Financial Performance - Revenue for the three months ended September 30, 2023, was HKD 25,259,000, a slight increase of 0.8% compared to HKD 25,058,000 in the same period of 2022[9] - Gross profit decreased to HKD 7,795,000, down 28.5% from HKD 10,878,000 year-on-year[9] - The company reported a net loss of HKD 6,041,000 for the period, compared to a profit of HKD 2,198,000 in the same period last year[9] - Other income for the three months was HKD 833,000, down 63.2% from HKD 2,260,000 in the previous year[9] - The total comprehensive loss attributable to owners of the company was HKD 6,022,000, compared to a profit of HKD 2,351,000 in the previous year[9] - Total revenue for the six months ended September 30, 2023, was HKD 51,445,000, an increase of 13.5% compared to HKD 45,472,000 for the same period in 2022[33] - The company recorded a loss attributable to owners of the company of HKD 4.858 million for the six months ended September 30, 2023, compared to a profit of HKD 2.268 million for the same period in 2022[71] - The group recorded a loss of approximately HKD 4.9 million for the six months ended September 30, 2023, compared to a profit of approximately HKD 2.3 million for the same period in 2022, mainly due to losses from the disposal of an associate[117] Assets and Liabilities - The financial position as of September 30, 2023, showed total assets of HKD 87,309,000, a decrease from HKD 92,469,000 as of March 31, 2023[12] - The total assets less current liabilities amounted to HKD 93,217,000, a decrease from HKD 98,691,000 as of March 31, 2023[25] - The company's equity attributable to owners was HKD 87,309,000, down from HKD 91,956,000 as of March 31, 2023[25] - Cash and cash equivalents at the end of the reporting period were HKD 36,730,000, down from HKD 41,164,000 at the beginning of the period[51] - Trade receivables as of September 30, 2023, amounted to HKD 48.828 million, an increase from HKD 39.523 million as of March 31, 2023[73] Employee Costs - Employee costs totaled HKD 33,576,000 for the six months ended September 30, 2023, compared to HKD 29,262,000 for the same period in 2022, reflecting an increase of 15.5%[39] - The company’s employee costs increased from HKD 24.631 million for the six months ended September 30, 2022, to HKD 26.518 million for the same period in 2023[64] - Employee costs for the six months ended September 30, 2023, were approximately HKD 33.6 million, up from approximately HKD 29.3 million for the same period in 2022[126] - The company hired 23 new engineering staff and interns to handle new projects in structural engineering, resulting in employee costs of approximately HKD 11.0 million as of September 30, 2023[164] - The company has expanded its civil engineering team by hiring 20 new engineering staff, incurring employee costs of approximately HKD 7.9 million as of September 30, 2023[164] Business Strategy and Operations - The company plans to focus on market expansion and new product development in the upcoming quarters[9] - The company is focused on expanding its consulting services to existing clients and is seeking to increase the variety of services offered[84] - The company aims to secure more engineering consulting service contracts to expand its market share despite a challenging business environment[84] - The company is exploring business opportunities through acquisitions or investments in the construction and property development sectors[169] Governance and Compliance - The audit committee has reviewed and approved the unaudited consolidated financial statements for the six months ending September 30, 2023[183] - The company has complied with the applicable corporate governance code provisions as of September 30, 2023, with ongoing reviews to enhance governance standards[194] - There have been no violations of the securities trading regulations by the directors during the six months ended September 30, 2023[195] Dividends and Share Capital - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2023, consistent with the previous year[70] - The company’s authorized share capital is HKD 15,000,000, divided into 1,500,000,000 shares with a par value of HKD 0.01 each, with 1,152,000,000 shares issued[139] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2023[193] Other Financial Information - The company did not recognize any tax provision for the six months ended September 30, 2023, due to estimated tax losses in its subsidiaries registered in China[42] - The group’s income tax expense decreased from approximately HKD 0.8 million for the six months ended September 30, 2022, to approximately HKD 0.5 million for the same period in 2023[116] - The financing costs for the six months ended September 30, 2023, were approximately HKD 0.2 million, compared to HKD 0.1 million for the same period in 2022[115] - The group has no borrowings as of September 30, 2023, indicating a strong financial position with sufficient liquidity to meet funding needs[119] - The group maintains a prudent treasury policy and closely monitors its liquidity position to manage cash flow risks[120] - The group has no significant contingent liabilities as of September 30, 2023[123]
WAC HOLDINGS(08619) - 2024 - 中期财报