Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately MOP 58.9 million, a decrease of about MOP 18.2 million or 23.6% compared to the same period last year[14]. - The gross profit for the same period was approximately MOP 11.9 million, significantly up from MOP 0.6 million in the previous year, primarily due to higher-margin renovation projects[14]. - The net loss for the six months ended June 30, 2023, was approximately MOP 10.3 million, while the profit for the same period in 2024 was approximately MOP 2.5 million, reflecting a significant turnaround[27]. - The company reported a profit before tax of MOP 2,420,000, a substantial improvement from a loss of MOP 10,258,000 in the previous year[56]. - Net profit for the period was MOP 2,482,000, compared to a loss of MOP 10,341,000 in the same period last year[56]. - Total comprehensive income for the period amounted to MOP 2,100,000, recovering from a loss of MOP 10,911,000 in the previous year[56]. - The company reported a profit attributable to owners of MOP 3,827,000 for the six months ended June 30, 2024, compared to a loss of MOP 7,140,000 in the same period of 2023[82]. Revenue and Contracts - The company secured 8 renovation projects during the review period, with a total contract value of approximately MOP 32.0 million[14]. - For the six months ended June 30, 2024, the total revenue from renovation engineering contracts was MOP 58,923,000, compared to MOP 43,282,000 for the same period in 2023, representing a year-over-year increase of 36.2%[66]. - The total external customer revenue for the group was MOP 58,923,000 for the six months ended June 30, 2024, down from MOP 77,095,000 in the previous year, indicating a decline of approximately 23.5%[75]. Expenses and Costs - Administrative expenses increased from approximately MOP 12.6 million for the six months ended June 30, 2023, to approximately MOP 13.5 million for the same period in 2024, mainly due to market expansion in Hong Kong and China[26]. - The total employee cost for the period ended June 30, 2024, was approximately MOP 8.8 million, down from MOP 9.3 million for the same period last year[36]. - The group incurred contract costs of MOP 46,862,000 for renovation engineering for the six months ended June 30, 2024, compared to MOP 42,980,000 for the same period in 2023, representing an increase of approximately 9%[79]. Assets and Liabilities - The company's net assets increased to MOP 189,355,000 from MOP 187,238,000, reflecting a stable financial position[58]. - Current liabilities decreased to MOP 82,735,000 from MOP 125,210,000, indicating improved liquidity[57]. - The company's total liabilities decreased to MOP 79,738,000 as of June 30, 2024, from MOP 99,001,000 as of December 31, 2023, indicating a significant reduction in financial obligations[95]. Cash Flow and Liquidity - The cash and bank balances as of June 30, 2024, totaled approximately MOP 125.0 million, a decrease of about MOP 4.8 million from MOP 129.8 million as of December 31, 2023[29]. - The company reported a net increase in cash and cash equivalents of MOP 17,057,000 for the six months ended June 30, 2024, compared to a decrease of MOP 17,859,000 in the previous year[62]. - The operating cash flow before changes in working capital showed a net cash outflow of MOP 19,263,000 for the six months ended June 30, 2024, compared to an outflow of MOP 11,464,000 in the same period of 2023[62]. Market and Business Strategy - The company plans to expand its business network and customer base in Macau, Hong Kong, and other regions, while actively seeking new business opportunities in the financial services sector[17]. - The company anticipates that improvements in infrastructure and travel convenience will stimulate investment opportunities in the local construction market[15]. - The company has complied with all relevant laws and regulations in Macau, Hong Kong, and China for the six months ending June 30, 2024[37]. Shareholder Information - As of June 30, 2024, Mr. Liu holds 390,000,000 shares, representing a 65% ownership stake in the company[40]. - Major shareholders include Mrs. Liu with 390,000,000 shares (65%) and Laos International Holdings with 255,000,000 shares (42.5%)[43]. Corporate Governance - The company has adopted the corporate governance code as per the Stock Exchange's listing rules and has complied with all applicable provisions during the six months ended June 30, 2024[49]. - The audit committee, established in August 2018, oversees the appointment of external auditors and the integrity of financial statements[52]. Risks and Challenges - Significant fluctuations in construction material and labor costs may lead to cost overruns, severely impacting operational performance and financial results[38]. - The company acknowledges the global economic uncertainty due to tensions between the US and EU, which may impact its operations[38]. - The company relies on subcontractors for project completion, and poor performance or inability to provide services may negatively affect operations and profitability[38].
奥邦建筑(01615) - 2024 - 中期财报