Financial Performance - The company reported a net profit attributable to shareholders of HKD 6,744 for the six months ended September 30, 2024, a slight increase of 0.4% from HKD 6,716 in the same period last year[26]. - Basic and diluted earnings per share for the six months ended September 30, 2024, were HKD 1.61, compared to HKD 1.60 for the same period in 2023[26]. - Revenue for the six months ended September 30, 2024, was approximately HKD 186.7 million, a slight increase of about 4.5% compared to approximately HKD 178.7 million for the same period last year[102]. - Adjusted net profit for the period, excluding one-time impairment of financial assets, was approximately HKD 16.2 million, representing a growth of about 141% compared to the same period last year[107]. - Gross profit for the six months ended September 30, 2024, was approximately HKD 14.2 million, up from HKD 5.6 million in the same period last year[77]. - Gross profit margin improved from approximately 3.1% for the six months ended September 30, 2023, to approximately 7.6% for the same period in 2024, driven by an increase in certified projects[102]. - The group recorded a net other income of approximately HKD 295,000 for the six months ended September 30, 2024, compared to a net loss of approximately HKD 283,000 for the same period last year[103]. - Other income for the six months ended September 30, 2024, was approximately HKD 3.8 million, compared to HKD 4.1 million for the same period last year[102]. Cash and Liquidity - As of September 30, 2024, the company's cash and cash equivalents amounted to HKD 171,134, an increase of 11.5% from HKD 153,853 as of March 31, 2024[4]. - Cash and cash equivalents at the end of the period were HKD 171,134,000, down from HKD 196,275,000, a decrease of approximately 12.8%[182]. - The company reported a net cash inflow from investing activities of HKD 18,994,000, compared to HKD 12,216,000 in the previous period, an increase of 55.5%[180]. - The company’s bank deposits maturing after three months amounted to HKD 20,728, a decrease of 6.8% from HKD 22,245 as of March 31, 2024[4]. - As of September 30, 2024, the net current assets increased by 7.9% from approximately HKD 141.0 million to approximately HKD 152.1 million, primarily due to an increase in cash and cash equivalents[123]. - As of September 30, 2024, the group had unused bank borrowing facilities of approximately HKD 24.0 million, an increase from HKD 20.7 million on March 31, 2024[111]. Liabilities and Equity - Total liabilities as of September 30, 2024, included trade payables of HKD 29,504 and retention payables of HKD 29,873[6]. - Trade payables decreased to HKD 29,504 as of September 30, 2024, down 27% from HKD 40,353 as of March 31, 2024[6]. - The group’s debt-to-equity ratio was approximately 1.8% as of September 30, 2024, up from 0.2% as of March 31, 2024[125]. - The total equity of the group was approximately HKD 278.5 million as of September 30, 2024, compared to HKD 272.4 million on March 31, 2024[112]. - The company recorded a decrease in trade and other payables to HKD 71,047,000 from HKD 88,162,000, a reduction of approximately 19.4%[188]. - The company’s retained earnings rose to HKD 206,528,000 from HKD 199,784,000, an increase of about 3.7%[188]. Employee and Administrative Expenses - Total employee benefits expenses for the six months ended September 30, 2024, were HKD 38,701, an increase of 2.5% from HKD 37,743 in the previous year[23]. - The employee cost for the six months ended September 30, 2024, amounted to HKD 34.0 million, compared to HKD 33.9 million for the same period in 2023[160]. - Administrative expenses remained stable at approximately HKD 13.2 million and HKD 13.9 million for the six months ended September 30, 2024, and 2023, respectively[92]. - The group had a total of 170 full-time employees as of September 30, 2024, an increase from 167 employees as of March 31, 2024[160]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, except for the separation of roles between the chairman and CEO[154]. - The company has complied with the corporate governance code throughout the reporting period[154]. - The independent auditor has reviewed the interim financial information for the six months ended September 30, 2024, but does not express an audit opinion[162]. - There have been no significant changes in risk management policies since the year-end[197]. Future Outlook and Strategy - The company is actively exploring diversification opportunities to reduce reliance on government contracts[74]. - The management remains optimistic about the future despite current economic challenges, focusing on innovative solutions to enhance project efficiency and cost-effectiveness[88]. - The group is preparing to maintain growth and contribute to important infrastructure projects despite recent economic deterioration[89]. Investments and Acquisitions - The total investment in Ruijing Management Holdings Limited was approximately HKD 96.7 million, with a 20.3% equity stake[130]. - The group recognized a share of profit from Ruijing of approximately HKD 10.9 million and received cash dividends of approximately HKD 13.1 million[130]. - No significant acquisitions or disposals of subsidiaries or associates occurred during the six months ended September 30, 2024[131]. - The company repurchased a total of 224,000 shares at a total cost of approximately HKD 41,000 during the six months ended September 30, 2024[145]. - The group had no outstanding performance guarantees as of September 30, 2024, compared to HKD 3.3 million as of March 31, 2024[127]. Project and Operational Updates - The group has seven ongoing projects with an estimated remaining contract value of approximately HKD 636.4 million[72]. - The group's share of profit from the Pakistan "Belt and Road" project was approximately HKD 10.9 million for the six months ended September 30, 2024, compared to HKD 9.5 million in the previous year[72]. - The group has implemented monitoring procedures to ensure appropriate follow-up actions are taken to recover overdue debts related to the Kai Tak Development project[93].
万景控股(02193) - 2025 - 中期财报