Revenue Performance - The overall revenue for the period amounted to HK$1,460.43 million, representing a decrease of approximately 8.26% compared to HK$1,591.85 million for the corresponding period last year[13]. - Overall revenue decreased by approximately HK$131.42 million, or approximately 8.26%, from HK$1,591.85 million for the six months ended 30 June 2020 to HK$1,460.43 million for the six months ended 30 June 2021[88]. - Revenue from general building business decreased by approximately HK$43.47 million, or approximately 3.52%, from HK$1,234.37 million to HK$1,190.90 million[89]. - Revenue from civil engineering business decreased by approximately HK$82.64 million, or approximately 31.05%, from HK$266.11 million to HK$183.47 million[90]. - Revenue from other services amounted to HK$86.06 million, representing 5.90% of total revenue, compared to HK$91.37 million and 5.74% in the previous period[91]. Project and Contract Overview - As of June 30, 2021, the total original contract sum of ongoing projects was approximately HK$13 billion, an increase from HK$12 billion as of December 31, 2020[18]. - The outstanding value of projects on hand as of June 30, 2021, was approximately HK$7.9 billion, up from HK$5.3 billion as of December 31, 2020[18]. - The Group had a total of 14 projects for general building works and 10 projects for civil engineering works on hand as of June 30, 2021[18]. - The original contract sum for the construction of public rental housing was HK$3,740.0 million, with revenue recognized of HK$369.8 million[28]. - The company is engaged in electrical and mechanical works for sewage treatment facilities, with a contract sum of HK$557.6 million and revenue recognized of HK$63.0 million, expected to complete by May 2024[28]. Financial Performance - Overall gross profit increased by HK$44.80 million, or approximately 708.78%, from HK$6.32 million to HK$51.12 million[94]. - Overall gross profit margin increased from 0.40% to 3.50% for the six months ended 30 June 2021[94]. - Profit attributable to equity shareholders for the six months ended 30 June 2021 was HK$9.29 million, compared to a loss of HK$30.48 million for the same period in 2020[97]. - Basic earnings per share for the period was 2.32 cents, compared to a loss of 7.62 cents per share in 2020[173]. - Total comprehensive income for the period was HKD 9,825,000, compared to a loss of HKD 30,369,000 in the same period last year[178]. Liquidity and Capital Structure - Cash and cash equivalents as of June 30, 2021, were HK$247.62 million, a decrease from HK$449.83 million as of December 31, 2020[104]. - The current ratio improved to 1.23 as of June 30, 2021, compared to 1.17 as of December 31, 2020[99]. - The Group's bank loans decreased to HK$65.28 million from HK$200.42 million as of December 31, 2020[110]. - The Group's gearing ratio improved to 17.39% as of June 30, 2021, down from 50.41% as of December 31, 2020[111]. - Current liabilities decreased to HKD 1,439,874,000 from HKD 1,994,852,000 at the end of 2020, reflecting improved liquidity management[182]. Corporate Governance and Management - The Group's management structure includes the chairman also serving as the managing director, which the Board believes is in the best interest of effective management and business development[131]. - The Board is committed to maintaining high standards of corporate governance to enhance shareholder value and attract investment[129][134]. - The Company has not established a standalone internal audit department but has appointed an external adviser to review its internal control system[132][135]. - The Group's employee compensation policy includes salaries, medical benefits, and bonuses, with training provided to enhance employee loyalty and retention[123]. Future Outlook and Market Conditions - The management is optimistic about future project awards and ongoing market demand in Hong Kong and Macau[11]. - The Group expects continued pressure on profit margins for contractors in Hong Kong due to the ongoing impact of COVID-19, despite signs of economic recovery as vaccination rates increase[125][126]. - The Group anticipates that the global economic recovery remains uncertain, influenced by the ongoing pandemic and its variants[125][126]. - The Board remains confident in the Group's future development, leveraging existing competitive strengths to achieve long-term business objectives[125][126]. Dividend and Shareholder Information - The interim dividend declared is HK$2.0 cents per share, amounting to approximately HK$8 million, a decrease from HK$4.0 cents per share and HK$16 million in the same period last year[141][143]. - The interim dividend payment is expected to be made on or about September 30, 2021[141]. - The company approved dividends of $32,000,000 in respect of the previous year, which is consistent with its dividend policy despite the prior period loss[196].
新福港(01447) - 2021 - 中期财报