Financial Performance - For the six months ended September 30, 2021, the group's revenue was approximately HKD 17.6 million, a decrease of about HKD 7.9 million from approximately HKD 25.5 million for the same period in 2020[10]. - The gross profit for the same period was approximately HKD 0.7 million, down from HKD 2.4 million in the previous year, primarily due to the decrease in revenue[10]. - The net loss for the six months ended September 30, 2021, was approximately HKD 4.9 million, compared to a loss of HKD 2.9 million for the same period in 2020[10]. - The company reported a total revenue of HKD 17,607,000 for the six months ended September 30, 2021, a decrease of 30.9% compared to HKD 25,499,000 in the same period of 2020[27]. - The net loss for the six months ended September 30, 2021, was HKD 4,884,000, compared to a loss of HKD 2,946,000 in the same period of 2020, reflecting an increase in losses of approximately 65.4%[38]. - The basic loss per share for the six months ended September 30, 2021, was HKD 0.0093, compared to HKD 0.0061 for the same period in 2020[38]. - Revenue decreased by approximately 31.0% from HKD 25.5 million for the six months ended September 30, 2020, to HKD 17.6 million for the six months ended September 30, 2021, primarily due to the completion of three maintenance projects and the impact of COVID-19 on project progress and industry bidding volume[61]. Assets and Liabilities - As of September 30, 2021, the total assets less current liabilities amounted to HKD 37.57 million, an increase from HKD 32.82 million as of March 31, 2021[14]. - The group's cash and cash equivalents were HKD 17.79 million as of September 30, 2021, compared to HKD 13.10 million as of March 31, 2021[13]. - The total equity of the group as of September 30, 2021, was HKD 37.22 million, up from HKD 32.53 million as of March 31, 2021[14]. - The company's contract assets decreased significantly from HKD 23,194,000 as of March 31, 2021, to HKD 10,051,000 as of September 30, 2021, primarily due to completed contracts awaiting customer certification[41]. - Trade receivables increased from HKD 47,540,000 as of March 31, 2021, to HKD 59,166,000 as of September 30, 2021, indicating a rise of approximately 24.5%[44]. - Trade receivables as of September 30, 2021, totaled HKD 55.246 million, with HKD 47.105 million overdue for more than 180 days[45]. - Trade payables as of September 30, 2021, amounted to HKD 3.388 million, down from HKD 8.178 million as of March 31, 2021[48]. - The group's current assets net value was approximately HKD 36.3 million, an increase from HKD 29.9 million as of March 31, 2021[72]. - As of September 30, 2021, the group's total bank overdrafts, borrowings, and lease liabilities amounted to approximately HKD 18.3 million, down from HKD 23.3 million as of March 31, 2021[72]. Expenses and Costs - The administrative expenses for the period were HKD 6.11 million, slightly down from HKD 6.33 million in the same period last year[11]. - The total employee costs for the six months ended September 30, 2021, were HKD 10,014,000, down from HKD 11,962,000 in the same period of 2020, representing a decrease of approximately 16.3%[35]. - Cost of sales decreased by approximately 26.8% from HKD 23.1 million for the six months ended September 30, 2020, to HKD 16.9 million for the six months ended September 30, 2021, mainly due to a reduction in wages and contract costs corresponding to the decrease in revenue[62]. - The financing costs decreased to HKD 0.41 million from HKD 0.87 million in the previous year[11]. - Financing costs decreased by approximately 53.5% to HKD 406,000 for the six months ended September 30, 2021, from HKD 873,000 for the same period in 2020, primarily due to a reduction in bank borrowings[67]. Dividends and Share Issuance - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2021, consistent with the previous year[10]. - The company issued 91,200,000 shares at HKD 0.105 per share on July 5, 2021, raising approximately HKD 9.6 million in total proceeds, with a net amount of approximately HKD 9.2 million after expenses[76]. - No interim dividend was recommended for the six months ended September 30, 2021, consistent with the previous year[87]. Governance and Compliance - The board confirmed compliance with all principles of the corporate governance code applicable as of September 30, 2021[104]. - The company has adopted trading compliance guidelines for directors, confirming adherence during the reporting period[106]. - The company has appointed three independent non-executive directors, ensuring they constitute at least one-third of the board, with at least one possessing appropriate professional qualifications[108]. - The audit committee, established on September 21, 2018, consists of three independent non-executive directors and has reviewed the unaudited financial information for the six months ended September 30, 2021[115]. Future Outlook - The company has a focus on civil engineering projects and maintenance services in Hong Kong, with anticipated government infrastructure capital expenditure exceeding HKD 100 billion in the coming years[58]. - The company expects to continue participating in civil engineering and maintenance project tenders despite a competitive bidding environment[58].
广骏集团控股(08516) - 2022 - 中期财报