Financial Performance - The group's revenue increased from 35.7 million MYR in the same period last year to 64.5 million MYR in the current period, representing an increase of approximately 80.5%[2] - The gross loss improved from 23.1 million MYR in the same period last year to a gross loss of 0.99 million MYR in the current period[2] - The loss attributable to the company's owners for the current period was 8.3 million MYR, compared to a loss of 14.1 million MYR in the same period last year, indicating a reduction of approximately 41.3%[2] - The basic loss per share for the current period was 0.23 MYR, improved from 0.39 MYR in the same period last year[2] - The group generated revenue of 64,463 thousand Ringgit for the six months ended September 30, 2024, compared to 35,660 thousand Ringgit for the same period in 2023, representing an increase of approximately 81%[22] - The group reported a pre-tax loss of 8,276 thousand Ringgit for the period[28] - The net loss attributable to the owners of the company decreased to 8.3 million Ringgit from 14.1 million Ringgit in the same period last year, mainly due to increased revenue from significant project progress and reduced project cost overruns[85] Assets and Liabilities - Non-current assets increased from 92,000 MYR as of March 31, 2024, to 109,000 MYR as of September 30, 2024[6] - Current assets slightly decreased from 50,605,000 MYR as of March 31, 2024, to 50,378,000 MYR as of September 30, 2024[6] - Total liabilities increased from 101,796,000 MYR as of March 31, 2024, to 157,224,000 MYR as of September 30, 2024[6] - The company's total equity decreased from 21,022,000 MYR as of March 31, 2024, to 12,746,000 MYR as of September 30, 2024[9] - The group’s current liabilities primarily include redeemable secured loan notes of approximately 48.2 million Ringgit due within 12 months[15] - The total current liabilities increased to 103,454 thousand Ringgit as of September 30, 2024, from 92,082 thousand Ringgit as of March 31, 2024, reflecting an increase of approximately 12.3%[51] Cash Flow and Financing - The company reported a net cash and bank balance of 7,173,000 MYR as of September 30, 2024, compared to 6,497,000 MYR as of March 31, 2024[6] - The group is arranging mezzanine financing to provide working capital, indicating ongoing financial support from lenders, customers, and creditors[16] - Cash and bank balances, including fixed deposits, amounted to 37.4 million Ringgit as of September 30, 2024, a slight increase of 0.4 million Ringgit from 37.0 million Ringgit on March 31, 2024[89] Operational Segments - The company is primarily engaged in providing a wide range of construction services in Malaysia[12] - The group has several operating segments, including building and structure, energy infrastructure, machinery and electronics, and earthworks and infrastructure[27] - The construction services sector contributed 64.5 million Ringgit or 100% to the group's total revenue, compared to 35.5 million Ringgit or 99.6% in the same period last year[70] - The energy infrastructure division did not contribute any revenue during the period as all projects were completed, and there were no new projects acquired[74] - The mechanical and electrical division recorded a negative revenue of 0.02 million Ringgit, compared to no contribution in the same period last year, due to missed work scope during project account finalization[75] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with applicable provisions during the reporting period[121] - The audit committee has reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[127] - Following the resignation of a director, the number of independent non-executive directors fell below three, leading to non-compliance with listing rule 3.10(1)[122] Shareholder Information - As of September 30, 2024, the issued share capital of the company is 50 million Hong Kong dollars, divided into 100 million shares with a par value of 0.5 Hong Kong dollars each[50] - The major shareholders include Jefong International with 18,000,000 shares and Seeva International with 6,885,000 shares, both fully owned by Dato' Ng Ming Chuang and Dato' Cheng Kuo Li respectively[110][111] - As of September 30, 2024, the company has a total of 24,885,000 shares held, representing 69.1% of the issued shares based on 36,000,000 total shares[106][112] Future Outlook and Strategic Initiatives - The company is seeking suitable opportunities in the franchise and maintenance sectors, targeting public-private partnership contracts of approximately 20 years[68] - The construction industry is expected to maintain a positive outlook, with projected growth of 13.7% in the second half of 2024 following a 14.6% increase in the first half[79] - BGMC Corporation established Nexa Intelligence Sdn. Bhd. on October 17, 2024, to expand its future business[63] - The company registered BGMC Energy Group Limited on October 29, 2024, primarily for investment holding purposes[63] - The company has established BGMC Energy Holdings Sdn. Bhd. on November 19, 2024, for investment holding and management consulting[63] Legal and Arbitration Matters - The group has ongoing arbitration regarding a dispute with Client A, claiming approximately 35 million Ringgit in lost profits and 4.4 million Ringgit in retention money[55] - BGMC Corporation is involved in ongoing arbitration proceedings, with a hearing scheduled for October 6-17, 2025[56] - The company is facing a bank guarantee claim of approximately MYR 5.5 million, related to a development project, which it disputes[59] - The court has scheduled a hearing for BGMC Corporation's appeal on December 9, 2024[59] Employee and Operational Costs - Total employee costs for the period amounted to 5.3 million Ringgit, compared to 5.2 million Ringgit in the same period last year, with the workforce increasing from 94 to 99 employees[100] - Administrative and other expenses increased to 8.3 million Ringgit from 7.5 million Ringgit in the same period last year, primarily due to increased employee costs and feasibility study expenses for potential projects[86] - The company has not made any significant investments during the period[97]
璋利国际(01693) - 2025 - 中期业绩