现恒建筑(01500) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended September 30, 2023, was approximately HK$141.3 million, a decrease from HK$166.1 million in the same period of 2022[11]. - The Group recorded a gross loss of approximately HK$21.5 million, compared to a gross loss of HK$1.2 million in the corresponding period of 2022, resulting in a gross loss margin increase from 0.7% to 15.2%[24]. - The loss for the period increased by HK$18.9 million or 140$32.4 million, compared to HK$13.5 million in the prior year[25]. - For the six months ended September 30, 2023, the Group's revenue was approximately HK$141.3 million, a decrease from HK$166.1 million in the same period of 2022, representing a decline of about 14.9$125.7 million to revenue, down from HK$157.2 million in the previous year, with the largest project accounting for 36.3$21.5 million, an increase of about HK$20.3 million from a gross loss of HK$1.2 million in the same period last year, resulting in a gross loss margin of 15.2%[26]. - The Group's loss for the period increased by 140% to HK$32.4 million, compared to HK$13.5 million in the same period last year[28]. - Loss from operations increased to HK$32.2 million, up from HK$13.3 million in the prior year, reflecting higher operational challenges[71]. - Total comprehensive loss for the period was HK$32.4 million, compared to a loss of HK$13.5 million in the same period last year[71]. - The company reported a basic and diluted loss per share of HK$3.90 for the six months ended September 30, 2023, compared to HK$1.62 in the previous year[71]. - For the six months ended 30 September 2023, the company reported a loss of HK$32,393,000, compared to a loss of HK$13,453,000 for the same period in 2022, indicating a significant increase in losses[76]. Project and Contract Information - Two new projects with an aggregate contract value of HK$642 million were awarded during the six months ended September 30, 2023[19]. - As of September 30, 2023, nine projects with an outstanding contract sum of HK$900.8 million were in progress[20]. - The top five projects contributed approximately HK$125.7 million in revenue, down from HK$157.2 million in the previous year, with the top project accounting for 36.3% of total revenue[23]. - The increase in gross loss was primarily due to provisions for liquidated and ascertained damages from unexpected delays in certain foundation projects[24]. - The Group's focus on private sector construction projects continues, with an emphasis on becoming the main contractor for design and build contracts[15]. Financial Position and Liquidity - As of September 30, 2023, the current ratio was 3.0, down from 3.8 as of March 31, 2023, while the gearing ratio decreased to 6.5% from 6.7%[30]. - The Group had cash and bank balances of approximately HK$76.7 million as of September 30, 2023, down from HK$112.0 million as of March 31, 2023[30]. - Current assets as of September 30, 2023, totaled HK$364.0 million, slightly down from HK$372.9 million as of March 31, 2023[73]. - Net current assets decreased to HK$241.7 million from HK$274.1 million, indicating a reduction in liquidity[73]. - Total equity as of September 30, 2023, was HK$242.0 million, down from HK$274.4 million as of March 31, 2023[74]. - Cash and cash equivalents at the end of the period decreased to HK$33,259,000 from HK$81,250,000 at the end of the same period last year, representing a decline of 59%[78]. - The total equity attributable to equity shareholders of the company decreased to HK$242,042,000 as of 30 September 2023, down from HK$301,211,000 a year earlier, a reduction of 19.6%[76]. - The company had cash generated from investing activities of HK$3,121,000 for the six months ended 30 September 2023, compared to HK$5,239,000 in the same period of 2022, a decrease of 40.4%[78]. - The company’s retained profits decreased to HK$194,241,000 as of 30 September 2023, down from HK$226,634,000 at the beginning of the period, a decline of 14.3%[76]. Corporate Governance and Management - The company emphasizes its commitment to high standards of corporate governance and transparency[57]. - The board believes that the current arrangement of having the same individual serve as both Chairman and CEO does not impair the balance of power and authority[58]. - The company has resolved not to pay any interim dividend for the six months ended September 30, 2023, consistent with the previous year[52]. - The company has not identified any significant events requiring disclosure after September 30, 2023[54]. - The remuneration of key management personnel for the six months ended September 30, 2023, was HK$3,141,000, a decrease of 15.1$3,702,000 in the same period of 2022[137]. Future Outlook - The Group expects a rebound in the foundation industry in the coming years due to increased land supply and infrastructure investments by the Hong Kong government[42]. - To maintain competitiveness, the Group plans to expand its capacity, enhance foundation design capabilities, and improve project management skills[43]. Audit and Compliance - The interim financial report was authorized for issue on 27 November 2023, and it is unaudited but reviewed by KPMG[88]. - The interim financial report for In Construction Holdings Limited as of September 30, 2023, has been reviewed and is in compliance with Hong Kong Accounting Standard 34[145]. - The report includes the consolidated statement of financial position, profit or loss, changes in equity, and cash flow for the six-month period ending September 30, 2023[145]. - No significant issues were identified that would indicate the interim financial report is not materially prepared according to the relevant standards[145]. - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, focusing on inquiries and analytical procedures[141]. - The directors are responsible for the preparation and presentation of the interim financial report[145]. - The report confirms that the financial information is accurate and reliable as of the review date[145]. - KPMG conducted the review and issued the report on November 27, 2023[147].