Financial Performance - Revenue decreased from approximately HKD 265.3 million for the six months ended September 30, 2024, to approximately HKD 155.9 million for the six months ended September 30, 2025, representing a decrease of approximately HKD 109.4 million or 41.2%[5] - Gross profit decreased from approximately HKD 2.9 million for the six months ended September 30, 2024, to approximately HKD 0.8 million for the six months ended September 30, 2025, representing a decrease of approximately HKD 2.1 million or 72.3%[5] - The group recorded a loss attributable to owners of the company of approximately HKD 9.0 million for the six months ended September 30, 2025, compared to approximately HKD 7.2 million for the six months ended September 30, 2024[5] - Basic loss per share attributable to owners of the company was approximately HKD 0.9 cents for the six months ended September 30, 2025, compared to approximately HKD 0.7 cents for the six months ended September 30, 2024[5] - The company reported a loss attributable to owners of HKD 9,046,000 for the six months ended September 30, 2025, compared to a loss of HKD 7,164,000 for the same period in 2024[24] - Basic and diluted loss per share for the six months ended September 30, 2025, was HKD 0.9, compared to HKD 0.7 for the same period in 2024[24] - The company recorded a total loss and comprehensive expenses of approximately HKD 9.0 million for the six months ended September 30, 2025, compared to approximately HKD 7.2 million for the same period in 2024[41] Dividend and Shareholder Information - The board has resolved not to declare an interim dividend for the six months ended September 30, 2025, and 2024[5] - The company did not recommend the declaration of an interim dividend for the six months ended September 30, 2025[25] - The board has resolved not to declare an interim dividend for the six months ending September 30, 2025, and 2024[60] - The company has maintained a minimum of 25% of its issued share capital held by the public as of September 30, 2025[67] Assets and Liabilities - Total assets as of September 30, 2025, were approximately HKD 297.7 million, down from approximately HKD 321.1 million as of March 31, 2025[7] - Total liabilities as of September 30, 2025, were approximately HKD 34.4 million, down from approximately HKD 48.7 million as of March 31, 2025[8] - Cash and cash equivalents increased to approximately HKD 22.2 million as of September 30, 2025, from approximately HKD 18.8 million as of March 31, 2025[7] - Trade receivables decreased to approximately HKD 72.7 million as of September 30, 2025, from approximately HKD 83.8 million as of March 31, 2025[7] - The net trade receivables as of September 30, 2025, were HKD 72,668,000, down from HKD 83,759,000 as of March 31, 2025[26] - Contract assets totaled HKD 194,661,000 as of September 30, 2025, compared to HKD 208,398,000 as of March 31, 2025[27] - Trade payables decreased to HKD 8,453,000 from HKD 20,487,000, indicating a significant reduction of 58.7%[28] - As of September 30, 2025, bank borrowings amounted to approximately HKD 13.6 million, up from approximately HKD 8.8 million as of March 31, 2025[43] - The debt-to-equity ratio increased to approximately 5.2% as of September 30, 2025, from 3.2% as of March 31, 2025[44] Operational Highlights - The company is engaged in providing construction services for public and private residential and commercial properties in Hong Kong and Cambodia[10] - Major customers contributing over 10% of total revenue included Customer 1 with HKD 34,925,000, Customer 2 with HKD 29,874,000, and Customer 3 with HKD 28,554,000[18] - Employee benefits expenses, including director remuneration, decreased to HKD 11,730,000 from HKD 24,315,000, representing a reduction of 51.8%[21] - As of September 30, 2025, the company had 33 projects on hand, with a total project value of approximately HKD 739.2 million, compared to 32 projects valued at approximately HKD 343.3 million as of March 31, 2025[31] - The company adopted a selective bidding strategy, focusing on projects with strong financial reliability and manageable operational risks, resulting in a stable order book[30] - The company is actively expanding into Southeast Asia, aiming to diversify revenue sources and reduce reliance on the local market[32] - Administrative expenses decreased from approximately HKD 10.7 million to approximately HKD 8.5 million, a reduction of about HKD 2.2 million or 20.2%[38] - Other income for the six months ended September 30, 2025, was HKD 46,000, primarily from a youth employment and training program[20] - Service costs decreased from approximately HKD 262.4 million to approximately HKD 155.1 million, a reduction of about HKD 107.3 million or 40.9%[34] Governance and Management - The company has no significant investments or capital asset plans beyond those disclosed in the prospectus as of the mid-term announcement date[59] - The audit committee reviewed the interim financial results for the six months ending September 30, 2025, and confirmed compliance with applicable accounting standards and regulations[69] - The company has adopted a share option scheme, but no options were granted, exercised, canceled, or lapsed during the six months ending September 30, 2025[64] - The board expresses gratitude for the efforts of management and staff during the reporting period[71] - The chairman and CEO of GC Construction Holdings Limited is Chen Qiaosen[71] - The board includes executive directors Chen Qiaosen, Chen Yongping, and Chen Cuiying, along with independent non-executive directors[71] - The board consists of a diverse group of directors, including professionals from various fields[71] - The company emphasizes the importance of teamwork and collaboration in achieving its goals[71] - The management team is committed to continuous improvement and dedication to the company's mission[71] - The company aims to maintain transparency and accountability to its stakeholders[71] - The board's composition reflects a commitment to governance and strategic oversight[71] Miscellaneous - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the six months ending September 30, 2025[63] - The total proceeds from the share issuance on October 10, 2022, amounted to HKD 125 million, with net proceeds of approximately HKD 91.8 million after deducting underwriting commissions and related expenses[56] - The planned use of net proceeds includes funding for project costs (HKD 67 million), expanding workforce and office space (HKD 9.9 million), and purchasing machinery and vehicles (HKD 2.7 million)[57] - The announcement date is November 25, 2025[71] - The group faced minimal foreign exchange risk as most transactions and assets were denominated in HKD, with no foreign exchange hedging conducted for the six months ending September 30, 2025[52] - As of September 30, 2025, the group employed 45 staff members, down from 55 as of March 31, 2025, with compensation packages including salaries and bonuses based on qualifications and performance reviews[54]
GC Construction(01489) - 2026 - 中期业绩