Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 252,432,000, a decrease of 37.0% compared to HKD 400,813,000 in the same period last year[4] - Gross profit for the same period was HKD 52,149,000, down 35.0% from HKD 80,278,000[4] - Operating profit decreased by 48.3% to HKD 25,055,000 from HKD 48,465,000 year-on-year[4] - Profit before tax fell by 50.8% to HKD 23,129,000 compared to HKD 46,988,000 in the previous period[4] - Net profit for the period was HKD 19,210,000, a decline of 48.8% from HKD 37,541,000[4] - Basic and diluted earnings per share were HKD 0.02, down 60.0% from HKD 0.05[4] - The adjusted profit before tax for the six months ended September 30, 2025, was HKD 52,149 thousand, down 35% from HKD 80,278 thousand in the same period of 2024[25] - Total operating expenses for the six months ended September 30, 2025, were HKD 77,702 thousand, slightly down from HKD 79,602 thousand in 2024[27] - Financial costs for the six months ended September 30, 2025, amounted to HKD 1,926 thousand, an increase from HKD 1,477 thousand in the previous year[28] - The income tax expense for the six months ended September 30, 2025, was HKD 3,919 thousand, compared to HKD 9,447 thousand in 2024[29] - The actual tax rate for the reporting period was approximately 16.9%, down from 20.1% in the previous period, primarily due to non-deductible listing expenses in the prior period[56] - The net profit for the period decreased by approximately HKD 18.3 million or 49% to about HKD 19.2 million compared to the previous period[57] Revenue Breakdown - The civil engineering segment generated revenue of HKD 139,508 thousand, down 54% from HKD 303,812 thousand year-over-year[22][23] - The electromechanical engineering segment reported revenue of HKD 95,382 thousand, an increase of 18% from HKD 80,728 thousand in the previous year[22][23] - The renewable energy segment achieved revenue of HKD 11,160 thousand, up 12.5% from HKD 9,923 thousand year-over-year[22][23] - The civil engineering business recorded revenue of approximately HKD 139.5 million, a decrease of HKD 164.3 million or 54% year-on-year, primarily due to several projects nearing completion[45] - The electromechanical engineering revenue was approximately HKD 95.4 million, an increase of HKD 14.7 million or 18%, mainly due to the activation of an 8-year main contract for cable trench excavation and laying[46] - The group's renewable energy business generated approximately HKD 11.2 million in revenue, an increase of HKD 1.2 million or 12% compared to the same period last year[44] - The overall revenue decreased by approximately HKD 148.4 million or 37% to about HKD 252.4 million, mainly due to the decline in civil engineering revenue[52] Assets and Liabilities - Non-current assets increased to HKD 167,477,000 as of September 30, 2025, from HKD 155,569,000 as of March 31, 2025[8] - Current assets totaled HKD 443,408,000, up from HKD 413,647,000 as of March 31, 2025[8] - Total liabilities increased to HKD 240,004,000 from HKD 217,623,000[9] - Net assets attributable to equity holders rose to HKD 370,881,000 from HKD 351,593,000[9] - Trade receivables increased to HKD 44,674,000 as of September 30, 2025, compared to HKD 24,545,000 as of March 31, 2025, representing an increase of 81.9%[34] - The net value of contract assets as of September 30, 2025, was HKD 331,341,000, up from HKD 270,693,000 as of March 31, 2025, indicating a growth of 22.4%[36] - The company's cash and cash equivalents were approximately HKD 38.1 million as of September 30, 2025, down from HKD 93.7 million as of March 31, 2025[59] - The current ratio as of September 30, 2025, was approximately 2.15, compared to 2.10 as of March 31, 2025[60] - The debt-to-equity ratio was approximately 24.5% as of September 30, 2025, up from 20.5% as of March 31, 2025[61] - The net current assets were HKD 237.2 million as of September 30, 2025, an increase from HKD 216.7 million as of March 31, 2025[62] Shareholder Information - The company declared an interim dividend of approximately HKD 30,000,000 for the period ending March 31, 2024, with HKD 23,637,000 settled in cash and HKD 6,363,000 offset against receivables[30] - For the six months ending September 30, 2025, the profit attributable to the company's owners was HKD 19,210,000, a decrease of 48.9% from HKD 37,541,000 in the same period of 2024[32] - The basic earnings per share for the six months ending September 30, 2025, was HKD 0.02, down from HKD 0.05 in the previous year[32] - The company has a total of 1,500,000,000 shares issued as of September 30, 2025, following a capital increase and capitalization issuance[39] - No interim dividend has been recommended by the board for the reporting period[77] Strategic Initiatives - The company aims to become a pioneer in green infrastructure in Hong Kong, actively pursuing renewable energy projects to promote sustainable development[42] - The company is focusing on the dual-driven business strategy of "new energy + green building" to leverage its competitive advantages in a changing market[42] - The group anticipates that the renewable energy business will become a growth engine, driven by government support and the establishment of the "Zero Carbon Smart Alliance" for comprehensive solutions in the renewable sector[47] - The group plans to actively participate in large-scale construction projects and bidding to achieve stable profit growth, leveraging the government's commitment to infrastructure development[49] - The group aims to enhance its competitiveness in the renewable energy sector through collaboration with industry leaders and the integration of advanced technologies[48] Capital Expenditures and Funding - Capital expenditures during the reporting period were approximately HKD 34.1 million, compared to HKD 20.3 million in the previous period[65] - The company successfully raised approximately HKD 150,000,000 from the public offering of 250,000,000 shares at HKD 0.73 per share, after deducting underwriting fees and related expenses[41] - The net proceeds from the listing are planned to be used as follows: 45% for purchasing more machinery and equipment (HKD 67.5 million), 35% for pre-project costs (HKD 52.5 million), and 10% for general working capital (HKD 15 million) by September 30, 2025[74] - The planned use of net proceeds includes HKD 48.4 million remaining for machinery and equipment purchases, with a timeline for full utilization by June 2026[74] - The procurement of 4S and enterprise planning systems has utilized HKD 6.5 million, with HKD 1 million remaining, expected to be fully used by March 2026[74] Employee Information - As of September 30, 2025, the total employee cost (including director remuneration) was approximately HKD 77.7 million, a decrease from HKD 79.6 million in the previous period[75] - The company has 417 employees as of September 30, 2025, an increase from 411 employees as of March 31, 2025[75] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information and confirmed compliance with applicable accounting standards and regulations[78] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending September 30, 2025[76] - The company’s headquarters and main business location changed to TML Plaza, Room C, 30th Floor, 3 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong, effective October 27, 2025[79] - The company has not issued, exercised, canceled, or expired any share options or shares under the share incentive plan since its adoption[75]
荣利营造(09639) - 2025 - 中期业绩