Financial Performance - For the six months ended September 30, 2022, the company reported revenue of HKD 23,515,000, an increase of 15.5% compared to HKD 20,372,000 for the same period in 2021[11]. - The cost of services increased to HKD 22,692,000, up 70.5% from HKD 13,340,000 in the previous year, resulting in a gross profit of HKD 823,000, down from HKD 7,032,000[12][13]. - The company recorded a loss before tax of HKD 3,328,000, compared to a profit of HKD 2,168,000 in the same period last year[17]. - The net loss attributable to owners of the company for the period was HKD 3,328,000, compared to a profit of HKD 2,123,000 in the prior year[20]. - Basic loss per share was HKD (0.68), compared to earnings per share of HKD 0.49 for the same period last year[22]. - Total revenue for the period was approximately HKD 23.5 million, an increase of about HKD 3.1 million or 15.2% compared to HKD 20.4 million in the same period last year[71]. - Gross profit margin decreased from approximately 34.5% to about 3.5%, resulting in a net loss attributable to owners of approximately HKD 3.3 million, compared to a profit of HKD 2.1 million in the previous year[74]. Cash Flow and Assets - Cash and cash equivalents at the end of the period increased to HKD 5,631,000 from HKD 3,085,000 at the beginning of the period, reflecting a net increase of HKD 2,546,000[26]. - The company’s total assets decreased to HKD 12,816,000 from HKD 11,352,000, while total liabilities increased significantly to HKD 12,656,000 from HKD 8,030,000[23]. - The company’s equity attributable to owners decreased to HKD 5,180,000 from HKD 8,508,000, indicating a decline in shareholder value[23]. - Operating cash flow for the period was HKD 2,910,000, compared to HKD 1,158,000 in the previous year, showing improved cash generation from operations[26]. - As of September 30, 2022, the current assets net value was approximately HKD 0.2 million, down from HKD 3.3 million as of March 31, 2022, with a current ratio of about 1.0 times[76]. Trade Receivables and Payables - Total trade receivables from third parties decreased to HKD 4,047,000 as of September 30, 2022, down from HKD 7,051,000 as of March 31, 2022, representing a decline of approximately 42.5%[50]. - As of September 30, 2022, trade payables to third parties were HKD 569,000, with contract liabilities amounting to HKD 2.4 million[57]. - As of September 30, 2022, trade receivables aged analysis showed HKD 569,000 within 30 days, HKD 667,000 between 31 to 60 days, and HKD 644,000 between 61 to 90 days[52]. Business Strategy and Future Plans - The company plans to focus on expanding its market presence and developing new technologies to enhance its product offerings in the future[4]. - The company plans to expand its business into the renewable energy sector and increase its geographical coverage to mainland China[69]. - The company is focused on developing business opportunities with existing clients and those referred by them[69]. - The company aims to mitigate risks by negotiating with subcontractors, reducing expenses, and closely monitoring the recoverability of receivables due to the uncertain economic environment[69]. Corporate Governance and Management - The company has complied with all corporate governance code provisions, except for the separation of the roles of Chairman and CEO until September 1, 2022, when a new executive director was appointed[100][101]. - The company has updated its corporate governance practices to comply with GEM Listing Rules after appointing new independent non-executive directors on October 1, 2022[101]. - The company appointed Ms. Chen Yuzhen as an independent non-executive director and chair of the nomination committee on September 19, 2022[106]. - Mr. Zhou Renchao serves as the executive director and chairman since September 1, 2022[108]. - The independent non-executive directors include Ms. Li Bihua, Mr. Liang Junye, and Ms. Lin Wanwen[110]. Share Capital and Securities - The company issued 75 million shares at a price of HKD 0.137 per share, raising a total of HKD 10.275 million[65]. - The company has not granted any share options since the adoption of the share option plan in November 2016, with a maximum of 41,800,000 shares available for issuance under the plan, representing approximately 10% of the issued share capital at the time of adoption[93]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[105]. - The company has not issued any share options exceeding the limit of 1% of the total issued shares in any twelve-month period without shareholder approval[95]. Compliance and Reporting - The company published its audited results and annual report on August 19, 2022, complying with GEM Listing Rules regarding timely financial disclosures[103]. - The company has not yet had its interim financial results reviewed or audited by its auditor, but they have been reviewed by the audit committee[109]. - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and have not been significantly impacted by the application of new or revised standards[32].
中国来骑哦(08039) - 2023 - 中期财报