Revenue and Profitability - Revenue for the six months ended September 30, 2024, was HKD 7.219 million, a decrease from HKD 13.019 million in the same period in 2023[5] - Revenue from construction management services for the six months ended September 30, 2024, was HKD 7.219 million, a decrease of 2.8% compared to HKD 7.425 million in the same period in 2023[20] - Revenue from consulting services for the six months ended September 30, 2024, was HKD 0, compared to HKD 5.594 million in the same period in 2023[20] - Total revenue for the six months ended September 30, 2024, was HKD 7.219 million, a decrease of 44.6% compared to HKD 13.019 million in the same period in 2023[20] - Revenue from Hong Kong for the six months ended September 30, 2024, was HKD 7.219 million, compared to HKD 7.425 million in the same period in 2023[22] - Revenue from Mainland China for the six months ended September 30, 2024, was HKD 0, compared to HKD 5.594 million in the same period in 2023[22] - Revenue from Client F for the six months ended September 30, 2024, was HKD 4.091 million, compared to HKD 0 in the same period in 2023[23] - Total revenue decreased by 44.6% from HKD 13,000,000 in the six months ended September 30, 2023, to HKD 7,200,000 in the six months ended September 30, 2024[51] - Gross profit for the six months ended September 30, 2024, was HKD 3.103 million, compared to HKD 1.640 million in the same period in 2023[5] - Segment profit from construction management services for the six months ended September 30, 2024, was HKD 3.103 million, compared to HKD 459,000 in the same period in 2023[21] - Gross profit increased by 89.2% from HKD 1,600,000 in the six months ended September 30, 2023, to HKD 3,100,000 in the six months ended September 30, 2024[53] - Gross margin improved from 12.6% in the six months ended September 30, 2023, to 43.0% in the six months ended September 30, 2024[53] - Net loss for the six months ended September 30, 2024, was HKD 5.210 million, an improvement from HKD 10.484 million in the same period in 2023[5] - Loss before tax for the six months ended September 30, 2024, was HKD 5.210 million, an improvement from HKD 10.484 million in the same period in 2023[21] - The company recorded a net loss of 5,210 thousand HKD for the six months ended September 30, 2024[9] - Net loss decreased from HKD 10,500,000 in the six months ended September 30, 2023, to HKD 5,200,000 in the six months ended September 30, 2024[58] - Basic loss per share for the six months ended September 30, 2024, was HKD 0.15, compared to HKD 0.36 in the same period in 2023[6] - Basic and diluted loss per share for the six months ended September 30, 2024, was calculated based on a loss attributable to owners of HK$5,210,000, compared to a loss of HK$10,484,000 for the same period in 2023[28] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 112.044 million, up from HKD 107.168 million as of March 31, 2024[7] - Contract assets as of September 30, 2024, were HKD 68.594 million, an increase from HKD 63.550 million as of March 31, 2024[7] - Trade and other receivables, deposits, and prepayments as of September 30, 2024, were HKD 30.085 million, slightly up from HKD 29.981 million as of March 31, 2024[7] - Bank balances and cash as of September 30, 2024, were HKD 221,000, up from HKD 170,000 as of March 31, 2024[7] - Trade and other payables and accrued expenses as of September 30, 2024, were HKD 78.099 million, up from HKD 71.292 million as of March 31, 2024[7] - Bank and other borrowings as of September 30, 2024, were HKD 5.750 million, down from HKD 6.186 million as of March 31, 2024[7] - Total liabilities increased to 101,654 thousand HKD as of September 30, 2024, compared to 95,778 thousand HKD as of March 31, 2024[8] - Net current assets decreased to 3,569 thousand HKD as of September 30, 2024, from 4,246 thousand HKD as of March 31, 2024[8] - The company's total equity decreased to 10,390 thousand HKD as of September 30, 2024, from 11,390 thousand HKD as of March 31, 2024[8] - The company's reserves decreased to (25,069) thousand HKD as of September 30, 2024, from (19,859) thousand HKD as of March 31, 2024[8] - Contract assets as of September 30, 2024, amounted to HK$68,594,000, compared to HK$63,550,000 as of March 31, 2024[31] - Contract liabilities as of September 30, 2024, remained unchanged at HK$15,053,000 compared to March 31, 2024[31] - Trade receivables as of September 30, 2024, were HK$12,099,000, after deducting impairment losses, compared to HK$12,099,000 as of March 31, 2024[36] - Other receivables, deposits, and prepayments as of September 30, 2024, totaled HK$17,828,000, slightly higher than HK$17,724,000 as of March 31, 2024[36] - Trade receivables as of September 30, 2024, amounted to HKD 12,099 thousand, with over 60 days outstanding accounting for HKD 10,394 thousand (85.9% of total trade receivables)[37] - Trade payables as of September 30, 2024, totaled HKD 20,116 thousand, with over 365 days outstanding accounting for HKD 19,075 thousand (94.8% of total trade payables)[39][40] - Total bank and other borrowings as of September 30, 2024, were HKD 5,750 thousand, all of which are unsecured[41][42] - Total assets increased to HKD 112,000,000 as of September 30, 2024, compared to HKD 107,200,000 as of March 31, 2024[60] - Total liabilities increased to HKD 101,700,000 as of September 30, 2024, compared to HKD 95,800,000 as of March 31, 2024[60] - The company's gearing ratio increased from 54.3% as of March 31, 2024, to 55.3% as of September 30, 2024[62] Cash Flow and Financing - Cash and cash equivalents increased by 198 thousand HKD for the six months ended September 30, 2024, compared to an increase of 17,574 thousand HKD for the same period in 2023[10] - Net cash used in operating activities was 25,496 thousand HKD for the six months ended September 30, 2024, compared to 12,139 thousand HKD for the same period in 2023[10] - Net cash from financing activities was 25,694 thousand HKD for the six months ended September 30, 2024, compared to 29,713 thousand HKD for the same period in 2023[10] - The company's cash and cash equivalents at the end of the period were 368 thousand HKD as of September 30, 2024, compared to 16,890 thousand HKD as of September 30, 2023[10] - The company issued new shares for a total of 4,210 thousand HKD during the six months ended September 30, 2024[9] - The company issued 22,560,000 new shares on August 19, 2024, and 19,540,000 new shares on August 26, 2024, increasing total issued shares to 351,610,000[44][45] - On August 13, 2024, the company issued 22,560,000 capitalization shares at HK$0.135 per share, representing approximately 7.29% of the existing issued share capital and 6.79% of the enlarged issued share capital[80] - On August 22, 2024, the company issued 19,540,000 capitalization shares at HK$0.135 per share, representing approximately 5.88% of the existing issued share capital and 5.56% of the enlarged issued share capital[80] - On November 5, 2024, the company issued 70,320,000 capitalization shares at HK$0.032 per share, representing approximately 19.999% of the existing issued share capital and 16.666% of the enlarged issued share capital[80] Costs and Expenses - Employee costs for the six months ended September 30, 2024, were HKD 1.179 million, a decrease of 23.0% compared to HKD 1.532 million in the same period in 2023[24] - Contract costs for the six months ended September 30, 2024, were HKD 2.110 million, a decrease of 68.1% compared to HKD 6.617 million in the same period in 2023[24] - Service costs decreased by 63.8% from HKD 11,400,000 in the six months ended September 30, 2023, to HKD 4,100,000 in the six months ended September 30, 2024[52] - Administrative expenses decreased by 40.5% from HKD 13,900,000 in the six months ended September 30, 2023, to HKD 8,200,000 in the six months ended September 30, 2024[55] - Key management personnel compensation for the six months ended September 30, 2024, totaled HKD 561 thousand, a 12.4% increase from HKD 499 thousand in the same period of 2023[45] - The company employed 11 employees as of September 30, 2024, with employee costs (including directors' remuneration) of approximately HKD 1,200,000 for the six months ended September 30, 2024, compared to HKD 1,500,000 for the same period in 2023[70] Shareholder and Equity Information - The company's share option plan, effective since May 26, 2017, allows for the issuance of up to 10% of the total issued shares, with a maximum of 1% of issued shares to any individual within a 12-month period[75] - As of September 30, 2024, no directors or senior executives held any interests or short positions in the company or its associated corporations[72] - The company's share option plan includes a total of 130,000,000 options granted to directors, employees, and consultants on April 27, 2022[75] - The company issued a total of 6,115,384 shares under the share option plan, representing 1.74% of the issued shares as of the interim report date[79] - The total number of shares that could be issued under all share option plans as of September 30, 2024, divided by the weighted average number of issued shares during the period, was 1.92%[79] - Harmony Asia International Limited holds 61,795,000 shares, representing a 17.57% stake in the company[73] - The company maintains at least 25% public shareholding as of September 30, 2024[92] Corporate Governance and Management Changes - Zhong Yuqing was appointed as an executive director effective May 22, 2024[86] - Wang Xingliang ceased to be an executive director effective September 30, 2024[86] - Ma Meng ceased to be an independent non-executive director and member of the audit, nomination, and remuneration committees effective September 30, 2024[86] - Zhang Xiaofeng was appointed as a member of the nomination and remuneration committees effective September 30, 2024[86] - Shu Zhongwen resigned as executive director, CEO, and chairman of the nomination committee effective October 8, 2024[86] - Zhong Yuqing resigned as executive director effective October 8, 2024[86] - Wu Yunle was appointed as chairman of the nomination committee effective October 8, 2024[86] - The company has no chairman or CEO since November 20, 2023, and October 8, 2024, respectively, and is seeking suitable candidates[94] Other Financial and Operational Information - Income tax expenses for the six months ended September 30, 2024, were not applicable for Hong Kong and China, as the group entities in the Cayman Islands, Samoa, and the British Virgin Islands are exempt from income tax[25] - The company did not declare or recommend any dividends for the six months ended September 30, 2024, compared to the same period in 2023[27] - The fair value of contingent consideration related to the acquisition of City Key Group Limited was HK$5,611,000 as of September 30, 2024, unchanged from March 31, 2024[30] - The company will assess the need for further adjustments to the fair value of contingent consideration and contract assets at the end of the year[30][32] - The company has a pledged deposit of HKD 158,000 with an insurance company as collateral for performance bonds, earning an interest rate of 0.2% per annum[38][47] - The company has no significant investment or capital asset plans as of September 30, 2024[64] - The company's revenue is project-based and non-recurring, with profitability depending on contract terms, project duration, and market conditions[82] - The company's ability to undertake projects depends on its human and other resources, with large-scale projects potentially occupying most of its resources[82] - Delays or failures in customer payments could significantly impact the company's liquidity and financial performance[83] - The company's bidding process involves estimating project duration and costs, with inaccuracies potentially leading to reduced profitability or significant losses[83] - No listed securities of the company were purchased, sold, or redeemed during the six months ended September 30, 2024[84] - The company has not been involved in any significant litigation or arbitration during the six months ended September 30, 2024[91]
浩柏国际(08431) - 2025 - 中期业绩