD 1,063,000 under the Hong Kong government's anti-epidemic fund, which was not present in the previous year[118]. Expenses and Costs - Administrative expenses for the review period were approximately 8.2 million HKD, an increase of about 2.5% from approximately 8.0 million HKD for the same period in 2021[46]. - The total employee cost for the review period was approximately HKD 13.7 million, down from approximately HKD 14.5 million for the six months ended September 30, 2021, with a total of 63 employees as of September 30, 2022[71]. - The financing cost for the group during the review period was approximately HKD 22,000, a decrease of about 51.1% compared to HKD 45,000 for the six months ended September 30, 2021, primarily due to a reduction in lease liabilities[47]. - The company incurred a loss of HKD 249 thousand in trade receivables impairment, compared to a gain of HKD 1,142 thousand in the previous year[77]. Assets and Liabilities - As of September 30, 2022, the group's cash and bank balances totaled approximately HKD 53.0 million, down from HKD 62.8 million as of March 31, 2022, with no bank borrowings reported[49]. - Total assets as of September 30, 2022, were HKD 280,035 thousand, compared to HKD 267,751 thousand as of March 31, 2022[83]. - The debt-to-equity ratio as of September 30, 2022, was approximately 0.4%, a decrease from approximately 0.7% as of March 31, 2022[56]. - Trade receivables amounted to HKD 34,679,000 as of September 30, 2022, compared to HKD 23,502,000 as of March 31, 2022[147]. - Trade payables increased to HKD 15,519,000 as of September 30, 2022, from HKD 8,342,000 as of March 31, 2022[151]. Investment and Capital Expenditure - The group's capital expenditure during the review period was approximately HKD 111,000, significantly lower than approximately HKD 236,000 for the six months ended September 30, 2021[57]. - The group acquired additional investment properties amounting to approximately HKD 16,247,000 during the six months ended September 30, 2022[133]. - Investment properties were reclassified at a fair value of approximately HKD 1,750,000 as of September 30, 2022, due to a change in property use[133]. - The group has capital commitments of approximately HKD 2,528,000 for properties, plants, and equipment as of September 30, 2022[160]. Corporate Governance and Management - The company has adopted and complied with the corporate governance code, ensuring the separation of roles between the chairman and the CEO, although both roles are currently held by Mr. Chen Yuehua[184]. - The board consists of experienced and capable individuals, with sufficient independent elements to ensure effective governance[184]. - The audit committee, established on December 12, 2019, is composed of three independent non-executive directors to oversee internal controls, risk management, and financial reporting[190]. - The company confirmed that it maintained sufficient public float during the review period as per listing rules[189]. - All directors confirmed full compliance with the securities trading code throughout the review period[187]. Future Outlook and Challenges - The company plans to explore additional business opportunities to enhance future development and strengthen its revenue base[40]. - The ongoing COVID-19 situation continues to pose risks to the company's operations and project completion timelines[36]. - The company is facing challenges from intense competition and rising raw material prices, which may impact profitability[36]. - The group’s financial position shows a strong increase in lease income, indicating potential for future growth and market expansion[165].

Financial Performance - The Group recorded total revenue of HK$223.1 million, a decrease of approximately 36.4% compared to HK$350.8 million for the year ended March 31, 2021[14]. - The net profit for the Group was approximately HK$1.4 million, representing a decrease of approximately 76.7% from approximately HK$6.0 million for the previous year[14]. - The Group's revenue decreased by approximately HK$127.7 million or about 36.4% to approximately HK$223.1 million for the year ended 31 March 2022, compared to approximately HK$350.8 million for the year ended 31 March 2021[36]. - Profit attributable to owners of the Company decreased by approximately HK$4.6 million or approximately 76.7% to approximately HK$1.4 million for the year, down from approximately HK$6.0 million for the year ended 31 March 2021[39]. - The gross profit for the Year amounted to approximately HK$16.4 million, representing a decrease of approximately 23.4% compared to approximately HK$21.4 million for the year ended 31 March 2021[33]. - Other income and gain for the Year amounted to approximately HK$2.4 million, representing a decrease of approximately 53.8% from approximately HK$5.2 million for the year ended 31 March 2021[34]. Impact of COVID-19 - The COVID-19 pandemic continued to impact the construction industry in Hong Kong, creating a challenging business environment for the Group[15]. - Supply chain disruptions affected the delivery of products from Mainland China to Hong Kong construction sites, leading to increased operational difficulties[15]. - The Group incurred additional costs due to COVID-19 related safety measures and reduced productivity, impacting overall profitability[22]. - The Group anticipates gradual recovery in Hong Kong's economy and construction industry as social distancing measures are relaxed and government support schemes are implemented[22]. Operational Challenges - The Group faced additional transportation costs for delivering products to construction sites due to supply chain issues[17]. - The decrease in net profit is attributed to a proactive pricing strategy in response to increased competition and reduced government subsidies[33]. - The Group's projects are non-recurring, and failure to secure new projects could materially affect sustainability and financial performance[12]. - There may be net cash outflow during certain periods due to payment practices, potentially impacting the ability to secure new projects and expand business[12]. - The Group relies on building material suppliers and subcontractors, and under-performance by them may adversely affect operations and profitability[12]. Future Plans and Strategies - The Group plans to explore other business opportunities to enhance future development and strengthen revenue bases, including leasing out newly acquired investment properties for rental income[23]. - The Group remains focused on long-term goals despite near-term challenges and uncertainties in the industry[23]. - The Group's management regularly evaluates business objectives and may adjust plans based on changing market conditions[67]. Financial Position and Capital Management - As at 31 March 2022, the Group had total cash and bank balances of approximately HK$62.8 million, down from approximately HK$84.8 million in 2021[39]. - The gearing ratio as at 31 March 2022 was approximately 0.7%, down from approximately 1.3% in 2021[46]. - Capital expenditure during the year included approximately HK$421,000 for property, plant, and equipment, and HK$82.0 million for investment properties[46]. - The Group's capital expenditures were primarily funded by internal resources[48]. - The Group's financial condition, capital and debt levels, and future cash requirements are considered in the dividend policy[78]. Corporate Governance - The Board is composed of five members, including two executive directors and three independent non-executive directors[170]. - The Company has adopted all code provisions in the Corporate Governance Code as its own code on corporate governance practices[166]. - The Company will continue to enhance its corporate governance practices to align with the operation and growth of the Group[166]. - The Audit Committee was established on December 12, 2019, in compliance with Listing Rules and the CG Code[199]. - The primary duties of the Audit Committee include reviewing financial statements and significant financial reporting judgments[199]. Shareholder Information - The Board has resolved not to recommend the declaration of a final dividend to shareholders for the year ending March 31, 2022[78]. - The Company confirmed that it has maintained a sufficient amount of public float for its shares as required under the Listing Rules during the year[149]. - The company has not disclosed any substantial shareholders' interests or short positions in shares and underlying shares other than those already mentioned[122]. Management and Human Resources - The human resource management objective is to provide competitive remuneration and implement a performance appraisal system to reward well-performing staff[94]. - The company promotes career development by offering training and opportunities to enhance employee performance[94]. - Continuous professional development for directors is encouraged, with training provided on relevant guidelines and responsibilities[192].

Financial Performance - The group recorded a revenue of approximately HKD 142.7 million for the six months ended September 30, 2021, a decrease of about HKD 28.8 million or 16.8% compared to HKD 171.5 million for the same period in 2020[42]. - Gross profit for the review period was approximately HKD 16.2 million, an increase of about 10.3% from HKD 14.7 million in the previous period, with a gross margin of approximately 11.4% compared to 8.6%[43]. - The group’s profit attributable to owners decreased by approximately 9.4% to about HKD 8.3 million from HKD 9.1 million in the previous period[49]. - Other income for the review period was approximately HKD 215,000, a decrease of about HKD 2.8 million from HKD 3.0 million in the previous period, mainly due to a one-time government subsidy[44]. - The company reported a total comprehensive income of HKD 8,254,000 for the period, down from HKD 9,115,000 in the previous year[79]. - The group’s pre-tax profit for the six months ended September 30, 2021, was HKD 8,254,000, compared to HKD 9,115,000 in the same period of 2020, reflecting a decline of 9.5%[133]. Expenses and Costs - Administrative expenses increased by approximately 28.0% to about HKD 8.0 million from HKD 6.3 million in the previous period, primarily due to increased depreciation of property, plant, and equipment[47]. - The total employee cost for the group during the review period was approximately HKD 14.5 million, compared to HKD 15.4 million for the six months ended September 30, 2020[74]. - The interest expense on lease liabilities for the six months ended September 30, 2021, was HKD 45,000, a slight decrease from HKD 48,000 in 2020[119]. Assets and Liabilities - As of September 30, 2021, the group's cash and bank balances totaled approximately HKD 100.2 million, an increase from HKD 84.8 million as of March 31, 2021[50]. - The total assets less current liabilities amounted to HKD 250,902,000, an increase from HKD 243,416,000 as of March 31, 2021[84]. - The group had contingent liabilities of approximately HKD 35.2 million related to performance guarantees to banks, down from HKD 39.5 million as of March 31, 2021[60]. - Trade receivables decreased to HKD 47,058,000 as of September 30, 2021, compared to HKD 60,612,000 as of March 31, 2021, indicating a reduction in outstanding payments[145]. - Trade payables increased to HKD 17,690,000 as of September 30, 2021, up from HKD 11,311,000 as of March 31, 2021, suggesting a rise in obligations to suppliers[150]. Capital and Investments - The group invested approximately HKD 236,000 and HKD 34.8 million in property, plant, and equipment during the review period, primarily funded by internal resources[57]. - The net proceeds from the IPO amounted to approximately HKD 78.9 million, slightly lower than the estimated net proceeds of HKD 82.5 million disclosed in the allocation results[70]. - The company has no significant capital commitments as of September 30, 2021[60]. - The company agreed to acquire a property in Hong Kong for HKD 45 million, with an initial deposit of HKD 2.25 million paid on November 15, 2021[67]. Market and Operational Outlook - The group is actively exploring vertical expansion opportunities to ensure a more stable supply of building materials[38]. - The group anticipates that the COVID-19 pandemic will continue to impact its business to some extent and is closely monitoring related risks and uncertainties[41]. - The group aims to adopt more competitive bidding pricing policies and strictly control production costs to achieve reasonable project gross margins[38]. Governance and Compliance - The company has complied with the corporate governance code, ensuring the best interests of shareholders are protected[180]. - The audit committee, established on December 12, 2019, consists of three independent non-executive directors to oversee internal controls, risk management, and financial reporting[186]. - The board consists of five members, including executive directors and independent non-executive directors, ensuring a diverse governance structure[190]. - The company confirms it has maintained sufficient public float during the review period as per listing rules[185].

Financial Performance - The Group recorded total revenue of HK$350.8 million for the year ended 31 March 2021, representing an increase of approximately 43% compared to HK$245.5 million for the year ended 31 March 2020[27]. - The gross profit for the year was approximately HK$21.4 million, which is lower than the gross profit of approximately HK$60.9 million for the year ended 31 March 2020[27]. - The gross profit for the year amounted to approximately HK$21.4 million, representing a decrease of approximately 65% compared to approximately HK$60.9 million for the year ended 31 March 2020[39]. - The gross profit margin for the year was approximately 6.1%, down from approximately 24.8% for the year ended 31 March 2020[39]. - Other income and gain for the year amounted to approximately HK$5.2 million, representing an increase of approximately 311% compared to approximately HK$1.3 million for the year ended 31 March 2020[43]. - Profit attributable to owners of the Company decreased by approximately HK$21.7 million or approximately 78%, from approximately HK$27.7 million to approximately HK$6.0 million for the year[48]. Project and Revenue Insights - The increase in revenue was primarily driven by ongoing projects in the execution-peak stage during the year[38]. - The Group has a total of nine ongoing projects, each with an awarded contract sum of over HK$5 million as of 31 March 2021[35]. - The aggregate contract sums of ongoing projects amounted to approximately HK$716.2 million, with recognized revenue of approximately HK$461.4 million as of 31 March 2021[35]. - The Group's revenue from the largest customer accounted for 59.2% for the year ended 31 March 2021, up from 57.8% in the previous year[80]. - The aggregate revenue from the five largest customers represented 94.0% for the year ended 31 March 2020[80]. Cost and Expense Management - The decrease in gross profit was mainly due to additional costs paid to suppliers to increase production capacity and increased subcontracting costs due to unstable project schedules during the COVID-19 pandemic[27]. - The increase in overall construction costs was attributed to additional costs incurred for subcontracting works due to unstable project schedules during COVID-19[39]. - Administrative expenses for the year amounted to approximately HK$15.7 million, representing an increase of approximately 35.3% compared to approximately HK$11.6 million for the year ended 31 March 2020[45]. - The Group's administrative expenses for the year were approximately HK$15.7 million, an increase of about 35.3% compared to approximately HK$11.6 million for the year ended March 31, 2020[46]. - Finance costs decreased by approximately 8% to HK$107,000 from approximately HK$116,000 for the year ended March 31, 2020, mainly due to the repayment of bank borrowings[47]. Cash and Financial Position - As of March 31, 2021, the Group had total cash and bank balances of approximately HK$84.8 million, down from approximately HK$182.1 million in 2020[50]. - The Group's gearing ratio as of March 31, 2021, was approximately 1.3%, compared to approximately 0.3% in 2020[50]. - As of March 31, 2021, the Group had approximately HK$29.2 million of time deposits pledged for banking facilities, an increase from approximately HK$4.4 million in 2020[50]. - The net proceeds from the Listing amounted to approximately HK$78.9 million, slightly lower than the estimated HK$82.5 million[60]. - The total utilisation of proceeds from the Listing included HK$24.7 million for satisfying surety bond requirements, HK$28.6 million for upfront costs of awarded projects, and HK$6.9 million for expanding the project management team[62]. Market and Industry Outlook - The Group anticipates that the construction industry in Hong Kong will gradually recover under a more stabilized COVID-19 situation[27]. - The prices of certain raw materials have increased rapidly after the year, which will affect project costs and gross profit margins[28]. - The Group will continue to monitor raw material prices closely and take appropriate measures to mitigate risks and impacts on project costs[28]. - Despite near-term challenges, the Group remains focused on long-term goals and will explore suitable development opportunities to broaden its revenue base[29]. Corporate Governance and Management - The Company has adopted the corporate governance code as per Appendix 14 of the Listing Rules and has complied with it throughout the year, except for a deviation from code provision A.2.1[171]. - The Company prioritizes effective corporate governance practices to enhance shareholder value[167]. - The Board consists of five members, including two executive directors and three independent non-executive directors[170]. - The Company encourages Directors to attend relevant programs for professional development and has provided training materials regarding their duties and responsibilities[191]. - The Company established the Audit Committee on December 12, 2019, in compliance with the Listing Rules and the CG Code[199]. Shareholder and Dividend Information - The Board has resolved not to recommend the declaration of a final dividend to shareholders for the year[73]. - The Group's dividend policy allows shareholders to participate in profits while retaining reserves for future growth[73]. - As of March 31, 2021, the company had distributable reserves amounting to approximately HK$66.1 million[24]. Risks and Compliance - Risks include reliance on subcontractors, potential cash outflows affecting project acquisition, and changes in building material costs impacting profitability[66]. - There was no material non-compliance with relevant laws and regulations that significantly impacted the Group's operations during the year[70]. - The Group's financial performance and sustainability depend on securing new projects through competitive tendering processes[66].

Revenue and Profitability - The group's revenue increased by approximately HKD 21.4 million or 14.3% to about HKD 171.5 million for the six months ended September 30, 2020, compared to approximately HKD 150.1 million for the same period in 2019[42]. - Revenue for the six months ended September 30, 2020, was HKD 171,520 thousand, an increase of 14.3% compared to HKD 150,121 thousand in 2019[78]. - Revenue from residential building construction services was HKD 165,909,000, up 38.2% from HKD 120,053,000 in 2019[121]. - Profit attributable to owners decreased by approximately 57.4% to HKD 9.1 million from HKD 21.4 million for the six months ended September 30, 2019[49]. - The company reported a net profit of HKD 9,115 thousand for the period, down 57.5% from HKD 21,397 thousand in the previous year[78]. - Basic earnings per share decreased to HKD 0.91, down from HKD 2.85 in the same period last year[78]. Gross Profit and Margins - Gross profit for the review period was approximately HKD 14.7 million, a decrease of about 63.2% from approximately HKD 40.0 million for the six months ended September 30, 2019, resulting in a gross margin of approximately 8.6%[43]. - The decline in gross profit and gross margin was primarily due to supply chain disruptions caused by the COVID-19 pandemic, leading to increased project costs[38]. Expenses and Costs - Administrative expenses increased by approximately 34.0% to HKD 6.3 million compared to HKD 4.7 million for the six months ended September 30, 2019[47]. - Financing costs decreased by approximately 34.2% to HKD 48,000 from HKD 73,000 for the six months ended September 30, 2019, primarily due to the repayment of bank loans[48]. - Total employee costs, including directors' remuneration, were approximately HKD 15.4 million, compared to approximately HKD 12.9 million for the six months ended September 30, 2019[74]. - The total cost of contracts for the six months ended September 30, 2020, was HKD 156,791,000, compared to HKD 110,104,000 in 2019, reflecting increased operational costs[129]. Cash Flow and Financial Position - The net cash flow from operating activities was a negative HKD 53,855 thousand, compared to a negative HKD 9,734 thousand in the same period last year[91]. - As of September 30, 2020, the group's cash and bank balances totaled approximately HKD 108.8 million, down from HKD 182.1 million as of March 31, 2020[53]. - The company’s total liabilities increased to HKD 47,037 thousand from HKD 21,690 thousand as of March 31, 2020[82]. - The company has a total equity of HKD 244,632 thousand as of September 30, 2020, up from HKD 235,517 thousand as of March 31, 2020[84]. - Cash and cash equivalents at the end of the period were HKD 51,540 thousand, compared to HKD 15,164 thousand in the previous year[95]. Contracts and Projects - The total contract amount for 11 ongoing projects as of September 30, 2020, was approximately HKD 887.6 million, with each contract exceeding HKD 5 million[37]. - The company reported a total contract asset of HKD 72,135,000 as of September 30, 2020, compared to HKD 53,441,000 as of March 31, 2020[143]. - The company’s contract liabilities stood at HKD 862,000 as of September 30, 2020, indicating ongoing project commitments[143]. - As of September 30, 2020, contract assets increased to HKD 72,135,000 from HKD 53,441,000 as of March 31, 2020, reflecting an increase in construction services[149]. - Trade receivables amounted to HKD 66,441,000 as of September 30, 2020, significantly up from HKD 6,829,000 as of March 31, 2020[152]. Strategic Plans and Market Conditions - The company plans to adopt a more competitive bidding pricing policy and strictly control production costs to improve project gross margins moving forward[41]. - The company will actively explore vertical expansion opportunities to ensure a more stable supply of building materials[41]. - The impact of COVID-19 on the business is being closely monitored, with ongoing communication with clients regarding project statuses[41]. - The company has identified that the local property market's uncertainties and economic downturn have led to reduced bidding opportunities, intensifying competition in the construction industry[38]. - The company aims to leverage its expertise and extensive supplier network to explore beneficial opportunities for expanding its revenue base[41]. Governance and Management - The company expects to continue complying with the corporate governance code to safeguard shareholders' best interests[199]. - The board believes that having the same individual serve as both chairman and CEO enhances the effectiveness and efficiency of business planning and decision-making[199]. - The company has established a governance framework that includes regular reviews to ensure compliance with corporate governance standards[200]. - The company has not disclosed any conflicts of interest involving directors or major shareholders during the review period[196]. - The company reported a significant increase in management compensation, indicating a strategic focus on retaining and incentivizing key personnel[16]. Dividends and Shareholder Information - The company did not recommend the payment of an interim dividend for the review period, consistent with the previous period[75]. - The company did not declare an interim dividend for the six months ended September 30, 2020, consistent with the previous year[139]. - The issued and paid-up capital remains at HKD 10,000,000 as of both September 30, 2020, and March 31, 2020[164]. - As of September 30, 2020, the controlling shareholder, Mr. Chan Yew Wah, holds 750,000,000 shares, representing 75% of the company's equity[186]. - The company has a stock option plan that allows for the issuance of up to 100,000,000 shares, which is 10% of the total issued shares as of the mid-report date[195].