Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 59,455,000, an increase of 15.5% compared to HKD 51,445,000 for the same period in 2023[7] - Gross profit decreased to HKD 4,516,000, down 73.9% from HKD 17,325,000 year-on-year[7] - The company reported a profit before tax of HKD 19,292,000, compared to a loss of HKD 4,381,000 in the previous year[7] - Net profit for the period was HKD 19,247,000, a significant recovery from a loss of HKD 4,858,000 in the same period last year[7] - Basic and diluted earnings per share for the period were HKD 1.44, compared to a loss per share of HKD 0.42 in the prior year[9] - The profit attributable to the company's owners for the period was HKD 19,247 thousand, a significant recovery from a loss of HKD 4,858 thousand in the previous year[49] - The basic and diluted earnings per share were HKD 1.44, compared to a loss per share of HKD 0.42 in the prior year[49] - The company recorded a profit of approximately HKD 19.2 million for the period, compared to a loss of approximately HKD 4.9 million for the six months ended September 30, 2023, primarily due to the fair value gain on financial assets[85] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 155,000,000, up from HKD 119,621,000 as of March 31, 2024[11] - Cash and cash equivalents at the end of the period decreased to HKD 28,111,000 from HKD 40,323,000 at the beginning of the period[19] - Trade receivables, net of expected credit loss provisions, amounted to HKD 47,197 thousand as of September 30, 2024, up from HKD 36,568 thousand as of March 31, 2024[56] - The group reported trade payables of HKD 9,070 thousand as of September 30, 2024, compared to HKD 8,571 thousand as of March 31, 2024[59] Employee Costs - Total employee costs for the six months ended September 30, 2024, amounted to HKD 48,241,000, a significant increase of 43.6% from HKD 33,576,000 in the previous year[37] - The total number of employees increased from 160 to 172, with total employee costs (including director remuneration) amounting to approximately HKD 48.2 million for the six months ended September 30, 2024, compared to approximately HKD 33.6 million for the same period in 2023[98] - The total employee costs allocated to service costs amounted to HKD 40,658,000, reflecting a 37.3% increase from HKD 29,608,000 in the previous year[37] Revenue Breakdown - Revenue from new property construction accounted for HKD 50,831,000, representing 85.6% of total revenue, while revenue from renovation and maintenance of existing properties was HKD 5,157,000[28] - The group's revenue for the six months ended September 30, 2024, was HKD 59,455,000, an increase of 15.5% compared to HKD 51,445,000 for the same period in 2023[28] - The company's revenue increased by HKD 8.1 million or approximately 15.6% to about HKD 59.5 million for the six months ended September 30, 2024, compared to HKD 51.4 million for the same period in 2023[73] Expenses - General and administrative expenses increased from approximately HKD 12.6 million to approximately HKD 21.7 million, an increase of HKD 9.0 million or 71.5%[82] - Service costs increased from approximately HKD 34.1 million for the six months ended September 30, 2023, to approximately HKD 54.9 million for the six months ended September 30, 2024, representing an increase of HKD 20.8 million or about 61.0%[77] - Other income and gains or losses decreased from approximately HKD 3.2 million to approximately HKD 2.4 million, a reduction of HKD 0.8 million or about 25.4% due to decreased interest income from bank deposits[79] Taxation - The group did not incur any income tax expenses in China or Macau due to estimated tax losses for the six months ended September 30, 2024[44][45] - The income tax expense decreased from approximately HKD 477 million to approximately HKD 45 million, a reduction of HKD 432 million due to the net effect of current and deferred tax items[84] Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period[120] - The audit committee, established on August 27, 2018, consists of four independent non-executive directors and has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024[126] - There are no known business or interest conflicts involving directors or major shareholders as of September 30, 2024[118] Future Plans - The company plans to continue exploring market expansion opportunities and new product development strategies[6] - The group aims to expand its market share by securing more engineering consultancy service contracts despite a challenging business environment[74] - The company continues to seek opportunities to expand the types of consultancy services offered to existing clients[74] Shareholder Information - The company has a total of 1,382,000,000 shares issued as of September 30, 2024[109] - Wan Nian Real Estate Development Co., Ltd. holds 208,072,000 shares, representing approximately 15.06% of the company's total issued share capital[113] - Dr. Chen and Mr. Kwong own approximately 68.2% and 31.8% of Wan Nian Real Estate Development Co., Ltd., respectively[115] - The weighted average number of ordinary shares issued increased to 1,334,459 thousand from 1,152,000 thousand in the previous year[49] Dividends and Share Options - The company did not recommend an interim dividend for the six months ended September 30, 2024, consistent with the previous year[48] - The board does not recommend the payment of an interim dividend for the six months ending September 30, 2024[123] - No share options were granted during the six months ending September 30, 2024, and there were no unexercised share options as of that date[124] Financial Reporting - The group has adopted all new and revised Hong Kong Financial Reporting Standards effective from April 1, 2024, with no significant impact on the financial performance reported[30] - The group has a single operating segment, focusing on comprehensive structural and geotechnical engineering consulting services[33] - The group’s financial statements were prepared in accordance with the historical cost convention and have not been audited by independent auditors[25]
WAC HOLDINGS(08619) - 2025 - 中期财报