Financial Performance - Revenue for the six months ended 31 October 2025 amounted to approximately HK$75.40 million, representing a decrease of approximately 53.30% compared to HK$161.44 million for the same period in 2024[14]. - Loss attributable to owners of the Company for the Reporting Period was approximately HK$2.26 million, compared to a loss of HK$0.046 million in 2024[14]. - Basic loss per share for the Reporting Period was approximately HK0.143 cents, compared to HK0.003 cents in 2024[14]. - The Group faced a decrease in revenue and gross profit margin, alongside an increase in net loss for the six months ended 31 October 2025 compared to the same period in 2024[17]. - The Group's overall revenue decreased by approximately HK$86.04 million or approximately 53.30%, from approximately HK$161.44 million for the six months ended 31 October 2024 to approximately HK$75.40 million for the six months ended 31 October 2025[22]. - Gross profit for the same period was HK$1,104,000, down 68.6% from HK$3,512,000 in 2024[93]. - Loss before taxation was HK$2,255,000, compared to a profit of HK$353,000 in the previous year[93]. - Loss before income tax for the period was HK$2,255,000 in 2025 compared to HK$46,000 in 2024[149]. Revenue Breakdown - Revenue from undertaking slope works decreased from approximately HK$161.15 million to approximately HK$64.46 million, representing a decrease of approximately 60.00% due to a reduction in the number of slope works projects[23]. - Revenue from foundation works increased from approximately HK$0.29 million to approximately HK$10.95 million, representing an increase of approximately 3,675.86% attributed to an increase in the number of foundation works projects[24]. - Revenue from slope works was HK$64,458,000, a decrease of 60% compared to HK$161,148,000 for the same period in 2024[123]. - Revenue from foundation works was HK$10,945,000, significantly up from HK$291,000 in the same period last year[123]. - Revenue from Customer B for the six months ended 31 October 2025 was HK$39,307,000, while in 2024 it was HK$88,828,000[133]. - Customer C contributed HK$18,040,000 in 2025 and HK$25,007,000 in 2024, while Customer D's revenue decreased from HK$20,578,000 in 2024 to HK$7,228,000 in 2025[138]. Dividends and Share Capital - The Board does not recommend the payment of an interim dividend for the Reporting Period, consistent with the previous year[14]. - The company did not recommend any payment of dividends for the six months ended 31 October 2025, consistent with the previous year[84]. - As of October 31, 2025, the company's issued share capital was 1,577,200,000 shares with a par value of HK$0.01 each[46]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share remained at 1,577,200 for both periods[149]. - The number of ordinary shares remained at 1,577,200, with a carrying amount of HK$15,772,000 as of both October 31, 2025, and April 30, 2025[169]. Financial Position - As at 31 October 2025, the equity attributable to owners of the Company amounted to approximately negative HK$23.89 million, compared to approximately negative HK$21.63 million as at 30 April 2025[40]. - The Group's gearing ratio was negative approximately 151.90% as at 31 October 2025, improving from negative approximately 257.37% as at 30 April 2025[43]. - The net equity attributable to owners was approximately negative HK$23.89 million as of October 31, 2025, compared to negative HK$21.63 million as of April 30, 2025[46]. - The group's debt-to-equity ratio was approximately negative 151.90% as of October 31, 2025, improving from negative 257.37% as of April 30, 2025[49]. - The total deficit as of 31 October 2025 was HK$23,888,000, compared to HK$21,633,000 as of 30 April 2025, reflecting an increase of 10.4%[98]. Cash Flow and Liquidity - Cash at banks and in hand decreased by approximately HK$16.15 million, from approximately HK$36.04 million as at 30 April 2025 to approximately HK$19.89 million as at 31 October 2025[41]. - Net cash generated from operating activities for the six months ended 31 October 2025 was HK$4,081,000, compared to HK$1,278,000 for the same period in 2024, showing a significant increase of 219.4%[102]. - Net cash used in financing activities was HK$20,229,000 for the six months ended 31 October 2025, compared to a net cash generated of HK$2,525,000 in the previous year[102]. - Cash and cash equivalents at the end of the reporting period were HK$19,893,000, down from HK$36,041,000 at the beginning of the period, a decrease of 44.2%[102]. - The group's cash and cash equivalents were approximately HK$19.89 million as of October 31, 2025, a decrease of about HK$16.15 million from HK$36.04 million as of April 30, 2025[47]. Operational Challenges - The operating environment remains challenging due to increasing operational costs, particularly higher subcontracting rates and general operation costs[17]. - Competition in the market remains intense, impacting the Group's performance[17]. - The Directors remain cautiously optimistic about the slope works industry in Hong Kong due to the Government's commitment to a rolling Landslip Prevention and Mitigation Programme[18]. - The Hong Kong Government's ongoing major construction and infrastructure projects are expected to increase demand for slope works related to public safety[18]. Administrative and Other Expenses - Administrative expenses increased slightly to HK$3,452,000 from HK$3,385,000 in 2024, reflecting a 2% rise[93]. - Finance costs for the period were HK$850,000, an increase of 9.7% from HK$775,000 in 2024[93]. - Total staff costs for the period amounted to HK$1.82 million, with remuneration based on market terms and individual performance[56]. - Total staff costs for the six months ended 31 October 2025 were HK$1,815,000, a decrease from HK$1,881,000 in 2024[141]. - Key management personnel remuneration for the six months ended 31 October 2025 was HK$1,201,000, unchanged from the same period in 2024[178]. Assets and Liabilities - As of 31 October 2025, the company's non-current assets amounted to HK$283,000, down from HK$374,000 as of 30 April 2025, representing a decrease of 24.4%[96]. - Current assets decreased to HK$32,144,000 from HK$62,324,000, a decline of 48.6%[96]. - Current liabilities decreased to HK$56,315,000 from HK$84,331,000, a reduction of 33.2%[96]. - The net current liabilities increased to HK$24,171,000 from HK$22,007,000, indicating a rise of 9.8%[96]. - Trade receivables from customers decreased from HK$11,910,000 as of 30 April 2025 to HK$8,566,000 as of 31 October 2025[155]. - Prepayments and deposits also decreased from HK$2,444,000 to HK$1,056,000 during the same period[155]. - Trade payables as of October 31, 2025, were HK$10,628,000, significantly lower than HK$20,984,000 as of April 30, 2025, reflecting a decrease of approximately 49.3%[162]. - Accruals and other payables decreased to HK$23,616,000 from HK$42,994,000, a reduction of about 45.0%[162]. - Borrowings increased to HK$19,293,000 as of October 31, 2025, compared to HK$16,872,000 as of April 30, 2025, representing an increase of approximately 14.3%[165]. - The outstanding loan principal borrowed from Emperor Prestige Credit Limited was approximately HK$14,911,000, with an interest rate of 12% per annum[167]. Compliance and Governance - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[91]. - The company has complied with the Corporate Governance Code, except for the absence of a chairman during the period, which prevented the arrangement of required meetings[77]. - There were no significant events that took place subsequent to the end of the reporting period[179].
浙江联合投资(08366) - 2026 - 中期业绩