Financial Performance - For the six months ended September 30, 2024, the company's direct costs decreased from approximately HKD 127.3 million to approximately HKD 47.2 million, a reduction of about 62.9%[25]. - The gross loss for the six months ended September 30, 2024, was approximately HKD 3.9 million, compared to HKD 19.2 million for the same period in 2023, representing a decrease of about 79.7%[26]. - Revenue decreased from approximately HKD 108.1 million for the six months ended September 30, 2023, to approximately HKD 43.3 million for the six months ended September 30, 2024, representing a decline of about 59.9%[39]. - The pre-tax loss decreased from approximately HKD 25.0 million for the six months ended September 30, 2023, to approximately HKD 10.5 million for the six months ended September 30, 2024, primarily due to the reduction in gross loss[65]. - The group reported a total comprehensive loss for the six months ended September 30, 2024, of HKD 10.49 million, compared to HKD 24.99 million for the same period in 2023, showing a reduction of approximately 58%[82]. - The company reported a pre-tax loss of HKD 24,986,000 for the six months ended September 30, 2024[101]. - The company reported a pre-tax loss of HKD 11,923,000 for the six months ended September 30, 2024, compared to HKD 12,448,000 for the same period in the previous year[150]. Cash Flow and Assets - The total cash and cash equivalents amounted to approximately HKD 48.2 million as of September 30, 2024, down from approximately HKD 123.9 million as of March 31, 2024[67]. - Current assets decreased from HKD 231,750,000 as of March 31, 2024, to HKD 197,252,000 as of September 30, 2024[106]. - Cash and cash equivalents dropped significantly from HKD 123,949,000 to HKD 48,159,000 during the same period[106]. - Trade and other receivables decreased from HKD 30,546,000 to HKD 16,187,000[106]. - As of September 30, 2024, trade receivables amounted to HKD 4,411,000, a decrease from HKD 25,852,000 as of March 31, 2024[138]. - The company's contract assets were valued at approximately HKD 41,507,000 as of September 30, 2024, down from HKD 53,056,000 as of March 31, 2024[164]. Expenses and Liabilities - Administrative expenses were approximately HKD 6.7 million for the six months ended September 30, 2023, compared to approximately HKD 7.9 million for the six months ended September 30, 2024, indicating a slight increase[41]. - Administrative expenses increased to HKD 7.97 million for the six months ended September 30, 2024, from HKD 6.71 million in the same period of 2023, reflecting an increase of approximately 19%[80]. - The company’s total liabilities included a credit loss provision of HKD 20,685,000 as of September 30, 2024, compared to HKD 22,378,000 as of March 31, 2024[142]. - The aging analysis of accounts payable shows that HKD 5,874 is overdue by more than 90 days, down from HKD 16,601 as of March 31, 2024[169]. Employee and Operational Metrics - Total employee costs for the six months ended September 30, 2024, were approximately HKD 11.9 million, a decrease from HKD 12.4 million for the same period in 2023, reflecting a reduction of about 4%[72]. - The group employed 40 full-time employees as of September 30, 2024, down from 52 full-time employees as of September 30, 2023, representing a reduction of approximately 23%[72]. - The company’s employee costs, including directors' remuneration, were HKD 11,923,000 for the six months ended September 30, 2024, compared to HKD 12,448,000 for the same period last year[150]. Corporate Governance and Future Outlook - The company remains cautiously optimistic about the prospects of the Hong Kong construction industry and aims to expand its business network and diversify its customer base[24]. - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[7]. - The company has adopted the corporate governance code as its own code of conduct for securities trading by directors[183]. - The company plans to focus on securing more large-scale projects through effective cost control measures and long-term relationships with key clients, suppliers, and subcontractors[24]. Share Capital and Dividends - As of September 30, 2024, the company had issued share capital of HKD 6.2 million and a total of 620,000,000 ordinary shares with a par value of HKD 0.01 each[28]. - The company did not declare any interim dividends for the six months ended September 30, 2024, consistent with the previous year[73]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024[152]. - The weighted average number of ordinary shares used to calculate basic loss per share remained at 620,000 shares[130]. Market and Competitive Environment - The group faced challenges due to increased competition in civil engineering and a decrease in the number of contracts available for bidding in renovation and expansion projects[37]. - The group continues to rely on internal financial resources to meet its working capital and capital requirements[43]. Investments and Acquisitions - The company acquired a 5% stake in a private company registered in the British Virgin Islands for a total consideration of HKD 13,000,000, which was completed on January 31, 2024[132]. - The company extended the put option expiration date to December 31, 2025, allowing the buyer to sell back the shares at the original price if certain conditions are not met[134].
B & D STRATEGIC(01780) - 2025 - 中期财报