Financial Performance - For the six months ended April 30, 2024, the company reported revenue of MYR 125,691,000, a decrease of 42.9% compared to MYR 220,130,000 for the same period in 2023[7] - The cost of services for the same period was MYR 127,892,000, down from MYR 207,069,000, resulting in a gross loss of MYR 2,201,000 compared to a gross profit of MYR 13,061,000 in 2023[7] - The company recorded a loss before tax of MYR 3,313,000, compared to a profit before tax of MYR 11,199,000 in the previous year[7] - Total comprehensive loss attributable to owners of the company for the period was MYR 3,321,000, compared to a total comprehensive income of MYR 7,833,000 in the same period last year[7] - The basic and diluted earnings per share for the period were (0.26 sen), compared to 0.65 sen in the previous year[7] - The group's revenue for the six months ended April 30, 2024, was 125,691 thousand Ringgit, a decrease of 42.9% compared to 220,130 thousand Ringgit for the same period in 2023[19] - Revenue from factory projects was 71,599 thousand Ringgit, down 39.1% from 117,595 thousand Ringgit in the previous year[19] - The group reported a loss attributable to owners of the company of approximately 3.3 million MYR in the first half of 2024, a decrease of approximately 11.5 million MYR (or 140.2%) compared to a profit of approximately 8.2 million MYR in the first half of 2023[60] Assets and Liabilities - As of April 30, 2024, total assets amounted to MYR 233,183,000, a decrease from MYR 325,548,000 as of October 31, 2023[9] - Current liabilities were reported at MYR 105,507,000, down from MYR 193,329,000, indicating improved liquidity[9] - The net current assets as of April 30, 2024, were MYR 127,676,000, compared to MYR 132,219,000 as of October 31, 2023[9] - The company's total equity decreased to MYR 149,942,000 from MYR 153,263,000, reflecting a decline in shareholder value[10] - The net trade receivables as of April 30, 2024, were 45,963 thousand Ringgit, a decrease from 105,680 thousand Ringgit as of October 31, 2023[26] - Trade receivables and contract assets as of April 30, 2024, show that approximately 0.0% is owed by the largest customer, down from 46.4% on October 31, 2023[74] - Contract assets totaled 111,940 thousand MYR as of April 30, 2024, down from 141,651 thousand MYR on October 31, 2023, indicating a decrease of about 21.0%[28] - The amount of retention money receivable from construction contracts was 70,296 thousand MYR as of April 30, 2024, compared to 75,823 thousand MYR on October 31, 2023, reflecting a reduction of approximately 7.0%[29] - Contract liabilities significantly decreased to 1,080 thousand MYR as of April 30, 2024, from 36,049 thousand MYR on October 31, 2023, a decline of about 97.0%[30] - Trade payables and notes payable were reported at 51,881 thousand MYR as of April 30, 2024, down from 102,788 thousand MYR on October 31, 2023, representing a decrease of approximately 49.5%[32] - The aging analysis of trade payables showed that amounts due within 30 days dropped to 14,524 thousand MYR from 66,336 thousand MYR, a decrease of about 78.1%[34] Operational Highlights - The company continues to focus on strategic initiatives to enhance operational efficiency and market presence despite the current financial challenges[12] - The group completed 3 construction projects in the first half of 2024, with a total contract value of approximately 323.9 million MYR, all of which were factory projects[40] - As of April 30, 2024, the group has 6 ongoing construction projects with a total contract value of approximately 910.9 million MYR, including 4 factory projects, 1 commercial project, and 1 infrastructure project[44] - The group submitted 10 bids for factory projects, 3 bids for mechanical projects, and 1 bid for commercial projects in the first half of 2024, securing 3 factory contracts with a total contract value of approximately 86.5 million MYR[48] Income and Expenses - Total financing costs for the six months ended April 30, 2024, were 2 thousand Ringgit, significantly lower than 11 thousand Ringgit in 2023[22] - The group recorded bank interest income of 1,306 thousand Ringgit, an increase of 35.2% from 966 thousand Ringgit in the previous year[20] - The total other income for the six months ended April 30, 2024, was 2,305 thousand Ringgit, up 26.7% from 1,819 thousand Ringgit in 2023[20] - Other income increased from approximately 1.8 million MYR in the first half of 2023 to approximately 2.3 million MYR in the first half of 2024, mainly due to rising fixed deposit interest rates and increased profits from the sale of properties, factories, and equipment[56] - The group’s administrative and other expenses decreased by approximately 0.2 million MYR (or 5.6%) to approximately 3.4 million MYR in the first half of 2024, primarily due to reduced employee costs[57] - Employee costs decreased from approximately MYR 5.9 million in the first half of 2023 to approximately MYR 5.0 million in the first half of 2024, primarily due to a reduction in workforce[82] Cash Flow and Capital Management - As of April 30, 2024, the group's cash balance is approximately MYR 46.3 million, down from MYR 57.4 million on October 31, 2023[63] - The current ratio as of April 30, 2024, is approximately 2.2 times, an increase from 1.7 times on October 31, 2023[64] - The net current assets decreased by approximately MYR 4.5 million (or 3.4%) from MYR 132.2 million on October 31, 2023, to MYR 127.7 million on April 30, 2024[68] - The group made a significant capital expenditure of approximately MYR 0.68 million for the purchase of the D3 sharing system during the first half of 2024[70] - As of April 30, 2024, there are no outstanding bank borrowings, and the unused bank overdraft facility is approximately MYR 500,000[67] Future Plans and Investments - The company has committed to completing construction contracts within the stipulated completion period or any approved extensions, with performance guarantees in place[38] - The group has no significant investments outside of its subsidiaries as of the first half of 2024[72] - There are no significant future plans for acquisitions or major investments as of April 30, 2024[70] Governance and Compliance - The Audit Committee was established on March 31, 2020, in compliance with Listing Rule 3.21 and Corporate Governance Code provisions[96] - The Audit Committee is chaired by Mr. Wong Chi Wai, who possesses the appropriate professional qualifications as per Listing Rule 3.10(2) and 3.21[96] - The Group's unaudited consolidated results for the first half of 2024 have been reviewed by the Audit Committee, confirming compliance with applicable accounting standards and regulations[96] Shareholder Information - The board does not recommend the payment of an interim dividend for the first half of 2024, compared to MYR 0.0182 in the first half of 2023[94] - The company issued a total of 315,000,000 shares at a price of HKD 0.40 per share, raising approximately HKD 73.5 million (about MYR 38.7 million) after deducting related listing expenses[84] - As of March 31, 2023, the company revised the intended use of the net proceeds to enhance financial resource utilization and improve profitability, aligning with its business strategy[84] - The allocation of net proceeds for potential building projects is approximately 39.4%, totaling HKD 28,924,000, with HKD 9,648,000 expected to be utilized by the end of 2024[87] - The company plans to acquire machinery and equipment, accounting for 31.2% of the net proceeds, with an expected utilization of HKD 14,840,000 by the end of 2024[87] - The company has allocated 6.5% of the net proceeds for land acquisition and warehouse construction, with an expected utilization of HKD 12,058,000 by the end of 2024[87] - The company has approximately HKD 25.8 million in unutilized net proceeds as of the end of the first half of 2024, which is held in licensed banks[87]
RIMBACO(01953) - 2024 - 中期业绩