Financial Performance - The Group's revenue during the six months ended September 30, 2021, was primarily derived from foundation works in residential developments, indicating a strong demand in this sector [14]. - The Group has maintained healthy growth in revenue and gross profit despite the unfavorable economic environment during the reporting period [15]. - The Group's revenue increased to approximately HK$336.3 million for the Reporting Period, representing a growth of approximately HK$73.6 million or 28.0% compared to HK$262.7 million for the six months ended 30 September 2020 [20]. - The profit and total comprehensive income for the Reporting Period increased from approximately HK$17.2 million to approximately HK$32.2 million, representing an increase of approximately HK$15.0 million or 87.3% [36]. - Profit before tax for the period was HK$38.5 million, significantly higher than HK$22.2 million in the previous year, marking an increase of 73% [67]. - The total revenue for the six months ended 30 September 2021 was HK$336.3 million, an increase from HK$262.7 million in the same period of 2020, representing a growth of 28% [67]. - Basic earnings per share attributable to ordinary equity holders increased to HK$32,181,000 for the six months ended 30 September 2021, compared to HK$17,183,000 for the same period in 2020, reflecting an increase of 87.5% [166]. - The total tax charge for the period was HK$6,331,000, up from HK$4,981,000 in the previous year, indicating a year-over-year increase of 27.1% [163]. Revenue Sources - The Group's foundation works services are widely required in both residential and non-residential developments, showcasing its solid track record in the industry [14]. - Revenue from residential construction services was HK$311,126,000, while non-residential construction services generated HK$25,167,000 for the six months ended September 30, 2021 [126]. - Total revenue from private sector contracts was HK$309,957,000, compared to HK$219,522,000 from the previous year, reflecting a growth of 41% [126]. - For the six months ended September 30, 2021, the Group recognized revenue from construction contracting businesses amounting to HK$336,293,000, an increase of 27.9% compared to HK$262,701,000 for the same period in 2020 [108]. Cost and Expenses - The Group's cost of sales rose from approximately HK$229.2 million to approximately HK$294.2 million, an increase of approximately HK$65.0 million or 28.4%, aligning with the revenue growth [21]. - Administrative expenses increased from approximately HK$2.6 million to approximately HK$4.4 million, representing an increase of approximately HK$1.8 million or 69.3% [30]. - Finance costs surged from approximately HK$43,000 to approximately HK$267,000, an increase of approximately HK$224,000 or 520.9%, primarily due to the drawdown of bank loans of approximately HK$31.1 million [33]. - Depreciation of property, plant, and equipment rose to HK$6,436,000, up from HK$3,792,000, indicating a year-over-year increase of about 70% [143]. - Employee benefit expenses, excluding directors' remuneration, totaled HK$27,185,000, compared to HK$25,094,000 in the previous year, reflecting an increase of approximately 8.3% [143]. Assets and Liabilities - Total non-current assets increased to HK$70,292,000 as of September 30, 2021, compared to HK$42,221,000 as of March 31, 2021, representing a growth of 66.7% [69]. - Current assets rose to HK$268,335,000 as of September 30, 2021, up from HK$240,447,000 as of March 31, 2021, indicating an increase of 11.6% [69]. - Total non-current liabilities increased to HK$10,992,000 as of September 30, 2021, from HK$7,551,000 as of March 31, 2021, representing a growth of 45.5% [71]. - The Group's short-term bank borrowing increased by 50.0% to approximately HK$21.6 million as at 30 September 2021, compared to HK$14.4 million as of 31 March 2021 [36]. - The gearing ratio of the Group as at 30 September 2021 was approximately 10.2%, up from approximately 8.2% as of 31 March 2021 [36]. Market Outlook - The Northern Metropolis Development Strategy is expected to provide an additional 350,000 to 536,000 residential units in the Northern Metropolis over the next two decades, driving future demand for housing and public infrastructure investment [9]. - The construction industry in Hong Kong is anticipated to recover from the impact of COVID-19, with limited long-term effects on the foundation industry demand [8]. - The outlook for the construction industry in Hong Kong remains positive, with expectations for continued growth in the gross value of foundation works in the coming years [9]. - The Chief Executive's Policy Address in October 2021 highlighted significant infrastructure projects, which are expected to boost the construction sector [9]. Corporate Governance - The Board resolved not to recommend the declaration of interim dividend for the Reporting Period [50]. - The Group has a contingent liability related to a fatal accident at a worksite during the Reporting Period [47]. - The Group's financial statements for the six months ended 30 September 2021 were prepared in accordance with HKAS 34 Interim Financial Reporting [95]. - The Group underwent a reorganization to become the holding company of its subsidiaries on 17 February 2021 [92]. - The Group operates under a single reportable operating segment, which is the construction segment as a subcontractor, with no additional segment information presented [113].
铸帝控股(01413) - 2022 - 中期财报