Financial Performance - The Group's unaudited consolidated revenue for the six months ended September 30, 2020, was HK$237.2 million, a 54.1% increase from HK$153.9 million for the same period in 2019[17]. - The unaudited consolidated profit attributable to owners of the Company was HK$20.1 million, representing a slight decrease of 2.4% compared to HK$20.6 million for the same period in 2019[18]. - The gross profit margin decreased from 21.3% in the prior period to 15.5% in the current period, primarily due to projects with lower gross profit margins recognized[18]. - Revenue growth was mainly driven by projects at execution-peak stage, including residential developments at Lohas Park and a commercial project at Lockhart Road[17]. - For the six months ended September 30, 2020, the Group's unaudited consolidated revenue was HK$237.2 million, an increase of 54.1% compared to HK$153.9 million for the same period in 2019[20]. - The basic earnings per share for the six months ended September 30, 2020, remained unchanged at HK$0.05 compared to the same period in 2019[22]. - The Group's performance reflects ongoing challenges in maintaining profit margins despite significant revenue growth[18]. - Profit before taxation for the six months ended September 30, 2020, was HK$20,050,000, compared to HK$20,572,000 for the same period in 2019, reflecting a decrease of approximately 2.5%[184]. Financial Position - As of September 30, 2020, the total amount of contracts on hand for the Group was HK$1,395.1 million[33]. - The Group's total cash and bank balances were HK$263.5 million as of September 30, 2020, accounting for 54.2% of current assets[43][47]. - The Group's net current assets increased to HK$421.3 million as of September 30, 2020, compared to HK$400.9 million on March 31, 2020[45][48]. - The current ratio as of September 30, 2020, was 7.52 times, down from 8.91 times on March 31, 2020[45][48]. - The Group maintained a net cash position with no bank loans outstanding as of September 30, 2020[45][61]. - The Group's liquidity position is expected to remain healthy in the coming year, with sufficient financial resources for operations and future development[46][48]. - The total equity attributable to owners of the Company was HK$529,476,000, an increase from HK$514,882,000 as of March 31, 2020, representing a growth of approximately 2.3%[139]. Dividends and Share Capital - The Board declared an interim dividend of HK$1.6 cents per share for the six months ended September 30, 2020, up from HK$1.2 cents per share in the previous period[23]. - As of September 30, 2020, the total number of issued shares of the Company was 436,332,630[73]. - The Company has a share option scheme that allows for the issuance of up to 10% of the total shares in issue, which equates to a maximum of 43,633,263 share options[81]. - On October 9, 2020, the Company granted share options for a total of 22,907,000 ordinary shares at an exercise price of HK$0.59 per share[82]. - The remaining share option limit as of the interim report date is 20,726,263 shares, representing approximately 4.75% of the total shares in issue[82]. Economic Environment - The economic activities in Hong Kong have been severely impacted by the COVID-19 pandemic, with a GDP decline of 3.5% in the third quarter of 2020[35]. - The unemployment rate in Hong Kong from August to October 2020 was 6.4%, remaining at a record high over the past 16 years[35]. - The Group received government grants totaling HK$6,456,000 related to COVID-19, with HK$4,297,000 recognized in profit or loss during the interim period[173]. Operational Insights - The Group operates in a single segment focused on the provision of design, supply, and installation of aluminium windows and curtain walls services, with no further segment analysis presented[165]. - The Group's revenue recognition is based on the fair value of amounts received and receivable from contract work that enhances an asset controlled by external customers[158]. - The Group's performance is regularly reviewed by the directors based on internal management reports for result allocation and performance assessment[165]. Assets and Liabilities - The Group's aged analysis of trade debtors showed that HK$39,666,000 was within 30 days, while HK$12,129,000 was overdue by more than 90 days as of September 30, 2020[200]. - Total receivables, including trade debtors, deposits, and other receivables, amounted to HK$124,204,000 as of September 30, 2020, compared to HK$80,611,000 as of March 31, 2020[198]. - The Group's investment properties were valued using the income capitalization method, reflecting the net income potential[193].
美亨实业(01897) - 2021 - 中期财报