Financial Performance - For the six months ended September 30, 2024, Vicon Holdings Limited reported revenue of HKD 165,888,000, a decrease of 50.4% compared to HKD 334,021,000 in the same period of 2023[10]. - The gross profit for the same period was HKD 12,190,000, down 45.6% from HKD 22,440,000 year-on-year[10]. - Operating profit decreased to HKD 7,799,000, a decline of 7.8% from HKD 8,457,000 in the previous year[10]. - The net profit for the period was HKD 6,420,000, representing a 9.9% decrease from HKD 7,126,000 in the prior year[10]. - Basic earnings per share for the period were HKD 1.34, down from HKD 1.49 in the same period last year[10]. - The company reported a decrease in trade receivables to HKD 62,913,000 from HKD 105,100,000 as of March 31, 2024[12]. - The company reported a decrease in trade receivables and contract assets, with a reduction of HKD 40,094,000 in trade receivables and an increase of HKD 44,455,000 in contract assets[19]. - The company reported an unallocated other income of HKD 1,208,000 and unallocated expenses of HKD 3,842,000, resulting in a pre-tax profit of HKD 8,160,000[60]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024, consistent with the previous period[79]. - The company reported financing costs of HKD 297,000 for the period[60]. - The company experienced a decrease in total revenue from HKD 334,021,000 in the previous period to HKD 165,888,000 for the current period, indicating a significant decline[73]. - The company reported contract liabilities of HKD 4.2 million as of September 30, 2024, compared to HKD 2.3 million as of March 31, 2024[131]. - The company’s profit attributable to owners was approximately HKD 6.4 million, down from HKD 7.1 million, a decrease of about 9.9%[175]. Assets and Liabilities - Total assets as of September 30, 2024, were HKD 261,990,000, an increase from HKD 256,025,000 as of March 31, 2024[12]. - The net current assets increased to HKD 225,769,000 from HKD 214,138,000 in the previous period[12]. - Vicon Holdings Limited's total equity increased to HKD 272,910,000 from HKD 266,490,000 in the previous period[12]. - The total net book value of assets was HKD 39,102,000, a decrease from HKD 43,047,000 as of March 31, 2024, reflecting a reduction of approximately 9.0%[82]. - The total non-current assets reported were HKD 39,102,000 as of September 30, 2024, reflecting a decrease from HKD 43,047,000 as of March 31, 2024[82]. - The company’s lease liabilities due within one year were HKD 1,126,000 as of September 30, 2024, compared to HKD 947,000 as of March 31, 2024, indicating an increase of approximately 19.0%[105]. - The company has pledged bank deposits of approximately HKD 21.6 million as of September 30, 2024, up from HKD 19.9 million as of March 31, 2024, to secure performance guarantees for foundation projects[179]. Cash Flow - The net cash generated from operating activities was HKD 7,000, a significant decrease from HKD 11,640,000 in the previous year, indicating a decline of approximately 40.0%[19]. - Cash and cash equivalents decreased by HKD 1,496,000, resulting in a total of HKD 34,139,000 as of September 30, 2024, compared to HKD 25,975,000 in the previous year, reflecting an increase of approximately 31.5%[19]. - The net cash used in investing activities was HKD 202,000, a decrease from HKD 2,837,000 in the same period of 2023, indicating an improvement of approximately 92.9%[19]. - The net cash used in financing activities was HKD 1,301,000, slightly improved from HKD 1,457,000 in the previous year, showing a reduction of approximately 10.7%[19]. Revenue Segmentation - For the six months ended September 30, 2024, the total revenue from external customers was HKD 334,021,000, with contributions of HKD 332,636,000 from construction engineering and HKD 1,385,000 from construction machinery leasing[60]. - The segment profit for construction engineering was HKD 11,264,000, while construction machinery leasing contributed HKD 952,000, leading to a total segment profit of HKD 12,216,000[60]. - The revenue from construction machinery leasing increased from HKD 1.4 million to approximately HKD 2.5 million, representing a growth of about 78.6%[144]. - The company continues to derive approximately 95.4% of its revenue from general contractor projects, consistent with the previous period's contribution of 95.9%[121]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual, which the board believes is appropriate at this stage[35]. - All directors have complied with the standard code of conduct for securities transactions as outlined in the Listing Rules for the six months ending September 30, 2024[37]. - There are no interests held by directors or their close associates in any competing businesses outside of the group's operations during the reporting period[38]. - The company has not early adopted any new accounting standards that are expected to have a significant impact on the financial statements in the foreseeable future[31]. Market Conditions and Future Outlook - The company is facing increased competition in the foundation industry due to a decrease in existing foundation contract tenders from the private sector[186]. - The construction market in Hong Kong is expected to remain under pressure due to economic uncertainties and skilled labor shortages, which are driving up project costs and reducing profit margins[199]. - The company plans to continue submitting tenders for large-scale target projects and enhance cost control measures to achieve stable income and reduce direct costs[187]. - The company maintains a strong financial position to meet future project requirements despite the challenges in the construction market[199]. - The board is committed to regularly reviewing the company's foreign exchange risks and will adopt hedging measures as necessary[182].
VICON HOLDINGS(03878) - 2025 - 中期财报