Financial Performance - For the six months ended September 30, 2024, the group reported revenue of HKD 203,573 thousand, an increase from HKD 154,643 thousand in the same period of 2023, representing a growth of 31.6%[4] - The gross profit for the six months ended September 30, 2024, was HKD 860 thousand, down from HKD 1,126 thousand in the previous year, indicating a decline of 23.6%[4] - The net loss attributable to equity holders for the six months ended September 30, 2024, was HKD 3,546 thousand, compared to a loss of HKD 4,190 thousand in the same period of 2023, reflecting an improvement of 15.4%[4] - The basic and diluted loss per share for the six months ended September 30, 2024, was HKD 0.013, an improvement from HKD 0.016 in the same period of 2023[4] - Revenue for the six months ended September 30, 2024, was HKD 203,573,000, a 31.6% increase from HKD 154,643,000 in the same period of 2023[27] - The company reported a loss attributable to owners of HKD 3,546,000 for the six months ended September 30, 2024, compared to a loss of HKD 4,190,000 in the same period of 2023[36] - Basic and diluted loss per share improved to HKD (0.013) from HKD (0.016) year-on-year[36] - The group incurred a net loss of approximately HKD 3.5 million for the six months ending September 30, 2024, compared to a loss of approximately HKD 4.2 million for the same period in 2023[60] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 16,703 thousand as of September 30, 2024, down from HKD 40,654 thousand at the end of the previous year, a decline of 58.8%[20] - The group reported cash outflows from operating activities of HKD 12,804 thousand for the six months ended September 30, 2024, compared to HKD 8,328 thousand in the same period of 2023, indicating a worsening cash flow situation[20] - As of September 30, 2024, the net proceeds from the rights issue amounted to approximately HKD 8.8 million, with HKD 5.0 million remaining unutilized[66] - The group had cash and cash equivalents of approximately HKD 16.7 million as of September 30, 2024, down from HKD 29.7 million as of March 31, 2024[67] - The group has maintained a prudent treasury policy to manage bank balances and ensure liquidity for future growth opportunities[71] Assets and Liabilities - The total assets less current liabilities as of September 30, 2024, were HKD 83,663 thousand, compared to HKD 87,179 thousand as of March 31, 2024, a decrease of 4.8%[10] - The group’s total equity as of September 30, 2024, was HKD 83,593 thousand, down from HKD 87,139 thousand as of March 31, 2024, a decrease of 4.0%[12] - Trade receivables, net of loss allowances, increased to HKD 32,827,000 as of September 30, 2024, compared to HKD 17,108,000 as of March 31, 2024[42] - Trade payables totaled HKD 20,971,000 as of September 30, 2024, down from HKD 23,173,000 as of March 31, 2024[44] - The group’s contract assets as of September 30, 2024, were HKD 45,808 thousand, down from HKD 53,868 thousand as of March 31, 2024, a decline of 15.0%[7] Expenses - The group’s administrative and other operating expenses for the six months ended September 30, 2024, were HKD 4,452 thousand, reduced from HKD 5,317 thousand in the same period of 2023, showing a decrease of 16.3%[4] - Total capital expenditure for the six months ended September 30, 2024, was zero, unchanged from the same period in 2023[76] - The total employee cost for the six months ended September 30, 2024, was approximately HKD 10.2 million, compared to HKD 11.0 million for the same period in 2023[81] Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated financial results for the six months ending September 30, 2024, and confirmed compliance with applicable accounting standards[98] - The company has adopted corporate governance practices in line with GEM listing rules, ensuring accountability and value creation for shareholders[97] - The company has confirmed that there are no conflicts of interest or competitive activities involving directors or major shareholders during the reporting period[93] - There have been no reported compliance issues regarding securities trading by directors during the six months ending September 30, 2024[92] Future Outlook and Strategy - The company plans to implement more cautious measures in project selection to ensure stable projects and healthy receivables[50] - The group aims to enhance operational efficiency and profitability while expanding its machinery and equipment to improve technical capabilities for future projects[51] - The company is exploring opportunities to expand its main business beyond the Hong Kong market to strengthen its revenue base[52] - The group plans to utilize the remaining unutilized proceeds from the rights issue by December 31, 2025[66] Shareholder Information - As of September 30, 2024, major shareholders hold significant stakes, with the largest shareholder owning 105,000,000 shares, representing 37.99% of the company[89] - The company did not declare or recommend any dividends for the six months ended September 30, 2024[37] - The board does not recommend the payment of an interim dividend for the six months ending September 30, 2024[61] Miscellaneous - The company has not engaged in any purchases, sales, or redemptions of its listed securities during the six months ending September 30, 2024[94] - The group has no significant contingent liabilities as of September 30, 2024[77] - The group has no significant foreign exchange risk as most transactions are denominated in HKD[74] - No options have been granted under the share option scheme since its adoption on September 14, 2017[96] - No new share options have been issued under the share option plan since its inception[96]
怡康泰工程集团(08445) - 2025 - 中期业绩