Economic Overview - Hong Kong's real GDP increased by 3.1% year-on-year in the second quarter of 2025, indicating economic recovery post-COVID-19[18]. - The construction industry remains a vital pillar of Hong Kong's economy, with the government emphasizing housing and land supply as top priorities[22]. - The construction industry is expected to have ample room for growth in the upcoming years due to the introduction of the Enhanced Supplementary Labour Scheme, which has approved tens of thousands of quotas for importing workers[19]. Financial Performance - The Group's revenue from continuing operations decreased by approximately HK$215.8 million or 72.2% to approximately HK$83.0 million for the Reporting Period[26]. - The overall gross profit decreased from approximately HK$13.5 million for the six months ended 30 September 2024 to a gross loss of approximately HK$10.9 million for the Reporting Period, representing a decrease of approximately 180.7%[28]. - The Group recorded a loss attributable to owners of the Company from continuing operations of approximately HK$24.9 million for the Reporting Period, compared to a loss of approximately HK$4.8 million for the six months ended 30 September 2024[36]. - The company reported a loss before income tax of HK$24,871,000 for the period, compared to a loss of HK$3,507,000 in 2024[76]. - The total comprehensive loss for the period was HK$24,871,000, compared to HK$4,828,000 in the same period last year[76]. - The company reported a loss attributable to owners of the Company of HK$24,854,000 for the six months ended 30 September 2025, compared to a loss of HK$4,828,000 for the same period in 2024, representing an increase in loss of approximately 415%[79]. Revenue Breakdown - For the six months ended September 30, 2025, the company's revenue was HK$83,014,000, a decrease of 72.2% compared to HK$298,860,000 for the same period in 2024[76]. - Revenue from residential construction services dropped significantly to HK$2,546,000 from HK$135,497,000, while non-residential services decreased to HK$80,468,000 from HK$163,363,000[125]. - Major customer A contributed HK$80,462,000 to the revenue, down from HK$134,697,000 in the previous year, while customers B and C contributed less than 10% of the Group's revenue[116]. Cash Flow and Liquidity - As of September 30, 2025, the Group had total cash and cash equivalents of approximately HK$20.6 million, down from approximately HK$33.9 million as of March 31, 2025[44]. - The current ratio increased to approximately 4.7 times as of September 30, 2025, from approximately 4.3 times as of March 31, 2025, primarily due to a decrease in accrued staff costs[47]. - The Group maintained a conservative treasury policy, ensuring a healthy liquidity position throughout the reporting period[49]. Share Capital and Financing - The total number of issued shares increased from 1,200,000,000 to 1,400,000,000 following the successful placing of new shares on September 26, 2025[48]. - The net proceeds from the placing of new shares on August 30, 2024, amounted to approximately HK$35.6 million, which have been fully utilized as per the proposed applications[41]. - A placing agreement was entered into for up to 200,000,000 new ordinary shares at a price of HK$0.063 per share, with estimated net proceeds of approximately HK$12.1 million intended for general working capital[42]. Expenses and Cost Management - Administrative expenses increased from approximately HK$16.3 million to approximately HK$17.9 million, representing an increase of approximately 9.8%[33]. - Finance costs decreased from approximately HK$801,000 to approximately HK$143,000, representing a decrease of approximately 82.1%[34]. - Employee benefit expenses (excluding directors' remuneration) decreased to HK$22,981,000 in 2025 from HK$89,410,000 in 2024, a decline of 74.3%[137]. Assets and Liabilities - Total non-current assets decreased to HK$27,072,000 as of 30 September 2025, down from HK$30,294,000 as of 31 March 2025, reflecting a decline of approximately 10%[80]. - Current assets totaled HK$248,171,000 as of 30 September 2025, a decrease from HK$268,319,000 as of 31 March 2025, indicating a reduction of about 7.5%[80]. - Total current liabilities decreased to HK$53,122,000 as of 30 September 2025, down from HK$62,155,000 as of 31 March 2025, representing a decline of approximately 14.5%[80]. Corporate Governance - The Board resolved not to recommend the declaration of an interim dividend for the reporting period[58]. - The company will hold an extraordinary general meeting on December 12, 2025, to consider the appointment of a new auditor and the implementation of a share consolidation[68]. - The share consolidation will involve consolidating every five existing shares into one consolidated share, changing the par value from HK$0.01 to HK$0.05[68].
铸帝控股(01413) - 2026 - 中期业绩