Financial Performance - The company reported a loss attributable to owners of approximately MYR 3.3 million for the first half of the fiscal year 2024, a decrease of about MYR 11.5 million (or 140.2%) compared to a profit of MYR 8.2 million in the same period of 2023[46]. - For the six months ended April 30, 2024, the company reported revenue of 125,691 thousand MYR, a decrease of 42.9% compared to 220,130 thousand MYR for the same period in 2023[86]. - The cost of services for the same period was 127,892 thousand MYR, resulting in a gross loss of 2,201 thousand MYR, compared to a gross profit of 13,061 thousand MYR in the previous year[86]. - The company's total revenue for the six months ended April 30, 2024, was 125,691 thousand MYR, a decrease of 42.8% compared to 220,130 thousand MYR for the same period in 2023[118]. - Revenue from factory projects was 71,599 thousand MYR, down 39.1% from 117,595 thousand MYR in the previous year[118]. - The company reported a basic and diluted loss per share of (3,313) thousand MYR for the six months ended April 30, 2024, compared to a profit of 8,247 thousand MYR for the same period in 2023[124]. - The gross loss for the first half of 2024 was approximately 2.2 million MYR, compared to a gross profit of about 13.1 million MYR in the first half of 2023, resulting in a gross margin decline from approximately 5.9% to a gross loss margin of 1.8%[166]. Assets and Liabilities - The company's total assets as of April 30, 2024, were 151,520 thousand MYR, while total liabilities were 233,183 thousand MYR, resulting in a net asset value of 149,942 thousand MYR[72][87]. - The company's contract assets decreased to 111,940 thousand MYR from 141,651 thousand MYR, indicating a reduction in future revenue recognition[72]. - Trade and other receivables were reported at 53,437 thousand MYR, down from 110,156 thousand MYR, suggesting a decline in sales or collection issues[72]. - The company's equity decreased from 153,263 thousand MYR to 149,942 thousand MYR, reflecting the impact of the net loss on shareholders' equity[72]. - Trade payables and notes payable amounted to 51,881 thousand MYR as of April 30, 2024, down from 102,788 thousand MYR as of October 31, 2023[133]. - The company reported a contingent liability of 6,852 thousand MYR as of April 30, 2024, compared to 30,087 thousand MYR as of October 31, 2023[154]. Cash Flow and Financing - Cash and cash equivalents decreased to 46,334 thousand MYR from 57,448 thousand MYR, reflecting a cash outflow during the period[72]. - The company’s cash flow from operating activities was negative 10,233 thousand MYR, compared to negative 2,538 thousand MYR in the same period last year[92]. - Operating cash flow before changes in working capital was negative 3,848 thousand MYR, a significant decrease from 12,140 thousand MYR in the previous year[92]. - The company's financing costs for the period were 3,313 thousand MYR, compared to 11,199 thousand MYR in the previous year, indicating a reduction in interest expenses[86]. - The company's financing costs decreased from approximately 10,000 MYR in the first half of 2023 to about 2,000 MYR in the first half of 2024, primarily due to a reduction in bank borrowings[168]. - The company has no outstanding bank borrowings as of April 30, 2024, with an unused bank overdraft facility of approximately 500,000 MYR[171]. Construction Projects - The group completed three construction projects in the first half of the fiscal year 2024, with a total contract value of approximately RM 323.9 million[21]. - As of April 30, 2024, the group had six ongoing construction projects with a total contract value of approximately RM 910.9 million[22]. - The company secured three factory contracts in the first half of 2024, with a total contract value of approximately 86.5 million MYR[183]. - As of April 30, 2024, the company had uncompleted engineering order amounts of approximately 296.9 million MYR, down from 689.6 million MYR as of October 31, 2023[186]. - The company recognized contract liabilities of approximately 36,049 thousand MYR for building construction contract revenue during the first half of the fiscal year 2024[132]. - Contract liabilities decreased primarily due to a reduction in billing for building construction services[145]. Employee and Governance - The total employee costs (excluding directors' remuneration) decreased from approximately RM 5.9 million in the first half of fiscal year 2023 to approximately RM 5.0 million in the first half of fiscal year 2024, mainly due to a reduction in workforce[37]. - The company plans to hire additional staff to support business expansion, with an allocation of MYR 3.9 million for this purpose[58]. - Continuous employee development is deemed crucial for success, with tailored training programs provided[199]. - Employee compensation generally includes salary and bonuses, determined by qualifications, position, and performance[199]. - The company maintains a high level of corporate governance and has complied with all corporate governance code provisions during the first half of the fiscal year 2024[60]. Economic Outlook - Bank Negara Malaysia forecasts Malaysia's economy to grow by 4% - 5% in 2024, driven by continued domestic demand expansion and improved external demand[24]. - The company has no significant plans for future investments or capital assets as of April 30, 2024[16]. - The company has no significant investments outside its subsidiaries for the first half of the fiscal year 2024[51]. - The company has no capital commitments as of April 30, 2024[54]. - The company has not adopted any new international financial reporting standards that have been issued but not yet effective, and is currently assessing their impact on performance and financial position[116].
RIMBACO(01953) - 2024 - 中期财报