Financial Performance - For the six months ended September 30, 2019, the total revenue was HKD 30,561,000, a decrease of 6.4% compared to HKD 32,439,000 for the same period in 2018[18]. - The gross profit for the same period was HKD 10,273,000, down 17.6% from HKD 12,473,000 in 2018[18]. - The net loss for the six months ended September 30, 2019, was HKD 2,580,000, compared to a net loss of HKD 1,339,000 for the same period in 2018[18]. - Other income for the six months ended September 30, 2019, was HKD 561,000, an increase from HKD 368,000 in 2018[18]. - The company incurred general and administrative expenses of HKD 12,221,000 for the six months ended September 30, 2019, compared to HKD 8,132,000 for the same period in 2018[18]. - Total comprehensive income for the six months ended September 30, 2019, was HKD (2,507,000), a decrease from HKD (1,204,000) in the previous year[26]. - The company reported a significant increase in share capital from HKD 10,000 to HKD 9,600,000 due to capital raising activities[23]. - The company recorded a pre-tax loss of HKD 9,226 thousand for the three months ended September 30, 2019, compared to a loss of HKD 9,150 thousand for the same period in 2018, showing a slight increase in losses[77]. - The group recorded a loss of approximately HKD 2.6 million for the six months ended September 30, 2019, compared to a loss of about HKD 1.3 million for the same period in 2018[128]. Cash Flow and Assets - The company's cash and bank balances were HKD 36,578,000 as of September 30, 2019, down from HKD 42,219,000 as of March 31, 2019[21]. - Cash and cash equivalents decreased by HKD 5,707,000 during the six months ended September 30, 2019, compared to an increase of HKD 48,246,000 in the same period of 2018[26]. - Operating activities used net cash of HKD 4,498,000 for the six months ended September 30, 2019, compared to net cash generated of HKD 5,424,000 in the prior year[26]. - The company had cash and cash equivalents of HKD 36,578,000 as of September 30, 2019, down from HKD 54,938,000 at the same time in 2018[26]. - Trade and other receivables increased to HKD 23,672,000 as of September 30, 2019, from HKD 19,994,000 as of March 31, 2019[21]. - Total assets decreased to HKD 73,974,000 as of September 30, 2019, from HKD 76,285,000 as of March 31, 2019[21]. - The company's retained earnings were reported at HKD 11,562 thousand as of September 30, 2019, compared to HKD 11,727 thousand at the beginning of the period[67]. Equity and Share Capital - The total equity attributable to the owners of the company was HKD 68,276,000 as of September 30, 2019, compared to HKD 70,948,000 as of March 31, 2019[21]. - The total equity attributable to owners of the company as of September 30, 2019, was HKD 70,074,000, a decrease from HKD 71,925,000 as of April 1, 2018[23]. - The total issued share capital as of September 30, 2019, was HKD 15,000,000, with 1,500,000,000 shares issued[104]. - The weighted average number of ordinary shares for basic loss per share calculation was 960,000,000 for the three months ended September 30, 2019, compared to 715,826,087 for the same period in 2018, showing an increase of 34.1%[8]. Employee Costs - The total employee costs amounted to HKD 23,598 thousand for the six months ended September 30, 2019, compared to HKD 21,252 thousand for the same period in 2018, reflecting an increase of approximately 11.0%[77]. - Employee costs for the six months ended September 30, 2019, amounted to approximately HKD 23.6 million, compared to HKD 21.3 million for the same period in 2018, reflecting an increase of about 10.8%[142]. - As of September 30, 2019, the company employed a total of 125 employees, a decrease from 129 employees as of September 30, 2018[142]. Lease and Accounting Standards - The company adopted HKFRS 16 for the first time, which impacted retained earnings by HKD (165,000)[34]. - The company recognized lease liabilities and right-of-use assets for operating leases previously classified under HKAS 17, with adjustments made on April 1, 2019[54]. - The company recognized right-of-use assets of approximately HKD 5,759,000 in accordance with HKFRS 16 during the six months ended September 30, 2019[96]. - The initial measurement of lease liabilities at the lease commencement date amounted to HKD 4,688,000, with a discount of HKD 150 based on the incremental borrowing rate[53]. - The weighted average incremental borrowing rate used for discounting lease liabilities was 3.86%[54]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules, with no significant deviations noted[173]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2019[178]. - The company is committed to continuously reviewing its corporate governance practices to meet regulatory requirements and stakeholder expectations[173]. - There were no business or interest conflicts reported among directors or major shareholders as of September 30, 2019[168]. Market Position and Future Outlook - The company aims to consolidate its market position and expand market share as part of its business plan outlined in the prospectus[112]. - The board believes that the upcoming construction and maintenance of properties in Hong Kong will be a key driver for the growth of the construction consulting industry[115]. - The group aims to leverage its experienced management team and industry reputation to secure more consulting contracts despite market challenges[115].
WAC HOLDINGS(08619) - 2020 - 中期财报