奥邦建筑(01615) - 2019 - 中期财报

Company Information This chapter outlines Aobang Construction Group Co., Ltd.'s fundamental corporate details, including board composition, key personnel, and auditor information - Mr. Luo Hongze resigned as an independent non-executive director and committee member on June 11, 2019, with Mr. Au Yeung Wai Lap appointed to these roles on the same date[4] - The company's stock code is 1615[7] - The auditor is Deloitte Touche Tohmatsu[7] Management Discussion and Analysis This chapter analyzes the company's H1 2019 business performance, financial position, corporate finance, and risk management, highlighting revenue growth, margin pressure, and strategic responses to market challenges Business Review The Group's H1 2019 revenue grew 43.2% to MOP 178.9 million, despite macroeconomic headwinds, driving strategic expansion into the Greater Bay Area H1 2019 Business Overview | Metric | Amount (MOP million) | | :----------------- | :------------------- | | Revenue | 178.9 | | Y-o-Y Growth Rate | 43.2% | | Projects Completed | 5 renovation, 1 structural | | New Projects Awarded | 4 renovation, 1 structural | | Projects in Progress | 17 (5 structural, 12 renovation) | - Macau's economy was adversely affected by the US-China trade war, global economic slowdown, and RMB depreciation, with H1 2019 real GDP contracting by 2.5% and gross gaming revenue decreasing by 0.9% year-on-year[12] - The Group plans to capitalize on Greater Bay Area development opportunities through mergers and acquisitions, partnerships with reputable enterprises, and active bidding[13] Financial Review The Group's H1 2019 revenue increased 43.2% to MOP 178.9 million, primarily from renovation projects, though gross margin declined to 16.0% due to a loss-making contract and competitive bidding Revenue Breakdown by Construction Work Type | Construction Work Type | 2019 (MOP thousand) | % | 2018 (MOP thousand) | % | | :------------------- | :------------------ | :---- | :------------------ | :---- | | Renovation engineering | 150,380 | 84.1 | 101,701 | 81.4 | | Structural engineering | 28,473 | 15.9 | 23,173 | 18.6 | | Total | 178,853 | 100.0 | 124,874 | 100.0 | Gross Profit and Gross Margin by Construction Work Type | Construction Work Type | 2019 Gross Profit (MOP thousand) | Gross Margin % | 2018 Gross Profit (MOP thousand) | Gross Margin % | | :------------------- | :------------------------------- | :------------- | :------------------------------- | :------------- | | Renovation engineering | 21,147 | 14.1 | 20,788 | 20.4 | | Structural engineering | 7,519 | 26.4 | 6,967 | 30.1 | | Total | 28,666 | 16.0 | 27,755 | 22.2 | - Total gross margin decreased from 22.2% in H1 2018 to 16.0% in H1 2019, primarily due to a MOP 1.5 million loss-making contract and increased revenue from lower-margin competitive bids[20] - Other income increased by 159.4% to MOP 2.1 million, mainly due to higher bank interest income[21] - Administrative expenses increased by 52.9% to MOP 11.6 million, primarily due to higher professional fees, marketing expenses, and staff costs[24] - Profit for the period was approximately MOP 15.2 million, a 0.2% increase year-on-year; excluding non-recurring listing expenses, current period profit was MOP 15.2 million compared to MOP 18.6 million last year[27] - The Board does not recommend paying an interim dividend for the six months ended June 30, 2019[28] Corporate Finance and Risk Management The Group maintained healthy liquidity as of June 30, 2019, with net current assets of MOP 203.3 million and a current ratio of 2.6, while managing contingent liabilities and a growing workforce Liquidity and Financial Resources | Metric | June 30, 2019 (MOP million) | Dec 31, 2018 (MOP million) | | :--------------------- | :-------------------------- | :------------------------- | | Net current assets | 203.3 | 195.7 | | Current ratio | 2.6 | 2.5 | | Bank balances and cash | 130.8 | 155.2 | | Pledged bank deposits | 50.3 | 50.3 | | Unutilized bank credit | 127.0 | 118.9 | - Approximately MOP 42.9 million in office properties and MOP 50.3 million in deposits are pledged to banks as security for banking facilities, including performance and tender guarantees[35] - The Group's management considers foreign currency exchange risk to be insignificant and currently has no foreign currency hedging policy[37][38] - As of June 30, 2019, the Group had no capital commitments (December 31, 2018: MOP 1.8 million)[39] - Contingent liabilities include performance guarantees of approximately MOP 64.6 million and tender guarantees of approximately MOP 0.5 million[40] - As of June 30, 2019, the Group had 100 full-time employees (December 31, 2018: 94), with total staff costs of approximately MOP 17.2 million[42] Use of Proceeds from Global Offering The company's global offering raised HKD 61.2 million net, with HKD 22.2 million utilized for project financing and working capital, and the remaining HKD 39.0 million earmarked for equipment and M&A - Net proceeds from the global offering amounted to approximately HKD 61.2 million[43] Use and Utilization of Global Offering Proceeds | Purpose | Actual Amount (HKD million) | Utilized (HKD million) | Unutilized (HKD million) | | :------------------------------------------------ | :-------------------------- | :--------------------- | :----------------------- | | Financing construction projects and strengthening financial position (43%) | 26.4 | 18.4 | 8.0 | | Acquisition of new machinery (27%) | 16.5 | – | 16.5 | | Potential mergers and acquisitions (10%) | 6.1 | – | 6.1 | | Recruitment of additional staff (10%) | 6.1 | 1.1 | 5.0 | | General working capital (10%) | 6.1 | 2.7 | 3.4 | | Total | 61.2 | 22.2 | 39.0 | - Unutilized net proceeds are held in the Group's bank time deposit accounts, with funds for new machinery expected to be utilized from H2 2019[45][46] Events After Reporting Period The Board is unaware of any significant disclosable events occurring after June 30, 2019, up to the report date - The Board is unaware of any significant disclosable events occurring after June 30, 2019, up to the report date[47] Other Information This chapter details directors' and substantial shareholders' interests, the share option scheme, corporate governance practices, and the audit committee's role, confirming compliance with relevant codes Directors' and Chief Executives' Interests in Shares, Underlying Shares, and Debentures As of June 30, 2019, Mr. Lau Chiu Shing held 65% of the company's shares through controlled entities and spouse's interests, while Mr. Yip Kin Wah held 10% as a beneficial owner Directors' Shareholdings | Director Name | Capacity / Nature of Interest | Number of Shares (L) | Approximate Shareholding % | | :----------------- | :--------------------------------- | :------------------- | :------------------------- | | Mr. Lau Chiu Shing | Interest in controlled corporation and spouse's interest | 390,000,000 | 65% | | Mr. Yip Kin Wah | Beneficial owner | 60,000,000 | 10% | - Mr. Lau Chiu Shing's interests include 255,000,000 shares held by his wholly-owned Laos International Holdings Limited, and 135,000,000 shares held by his spouse Ms. Wong Hio Mei through her wholly-owned WHM Holdings Limited[49] Substantial Shareholders' Interests in Shares, Underlying Shares, and Debentures As of June 30, 2019, Ms. Wong Hio Mei (Mrs. Lau) held 65% of the company's shares through controlled entities and spouse's interests, with Laos International Holdings Limited holding 42.5% and WHM Holdings Limited holding 22.5% Substantial Shareholders' Shareholdings | Name / Company Name | Capacity / Nature of Interest | Number of Shares (L) | Approximate Shareholding % | | :------------------------- | :--------------------------------- | :------------------- | :------------------------- | | Mrs. Lau | Interest in controlled corporation and spouse's interest | 390,000,000 | 65% | | Laos International Holdings Limited | Beneficial owner | 255,000,000 | 42.5% | | WHM Holdings Limited | Beneficial owner | 135,000,000 | 22.5% | - Mrs. Lau's interests include 135,000,000 shares held by her wholly-owned WHM Holdings and 255,000,000 shares held by her spouse Mr. Lau[51] Share Option Scheme The company conditionally adopted a share option scheme on August 17, 2018, to incentivize eligible participants, with no options granted as of the report date - The share option scheme was conditionally adopted on August 17, 2018, and became effective upon listing[54] - No share options have been granted as of the report date[54] Corporate Governance The company has adopted and complied with all code provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules - The company has adopted and complied with all code provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules[55] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2019 - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[56] Standard Code for Securities Transactions by Directors The company adopted the Standard Code for securities transactions by directors, with all directors confirming compliance throughout the reporting period - All directors confirmed their compliance with the required standards set out in the Standard Code for the six months ended June 30, 2019[57] Audit Committee The Audit Committee, established on August 17, 2018, comprises three independent non-executive directors, chaired by Mr. Au Yeung Wai Lap, and has reviewed the H1 2019 unaudited condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors: Mr. Au Yeung Wai Lap (Chairman), Mr. Chu Yat Pang, and Mr. Choi Wai Shek[58] - The Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2019[58] Review Report on Condensed Consolidated Financial Statements Deloitte Touche Tohmatsu reviewed Aobang Construction Group Co., Ltd.'s H1 2019 condensed consolidated financial statements, finding no material non-compliance with IAS 34, though the review scope was less than an audit - Deloitte Touche Tohmatsu has reviewed the Group's condensed consolidated financial statements[60] - The scope of the review is substantially less than an audit conducted in accordance with Hong Kong Standards on Auditing, thus no audit opinion is expressed[61] - Based on the review, nothing has come to the auditor's attention that causes them to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34[62] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement presents the Group's H1 2019 financial performance, with revenue of MOP 178.853 million and profit of MOP 15.164 million, maintaining stability due to the absence of listing expenses this period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Metric | 2019 (MOP thousand) | 2018 (MOP thousand) | | :---------------------------------------- | :------------------ | :------------------ | | Revenue | 178,853 | 124,874 | | Cost of sales | (150,187) | (97,119) | | Gross profit | 28,666 | 27,755 | | Other income | 2,093 | 807 | | Other losses | (42) | (80) | | Impairment losses | (1,476) | – | | Administrative expenses | (11,675) | (7,637) | | Listing expenses | – | (3,416) | | Profit before tax | 17,566 | 17,429 | | Income tax expense | (2,402) | (2,294) | | Profit and total comprehensive income for the period | 15,164 | 15,135 | | Basic earnings per share (MOP) | 0.03 | 0.03 | Condensed Consolidated Statement of Financial Position This statement outlines the Group's financial position as of June 30, 2019, showing total assets of MOP 376.508 million, net current assets of MOP 203.250 million, and total equity of MOP 250.212 million Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2019 (MOP thousand) | Dec 31, 2018 (MOP thousand) | | :------------------------- | :--------------------------- | :-------------------------- | | Non-current assets | | | | Property, plant and equipment | 46,962 | 44,110 | | Current assets | | | | Trade and other receivables | 108,770 | 95,789 | | Contract assets | 39,656 | 29,000 | | Pledged bank deposits | 50,279 | 50,279 | | Bank balances and cash | 130,841 | 155,229 | | Current liabilities | | | | Trade and other payables | 108,545 | 116,083 | | Contract liabilities | 1,412 | 4,566 | | Tax payable | 16,339 | 13,937 | | Net current assets | 203,250 | 195,711 | | Net assets | 250,212 | 241,237 | | Total equity | 250,212 | 241,237 | Condensed Consolidated Statement of Changes in Equity This statement details the Group's equity changes for H1 2019, with total equity increasing to MOP 250.212 million from MOP 241.237 million, reflecting profit and dividend distribution Condensed Consolidated Statement of Changes in Equity Summary | Metric | Jan 1, 2019 (MOP thousand) | Profit and total comprehensive income for the period (MOP thousand) | Dividends distributed (MOP thousand) | June 30, 2019 (MOP thousand) | | :------------------------------------------------ | :------------------------- | :-------------------------------------------------- | :----------------------------------- | :--------------------------- | | Share capital | 6,189 | – | – | 6,189 | | Share premium | 82,564 | – | – | 82,564 | | Statutory reserve | 6,000 | – | – | 6,000 | | Other reserves | (86,724) | – | – | (86,724) | | Retained profits | 233,208 | 15,164 | (6,189) | 242,183 | | Total | 241,237 | 15,164 | (6,189) | 250,212 | - Profit and total comprehensive income for the period amounted to MOP 15,164 thousand[69] - Dividends distributed amounted to MOP 6,189 thousand[69] Condensed Consolidated Statement of Cash Flows This statement presents the Group's H1 2019 cash flows, showing a net cash outflow of MOP 17.442 million from operating activities, primarily due to increased receivables and contract assets, resulting in reduced cash and cash equivalents Condensed Consolidated Statement of Cash Flows Summary | Metric | 2019 (MOP thousand) | 2018 (MOP thousand) | | :------------------------------------------------ | :------------------ | :------------------ | | Cash generated from operations before working capital changes | 18,363 | 18,002 | | Increase in trade and other receivables | (14,200) | (34,072) | | Increase (decrease) in contract assets | (10,913) | 24,987 | | Changes in other working capital items | (10,692) | (4,118) | | Net cash (used in) from operating activities | (17,442) | 4,799 | | Net cash (used in) from investing activities | (757) | 150 | | Net cash used in financing activities | (6,189) | (3,479) | | Net (decrease) increase in cash and cash equivalents | (24,388) | 1,470 | | Cash and cash equivalents at end of period | 130,841 | 58,091 | - Net cash from operating activities shifted from an inflow in the prior period to an outflow, primarily due to increases in trade and other receivables and contract assets[73] Notes to the Condensed Consolidated Financial Statements This chapter provides detailed notes to the condensed consolidated financial statements, covering preparation basis, key accounting policies, revenue recognition, segment information, taxation, dividends, earnings per share, and related party transactions 1. General Information and Basis of Preparation Aobang Construction Group Co., Ltd., incorporated in Cayman Islands in 2017 and listed on HKEX in September 2018, provides construction services, with financial statements prepared under IAS 34 and HKEX Listing Rules in MOP - The company was incorporated in the Cayman Islands on February 23, 2017, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on September 10, 2018[74] - The Group primarily engages in providing construction services, including structural and renovation works[74] - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix 16 to the Listing Rules of the Stock Exchange[74] - The company's presentation and functional currency is Macau Pataca (MOP)[75] 2. Principal Accounting Policies The condensed consolidated financial statements are prepared on a historical cost basis, with IFRS 16 'Leases' newly applied this period, impacting lessee accounting but not significantly affecting the Group as a lessor - The condensed consolidated financial statements are prepared on a historical cost basis[76] - During the interim period, the Group first applied new and revised International Financial Reporting Standards, including IFRS 16 'Leases'[77][78] - As a lessee, the Group applies recognition exemptions for short-term leases and leases of low-value assets[83] - As a lessor, the application of IFRS 16 had no impact on the Group's financial position and performance for the current and prior periods[86] 3. Revenue The Group's revenue, primarily from renovation and structural engineering, totaled MOP 178.853 million for H1 2019, with MOP 156.365 million in unfulfilled contract transaction prices expected to be recognized by 2020 Revenue Breakdown by Construction Work Type | Type | 2019 (MOP thousand) | 2018 (MOP thousand) | | :---------------------------------- | :------------------ | :------------------ | | Revenue from renovation engineering contracts | 150,380 | 101,701 | | Revenue from structural engineering contracts | 28,473 | 23,173 | | Total | 178,853 | 124,874 | - Structural and renovation engineering projects typically range from one to two years[87] Total Transaction Price Allocated to Unfulfilled Performance Obligations | Type | June 30, 2019 (MOP thousand) | June 30, 2018 (MOP thousand) | | :--------------------- | :--------------------------- | :--------------------------- | | Renovation engineering | 132,292 | 132,065 | | Structural engineering | 24,073 | 66,032 | | Total | 156,365 | 198,097 | - Revenue from unfulfilled contracts is expected to be recognized during the years ending December 31, 2019, and 2020[89] 4. Segment Information The Group's operating segments, renovation and structural engineering, generated MOP 150.380 million and MOP 28.473 million in revenue respectively for H1 2019, with all external customer revenue and non-current assets attributable to Macau - The Group's reportable and operating segments are renovation engineering and structural engineering[91] Segment Revenue and Profit (H1 2019) | Segment | Revenue (MOP thousand) | Profit (MOP thousand) | | :--------------------- | :--------------------- | :-------------------- | | Renovation engineering | 150,380 | 21,147 | | Structural engineering | 28,473 | 7,519 | | Total | 178,853 | 28,666 | - The Group's operations and non-current assets are geographically located entirely in Macau[93] 5. Income Tax Expense For H1 2019, the Group's income tax expense was MOP 2.402 million, calculated at Macau's supplementary income tax rate of 12%, resulting in an effective tax rate of 13.7% Income Tax Expense | Metric | 2019 (MOP thousand) | 2018 (MOP thousand) | | :------------------------------------ | :------------------ | :------------------ | | Macau Complementary Income Tax – current period | 2,402 | 2,294 | - Macau Complementary Income Tax is calculated at 12% on estimated assessable profits for the period exceeding MOP 600,000[95] - The effective tax rates for the six months ended June 30, 2019, and 2018 were 13.7% and 13.2%, respectively[26] 6. Profit and Total Comprehensive Income for the Period Profit and total comprehensive income for the period were calculated after deducting contract costs of MOP 150.187 million and property, plant, and equipment depreciation of MOP 1.298 million Contract Costs Recognized as Expenses | Type | 2019 (MOP thousand) | 2018 (MOP thousand) | | :--------------------- | :------------------ | :------------------ | | Renovation engineering | 129,233 | 80,913 | | Structural engineering | 20,954 | 16,206 | | Total | 150,187 | 97,119 | - Depreciation of property, plant and equipment amounted to MOP 1,298 thousand[96] 7. Dividends A final dividend of HKD 0.01 per share (approximately MOP 6.189 million) for FY2018 was declared and approved on May 30, 2019, with no interim dividend for the current period - A final dividend of HKD 0.01 per share (approximately MOP 6,189,000) for the year ended December 31, 2018, was declared and approved on May 30, 2019[97] - The company will not pay an interim dividend for the current interim period[98] 8. Earnings Per Share Basic earnings per share for H1 2019 was MOP 0.03, based on MOP 15.164 million profit and 600,000 thousand weighted average ordinary shares, with no diluted EPS presented due to absence of dilutive shares Basic Earnings Per Share Calculation | Metric | 2019 (MOP thousand) | 2018 (MOP thousand) | | :-------------------------- | :------------------ | :------------------ | | Profit for basic EPS calculation | 15,164 | 15,135 | Weighted Average Number of Ordinary Shares for Basic EPS Calculation | Year | Thousand shares | | :--- | :-------------- | | 2019 | 600,000 | | 2018 | 450,000 | - No diluted earnings per share is presented for both periods as there were no potentially dilutive ordinary shares outstanding[101] 9. Property, Plant and Equipment For H1 2019, the Group acquired MOP 2.709 million in leasehold improvements and MOP 1.441 million in furniture, fixtures, and equipment - The Group acquired MOP 2,709,000 in leasehold improvements and MOP 1,441,000 in furniture, fixtures, and equipment[102] 10. Trade and Other Receivables As of June 30, 2019, total trade and other receivables amounted to MOP 108.770 million, with trade receivables (net of loss allowance) at MOP 93.093 million, mostly within 30 days, under a 7-60 day credit policy Total Trade and Other Receivables | Metric | June 30, 2019 (MOP thousand) | Dec 31, 2018 (MOP thousand) | | :--------------------------------- | :--------------------------- | :-------------------------- | | Trade receivables | 93,093 | 73,560 | | Advances to subcontractors and suppliers | 10,347 | 16,933 | | Other receivables, prepayments and deposits | 5,330 | 5,296 | | Total | 108,770 | 95,789 | - The Group generally grants credit terms of 7 to 60 days to customers[104] Ageing Analysis of Trade Receivables | Ageing | June 30, 2019 (MOP thousand) | Dec 31, 2018 (MOP thousand) | | :------------ | :--------------------------- | :-------------------------- | | 1 to 30 days | 69,033 | 27,409 | | 31 to 60 days | 7,560 | 30,250 | | 61 to 90 days | 16,044 | 15,901 | | Over 90 days | 456 | – | 11. Contract Assets (Liabilities) As of June 30, 2019, contract assets included MOP 37.017 million in retention receivables, and contract liabilities included MOP 2.237 million in customer advances, with retention typically 10% of certified amounts, recovered in two stages - Contract assets and liabilities include retention receivables from customers for contract works amounting to MOP 37,017,000[106] - Contract assets and liabilities include advances received from customers amounting to MOP 2,237,000[107] - Customers typically withhold 10% of certified amounts payable to the Group as retention money, with 50% usually recoverable upon project completion and the remaining 50% after the warranty period (3 months to 2 years from completion)[107] 12. Trade and Other Payables As of June 30, 2019, total trade and other payables decreased to MOP 108.545 million, with trade payables at MOP 25.100 million, mostly within 30 days, under a 7-60 day credit term Total Trade and Other Payables | Metric | June 30, 2019 (MOP thousand) | Dec 31, 2018 (MOP thousand) | | :--------------------------------- | :--------------------------- | :-------------------------- | | Trade receivables | 25,100 | 40,234 | | Retention payables | 29,478 | 22,953 | | Accrued contract costs | 47,877 | 43,340 | | Accrued expenses and other payables | 6,090 | 9,556 | | Total | 108,545 | 116,083 | - Credit terms for trade purchases range from 7 to 60 days[110] Ageing Analysis of Trade Payables | Ageing | June 30, 2019 (MOP thousand) | Dec 31, 2018 (MOP thousand) | | :------------ | :--------------------------- | :-------------------------- | | 1 to 30 days | 16,473 | 40,132 | | 31 to 60 days | 5,351 | 35 | | Over 60 days | 3,276 | 67 | | Total | 25,100 | 40,234 | 13. Share Capital As of June 30, 2019, the company's authorized share capital was 10,000,000 thousand shares (MOP 103.150 million), with 600,000 thousand shares (MOP 6.189 million) issued and fully paid, consistent with December 31, 2018 Share Capital Details | Metric | Number of Shares (thousand shares) | Share Capital (MOP thousand) | | :------------------------- | :--------------------------------- | :--------------------------- | | Authorized Share Capital: | | | | June 30, 2019 | 10,000,000 | 103,150 | | Issued and Fully Paid: | | | | June 30, 2019 | 600,000 | 6,189 | - Issued shares include 150,000 thousand shares issued upon listing and 449,980 thousand shares issued upon capitalization issue[115] 14. Performance Guarantees / Tender Guarantees As of June 30, 2019, the Group held MOP 64.610 million in performance guarantees and MOP 0.555 million in tender guarantees, secured by bank-pledged property and deposits, with management assessing a low probability of claims - As of June 30, 2019, performance guarantees amounted to MOP 64,610,000 and tender guarantees to MOP 555,000[116][120] - The guarantees are secured by legal charges over the Group's office properties and pledged bank deposits[116] - The Group's management believes it is unlikely that any claims will be made against the Group under these performance or tender guarantees[121] 15. Related Party Transactions For H1 2019, total remuneration for key management personnel, including directors, amounted to MOP 3.473 million, covering fees, salaries, other allowances, and retirement benefit scheme contributions Key Management Personnel Remuneration | Metric | 2019 (MOP thousand) | 2018 (MOP thousand) | | :------------------------------ | :------------------ | :------------------ | | Fees | 371 | – | | Salaries and other allowances | 3,099 | 3,234 | | Retirement benefit scheme contributions | 3 | 4 | | Total | 3,473 | 3,238 | Financial Summary This chapter provides a financial summary of the Group's H1 2019 performance and financial position, reporting revenue of MOP 178.853 million, gross profit of MOP 28.666 million, and total assets of MOP 376.508 million Results Summary | Metric | 2019 (MOP thousand) | 2018 (MOP thousand) | | :---------------------------------------- | :------------------ | :------------------ | | Revenue | 178,853 | 124,874 | | Cost of sales | (150,187) | (97,119) | | Gross profit | 28,666 | 27,755 | | Profit before tax | 17,566 | 17,429 | | Profit for the period | 15,164 | 15,135 | | Profit for the period (excluding listing expenses) | 15,164 | 18,551 | Assets and Liabilities Summary | Metric | June 30, 2019 (MOP thousand) | Dec 31, 2018 (MOP thousand) | | :------------------------- | :--------------------------- | :-------------------------- | | Total assets | 376,508 | 375,823 | | Total liabilities | (126,296) | (134,586) | | Net assets | 250,212 | 241,237 | | Total equity | 250,212 | 241,237 |