Revenue Performance - The overall revenue for the period amounted to HK$1,591.85 million, representing a decrease of approximately 42.32% compared to HK$2,759.68 million for the corresponding period last year[16]. - Overall revenue decreased by approximately HK$1,167.83 million, or approximately 42.32%, from HK$2,759.68 million for the six months ended June 30, 2019, to HK$1,591.85 million for the six months ended June 30, 2020[70]. - Revenue from general building business decreased by approximately HK$957.65 million, or approximately 43.69%, from HK$2,192.02 million to HK$1,234.37 million during the same period[71]. - Revenue from civil engineering business decreased by approximately HK$209.27 million, or approximately 44.02%, from HK$475.38 million to HK$266.11 million[72]. - Revenue from other services amounted to HK$91.37 million, representing 5.74% of total revenue, an increase from 3.34% in the previous year[73]. - Revenue attributable to general building and civil engineering works amounted to HK$1,234.37 million and HK$266.11 million, representing approximately 77.54% and 16.72% of total revenue, respectively[61]. - The outbreak of COVID-19 decelerated the progress of existing projects, impacting revenue contributions[71]. Project and Contract Status - As of June 30, 2020, the company had a total of 12 projects for general building works and 17 projects for civil engineering works on hand, with a total original contract sum of approximately HK$14 billion[20]. - The outstanding value of projects on hand as of June 30, 2020, was approximately HK$6.9 billion, an increase from HK$6.3 billion as of December 31, 2019[20]. - The company is involved in the Three Runway System Project for Hong Kong International Airport, with a contract value of HK$440.7 million, participating in 40% of the contract[39]. - The company is engaged in ongoing projects with original contract completion dates postponed, indicating continued revenue generation potential[39]. - The company has ongoing maintenance and management contracts for public roads in Kowloon East, with a projected revenue of approximately HK$482.6 million[39]. - The company completed the construction of Public Rental Housing Development and Subsidised Sale Flats Development, generating revenue of approximately HK$3,740.0 million and HK$1,911.0 million respectively[31]. Financial Performance - Overall gross profit decreased by HK$62.84 million or approximately 90.86% to HK$6.32 million for the six months ended June 30, 2020, down from HK$69.16 million for the same period in 2019[80]. - Gross profit margin fell from 2.51% for the six months ended June 30, 2019 to 0.40% for the six months ended June 30, 2020[81]. - Loss attributable to equity shareholders was HK$30.48 million for the six months ended June 30, 2020, compared to a profit of HK$13.16 million for the same period in 2019[86]. - Loss from operations was $(26,943) compared to a profit of $24,893 in the previous year[175]. - Loss before taxation was $(36,802), a sharp decline from a profit of $15,931 in 2019[175]. - Total comprehensive income for the period was $(30,369), down from $13,095 in the previous year[180]. Cash Flow and Liquidity - Cash and cash equivalents were HK$245.11 million as of June 30, 2020, compared to HK$263.51 million as of December 31, 2019[93]. - The current ratio improved to 1.22 as of June 30, 2020, compared to 1.19 as of December 31, 2019[88]. - The Group had approximately HK$2,232 million in undrawn bank financing as of June 30, 2020, compared to HK$2,205 million as of December 31, 2019[105]. - The company experienced a net cash decrease of HKD 18,224,000 in cash and cash equivalents, compared to a decrease of HKD 55,628,000 in the same period last year, indicating better cash management[199]. - The company reported a net cash generated from operating activities of HKD 109,045,000, significantly up from HKD 12,533,000 in the prior year, showcasing improved operational efficiency[199]. Corporate Governance and Management - The Company has adopted the Model Code for Securities Transactions, and all Directors confirmed compliance during the period[139]. - The Company aims to enhance corporate governance standards to meet regulatory requirements and shareholder expectations[131]. - The Board believes the current management structure is effective and will continue to review corporate governance practices[130]. - The Company has implemented appropriate measures for internal audit functions despite not having an independent internal audit department[129]. Shareholder Information - The Company declared an interim dividend of HK4.0 cents per share, amounting to approximately HK$16 million, compared to nil for the same period in 2019[140]. - The register of members will be closed from September 17 to September 18, 2020, for determining entitlements to the proposed interim dividend[141]. - The company is owned approximately 71.39% by Good Target, 18.94% by Ocean Asset, and 3.54% by Growth Asset[167].
新福港(01447) - 2020 - 中期财报