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CHI HO DEV(08423) - 2021 - 中期财报
CHI HO DEVCHI HO DEV(HK:08423)2020-11-13 11:57

Financial Performance - The company's revenue for the six months ended September 30, 2020, was HKD 123,277,000, a decrease of 38.2% compared to HKD 199,374,000 for the same period in 2019[6] - Gross profit for the same period was HKD 13,318,000, down 37.5% from HKD 21,353,000 in 2019[6] - The net profit for the six months was HKD 5,615,000, representing a decline of 38.5% from HKD 9,218,000 in the previous year[6] - Basic earnings per share decreased to HKD 0.70 from HKD 1.15, a drop of 39.1% year-over-year[6] - The company reported a total revenue of HKD 8,240,000 for the six months ended September 30, 2020, compared to HKD 10,923,000 for the same period in 2019, representing a decrease of approximately 24.5%[24] - The pre-tax profit for the six months ended September 30, 2020, was HKD 5,615,000, down from HKD 9,218,000 in the same period of 2019, indicating a decline of about 39.5%[29] - The total employee costs for the six months ended September 30, 2020, amounted to HKD 8,240,000, a decrease of approximately 24.5% from HKD 10,923,000 in the same period of 2019[24] - The company’s net profit attributable to owners decreased by approximately HKD 3.6 million or 39.1% to about HKD 5.6 million for the six months ended September 30, 2020[63] Assets and Liabilities - Total assets as of September 30, 2020, were HKD 111,722,000, compared to HKD 108,250,000 as of March 31, 2020, reflecting a slight increase of 4.5%[8] - The company's cash and cash equivalents decreased to HKD 18,530,000 from HKD 41,788,000, a decline of 55.7%[12] - Trade and other receivables increased significantly to HKD 80,927,000 from HKD 45,525,000, a rise of 77.8%[8] - Trade receivables increased to HKD 39,625,000 as of September 30, 2020, from HKD 20,565,000 as of March 31, 2020, representing an increase of 92.6%[31] - Total contract assets decreased to HKD 130,459,000 as of September 30, 2020, from HKD 138,094,000 as of March 31, 2020, a decline of 5.9%[34] - Trade and other payables rose to HKD 87,803,000 as of September 30, 2020, compared to HKD 80,276,000 as of March 31, 2020, an increase of 9.4%[36] - Bank borrowings amounted to HKD 40,045,000 as of September 30, 2020, down from HKD 53,187,000 as of March 31, 2020, a decrease of 24.6%[39] Cash Flow and Dividends - Operating cash flow for the six months was negative HKD 9,071,000, an improvement from negative HKD 12,113,000 in the same period last year[12] - The company declared a dividend of HKD 2,000,000 during the period, impacting retained earnings[9] - The company declared a final dividend of HKD 0.25 per share for the year ended March 31, 2020, totaling HKD 2,000,000, compared to no dividend declared for the previous year[28] - The company has not recommended an interim dividend for the six months ended September 30, 2020, compared to HKD 4,000,000 declared in the previous year[28] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2020, compared to HKD 4,000,000 in 2019[93] Expenses and Costs - The company reported a financing cost of HKD 956,000, down from HKD 1,150,000, indicating a reduction of 16.9%[6] - Administrative expenses decreased by approximately HKD 1.7 million or 22.1% to about HKD 6.0 million for the six months ended September 30, 2020, primarily due to a temporary salary reduction for two executive directors[59] - Financing costs decreased by approximately HKD 0.2 million or 16.7% to about HKD 1.0 million for the six months ended September 30, 2020[61] - The company incurred a tax expense of HKD 1,224,000 for the six months ended September 30, 2020, compared to HKD 1,889,000 for the same period in 2019, reflecting a decrease of about 35.2%[25] - The company reported a total of HKD 3,986,000 in director remuneration for the six months ended September 30, 2020, compared to HKD 5,574,000 in the same period of 2019, a decrease of about 28.5%[24] - The company’s management compensation for the six months ended September 30, 2020, was HKD 1,620,000, down from HKD 2,544,000 for the same period in 2019, a decrease of 36.3%[46] Operational Insights - The company operates solely in the building renovation and engineering services sector, with no further segment analysis provided due to the single operating segment[22] - The company secured 12 new projects with a total contract value of approximately HKD 159.8 million during the six months ended September 30, 2020[52] - The company plans to continue strengthening its market position and expanding market share in the RMAA and renovation industry in Hong Kong[52] Shareholder Information - As of September 30, 2020, the company's issued share capital was HKD 8,000,000, with 800,000,000 ordinary shares outstanding, each with a par value of HKD 0.01[68] - The major shareholders, Sharp Talent and Diamondfield, each hold 533,000,000 shares, representing approximately 66.6% of the company's issued share capital[80] Compliance and Governance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2020[96] - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the period[21] - The group had no capital commitments as of September 30, 2020, consistent with the previous period[70] - There were no significant acquisitions or disposals of subsidiaries or associated companies during the six months ending September 30, 2020[73] - The group has no significant contingent liabilities as of September 30, 2020, apart from those disclosed in the unaudited condensed consolidated financial statements[75] - The group operates primarily in Hong Kong dollars, and the board believes that foreign exchange risk is minimal[76] Employment and Workforce - The group employed a total of 52 employees as of September 30, 2020, unchanged from the previous period[78] - Employee costs for the six months ending September 30, 2020, were approximately HKD 8.2 million, a decrease from HKD 10.9 million for the same period in 2019[78] Other Financial Information - The effective interest rate for bank borrowings ranged from 4.0% to 5.5% as of September 30, 2020[41] - The company has a retention period of 5% to 10% on contract values, which impacts the timing of cash flows[35] - The total amount of other receivables increased to HKD 17,849,000 as of September 30, 2020, from HKD 13,249,000 as of March 31, 2020, an increase of 34.5%[31] - The current ratio increased from approximately 1.7 times as of March 31, 2020, to approximately 1.8 times as of September 30, 2020[65] - Total bank borrowings decreased to approximately HKD 40.0 million as of September 30, 2020, from approximately HKD 53.2 million as of March 31, 2020[65] - Other income increased from approximately HKD 65,000 to about HKD 2.2 million, mainly due to subsidies received under the employment support scheme[57] - No share options were granted during the relevant period, and there were no unexercised share options as of September 30, 2020[94] - The group had approximately HKD 10.0 million in bank deposits pledged to banks as collateral for short-term bank loans and other general banking facilities as of September 30, 2020[77]