Financial Performance - The Group recorded total revenue of HK$238.4 million for the year ended 31 March 2024, an increase of approximately 14.4% compared to HK$208.4 million for the previous year[12]. - The Group reported a net loss of approximately HK$55.1 million, a decrease of approximately HK$58.0 million compared to the net profit for the year ended 31 March 2023[12]. - The Group's revenue increased by approximately HK$30,075,000 or 14.4%, from approximately HK$208,350,000 for the year ended 31 March 2023 to approximately HK$238,425,000 for the Year[33]. - The gross profit for the Year was approximately HK$21,250,000, representing a decrease of approximately 15.9% compared to approximately HK$25,263,000 for the year ended 31 March 2023, with a gross profit margin of approximately 8.9%[27][34]. - The Group recorded a consolidated net loss of approximately HK$55,106,000 for the Year, a significant increase from a net profit of approximately HK$2,852,000 for the year ended 31 March 2023[27][44]. - Losses from other income, gains, and losses amounted to approximately HK$13,865,000, an increase of HK$11,609,000 compared to losses of approximately HK$2,256,000 for the previous year[35][39]. - Administrative expenses increased by approximately 12.1% to approximately HK$18,751,000 from approximately HK$16,728,000 for the year ended 31 March 2023[36][40]. - Finance costs rose approximately 945.5% to approximately HK$345,000 compared to approximately HK$33,000 for the year ended 31 March 2023, mainly due to lease liabilities and increased mortgage loan interest[43]. - The Group reported a loss attributable to owners of approximately HK$55,106,000 for the year, an increase of about 2,032.2% compared to a profit of approximately HK$2,852,000 in 2023[48]. Market Conditions - The construction industry in Hong Kong faces intense competition, exerting downward pressure on pricing, margins, and overall profitability[13]. - The economic recovery from COVID-19 in Hong Kong has been limited, with high-interest rates continuing to pressure demand for residential properties[13]. - The removal of certain stamp duty measures and easing of mortgage loan-to-value ratios have had a limited effect on market recovery[13]. Business Operations - As of 31 March 2024, the Group has 13 ongoing projects with an aggregate contract sum of approximately HK$647.7 million and recognized revenue of approximately HK$187.2 million[21]. - The Group is focused on façade works, including design and build services for new buildings and renovation services for existing premises[11]. - The Group's services include developing designs, conducting structural calculations, and managing procurement and installation works[19]. - The Group will remain vigilant in monitoring business operations following the winding up of a major customer, Fung Cheung Kee Group[17]. - The Group's projects are non-recurring, and failure to secure new projects could materially affect sustainability and financial performance[85]. Investment Properties - The Group held a total of seven investment properties as of 31 March 2024, with three already on the market after renovation[26][29]. - The rental segment for investment properties incurred a loss of approximately HK$95,000 during the year, excluding a fair value change of approximately HK$19,145,000[26][29]. - The Group anticipates improvement in the rental segment as more investment properties become available for lease in the future[26][31]. - The Group's investment properties had a carrying amount of approximately HK$97,800,000 as of March 31, 2024, compared to approximately HK$81,700,000 in 2023[52]. Financial Position - As of March 31, 2024, the Group's total cash and bank balances were approximately HK$30,704,000, a decrease of about 51.7% from approximately HK$63,555,000 in 2023[46]. - The Group's interest-bearing bank borrowings amounted to approximately HK$6,701,000 as of March 31, 2024, compared to nil in 2023[46]. - The gearing ratio as of March 31, 2024, was approximately 5.3%, significantly up from approximately 0.2% in 2023[55]. - Capital expenditure for the year included approximately HK$1,946,000 for property, plant, and equipment, and approximately HK$23,945,000 for investment properties, down from approximately HK$3,584,000 and HK$50,124,000 in 2023 respectively[56]. - The Group had capital commitments for property, plant, and equipment amounting to approximately HK$Nil as of March 31, 2024, compared to HK$256,000 in 2023[66]. - Contingent liabilities not provided for in the financial statements included guarantees given to banks for surety bonds of approximately HK$25,147,000, an increase from approximately HK$12,202,000 in 2023[66]. - As of March 31, 2024, the Group had approximately HK$18,288,000 of time deposits pledged for banking facilities, up from approximately HK$10,173,000 in 2023[52]. Human Resources - The Group employed a total of 96 employees as of March 31, 2024, compared to 63 employees as of March 31, 2023, representing a 52.4% increase in workforce[75]. - Total staff costs, including Directors' emoluments, were approximately HK$36,602,000 for the Year, up from approximately HK$30,492,000 in 2023, indicating a 20.3% increase[75]. - The Group's human resource management aims to reward employees with competitive remuneration and career development opportunities[115]. Shareholder Information - The Board resolved not to recommend the declaration of a final dividend to shareholders for the Year[100]. - As of March 31, 2024, there were no distributable reserves available for shareholders, down from approximately HK$62,998,000 in 2023[127]. - The annual general meeting is scheduled for August 23, 2024, with the register of members closed from August 20 to August 23, 2024[104]. - As of March 31, 2024, Mr. Chen Yuet Wa holds 750,000,000 shares, representing 75% of the company's shareholding[150]. - Ornate Bright Limited, wholly owned by Mr. Chen Yuet Wa, is the beneficial owner of the 750,000,000 shares[157]. - Ms. Wong Chun Siu, spouse of Mr. Chen Yuet Wa, is deemed to have an interest in all shares held by him, also totaling 750,000,000 shares or 75%[157]. Corporate Governance - The Group has complied with the Non-Competition Undertaking as confirmed by the Independent Non-executive Directors[162]. - All independent non-executive Directors have confirmed their independence under the Listing Rules[143]. - The Company has arranged appropriate insurance coverage for Directors' and officers' liabilities[163]. - The Company did not purchase, sell, or redeem any of its listed securities during the Year[170]. - There were no significant transactions or contracts involving Directors with material interests during the year[142]. - The Company has adhered to the minimum exemption thresholds for continuing connected transactions as per the Listing Rules[194]. Related Party Transactions - The Group recognized a right-of-use asset and a lease liability of approximately HK$7,206,000 for a lease arrangement with Ms. Wong Chun Siu, spouse of the Controlling Shareholder[181]. - Lease payments to Ms. Wong Chun Siu amounted to HK$1,432,000 in 2024, an increase from HK$1,320,000 in 2023[187]. - A new one-year lease arrangement was established with a related party, which is exempt from reporting and independent shareholders' approval requirements under the Listing Rules[194]. - Significant related party transactions are disclosed in note 37 of the financial statements, with no transactions constituting disclosable non-exempted connected transactions[195]. Share Option Scheme - The Company has a Share Option Scheme valid until December 12, 2029, allowing eligible participants to subscribe for shares, with a maximum of 100,000,000 shares to be issued, representing 10% of the shares in issue as of the date of the annual report[197]. - The total number of shares that may be issued upon exercise of options under the Share Option Scheme in any 12-month period shall not exceed 1% of the shares in issue at the date of grant[198]. - For substantial shareholders or independent non-executive directors, the maximum share award in the Share Option Scheme is limited to 0.1% of the shares in issue, with a maximum aggregate value of HK$5.0 million[200]. - The Share Option Scheme aims to incentivize and retain high-caliber employees and attract valuable human resources to the Group[196].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）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 對因本公告全部或任何部份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。 WAH WO HOLDINGS GROUP LIMITED 華和控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9938） 截 至2024年3月31日止年度之年度業績公告 華 和 控 股 集 團 有 限 公 司（「本公司」）之 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2024年3月31日止年度之經審核綜合年度業 績（「年度業績」）。本 公 告 載 有 本 公 司 截 至2024年3月31日 止 年 度 之 年 報（「年 報」） 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 項 下 有 關 初 步 年 度 業 績 公 告 附 載 的 資 料 ...

Financial Performance - The group recorded a net loss of approximately HKD 1,615,000 for the six months ended September 30, 2023, compared to a net profit of HKD 4,252,000 for the same period in 2022[12]. - The group's revenue decreased by approximately HKD 21,799,000 or about 21.4% to approximately HKD 80,152,000 for the six months ended September 30, 2023, compared to approximately HKD 101,951,000 for the same period in 2022[18]. - The company reported a loss before tax of HKD 1,410,000, compared to a profit of HKD 4,838,000 in the previous year[47]. - The loss attributable to the company's owners increased by approximately HKD 5,867,000 or about 138.0% to approximately HKD 1,615,000 for the review period, compared to a profit of approximately HKD 4,252,000 for the same period in 2022[26]. - The basic and diluted loss per share was HKD (0.16), compared to earnings of HKD 0.43 per share in the previous year[47]. Revenue Breakdown - Total revenue for the six months ended September 30, 2023, was HKD 80,152,000, a decrease of 21.5% from HKD 101,951,000 in the same period of 2022[65][66]. - Customer contract revenue decreased to HKD 79,436,000 from HKD 101,739,000, representing a decline of 22% year-over-year[65][66]. - Rental income increased to HKD 716,000 from HKD 212,000, showing a significant growth of 237.7%[65]. - The construction services for residential buildings generated HKD 65,381,000, down from HKD 90,866,000, a decrease of 28%[66]. - The investment property leasing segment reported external revenue of HKD 716,000, compared to HKD 212,000 in the previous year[70]. Gross Profit and Margins - The group reported a gross profit of approximately HKD 9,780,000 during the review period, with a gross profit margin of approximately 12.2%, compared to a gross profit of approximately HKD 11,799,000 and a margin of 11.6% for the same period in 2022[11]. - Gross profit for the review period was approximately HKD 9,780,000, a decrease of about 17.1% from approximately HKD 11,799,000 for the six months ended September 30, 2022, with a stable gross profit margin of approximately 12.2%[19]. Investment Properties - The group incurred a loss of approximately HKD 192,000 in the investment property leasing segment, which is still in its initial stage[11]. - The group has purchased an additional investment property and plans to allocate more resources to this segment, aiming to generate rental income after renovations[16]. - The group has a total of six investment properties, with two already on the market after renovations and three currently undergoing renovations[11]. - The group recorded a fair value loss on investment properties of approximately HKD 3,346,000 during the review period, resulting from non-cash changes in fair value upon revaluation[20]. - The company incurred a fair value loss on investment properties of HKD 3,346,000 during the period[47]. Competition and Market Conditions - The group anticipates facing increased competition in the industry due to rising interest rates and a downturn in the Hong Kong property market, which has seen prices drop nearly 17% since August 2021[15]. - The group aims to maintain a competitive bidding pricing policy and strict cost control to achieve reasonable project gross margins amid industry challenges[15]. - The board remains optimistic about the long-term capital appreciation potential of investment properties despite the current market downturn[15]. Administrative and Financing Costs - Administrative expenses increased by approximately 3.8% to about HKD 8,348,000 compared to approximately HKD 8,042,000 for the same period in 2022[22]. - Financing costs rose by approximately 118.2% to about HKD 48,000, primarily due to new bank borrowings offsetting a decrease in lease liabilities[25]. Cash and Assets - As of September 30, 2023, the group's cash and bank balances totaled approximately HKD 30,661,000, down from approximately HKD 63,555,000 as of March 31, 2023[27]. - Total non-current assets increased to HKD 151,157,000 from HKD 138,462,000 as of March 31, 2023[48]. - Current assets decreased to HKD 133,335,000 from HKD 143,131,000 as of March 31, 2023[48]. - The company’s total assets less current liabilities stood at HKD 247,139,000, slightly up from HKD 245,766,000 as of March 31, 2023[48]. Employee Costs - The total employee cost for the review period was approximately HKD 14,953,000, compared to approximately HKD 13,657,000 for the same period in 2022, with the number of employees increasing to 90 from 63[42]. Shareholder Information - As of September 30, 2023, the major shareholder, Huayao, holds 750,000,000 shares, representing 75% of the company's equity[121]. - The spouse of the major shareholder, Ms. Huang Chunxiao, is also deemed to hold 750,000,000 shares, equating to 75% equity interest[121]. Corporate Governance - The company confirms compliance with the corporate governance code, with the roles of chairman and CEO currently held by the same individual, Mr. Chen Yuehua[127]. - The audit committee, established on December 12, 2019, consists of three independent non-executive directors to oversee internal controls and financial reporting[132]. - The mid-term financial performance has been reviewed and approved by the audit committee, ensuring compliance with applicable accounting standards and regulations[135].

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，概不對因本公告 全部或任何部份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。 WAH WO HOLDINGS GROUP LIMITED 華 和 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：9938） 截 至2023年9月30日 止 六 個 月 的 中 期 業 績 公 告 華和控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至2023年9月30日止六個月之未經審核簡明綜 合中期財務報表（「中期業績」）。本公告載列本公司截至2023年9月30日止六個月 之中期報告（「中期報告」）全文，有關內容乃根據香港聯合交易所有限公司（「聯 交所」）證券上市規則之相關規定而編製。中期業績未經審核，惟已經董事會審 核委員會審閱及批准。本公告將刊登於本公司網站(www.wahwoalum.com)及聯交 所網站(www.hkexnews.hk)。中期報告將寄發予本公司股東，屆時將亦可於上述 網站查閱。 ...

Financial Performance - The Group recorded total revenue of HK$208.4 million for the year ended 31 March 2023, a decrease of approximately 6.7% compared to HK$223.2 million for the previous year[12]. - The net profit for the Group increased to approximately HK$2.9 million, representing an increase of approximately 107.1% from HK$1.4 million for the year ended 31 March 2022[12]. - The Group's revenue from construction and ancillary services and rental of investment properties decreased by approximately HK$14.8 million or approximately 6.7%, from approximately HK$223.2 million for the year ended 31 March 2022 to approximately HK$208.4 million for the Year[35]. - The gross profit for the Year amounted to approximately HK$25.3 million, representing an increase of approximately 55.2% compared to approximately HK$16.3 million for the year ended 31 March 2022[36]. - The gross profit margin for the Year was approximately 12.1%, compared to approximately 7.3% for the year ended 31 March 2022[36]. - The Group recorded a consolidated net profit of approximately HK$2.9 million for the Year, compared to an audited consolidated net profit of approximately HK$1.4 million for the year ended 31 March 2022[29]. - The rental of investment properties segment suffered a loss of approximately HK$395,000 during the year ended 31 March 2023, excluding a fair value change on investment properties of HK$4.7 million[28]. - Other income, gain and losses for the Year amounted to losses of approximately HK$2.3 million, a decrease of HK$4.6 million compared to a gain of approximately HK$2.3 million for the year ended 31 March 2022[37]. - Administrative expenses for the Year amounted to approximately HK$16.7 million, representing a decrease of approximately 4.0% compared to approximately HK$17.4 million for the year ended 31 March 2022[38]. - Profit attributable to owners of the Company increased by approximately HK$1.5 million or approximately 107.1% to approximately HK$2.9 million for the year[46]. Investment and Property Management - The Group acquired two additional investment properties during the year, enhancing its rental income segment[18]. - The Group plans to lease out the newly acquired investment properties for rental income after existing tenancies expire and renovations are completed[18]. - The Group is optimistic about the potential for capital appreciation from investment properties in the long run[18]. - The Group intends to lease out acquired investment properties for rental income after renovations, with five investment properties currently held as of 31 March 2023[28]. - The Group anticipates exploring suitable development opportunities to broaden its revenue base and benefit shareholders[30]. Market Environment and Challenges - The Group faces challenges from intense competition and a difficult business environment, including the impact of COVID-19 and global economic uncertainties[13]. - The overall outlook for the industry remains challenging, with geopolitical tensions and high inflation affecting the business environment[13]. - The Group intends to adopt a more competitive tender pricing policy and stringent cost control measures to maintain reasonable project gross margins[13]. Financial Position and Management - The Group's total cash and bank balances as of March 31, 2023, were approximately HK$63.6 million, compared to approximately HK$62.8 million in 2022, with no bank borrowings[48]. - The gearing ratio as of March 31, 2023, was approximately 0.2%, down from approximately 0.7% in 2022[57]. - Capital expenditure for the year included approximately HK$3.6 million for property, plant, and equipment, and approximately HK$50.1 million for investment properties, compared to HK$421,000 and HK$82.0 million in 2022, respectively[58]. - The Group maintained a prudent financial management approach, closely monitoring its liquidity position to meet funding requirements[49]. - The Group had contingent liabilities of approximately HK$12.2 million related to written guarantees to banks, down from approximately HK$33.0 million in 2022[72]. Shareholder and Dividend Information - The Board has resolved not to recommend the declaration of a final dividend to shareholders for the year[103]. - The financial condition of the Group, including capital and debt levels, was considered in the decision-making process regarding dividends[106]. - The Company’s dividend policy aims to allow shareholders to participate in profits while retaining sufficient reserves for future growth[101]. - As of March 31, 2023, the company has distributable reserves of approximately HKD 63.0 million[135]. Corporate Governance and Directors - All independent non-executive Directors have confirmed their independence in accordance with the Listing Rules[132]. - No early termination of appointment of Directors occurred during the year, and no termination benefits were provided[145]. - The company has not entered into any management contracts concerning the administration of its business during the year[143]. - Each executive Director has a service contract for a term of three years, while independent non-executive Directors have a two-year appointment[140][141]. - There were no significant transactions involving Directors with material interests during the year[145]. - The company considers all independent non-executive Directors to be independent under the Listing Rules[137]. Connected Transactions - The Group entered into a new lease arrangement with Ms. Wong Chun Siu, spouse of the controlling shareholder, for the use of warehouse and office premises, with lease payments amounting to HK$1,320,000 in 2023[188]. - The initial recognition of the lease resulted in the recognition of right-of-use assets and lease liabilities of approximately HK$7.2 million[186]. - The continuing connected transactions under the new lease agreement were exempt from reporting, annual review, and independent shareholders' approval due to the de minimis exemption under Listing Rules 14A.76[188]. Share Option Scheme - The maximum number of shares that may be issued under the Share Option Scheme is capped at 100,000,000 shares, representing 10% of the shares in issue as of the date of the annual report[196]. - The total number of shares that can be awarded to a substantial shareholder or independent non-executive director under the Share Option Scheme is limited to a maximum of 0.1% of the shares in issue, with an aggregate value not exceeding HK$5.0 million[199]. - The Share Option Scheme was conditionally adopted on December 12, 2019, and will remain valid until December 12, 2029[195]. - Eligible participants under the Share Option Scheme include directors and employees of the Group, aimed at providing incentives for their contributions[195].

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，概不對因本公告 全部或任何部份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。 WAH WO HOLDINGS GROUP LIMITED 華 和 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：9938） 截 至2023年3月31日 止 年 度 的 年 度 業 績 公 告 華和控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至2023年3月31日止年度的綜合年度業績，連同 2022年同期的比較數字如下： 財務摘要 1. 收益截至2023年3月31日止年度為約208.4百萬港元，較截至2022年3月31 日止年度減少約6.7%。 2. 毛 利 截 至2023年3月31日 止 年 度 為 約25.3百 萬 港 元，較 截 至2022年3月31 日止年度的約16.3百萬港元增加約55.2%。 3. 本公司擁有人應佔溢利截至2023年3月31日止年度為約2.9百萬港元，較 截至2022年3月31 ...

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].