Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 217,711,000, a decrease of 43.7% compared to HKD 387,480,000 for the same period in 2024[3] - Gross profit for the same period was HKD 35,875,000, down 37.4% from HKD 57,190,000 in 2024[3] - Profit before tax was HKD 14,789,000, a decline of 51.8% compared to HKD 30,707,000 in the previous year[3] - Net profit for the period was HKD 11,635,000, representing a decrease of 53.7% from HKD 25,085,000 in 2024[3] - The company reported a profit before tax of HKD 14,789,000 for the six months ended September 30, 2025, compared to HKD 30,707,000 for the same period in 2024, indicating a decrease of approximately 51.8%[12][16] - Earnings per share for the six months ended September 30, 2025, were HKD 11,635, a decrease from HKD 25,085 for the same period in 2024, representing a decline of approximately 53.7%[20] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 350,009,000, down from HKD 413,336,000 as of March 31, 2025[4] - Current liabilities decreased to HKD 114,805,000 from HKD 169,937,000 as of March 31, 2025[4] - Trade receivables decreased to HKD 102,936,000 as of September 30, 2025, down from HKD 126,249,000 as of March 31, 2025, a decline of about 18.4%[23] - Trade payables decreased to HKD 48,829,000 as of September 30, 2025, compared to HKD 70,506,000 as of March 31, 2025, reflecting a reduction of approximately 30.9%[26] - Contract liabilities decreased to HKD 25,592,000 as of September 30, 2025, down from HKD 42,437,000 as of March 31, 2025, representing a decline of approximately 39.7%[22] - The net amount of retention receivables decreased to HKD 36,241,000 as of September 30, 2025, from HKD 42,115,000 as of March 31, 2025, a decrease of about 14.0%[24] Cash Flow and Dividends - Cash and cash equivalents at the end of the period were HKD 68,652,000, down from HKD 119,966,000 at the beginning of the period[7] - Operating cash flow for the six months was a net outflow of HKD 28,465,000, compared to a net inflow of HKD 16,527,000 in 2024[7] - The company paid dividends of HKD 16,708,000 during the period, down from HKD 44,554,000 in the previous year[7] - The company did not declare an interim dividend for the six months ended September 30, 2025, compared to an interim dividend of HKD 0.04 per share totaling HKD 22,277,200 for the same period in 2024[18] - No interim dividend will be paid for the six months ending September 30, 2025, compared to a dividend of 4.0 HKD cents per share for the six months ending September 30, 2024[54] Business Operations - The company continues to focus on structural engineering and the supply and installation of building materials as its main business activities[8] - The segment profit for structural engineering work was HKD 20,987,000, while the profit for the supply, installation, and sale of building materials was HKD 2,440,000, leading to a total segment profit of HKD 23,427,000[12] - The company's sales to external customers in the structural engineering segment were HKD 195,283,000, a decrease from HKD 347,449,000 in the previous year, reflecting a decline of approximately 43.8%[12][15] - The sales in the supply, installation, and sale of building materials segment were HKD 22,428,000, down from HKD 40,031,000 in the previous year, representing a decrease of approximately 43.9%[12][15] Investments and Expenses - The group invested approximately HKD 4,303,000 in vehicles, HKD 157,000 in computer equipment, and HKD 3,000 in furniture and fixtures for the six months ended September 30, 2025[21] - The company incurred employee benefits expenses of HKD 40,977,000 for the period, down from HKD 43,645,000 in the previous year, indicating a decrease of approximately 6.1%[16] - Administrative and other operating expenses for the period were approximately HKD 22.6 million, a decrease of about HKD 5.1 million or 18.4% from approximately HKD 27.7 million in the previous period[42] - Financial costs for the period were approximately HKD 0.6 million, a reduction of about 50% from approximately HKD 1.2 million in the previous period[43] Taxation and Compliance - The total tax expense for the period was HKD 3,154,000, down from HKD 5,622,000 in the previous year, reflecting a reduction of approximately 43.9%[17] - The effective tax rate for the period was 21.3%, higher than the previous period's rate of 18.3%, with tax expenses amounting to approximately HKD 3.2 million, down from HKD 5.6 million[44] - The audit committee, composed of four independent non-executive directors, reviewed the unaudited consolidated financial information for the period and found it compliant with applicable accounting standards[66] Corporate Governance and Management - The board members and key executives hold significant interests in the company's shares, with Mr. Ye Baixiong and Mr. Wei Rijian each owning 325,930,000 shares, representing 58.52% of the issued share capital[56] - The company has complied with all corporate governance code provisions during the reporting period and continues to review its governance practices[64] - The group had no significant legal claims pending as of September 30, 2025[35] - There were no major acquisitions or disposals of subsidiaries during the period[52] - There were no purchases, sales, or redemptions of the company's listed shares during the reporting period[61] - The company has not granted any share options under the share option scheme adopted on September 22, 2015, and the share option plan expired on September 21, 2025[60] Other Information - The group did not sell any property, plant, and equipment during the reporting period, maintaining a book value of HKD 108,000 as of March 31, 2025[21] - The group has not pledged any leasehold land and buildings as collateral for bank loans and financing as of September 30, 2025[21] - The total value of new contracts obtained during the period was approximately HKD 297 million, while the total value of uncompleted contracts as of September 30, 2025, was approximately HKD 448 million, down from HKD 619 million in the previous period[39] - The gross profit margin for the period increased to approximately 16.5%, compared to approximately 14.8% in the previous period, due to successful negotiations for compensation on completed projects[41] - As of September 30, 2025, the current ratio improved to approximately 3.0, compared to 2.4 as of March 31, 2025, indicating better liquidity management[46] - The debt-to-equity ratio as of September 30, 2025, was 4.2%, down from approximately 5.0% as of March 31, 2025, due to the settlement of certain lease liabilities[48] - There were no significant events affecting the group from September 30, 2025, until the announcement date[55]
应力控股(02663) - 2026 - 中期业绩