Financial Performance - Revenue for the six months ended September 30, 2024, was approximately HKD 125.4 million, a decrease of about 2.7% compared to HKD 128.9 million for the same period in 2023[1] - Gross profit for the same period was approximately HKD 3.8 million, down approximately 17.2% from HKD 4.6 million in the previous year[1] - Profit attributable to equity holders for the period was approximately HKD 94,000, significantly lower than HKD 707,000 for the same period in 2023[1] - Basic earnings per share for the period were approximately HKD 0.01, compared to HKD 0.06 for the same period in 2023[1] - Total other income for the six months ended September 30, 2024, was HKD 5,381,000, compared to HKD 6,534,000 in the same period of 2023, reflecting a decline of 17.6%[20] - The total tax expense for the six months ended September 30, 2024, was HKD 326,000, compared to HKD 132,000 in the same period of 2023, indicating an increase of 146.2%[33] - The group recorded a net profit of approximately HKD 94,000, a decrease of about HKD 613,000 compared to the six months ending September 30, 2023, primarily due to reduced machinery rental and transportation income[43] Revenue Breakdown - Contract revenue for the six months ended September 30, 2024, was HKD 125,442,000, a decrease of 2.8% from HKD 128,904,000 in the same period of 2023[16] - Revenue from private projects was HKD 11,264,000, down from HKD 52,527,000 in the previous year, while public project revenue increased to HKD 114,178,000 from HKD 76,377,000[20] - The group's revenue from foundation engineering was approximately HKD 125.4 million, a decrease of about HKD 3.5 million or 2.7% compared to approximately HKD 128.9 million for the six months ending September 30, 2023[45] Expenses and Costs - The company reported a decrease in administrative expenses, with expected credit loss provisions reversed amounting to HKD 7.95 million, down from HKD 10.144 million in the previous year[3] - Employee costs, including director remuneration, totaled HKD 35,734,000 for the six months ended September 30, 2024, a decrease of 6.4% from HKD 38,021,000 in the previous year[31] - The financing cost for the period was approximately HKD 800,000, an increase of about HKD 44,000 or 5.8% compared to approximately HKD 756,000 for the six months ending September 30, 2023[52] - Administrative expenses for the period were approximately HKD 8.0 million, a decrease of about HKD 2.1 million or 21.6% compared to approximately HKD 10.1 million for the six months ending September 30, 2023[50] Assets and Liabilities - Total assets less current liabilities as of September 30, 2024, were HKD 122.785 million, slightly up from HKD 122.638 million as of March 31, 2024[5] - Net assets as of September 30, 2024, were HKD 88.181 million, compared to HKD 88.085 million as of March 31, 2024[5] - The company's debt-to-equity ratio decreased to approximately 42.4% as of September 30, 2024, down from 50.3% as of March 31, 2024, due to a reduction in total liabilities and an increase in equity from profits[61] Dividends and Corporate Governance - The board of directors does not recommend the payment of an interim dividend for the period[1] - The company did not declare any dividends for the six months ended September 30, 2024, consistent with the previous year[34] - The company has adopted the corporate governance code as per the listing rules, with a deviation from rule C.2.1 regarding the roles of the Chairman and CEO being held by the same person[76] - The company will continue to review its corporate governance practices and consider separating the roles of Chairman and CEO in the future[77] Projects and Contracts - The group had unconfirmed contract amounts of approximately HKD 355.7 million as of September 30, 2024, and will continue to bid for large and quality projects[43] - The group obtained 6 new contracts during the period, with an original contract total of approximately HKD 136.2 million[44] - The group had a total of 25 projects on hand, including ongoing and awarded but not yet commenced projects, with an original contract total of approximately HKD 1.4 billion[44] Employee and Safety Management - The company employs a total of 111 employees as of September 30, 2024, down from 113 employees as of March 31, 2024[71] - The company has engaged two qualified safety officers to monitor work environments and safety regulations, enhancing safety management effectiveness[58] - As of September 30, 2024, there were no significant labor disputes or difficulties in recruiting and retaining experienced employees[74] Legal Matters - A lawsuit was initiated against the company for an outstanding payment of HKD 31.4 million related to several construction projects[83] Audit and Compliance - The audit committee has been established to review financial statements and ensure compliance with applicable accounting standards and regulations[85] - The interim results for the period have been reviewed by the audit committee, which confirmed compliance with applicable accounting standards[87] - The interim report will be distributed to shareholders and published on the company's and the stock exchange's websites at an appropriate time[88]
俊裕地基(01757) - 2025 - 中期业绩