Revenue and Profitability - The group's revenue for the six months ended September 30, 2020, was approximately HKD 119.9 million, an increase of about 8.5% compared to HKD 110.5 million for the same period last year[8]. - Revenue for the six months ended September 30, 2020, was HKD 119,922,000, an increase of 8.9% from HKD 110,487,000 in the same period of 2019[56]. - Gross profit for the six months ended September 30, 2020, was approximately HKD 12.9 million, an increase of about 3.1% from HKD 12.5 million in the same period last year[10]. - Gross profit for the same period was HKD 12,879,000, compared to HKD 12,491,000 in 2019, reflecting a slight increase of 3.1%[56]. - The group recorded a net profit of approximately HKD 3.8 million for the six months ended September 30, 2020, an increase from HKD 3.0 million in the same period last year, primarily due to the rise in share of profits from joint ventures[18]. - Profit attributable to owners of the company for the period was HKD 3,783,000, up from HKD 2,993,000 in 2019, representing a growth of 26.4%[56]. - Total comprehensive income for the period was HKD 3,783,000, compared to HKD 2,993,000 in the previous period, representing a growth of approximately 26.4%[66]. - Basic and diluted earnings per share increased to HKD 0.90 from HKD 0.71, marking a rise of 26.8%[56]. Expenses and Financial Management - Administrative expenses for the six months ended September 30, 2020, were approximately HKD 12.3 million, an increase of 11.3% from HKD 11.1 million in the previous fiscal year[13]. - Financial expenses totaled approximately HKD 52,000 for the six months ended September 30, 2020, down from HKD 107,000 in the same period last year[15]. - The group’s total expenses for the six months ended September 30, 2020, included subcontracting costs of 72,341 thousand HKD, an increase from 52,996 thousand HKD in the same period of 2019[115]. - The group reported other income of HKD 988,000, down from HKD 1,161,000 in the previous year, showing a decline of 14.9%[56]. - The group incurred a loss of 211 thousand HKD from other losses for the six months ended September 30, 2020, compared to a loss of 632 thousand HKD in the same period of 2019, indicating an improvement[112]. Assets and Liabilities - The group's net asset value increased by approximately 1.6% from HKD 238.5 million as of March 31, 2020, to approximately HKD 242.3 million as of September 30, 2020[20]. - Total assets as of September 30, 2020, were HKD 292,637,000, a decrease from HKD 297,335,000 as of March 31, 2020[59]. - Non-current assets decreased by approximately 7.2% to about HKD 109.4 million, mainly due to the impact of dividends received from joint ventures[20]. - Current assets increased by approximately 10.8% to about HKD 133.7 million, driven by an increase in trade receivables and a decrease in trade and other payables[20]. - The company's contract assets were HKD 44,509,000 as of September 30, 2020, down from HKD 49,775,000 as of March 31, 2020, showing a decrease of about 10.5%[127]. - The investment in associates was valued at HKD 97,659,000 as of September 30, 2020, compared to HKD 105,220,000 as of March 31, 2020, reflecting a decline of approximately 7.5%[125]. - The group’s total liabilities for retention money were HKD 13,322,000 as of September 30, 2020, compared to HKD 11,445,000 as of March 31, 2020, representing an increase of approximately 16.4%[146]. Cash Flow and Liquidity - The net cash used in operating activities for the six months ended September 30, 2020, was HKD (5,600,000), slightly improved from HKD (5,897,000) in the same period last year[68]. - Cash and cash equivalents at the end of the period increased to HKD 59,531,000 from HKD 52,927,000, marking an increase of approximately 12.4%[71]. - The net cash generated from investing activities was HKD 12,268,000, a significant recovery from HKD (40,622,000) in the previous year[69]. - The company made no bank borrowings in the current period, compared to HKD 4,400,000 in the previous period[71]. - The group’s bank balances and cash amounted to HKD 59,531,000 as of September 30, 2020, compared to HKD 54,506,000 as of March 31, 2020, indicating an increase of about 9.3%[139]. Employee and Management Information - The employee cost for the six months ended September 30, 2020, was HKD 26.3 million, a decrease from HKD 30.6 million for the same period in 2019[48]. - As of September 30, 2020, the company had 115 full-time employees, down from 120 as of March 31, 2020[48]. - The group’s short-term employee benefits for key management personnel amounted to HKD 6,023,000 for the six months ended September 30, 2020, up from HKD 5,670,000 in the previous year, an increase of about 6.2%[153]. - The remuneration policy for management is based on employee performance, qualifications, and market rates[48]. Corporate Governance and Shareholder Information - The company has adopted the corporate governance code and has complied with its provisions, except for the separation of the roles of Chairman and CEO[42]. - The company is controlled by the LOs Brothers (PTC) Limited, which holds 100% of the equity in the family trust that owns 71.55% of the company[37]. - The company has not declared any interim dividend for the six months ended September 30, 2020[46]. - The company did not recommend an interim dividend for the six months ended September 30, 2020, consistent with the previous year[121]. - There were no share options issued, granted, exercised, or lapsed during the six months ended September 30, 2020[40]. Future Outlook and Market Conditions - The group anticipates further growth and competitiveness due to the HKD 180 billion funding approved for public works projects in Hong Kong[6]. - The company has been involved in a series of restructuring activities, focusing on diversifying investments among operational subsidiaries and investment holding entities[66]. - The company continues to focus on its core business operations while managing its investments in associates and joint ventures[125]. - The group expects that the newly issued Hong Kong Financial Reporting Standards will not have a significant impact on its financial statements[92].
万景控股(02193) - 2021 - 中期财报