Financial Performance - Revenue for the six months ended September 30, 2020, was HK$156,710,000, a slight increase of 1% compared to HK$154,729,000 in the same period of 2019[11]. - Gross profit for the same period was HK$10,358,000, down 2.8% from HK$10,652,000 in 2019[11]. - Profit before taxation increased significantly to HK$3,791,000, compared to HK$1,131,000 in the previous year, representing a growth of 235%[11]. - Profit for the period was HK$3,465,000, up 5.7% from HK$3,277,000 in 2019[11]. - Total comprehensive income for the period was HK$3,444,000, compared to HK$3,275,000 in the same period last year, reflecting an increase of 5.1%[11]. - Earnings per share for the period was HK$0.43, compared to HK$0.41 in the previous year, marking a 4.9% increase[11]. - Profit before taxation for the six months ended 30 September 2020 was HK$3,465,000, compared to HK$3,277,000 for the same period in 2019, representing an increase of approximately 5.7%[66]. - Profit for the period increased from approximately HK$3.3 million to approximately HK$3.5 million, an increase of about 6.1%, driven by a net result of various factors including a decrease in gross profit and administration expenses[143][147]. Assets and Liabilities - Current assets as of September 30, 2020, totaled HK$211,048,000, an increase from HK$177,072,000 as of March 31, 2020[12]. - Net current assets improved to HK$52,386,000 from HK$51,031,000 as of March 31, 2020[12]. - Total equity increased to HK$67,847,000 from HK$64,403,000, indicating a growth of 3.8%[12]. - The company reported a significant increase in trade receivables, which rose to HK$42,939,000 from HK$14,930,000, indicating a growth of 187%[12]. - The company’s total equity attributable to owners increased to HK$64,639,000 as of September 30, 2020, compared to HK$61,364,000 at the beginning of the period, reflecting a growth of about 5.7%[16]. - The company’s cash flow from financing activities showed a net inflow of HK$4,634,000, compared to HK$2,914,000 in the previous year, indicating improved financing conditions[16]. - The company’s retained profits increased to HK$18,941,000 as of September 30, 2020, up from HK$15,684,000 at the end of the previous period, marking a growth of approximately 20%[16]. - The company reported a decrease in other comprehensive expenses for the period, which amounted to HK$21,000, compared to HK$2,000 in the previous year[16]. - The aged analysis of trade receivables shows that HK$37,446,000 is within 30 days, HK$4,824,000 is between 31 to 90 days, and HK$669,000 is overdue for more than 90 days[81][88]. - Trade payables increased to HK$41,892,000 as of September 30, 2020, up from HK$17,114,000 as of March 31, 2020[91]. - Bank borrowings amounted to HK$104,116,000 as of September 30, 2020, compared to HK$96,268,000 as of March 31, 2020[96]. - The amount due within one year from bank borrowings is HK$98,904,000, while HK$5,212,000 is not repayable within one year but contains a repayment on demand clause[96]. Cash Flow and Financing - Cash and cash equivalents at the end of the period were HK$12,138,000, a significant increase from HK$3,287,000 at the end of the same period in 2019, reflecting a growth of approximately 270%[16]. - Net cash used in operating activities improved to HK$19,000 from a negative HK$537,000 in the previous year, showing a turnaround in operational cash flow[16]. - New bank borrowings raised during the period amounted to HK$79,342,000, while repayments of bank borrowings were HK$71,494,000, resulting in a net increase in financing cash flow of HK$4,634,000[16]. - The Group's interest income decreased to HK$60,000 from HK$96,000, while other income increased to HK$1,467,000 from nil in the previous year[47]. - Finance costs for the six months ended September 30, 2020, were HK$2,270,000, down from HK$2,844,000 in the same period of 2019, indicating a reduction of 20.1%[49]. - The Group's cash flow from financing activities showed a net inflow of HK$4,634,000, compared to HK$2,914,000 in the previous year, indicating improved financing conditions[16]. Operational Highlights - For the six months ended September 30, 2020, the Group's revenue from residential properties was HK$30,012,000, an increase of 16.4% from HK$25,709,000 in the same period of 2019[40]. - Revenue from commercial properties was HK$126,698,000, a decrease of 1.0% from HK$129,020,000 in the same period of 2019[40]. - The Group had nine projects in progress with a total original contract sum of approximately HK$651.1 million, and recognized total revenue of approximately HK$138.6 million during the reporting period[120]. - Three new projects were awarded during the reporting period, with a total contract sum of approximately HK$236.2 million[120]. - The number of new residential units in Hong Kong is expected to increase from 13,643 in 2019 to 20,854 in 2020, driving demand for façade and curtain wall works[121]. - Office completions in Hong Kong rose by 49% in 2019, totaling 266,900 m², with 90% of completions in non-core districts, indicating a growing market for the Group's services[122]. Management and Governance - The Group's success significantly depends on key management and the ability to attract and retain additional design team staff[178]. - Mr. Chow Mo Lam holds a long position of 600,000,000 shares, representing 75% of the Company[182]. - Mr. Chow's interest in shares is through CNY, a company incorporated in the BVI, which he owns 83%[183]. - As of September 30, 2020, no other directors or chief executives had interests in shares or debentures of the Company[186]. - The directors confirmed compliance with the required standard of dealings regarding securities transactions for the six months ended September 30, 2020[197]. - The company is regarded as having controlling shareholders, including Mr. Chow, Mr. Yu, and C.N.Y. Holdings Limited[193].
宝发控股(08532) - 2021 - 中期财报