Financial Performance - The total revenue for the period was approximately HKD 146,858,000, representing an increase of about 27.1% compared to HKD 115,557,000 for the same period last year[11] - The gross profit margin for the period was approximately 1.4%, a decrease from 4.9% in the same period last year, primarily due to lower project profitability[12] - The net profit for the period was approximately HKD 1,101,000, a significant improvement from a net loss of HKD 22,128,000 in the same period last year[15] - The operating profit for the six months was HKD 1,197,000, a significant recovery from an operating loss of HKD 26,731,000 in the previous year[48] - The company reported a basic and diluted earnings per share of HKD 0.16, a recovery from a loss per share of HKD 3.23 in the previous year[48] - The company reported revenue of HKD 146,858,000 for the six months ended September 30, 2019, an increase of 27% compared to HKD 115,557,000 for the same period in 2018[48] Expenses and Costs - Administrative expenses for the period were approximately HKD 13,199,000, a decrease of about 60.0% compared to HKD 33,010,000 for the same period last year[13] - The company’s operating profit for the six months ended September 30, 2019, was impacted by employee benefit expenses amounting to HKD 24,167,000, compared to HKD 19,094,000 in the previous year[79] - Depreciation expenses for property, plant, and equipment amounted to HKD 5,889,000, up from HKD 5,123,000 in the previous year[79] - The finance costs for the six months ended September 30, 2019, totaled HKD 97,000, compared to HKD 48,000 in 2018[80] Cash Flow and Financial Position - The net cash generated from operating activities for the six months ended September 30, 2019, was HKD 21,354,000, compared to a net cash used of HKD 8,282,000 in the same period of 2018[55] - The net cash used in investing activities was HKD 27,350,000, an increase from HKD 1,176,000 in the previous year[55] - The net cash generated from financing activities was HKD 6,683,000, compared to a net cash used of HKD 1,141,000 in 2018[55] - The cash and cash equivalents increased by HKD 687,000, reversing a decrease of HKD 10,599,000 in the prior year[55] - The group’s cash and cash equivalents were HKD 40,137,000 as of September 30, 2019, compared to HKD 40,997,000 as of March 31, 2019[97] Debt and Liabilities - The group’s interest-bearing debt was approximately HKD 8,000,000 as of September 30, 2019, an increase from HKD 5,500,000 as of March 31, 2019[16] - The debt-to-equity ratio as of September 30, 2019, was approximately 4.7%, up from 3.3% as of March 31, 2019, due to an increase in bank loans[16] - Current liabilities increased to HKD 97,033,000 from HKD 59,019,000, reflecting a rise in trade payables and bank loans[49] - The total lease liabilities as of September 30, 2019, were HKD 14,778,000, with current liabilities at HKD 8,794,000 and non-current liabilities at HKD 5,984,000[108] Shareholder Information - As of September 30, 2019, the major shareholder, Creative Elite Global Limited, holds 495,000,000 shares, representing 72.29% of the company's equity[26] - The shareholding percentage of Creative Elite Global Limited decreased from 75% to 72.29% due to the issuance of 24,750,000 shares on December 2, 2016[33] - The board has decided not to declare an interim dividend for the six months ending September 30, 2019[39] - The company did not recommend any interim dividend for the six months ended September 30, 2019, consistent with the previous year[83] Project and Business Development - The group is focusing on prudent development of its core business while exploring additional opportunities, including general construction services, to diversify revenue sources[9] - The group currently has seven projects with a total contract value of approximately HKD 537,800,000, with two projects expected to be completed in the next fiscal year[8] Use of Proceeds - The net proceeds from the IPO amount to approximately HKD 95,300,000 after deducting underwriting fees and expenses[24] - As of the report date, the actual use of proceeds for purchasing machinery and equipment is HKD 49,283,000, leaving HKD 17,765,000 unutilized[24] - The company plans to utilize the unspent amount of HKD 17,765,000 for purchasing specific machinery by March 31, 2020, including HKD 6,060,000 for pile drivers and HKD 3,756,000 for hydraulic hammers[25] Compliance and Governance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period[40] - The company has established an audit committee to enhance communication between the board, external auditors, and management regarding financial reporting and internal controls[42] Other Financial Metrics - The total assets as of September 30, 2019, were HKD 218,792,000, an increase from HKD 181,249,000 as of March 31, 2019[49] - The company's equity as of September 30, 2019, was HKD 169,314,000, up from HKD 168,215,000 as of March 31, 2019[50] - The group recognized a credit loss reversal of HKD 2,179,000 for trade receivables and HKD 5,455,000 for contract assets during the reporting period[79] - The group recorded a profit of approximately HKD 3,881,000 from the sale of properties, plants, and equipment, compared to a loss of HKD 80,000 in the same period last year[86]
上谕集团(01633) - 2020 - 中期财报