Financial Performance - For the six months ended September 30, 2024, the group's revenue was approximately HKD 285.2 million, a decrease of about 3.4% compared to the same period in 2023[5]. - The gross profit for the same period was approximately HKD 50.5 million, an increase of about 9.1% year-on-year[5]. - The loss attributable to the owners of the company for the period was approximately HKD 4.6 million, a reduction of about 44.8% compared to the previous year[5]. - The basic loss per share for the period was HKD 0.40, compared to HKD 0.73 in 2023[6]. - Total revenue for the six months ended September 30, 2024, was HKD 285,171,000, a decrease of 3.85% compared to HKD 295,311,000 for the same period in 2023[39]. - Revenue from property management and related services was HKD 284,369,000, down 3.42% from HKD 294,420,000 in the previous year[39]. - The company reported a foreign exchange gain of approximately HKD 1.4 million for the period, compared to a loss of HKD 5.1 million in the previous year[9]. - The reportable segment revenue from external customers was HKD 285,171,000 for the six months ended September 30, 2024, compared to HKD 295,311,000 in the same period of 2023, reflecting a decrease of 3.8%[44][60]. - The reportable segment profit for the six months ended September 30, 2024, was HKD 4,000, a significant improvement from a loss of HKD 2,652,000 in the prior year[60]. Assets and Liabilities - Non-current assets as of September 30, 2024, amounted to approximately HKD 113.2 million, compared to HKD 121.6 million as of March 31, 2024[15]. - Current assets increased to approximately HKD 191.9 million from HKD 183.5 million as of March 31, 2024[15]. - Total liabilities decreased to approximately HKD 79.2 million from HKD 73.4 million as of March 31, 2024[15]. - The net asset value as of September 30, 2024, was approximately HKD 224.1 million, compared to HKD 227.8 million as of March 31, 2024[19]. - Total assets for reportable segments as of September 30, 2024, were HKD 292,326,000, a slight decrease from HKD 295,512,000 as of March 31, 2024[60]. - Total liabilities for reportable segments increased to HKD 79,410,000 as of September 30, 2024, compared to HKD 76,031,000 as of March 31, 2024[60]. Cash Flow and Capital Expenditure - Cash and cash equivalents at the end of the period were HKD 34,764,000, down from HKD 57,982,000, representing a decrease of 40.00%[28]. - Net cash used in operating activities for the six months was HKD (6,803,000), an improvement from HKD (12,503,000) in the prior year[29]. - The company reported a net decrease in cash and cash equivalents of HKD (11,517,000) for the period[29]. - Capital expenditure for the six months ended September 30, 2024, was approximately HKD 13.2 million, primarily for property, plant, and equipment[111]. - The group maintained sufficient working capital with bank balances and cash of approximately HKD 34.8 million as of September 30, 2024, down from HKD 44.8 million as of March 31, 2024[110]. Revenue Sources - Revenue from property management services contracts was approximately HKD 253.2 million, accounting for 88.8% of total revenue, compared to HKD 265.1 million and 89.8% in the previous year[94]. - Revenue from independent security service contracts increased to approximately HKD 31.2 million, representing 10.9% of total revenue, up from HKD 29.3 million and 9.9% in the prior year[94]. - Rental income from investment properties decreased to HKD 802,000 from HKD 891,000, reflecting a decline of 9.99%[39]. - Revenue from property management services in Hong Kong and China was approximately HKD 284.4 million for the six months ended September 30, 2024, compared to HKD 294.4 million for the same period in 2023[103]. Employee and Operational Costs - The total employee costs, including directors' remuneration, amounted to HKD 479,000 for the six months ended September 30, 2024[63]. - As of September 30, 2024, the group employed a total of 1,617 staff, with employee costs for the six months amounting to approximately HKD 250.7 million, down from HKD 254.3 million in 2023[104]. - Other operating expenses increased by approximately 9.3% to about HKD 15.886 million for the six months ending September 30, 2024, compared to HKD 14.538 million for the same period in 2023[98]. Corporate Governance and Shareholder Information - The company has complied with all corporate governance codes, except for the separation of roles between the chairman and the CEO[129]. - A major shareholder change occurred on September 30, 2024, with the acquisition of 626,071,950 shares, representing approximately 55.45% of the company's issued share capital for a total price of HKD 36,938,245[133]. - As of September 30, 2024, Mr. He Yingcai holds 626,071,950 shares, representing approximately 55.45% of the issued share capital[136]. - Ms. Chen Yufen, as the spouse of Mr. He Yingcai, is deemed to have the same number of shares, also representing approximately 55.45%[142]. - The company has not reported any significant acquisitions or sales of subsidiaries or joint ventures in the six months ending September 30, 2024[119]. Future Plans and Strategic Focus - The company plans to sell properties in April 2024, with the revaluation surplus to be transferred to retained earnings upon sale[26]. - The group continues to focus on expanding its property management services in Hong Kong and China, offering a range of management services including security and maintenance[89]. - The company faces intense competition in the property management industry, which may impact its market share and profitability[126]. Share Award Scheme - The company has adopted a share award scheme to reward and incentivize eligible participants contributing to the group's growth and development[145][146]. - The maximum number of shares that can be granted under the share award scheme shall not exceed 10% of the issued shares as of the adoption date or any approved limit[151]. - As of September 30, 2024, no rewards have been granted under the plan, and there are still 1 share available for grant, representing approximately 0.0000001% of the company's issued share capital[161]. - The plan is effective for a period of 10 years starting from the adoption date of August 6, 2021, and no rewards can be granted after the expiration of this period[160].
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