Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 644,489,000, an increase of 16% compared to HKD 555,510,000 for the same period in 2023[19] - Gross profit decreased to HKD 11,596,000 from HKD 48,248,000, reflecting a significant decline in profitability[1] - Profit before tax decreased to HKD 4,418,000 from HKD 23,156,000, showing a decline of approximately 81% year-on-year[1] - Net profit for the period was HKD 2,350,000, down from HKD 17,633,000, representing an 87% decrease[1] - Basic earnings per share were HKD 0.15, a significant drop from HKD 1.13 in the same period last year[1] - The total comprehensive income for the six months ended September 30, 2024, was approximately HKD 2.4 million, representing a decrease of about 86.4% compared to HKD 17.6 million for the same period in 2023[52] Income and Expenses - Other income for the period was HKD 9,180,000, compared to a loss of HKD 10,020,000 in the previous year, indicating a recovery in this area[20] - Employee costs for the six months ended September 30, 2024, totaled approximately HKD 111.9 million, an increase from approximately HKD 93.7 million for the same period in 2023[59] - The company reported a depreciation expense of 5,446 thousand HKD for property, plant, and equipment for the six months ended September 30, 2024, compared to 5,604 thousand HKD for the same period in 2023[24] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 625,681,000, down from HKD 647,622,000 as of March 31, 2024[10] - Current liabilities decreased to HKD 306,425,000 from HKD 330,456,000, indicating improved liquidity management[8] - Trade receivables as of September 30, 2024, amounted to 42,766 thousand HKD, significantly down from 96,283 thousand HKD as of March 31, 2024[30] - The company’s contract assets, net of loss allowance, were 335,481 thousand HKD as of September 30, 2024, slightly down from 336,169 thousand HKD as of March 31, 2024[33] - Contract liabilities increased to 116,363 thousand HKD as of September 30, 2024, compared to 73,984 thousand HKD as of March 31, 2024[33] - The group’s current assets net value was approximately HKD 296.6 million, with bank balances and cash amounting to approximately HKD 156.5 million as of September 30, 2024[54] - The group’s total liabilities, including interest-bearing bank overdrafts, were approximately HKD 20.2 million as of September 30, 2024[56] Corporate Governance - The company did not declare an interim dividend for the six months ended September 30, 2024, compared to no dividend declared for the same period in 2023[28] - The company has adopted the corporate governance code and has fully complied with it during the six months ending September 30, 2024[63] - All directors have fully complied with the standards set out in the code of conduct for securities transactions as of September 30, 2024[62] - The audit committee, established on September 21, 2020, consists of independent non-executive directors and has reviewed the financial statements for the six months ending September 30, 2024[66] - The unaudited condensed consolidated financial statements for the six months ending September 30, 2024, were reviewed by the audit committee and deemed to comply with applicable accounting standards[66] Business Operations - The company continues to focus on construction contracts, with all revenue generated from external clients in Hong Kong[19] - The company’s expected revenue from construction services recognized during the six months ended September 30, 2024, was approximately 55,894 thousand HKD, down from 101,734 thousand HKD as of March 31, 2024[38] - As of September 30, 2024, the group had 27 construction projects with a total uncompleted contract value of approximately HKD 1,871.0 million[44] - The group plans to continue focusing on project progress and effective cost control measures in response to the challenging business environment[45] Financial Transactions - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2024[61] - The group’s trade payables decreased from approximately HKD 75.8 million as of March 31, 2024, to approximately HKD 31.1 million as of September 30, 2024[39] - The group’s accrued expenses and other payables decreased from approximately HKD 97.3 million to approximately HKD 63.8 million during the same period[39]
誉燊丰控股(02132) - 2025 - 中期业绩