Contracts and Projects - The Group secured four new contracts with a total original contract value of approximately HK$273.4 million, representing an increase of approximately 47.7% compared to HK$185.1 million in the same period last year[16]. - As of 30 September 2022, the Group has a total of 16 projects on hand with an estimated total outstanding contract value of approximately HK$579.3 million, an increase of approximately 20.4% from HK$481.1 million as of 31 March 2022[18]. - The performance of subcontract works is expected to remain steady for the coming years based on the projects on hand[18]. - The Group plans to adopt a prudent approach in tender preparation, focusing on projects with higher profit margins due to increasing competition and wage levels in the industry[20]. Financial Performance - The Group recorded revenue of approximately HK$340.3 million for the period, representing an increase of 24.9% compared to approximately HK$272.4 million for the six months ended 30 September 2021[23]. - The gross profit increased by approximately HK$5.2 million or 17.2% to approximately HK$35.8 million for the period, primarily due to increased revenue from Project TMB-107[26]. - Profit attributable to owners of the Company increased by approximately HK$21.3 million or 141.8% to approximately HK$36.3 million for the period[34]. - Revenue for the six months ended September 30, 2022, increased to HK$340,309,000, up 25% from HK$272,422,000 in the same period of 2021[119]. - Gross profit for the same period was HK$35,839,000, representing a 17% increase compared to HK$30,584,000 in 2021[119]. - Profit before tax rose significantly to HK$40,121,000, a 119% increase from HK$18,298,000 in the previous year[119]. - Basic and diluted earnings per share increased to HK$2.27, compared to HK$0.94 in the same period last year[119]. Expenses and Income - The gross profit margin decreased from approximately 11.2% for the six months ended 30 September 2021 to approximately 10.5% for the period, mainly due to rising wages of workers[30]. - Other income increased significantly by approximately HK$16.5 million to approximately HK$16.6 million for the period, largely due to the receipt of anti-epidemic funds from the government[31]. - Administrative and other operating expenses decreased by approximately HK$0.4 million or 3.4% to approximately HK$11.4 million for the period[32]. - Income tax expenses increased by approximately HK$0.6 million or 16.8% to approximately HK$3.9 million for the period, attributed to higher estimated assessable profits[33]. Assets and Liabilities - As of September 30, 2022, the Group's net current assets were approximately HK$364.7 million, an increase from HK$321.4 million as of March 31, 2022[42]. - The total equity attributable to owners of the Company was approximately HK$396.5 million, up from HK$360.2 million as of March 31, 2022[43]. - The Group's total interest-bearing borrowings and lease liabilities decreased to approximately HK$29.7 million from HK$51.9 million as of March 31, 2022, resulting in a gearing ratio of approximately 7.5% compared to 14.2% previously[46]. - Trade receivables of construction works increased to HK$318,524,000 as of 30 September 2022, up from HK$264,289,000 as of 31 March 2022, representing a growth of 20.5%[180]. - The total trade and other receivables amounted to HK$318,579,000 as of 30 September 2022, up from HK$268,730,000 as of 31 March 2022, reflecting a growth of 18.5%[180]. Staffing and Operations - The total staff cost for the six months ended September 30, 2022, was approximately HK$200.0 million, an increase from HK$184.2 million for the same period in 2021[71]. - The Group had 1,467 employees as of September 30, 2022, an increase from 1,212 employees as of March 31, 2022[71]. - The COVID-19 pandemic poses risks to operations, potentially leading to labor shortages, increased construction costs, and interruptions in business operations[83][84]. - The Group has implemented measures to mitigate COVID-19 impacts, including workspace cleaning, temperature screening, and vaccination arrangements[86][88]. Corporate Governance - The Company has established an Audit Committee in compliance with Listing Rules 3.21 and 3.22[102]. - The Company has a total of three independent non-executive Directors on the Audit Committee[102]. - The interests of Directors and chief executive in shares were required to be disclosed under the SFO provisions[113]. - The Company has complied with the necessary regulations regarding the disclosure of substantial shareholders' interests[113]. Cash Flow and Financing - For the six months ended September 30, 2022, cash generated from operations was HK$25,698,000, compared to a cash used in operations of HK$15,341,000 in the same period of 2021[128]. - The company reported a net increase in cash and cash equivalents of HK$2,700,000, contrasting with a decrease of HK$24,652,000 in the same period of 2021[128]. - The company added HK$20,000,000 in interest-bearing borrowings during the period, compared to HK$4,173,000 in the same period of 2021[128]. - The repayment of interest-bearing borrowings increased to HK$41,658,000 from HK$13,863,000 year-over-year[128]. - The company is actively engaging in financial restructuring to optimize its borrowing costs and improve liquidity[199].
天任集团(01429) - 2023 - 中期财报