Financial Performance - For the six months ended September 30, 2020, the company recorded a revenue of approximately HKD 113.4 million, an increase of about 12.4% compared to HKD 100.9 million for the same period in 2019[12]. - The gross profit for the same period was approximately HKD 2.7 million, a decrease of about 68.9% from HKD 8.7 million in the previous year, primarily due to significant losses from project changes and competitive contract pricing[13]. - The company reported a net loss attributable to equity holders of approximately HKD 6.7 million, which is a reduction of about HKD 3.4 million compared to a loss of HKD 10.1 million in the same period last year[17]. - Other income increased significantly to approximately HKD 2.3 million, up 317.6% from HKD 0.6 million, mainly due to subsidies from the Hong Kong government's employment support scheme[14]. - The company remains optimistic about future profitability, focusing on cost control and leveraging the Hong Kong government's emphasis on increasing land supply for residential and commercial projects[8]. - The company is committed to improving financial performance and maintaining its competitive position in the market despite challenges posed by the COVID-19 pandemic and economic conditions[8]. - The company reported a net loss of HKD 6,703 million for the period, compared to a loss of HKD 10,064 million in the previous year, indicating a reduction in losses[57]. - The company reported a loss attributable to equity holders of HKD 6,703,000 for the six months ended September 30, 2020, compared to a loss of HKD 10,064,000 for the same period in 2019, representing a 33.5% improvement in loss[99]. - Basic loss per share for the six months ended September 30, 2020, was HKD 0.56, compared to HKD 0.84 for the same period in 2019, indicating a reduction of 33.3%[99]. Revenue and Contracts - The company secured one new contract during the period with an original contract value of approximately HKD 44.9 million, bringing the total original contract value of ongoing projects to approximately HKD 965.8 million[10]. - The company has a contract value of approximately HKD 377.2 million with a general contractor, indicating stable business and revenue expectations moving forward[9]. - Contract revenue for the six months ended September 30, 2020, was HKD 113,424,000, representing an increase of 12.3% from HKD 100,880,000 in the same period of 2019[79]. - Revenue from private projects was HKD 93,313,000, up from HKD 79,827,000, while revenue from public projects was HKD 20,111,000, down from HKD 21,053,000[88]. Expenses and Costs - Administrative expenses decreased to approximately HKD 10.2 million, a reduction of about 48.6% from HKD 19.8 million in the previous year, primarily due to a decrease in expected credit losses[15]. - Financing costs increased slightly to approximately HKD 0.9 million, a rise of about 3.0% compared to the same period last year, attributed to a minor increase in short-term bank borrowings and lease liabilities[16]. - The total employee cost for the period was approximately HKD 32.7 million, compared to HKD 30.4 million for the same period in 2019, reflecting an increase of about 7.5%[42]. - The company reported a significant increase in subcontracting expenses, which rose to HKD 31,031,000 for the six months ended September 30, 2020, compared to HKD 21,153,000 in the same period in 2019, marking an increase of 46.7%[92]. Assets and Liabilities - As of September 30, 2020, the group reported cash and cash equivalents totaling approximately HKD 14.4 million, an increase from HKD 5.9 million as of March 31, 2020[26]. - Non-current assets increased to HKD 34,006 million from HKD 30,656 million, representing a growth of approximately 7.7%[53]. - Current assets rose to HKD 167,868 million, up from HKD 155,135 million, indicating an increase of about 8.2%[53]. - Total liabilities decreased from HKD 126,732 million to HKD 103,180 million, reflecting a reduction of about 18.6%[53]. - The company’s cash and cash equivalents at the end of the period were HKD 14,368 million, down from HKD 31,046 million, showing a decrease of about 53.8%[61]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with it, except for the separation of the roles of Chairman and CEO, which are held by Mr. Chen[172]. - The board will continue to review the separation of the Chairman and CEO roles in the future, considering the overall situation of the group[175]. - The company has engaged in related party transactions, including significant payments to related parties for management compensation and transportation services[152]. - The audit committee was established on May 14, 2018, and is responsible for reviewing financial statements and ensuring compliance with applicable accounting standards[180]. - The interim results for the group have not been audited but have been reviewed and approved by the audit committee, which confirmed adherence to applicable accounting standards and regulations[181]. Future Outlook - The company plans to focus on expanding its market presence and enhancing its service offerings in the foundation engineering sector[66]. - The group has planned to acquire additional machinery and equipment with a budget of HKD 39.996 million, which has been fully utilized[39]. - The group aims to enhance its workforce with a planned budget of HKD 14 million, of which HKD 11.686 million has been utilized, leaving HKD 2.314 million unspent[39].
俊裕地基(01757) - 2021 - 中期财报