Financial Performance - The company reported revenue of HKD 128,673,000 for the six months ended September 30, 2021, an increase of 4% compared to HKD 123,277,000 for the same period in 2020[6] - Gross profit for the six months was HKD 18,546,000, up 39% from HKD 13,318,000 in the previous year[6] - The net profit for the six months was HKD 8,289,000, representing a 47% increase from HKD 5,615,000 in the same period last year[6] - Basic earnings per share increased to HKD 1.04 from HKD 0.70, reflecting a growth of 49%[6] - For the six months ended September 30, 2021, the company reported a profit of HKD 8,289,000, compared to HKD 5,615,000 for the same period in 2020, representing a year-over-year increase of 47.5%[29] - The profit attributable to the owners of the company increased by approximately HKD 2.7 million or 48.2% to approximately HKD 8.3 million for the six months ended September 30, 2021, compared to approximately HKD 5.6 million for the same period in 2020[66] Assets and Liabilities - The total assets as of September 30, 2021, were HKD 263,374,000, compared to HKD 260,866,000 as of March 31, 2021[8] - The company's cash and cash equivalents decreased to HKD 18,526,000 from HKD 33,318,000 at the beginning of the period[12] - Trade receivables decreased from HKD 42,704,000 to HKD 32,920,000, a decline of approximately 23%[31] - Contract assets increased from HKD 132,598,000 to HKD 147,503,000, representing an increase of about 11%[34] - Total trade and other receivables rose to HKD 82,526,000 from HKD 80,095,000, an increase of approximately 3%[31] - Bank borrowings increased from HKD 40,660,000 to HKD 51,562,000, an increase of approximately 27%[41] - Total trade and other payables decreased from HKD 91,556,000 to HKD 74,497,000, a decline of approximately 19%[38] - The current ratio improved from approximately 1.9 times as of March 31, 2021, to approximately 2.0 times as of September 30, 2021[67] - Bank borrowings increased to approximately HKD 51.6 million as of September 30, 2021, up from approximately HKD 40.7 million as of March 31, 2021[67] - The debt-to-equity ratio rose from approximately 31.9% as of March 31, 2021, to approximately 38.5% as of September 30, 2021[67] Dividends - The company declared a dividend of HKD 2,000,000 during the period[9] - The company declared a final dividend of HKD 0.25 per share for the year ended March 31, 2021, totaling HKD 2,000,000, consistent with the previous year's dividend[27] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2021, compared to no interim dividend declared in the previous year[28] - The company did not declare any interim dividend for the six months ended September 30, 2021, compared to no dividend in the same period of 2020[94] Expenses - Total employee costs for the six months ended September 30, 2021, amounted to HKD 9,463,000, up from HKD 8,240,000 in the previous year, reflecting a 14.9% increase[24] - Administrative expenses increased by approximately HKD 1.1 million or 18.3%, from approximately HKD 6.0 million to approximately HKD 7.1 million, primarily due to the end of a temporary salary reduction for two executive directors[62] - Financing costs rose by approximately HKD 0.1 million or 10.0%, from approximately HKD 1.0 million to approximately HKD 1.1 million, mainly due to increased use of loans for trade payables and factoring[63] - Income tax expenses increased by approximately HKD 0.3 million or 25.0%, from approximately HKD 1.2 million to approximately HKD 1.5 million, attributed to an increase in profit before tax from approximately HKD 6.8 million to approximately HKD 9.8 million[64] Operational Highlights - The group secured 9 new projects with a total contract value of approximately HKD 78.9 million during the six months ended September 30, 2021[54] - The group maintained stable cost of sales at approximately HKD 110.1 million and HKD 110.0 million for the respective periods[57] - The group has implemented various measures to mitigate the impact of the COVID-19 pandemic on its operations, including emergency planning and securing alternative suppliers[51] - The group continues to explore business and investment opportunities to enhance revenue sources, including potential acquisitions and diversification[54] - The group reported no significant delays or work stoppages in projects due to the pandemic, indicating resilience in its operations[54] Governance and Compliance - 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 audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021[97] - The company has adopted a code of conduct for directors' securities transactions, with no violations reported during the period[93] - There were no known conflicts of interest or competitive businesses held by directors or major shareholders as of September 30, 2021[89] - The company has maintained compliance with the corporate governance code as per GEM listing rules[91] - The roles of the chairman and CEO are currently held by the same individual, which the board believes enhances strategic efficiency[91] Share Capital and Ownership - The issued share capital of the company was HKD 8,000,000, with 800,000,000 ordinary shares in issue as of September 30, 2021[71] - As of September 30, 2021, Sharp Talen and Diamondfield each hold 533,000,000 shares, representing a 66.6% beneficial ownership in the company[86] - No share options were granted during the relevant period, and there were no unexercised share options as of September 30, 2021[95] - The company and its subsidiaries did not purchase, sell, or redeem any of its listed securities during the period ended September 30, 2021[90] Management and Personnel - The company’s major management personnel compensation totaled HKD 2,214,000 for the six months ended September 30, 2021, compared to HKD 1,620,000 in the previous year, an increase of approximately 36%[47] - The company assesses the credit quality of potential customers before accepting them, with most overdue but unimpaired trade receivables being of good credit quality[31] - The company has no significant contingent liabilities as of September 30, 2021[76] - The company had no significant acquisitions or disposals of subsidiaries or associates during the six months ended September 30, 2021[75]
CHI HO DEV(08423) - 2022 - 中期财报