Financial Performance - The Group's revenue decreased by approximately 2.7% to MOP 87.2 million compared to the corresponding period in 2021[24] - Gross profit for the period was MOP 15.8 million, with a gross profit margin of 18.1%[24] - The Group's net profit for the period decreased by approximately MOP 12.4 million or 59.7% compared to the corresponding period in 2021, primarily due to the shrinking of the E&M industry in Macau and uncertainties related to gambling licensing renewal[33] - Profit before tax decreased to MOP 9,641, representing a decline of 58.9% compared to MOP 23,484 in the prior year[99] - Profit and total comprehensive income for the period was MOP 8,401, a decrease of 59.7% from MOP 20,842 in the same period last year[99] - Earnings per share for the period was 1.68 MOP cents, down 59.7% from 4.17 MOP cents in the previous year[99] Assets and Liabilities - As of June 30, 2022, the Group had bank balances of MOP 127.2 million and net current assets of approximately MOP 198.5 million[25] - The Group's total bank balances, including short-term bank deposits, amounted to MOP 127.2 million as of June 30, 2022, down from MOP 176.0 million as of December 31, 2021[33] - As of June 30, 2022, the Group had net current assets of MOP 198.5 million, down from MOP 221.2 million as of December 31, 2021, indicating a decrease in liquidity[33] - The current ratio of the Group as of June 30, 2022, was 6.2, compared to 6.8 as of December 31, 2021, reflecting a stable liquidity position despite the decrease in current assets[33] - Total equity as of June 30, 2022, was MOP 213,865, a decrease of 9.5% from MOP 236,410 at the end of 2021[102] Projects and Operations - The Group had a total of 14 projects on hand, consisting of seven public and seven private work-in-progress projects as of June 30, 2022[23] - Four new projects secured during the period had a total value of more than MOP 73.0 million[23] - The Group secured four new projects during the period, valued at over MOP 73.0 million, including two public and two private sector projects[26] - The Group is set to begin construction on three new projects awarded in the first half of 2022, including two from the Macau government and one from the private sector[43] Financial Strategy and Investments - The Group maintained a stable financial position by strictly controlling costs and resources, despite facing several headwinds[42] - The Group had no significant investments or material acquisitions or disposals during the period, maintaining a conservative investment strategy[35] - There are no future plans for material investments or capital assets as of June 30, 2022, indicating a cautious approach to expansion[35] - The Group committed to acquire office premises and a car parking space for HK$33.0 million (equivalent to MOP34.0 million) on July 1, 2022[37] Corporate Governance - The Group's corporate governance practices comply with all code provisions except for the separation of the roles of chairman and CEO, which are held by the same individual[50] - The company maintains good corporate governance practices, ensuring shareholder interests and enhancing corporate value[52] - The company has adopted the standard code for directors' securities transactions, ensuring adherence to regulations[53] - The report indicates that the Board comprises both executive and independent non-executive Directors as of the report date[92] Employee and Operational Metrics - The Group had 59 employees in Macau as of June 30, 2022, unchanged from December 31, 2021[37] - Total staff costs increased to MOP 10,809,000 in the first half of 2022, up from MOP 10,098,000 in the same period of 2021, representing a rise of about 7.0%[159] Taxation and Compliance - The Group's income tax expense related to continuing operations was MOP 1,240,000 for the six months ended June 30, 2022, down from MOP 2,642,000 in 2021, indicating a decrease of approximately 53.0%[155] - The Group's Macau Complementary Tax is applied at a rate of 12% on assessable income exceeding MOP 600,000 for both periods[155] - The Group's remaining assessable profits above HK$2 million will continue to be subject to a tax rate of 16.5% under the new two-tiered profit tax system[152] Cash Flow and Financial Activities - Net cash used in operating activities for the period was MOP 18,002, compared to MOP 12,874 in the same period of 2021[111] - Net cash from investing activities was MOP 81,532, a significant increase compared to a net cash outflow of MOP 21,771 in the previous year[111] - The net cash used in financing activities was MOP 31,505,000 for the six months ended June 30, 2022, compared to MOP 549,000 in the same period of 2021[134] - Cash and cash equivalents at the end of the period increased to MOP 81,660,000 from MOP 55,638,000, representing a growth of 46.73%[134] Shareholding and Dividends - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2022, consistent with the previous year[66] - The company has not granted any share options under its Share Option Scheme since its adoption on August 21, 2020[37] - Major shareholders include Ms. Lo Chao leng and Mr. Tam Chi Wai, each holding 39.7% and 15.5% respectively[62] - The weighted average number of ordinary shares for calculating basic and diluted earnings per share remained constant at 500,000 shares for both periods[185]
濠江机电(01408) - 2022 - 中期财报