Revenue and Profitability - For the six months ended September 30, 2021, the company's revenue was approximately HKD 263.3 million, an increase of about HKD 54.4 million or 26.0% compared to HKD 208.9 million for the same period in 2020[10]. - Revenue for the six months ended September 30, 2021, was HKD 263,347,000, representing a 26% increase from HKD 208,898,000 in the same period of 2020[49]. - Gross profit for the same period was HKD 43,446,000, slightly down from HKD 43,725,000, indicating a marginal decrease of 0.6%[49]. - Profit before tax decreased to HKD 23,720,000, down 13% from HKD 27,485,000 in the previous year[49]. - Net profit for the period was HKD 19,520,000, a decrease of 16% compared to HKD 23,198,000 in the prior year[49]. - Basic and diluted earnings per share were HKD 3.25, down from HKD 3.87, reflecting a decline of 16%[49]. Financial Position - The total value of uncompleted contracts as of September 30, 2021, reached a historical high of approximately HKD 1,146 million[8]. - The overall gross profit margin for the period was approximately 16.5%, down from 20.9% in the previous period[12]. - The company's current ratio as of September 30, 2021, was approximately 2.2, down from 2.5 as of March 31, 2021[18]. - The company had cash and bank balances of approximately HKD 87.4 million as of September 30, 2021, compared to approximately HKD 116.6 million as of March 31, 2021[18]. - The company's equity as of September 30, 2021, was approximately HKD 255.0 million, down from approximately HKD 268.2 million as of March 31, 2021[19]. - Total assets as of September 30, 2021, were HKD 436,933,000, an increase from HKD 386,205,000 as of March 31, 2021[51]. - Current liabilities increased to HKD 198,612,000 from HKD 157,337,000, indicating a rise of 26%[51]. - The company's debt-to-equity ratio as of September 30, 2021, was 4.5%, an increase from 4.3% as of March 31, 2021, primarily due to lease liabilities arising from the adoption of HKFRS 16[20]. Expenses and Cash Flow - Administrative and other operating expenses increased by approximately 4.2% to about HKD 19.7 million from approximately HKD 18.9 million in the previous period[13]. - The total employee benefit expenses for the six months ended September 30, 2021, amounted to approximately HKD 21.7 million, with 156 employees as of the reporting date[29]. - The company reported a net cash outflow from operating activities of HKD 14,395,000 for the six months ended September 30, 2021, compared to a net inflow of HKD 41,216,000 in the same period of 2020[62]. - The cash and cash equivalents at the end of the period were HKD 87,381,000, down from HKD 148,586,000 at the end of the same period last year[62]. - The company incurred financing cash outflows of HKD 36,066,000, compared to HKD 17,516,000 in the previous year[62]. Corporate Governance and Management - The company maintained compliance with corporate governance codes and established audit, remuneration, and nomination committees[44]. - There were no competitive interests reported among directors and major shareholders during the period[43]. - The company continues to review its corporate governance practices to meet increasing regulatory requirements and shareholder expectations[44]. - For the six months ended September 30, 2021, the total compensation for directors and key management personnel was HKD 3,138,000, a decrease of 16.3% from HKD 3,747,000 in the same period of 2020[121]. - Salary, allowances, and benefits for the same period amounted to HKD 3,120,000, down 16.2% from HKD 3,720,000 in 2020[121]. - Defined contribution retirement plan contributions decreased to HKD 18,000 from HKD 27,000, representing a decline of 33.3%[121]. Investments and Dividends - The company did not recommend any interim dividend for the six months ended September 30, 2021, consistent with the previous period[28]. - There were no significant investments held by the company during the reporting period[25]. - The company did not engage in any acquisitions or disposals of subsidiaries during the reporting period[26]. - The company completed the sale of all its investment properties in Hong Kong for a total consideration of HKD 21,612,000, with the sale finalized on October 15, 2021[30]. - The sale of Hong Kong investment properties was completed on October 15, 2021, following agreements with independent third-party buyers on May 17, 2021, and July 12, 2021[122]. Segment Performance - The structural engineering segment generated revenue of HKD 251,352,000, while the building materials supply and installation segment contributed HKD 9,536,000[74]. - The company reported a segment profit of HKD 37,689,000 from the structural engineering segment for the six months ended September 30, 2021[74]. - Segment profit for the engineering work was HKD 22,290,000, while the profit for building materials products was HKD 2,206,000, contributing to a total segment profit of HKD 26,520,000[77]. - The company reported no significant changes in its reportable segments since the financial statements for the year ended 2021[77]. Trade and Receivables - Trade receivables net of impairment as of September 30, 2021, reached HKD 102,634,000, up from HKD 43,603,000 as of March 31, 2021, representing a significant increase of 135.5%[101]. - The net amount of retention receivables as of September 30, 2021, was HKD 88,860,000, compared to HKD 79,329,000 as of March 31, 2021, reflecting an increase of 12.5%[102]. - Trade payables as of September 30, 2021, totaled HKD 59,545,000, an increase from HKD 53,194,000 as of March 31, 2021, indicating a growth of 11.1%[112]. - The amount of retention payables as of September 30, 2021, was HKD 34,249,000, compared to HKD 31,500,000 as of March 31, 2021, reflecting an increase of 8.7%[112]. - The company has maintained a consistent credit policy, requiring clients to pay a percentage of the order amount as a deposit, with a 30-day credit period after product delivery[103]. - The company has not made any impairment provisions for retention receivables due to the long-term business relationships with clients and stable credit quality[102].
应力控股(02663) - 2022 - 中期财报