Revenue Performance - Revenue for the six months ended 31 October 2025 decreased to approximately HK$75.40 million, down 53.30% from approximately HK$161.44 million for the same period in 2024[10]. - The Group's total revenue decreased by approximately HK$86.04 million or about 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[23]. - Revenue from slope works decreased by approximately 60.00%, from approximately HK$161.15 million in 2024 to approximately HK$64.46 million in 2025[19]. - Revenue from foundation works increased significantly by approximately 3,675.86%, from approximately HK$0.29 million in 2024 to approximately HK$10.95 million in 2025[20]. - Revenue from slope works decreased from approximately HK$161.15 million to approximately HK$64.46 million, a decline of about 60.00%, primarily 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, an increase of approximately 3,675.86%, attributed to a rise in the number of foundation works projects[23]. - Total revenue for the six months ended 31 October 2025 was HK$75,403,000, down from HK$161,439,000 in the same period of 2024, representing a decline of approximately 53.3%[119]. Financial Losses - 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[10]. - Basic loss per share for the Reporting Period was approximately HK0.143 cents, an increase from HK0.003 cents in 2024[10]. - The loss before taxation for the six months was HK$2,255,000, compared to a profit of HK$353,000 in the previous year[89]. - The total comprehensive loss for the period was HK$2,255,000, significantly higher than the loss of HK$46,000 in 2024[89]. - The Group reported a net loss of approximately HK$2,255,000 for the six months ended 31 October 2025[113]. Operating Environment - The Group is facing a challenging operating environment due to rising subcontracting costs and intense competition, which is expected to pressure profit margins[17]. - The Directors remain cautiously optimistic about the slope works industry in Hong Kong despite the current challenges[14]. - The overall revenue decrease was primarily attributed to a reduction in slope works projects undertaken[18]. Cash Flow and Liquidity - As of 31 October 2025, the Group's cash at banks and in hand amounted to approximately HK$19.89 million, a decrease of approximately HK$16.15 million from approximately HK$36.04 million as of 30 April 2025[37]. - The cash inflow from new borrowings raised amounted to HK$1,571,000[98]. - The Group's financing activities resulted in a net cash outflow of HK$20,229,000, compared to a net inflow of HK$2,525,000 in the previous year[98]. - Operating cash inflow for the same period was approximately HK$4,081,000, indicating some improvement in cash flow management[114]. Equity and Liabilities - The Group's equity attributable to owners was approximately negative HK$23.89 million as of 31 October 2025, compared to approximately negative HK$21.63 million as of 30 April 2025[36]. - The gearing ratio as of 31 October 2025 was negative approximately 151.90%, an improvement from negative approximately 257.37% as of 30 April 2025[39]. - Current assets decreased to HK$32,144,000 as of 31 October 2025, down from HK$62,324,000 as of 30 April 2025[92]. - Current liabilities were HK$56,315,000, a reduction from HK$84,331,000 as of 30 April 2025[92]. - The net current liabilities increased to HK$24,171,000 as of 31 October 2025, compared to HK$22,007,000 as of 30 April 2025[92]. - The Group's total deficit as of 31 October 2025 was HK$23,888,000, worsening from HK$21,633,000 as of 30 April 2025[92]. Governance and Compliance - The Company complied with the Corporate Governance Code, except for the absence of a chairman to hold meetings with independent non-executive directors[73]. - The Audit Committee consists of three independent non-executive Directors, with Mr. Fu Yan Ming as the chairman, who has appropriate qualifications in accounting[82]. - No competing interests were reported among directors, controlling shareholders, or substantial shareholders during the period[70]. Dividends and Share Options - The Board does not recommend the payment of an interim dividend for the Reporting Period[10]. - The Board did not recommend any payment of dividends for the six months ended October 31, 2025, consistent with the previous year[80]. - There were no share options granted under the share option scheme as of 31 October 2025[85]. - The company does not recommend the payment of an interim dividend for the six months ending October 31, 2025, consistent with the previous year[141]. Employee Costs - Total employee costs for the period amounted to HKD 1.82 million, determined based on market levels and individual performance[57]. - Total staff costs for the period were HK$1,815,000, down from HK$1,881,000, indicating a reduction in personnel expenses[135]. - The remuneration for key management personnel, including salaries and allowances, totaled HK$1,201,000 for the six months ended 31 October 2025, consistent with the previous year[174]. Trade and Receivables - Trade receivables from customers decreased to HK$8.566 million as of October 31, 2025, from HK$11.910 million as of April 30, 2025[148]. - The ageing analysis of trade receivables shows that all receivables are within 30 days as of October 31, 2025, totaling HK$8.566 million[151]. - Trade payables decreased to HK$10.628 million as of October 31, 2025, from HK$20.984 million as of April 30, 2025[156]. Other Financial Information - The financial statements are prepared in accordance with Hong Kong Accounting Standards and applicable GEM Listing Rules[103]. - No provision for Hong Kong Profits Tax was made for the period as there were no assessable profits[138]. - The estimated Hong Kong profits tax for the company during the period is 16.5%, with no taxable profits generated in Hong Kong, resulting in no provision for profits tax for the period ending October 31, 2025[140]. - There were no significant events reported after the end of the reporting period[175].
浙江联合投资(08366) - 2026 - 中期财报