Revenue and Profitability - Revenue for the six months ended 30 September 2022 was approximately HK$166.1 million, a decrease of approximately HK$185.0 million compared to HK$351.1 million in the corresponding period in 2021[14] - The Group recorded a gross loss of approximately HK$1.2 million, down from a gross profit of approximately HK$103.4 million in the same period last year, resulting in a gross loss margin of -0.7% compared to a gross profit margin of 29.5% in 2021[15] - The loss for the period was HK$13.5 million, compared to a profit of HK$78.6 million in the corresponding period of the previous year[16] - Revenue for the six months ended September 30, 2022, was approximately HK$166.1 million, a decrease from HK$351.1 million in the same period of 2021[17] - The group recorded a gross loss of approximately HK$1.2 million, down from a gross profit of HK$103.4 million in the previous year, resulting in a gross margin decline from 29.5% to a gross loss margin of 0.7%[17] - The group incurred a loss of HK$13.5 million for the period, compared to a profit of HK$78.6 million in the same period last year[19] - Total comprehensive loss for the period was HK$13,453,000, compared to a total comprehensive income of HK$78,589,000 in the same period of 2021[63] - Basic and diluted loss per share was HK$1.62, down from earnings of HK$9.47 per share in the previous year[63] Project and Contract Status - The top five projects contributed approximately HK$157.2 million in revenue, with the leading project accounting for 43.3% of total revenue[14] - As of 30 September 2022, six projects with an outstanding contract sum of HK$407.4 million were either in progress or had not yet commenced, with one project completed during the period[12] - The decrease in contract revenue was attributed to provisions for liquidated damages on certain foundation projects due to unexpected delays[15] - No new projects were awarded to the Group during the six months ended 30 September 2022[12] Financial Position and Ratios - The current ratio decreased to 3.4 as of September 30, 2022, from 4.3 as of March 31, 2022[21] - The gearing ratio improved to 6.9% as of September 30, 2022, down from 7.4% as of March 31, 2022, primarily due to the repayment of HK$2.5 million in lease liabilities[21] - Cash and bank balances were approximately HK$126.8 million as of September 30, 2022, compared to HK$147.8 million as of March 31, 2022[21] - Current assets decreased to HK$423,850,000 from HK$410,445,000 as of March 31, 2022[65] - Net current assets decreased to HK$300,765,000 from HK$314,172,000 as of March 31, 2022[65] - Total equity as of September 30, 2022, was HK$301,211,000, down from HK$314,664,000 as of March 31, 2022[67] Cash Flow and Financing - For the six months ended September 30, 2022, the net cash used in operating activities was HK$21,264,000, compared to HK$86,185,000 generated in the same period of 2021[22] - The net cash generated from investing activities was HK$5,239,000, a significant improvement from the net cash used of HK$1,295,000 in the prior year[22] - The net cash used in financing activities was HK$2,683,000, slightly lower than the HK$2,690,000 used in the same period of 2021[22] - Cash and cash equivalents at the end of the period were HK$81,250,000, down from HK$96,355,000 at the end of the same period in 2021[22] - The company reported a decrease in cash and cash equivalents of HK$18,708,000 for the six months ended September 30, 2022, compared to an increase of HK$82,200,000 in the prior year[22] Shareholding and Corporate Governance - As of September 30, 2022, Mr. Lau Pak Man holds a total of 337,520,000 shares, representing approximately 40.67% of the issued share capital of the Company[35] - Mr. Cheng Wing Cheong holds a total of 275,900,000 shares, representing approximately 33.24% of the issued share capital of the Company[35] - Ms. Kwan Kit Sum Kit holds a total of 337,520,000 shares, representing approximately 40.67% of the issued share capital of the Company[35] - The roles of chairman and chief executive officer are held by the same individual, Mr. Lau Pak Man, which deviates from the Corporate Governance Code[50] - The company has committed to maintaining an aggregate beneficial shareholding of not less than 50% by its controlling shareholders as part of its loan agreements[57] Operational Challenges and Future Outlook - The Group expects a rebound in the foundation industry in the coming years due to the Hong Kong government's commitment to increasing land supply and infrastructure investments[30] - The progress of some construction projects has been slowed down due to staff being quarantined during the COVID-19 pandemic, leading to temporary manpower shortages[30] - The Group will continue to assess the impact of the COVID-19 pandemic on its operational and financial aspects[30] - The Group aims to provide qualitative and flexible solutions to its customers to maintain its competitive edge[30] Compliance and Audit - The interim financial report for the six months ended September 30, 2022, has been reviewed by KPMG, ensuring compliance with relevant standards[54] - The interim financial report as of September 30, 2022, is prepared in accordance with Hong Kong Accounting Standard 34, with no material discrepancies noted[130] - KPMG conducted the review and found no issues that would affect the integrity of the financial report[132] Dividends and Shareholder Returns - The company has not declared any interim dividend for the six months ended September 30, 2022, compared to HK$0.03 for the same period in 2021[47] - The company did not declare any interim dividend for the six months ended September 30, 2022, compared to a dividend of 3 cents for the same period in 2021[113]
现恒建筑(01500) - 2023 - 中期财报