Financial Performance - The group's revenue for the year ended March 31, 2023, decreased by approximately 1.0% to about HKD 511.0 million from approximately HKD 515.9 million for the year ended March 31, 2022[6]. - The loss attributable to the company's owners for the year was approximately HKD 22.0 million, compared to a profit of approximately HKD 12.1 million for the previous year[6]. - Total revenue for the year was approximately HKD 511.0 million, a slight decrease from HKD 515.9 million in the previous year[18]. - Gross profit decreased to approximately HKD 3.7 million, with a gross profit margin of 0.7%, down from HKD 33.6 million and 6.5% the previous year[24]. - Other income increased by approximately 151.1% to HKD 18.9 million, primarily due to non-recurring government subsidies[25]. - Administrative expenses rose by approximately 1.3% to HKD 23.9 million, compared to HKD 23.6 million last year[26]. - Provision for trade receivables and contract assets losses amounted to approximately HKD 9.9 million, a significant increase from a net reversal of HKD 1.6 million last year[27]. - Financing costs increased by approximately 63.1% to HKD 10.6 million, primarily due to higher interest-bearing debt and interest rates[28]. - The company recorded a net loss of approximately HKD 22.0 million for the year, compared to a net profit of HKD 12.1 million in the previous year[29]. Business Operations - The group continues to focus on its core business of foundation and site preparation, construction engineering, and construction machinery rental services[7]. - The group plans to continue focusing on new construction projects and machinery rental arrangements in Hong Kong for future business development[13]. - The company has twelve ongoing projects with a total uncompleted contract value of approximately HKD 180.8 million[19]. - The group has established long-term relationships with contractors and suppliers to ensure the provision of quality goods and services[62]. - The main business activities of the group remained unchanged, focusing on construction engineering and machinery rental services[52]. Market Outlook - The construction market demand is expected to remain strong due to ongoing developments such as the Hong Kong International Airport Three-Runway System and the Kai Tak area[11]. - The group is optimistic about the long-term development of the construction industry, supported by government initiatives like the Northern Metropolis Development Strategy and the artificial island development plan[7]. - The outlook for the construction industry remains positive, with expectations of stable levels of construction projects in the coming years due to government support and major infrastructure initiatives[48]. Capital and Financing - The group raised approximately HKD 54.0 million through a rights issue, issuing 207,500,000 shares at a subscription price of HKD 0.26 per share[34]. - The actual use of the net proceeds from the rights issue as of March 31, 2023, included HKD 37.3 million for purchasing air compressors and HKD 14.7 million for general working capital[36]. - The total interest-bearing liabilities as of March 31, 2023, amounted to approximately HKD 213.0 million, compared to HKD 182.2 million in 2022, resulting in a debt-to-equity ratio of approximately 90.9%[31]. Employee and Labor Relations - The total employee cost for the year was approximately HKD 193.4 million, slightly down from HKD 193.6 million in 2022, with 505 employees as of March 31, 2023[39]. - The gender distribution of employees is 95% male (482) and 5% female (23), with a notable increase in male employees from 93% in 2022[184]. - The overall turnover rate for full-time employees improved to 17% in 2023, down from 27% in 2022[184]. - The company reported 3 work-related injuries in 2023, a decrease from 7 in 2022, and no work-related fatalities were recorded[190]. - The company emphasizes the importance of occupational health and safety, maintaining ISO 45001:2018 certification[187]. - Training programs are provided to employees focusing on health and safety, including the proper use of personal protective equipment[191]. Environmental and Social Responsibility - Total greenhouse gas emissions amounted to 3,295 tons, down from 4,186 tons in 2022, achieving a reduction target[170]. - The company aims to maintain a lower greenhouse gas emissions density than the current year in the upcoming year[170]. - The company has implemented measures to reduce energy consumption and promote clean production strategies[169]. - The company has established noise pollution control measures to comply with local regulations during construction activities[177]. - The company promotes a paperless office environment to minimize paper consumption and encourages electronic communication[174]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code as of the report date, except for specific deviations noted in the corporate governance report[93]. - The board of directors includes both executive and independent non-executive members, with some directors eligible for re-election at the upcoming annual general meeting[71]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[126]. - The company has conducted a board independence assessment to improve board efficiency and performance[123]. - The company has a commitment to ethical operations, prohibiting destructive, corrupt, and discriminatory behaviors[118].
进升集团控股(01581) - 2023 - 年度财报