Financial Performance - The unaudited condensed consolidated interim results for the six months ended 30 September 2022 were announced, with comparative figures for the same period in 2021 provided[9]. - The financial results for the period have been reviewed by the audit committee and approved by the Board on 18 November 2022[9]. - All financial amounts in the interim report are presented in Malaysian Ringgit (RM) unless otherwise indicated[9]. - The Group's performance metrics for the period will be detailed in the condensed consolidated statement of profit or loss and other comprehensive income[2]. - The report includes a management discussion and analysis section to provide insights into the Group's operational performance[8]. - The Group's total revenue increased from RM79.1 million in the corresponding period to RM82.3 million during the period, representing a growth of 2.5%[47]. - The gross loss for the period was RM6,727,000, an improvement compared to a gross loss of RM10,414,000 in the previous year, indicating a reduction of about 35%[103]. - Loss before tax decreased to RM13,181,000 from RM38,964,000 year-over-year, reflecting a significant improvement of approximately 66%[103]. - The loss for the period from continuing operations was RM13,042,000, compared to RM36,598,000 in the prior year, marking a reduction of about 64%[103]. - The total comprehensive loss for the period was RM10,081,000, a decrease from RM34,591,000 in the previous year, indicating an improvement of about 71%[103]. Revenue Breakdown - The Construction Services sector contributed RM80.3 million, or 97.6%, to the Group's consolidated revenue for the Period, an increase from RM75.9 million, or 96.1%, in the Corresponding Period[15]. - The Building and Structures segment contributed RM69.0 million, or 83.9%, to the Group's consolidated revenue, compared to RM66.8 million, or 84.5%, in the previous year[23]. - The Energy Infrastructure segment recorded revenue of RM8.5 million, or 10.3% of consolidated revenue, up from RM0.3 million, or 0.35% in the Corresponding Period[26]. - The Mechanical and Electrical segment's revenue decreased to RM2.8 million, or 3.5% of consolidated revenue, from RM8.9 million, or 11.2% in the previous year[28]. - The Earthworks and Infrastructure segment did not record any revenue for the Period as all projects were completed[30]. - Revenue from building construction for the six months ended September 30, 2022, was RM84.9 million, a decrease from RM94.8 million in the same period of 2021[128]. - Revenue from concession agreements totaled RM10,532,000, with imputed interest income from Universiti Teknologi Mara and Renewable Energy Power Purchase Agreement contributing RM6,815,000 and RM5,205,000 respectively[134]. Operational Insights - The Group's strategic focus includes integrated solutions across its business sectors, enhancing its competitive positioning in the market[10]. - The Group has not secured any new contracts during the Period across all segments[24][27][29]. - The Group's operational level and construction activities improved since September 2021 due to the replacement of restrictive measures with the National Recovery Plan by the Government of Malaysia[24]. - The Group anticipates gradual recovery and stabilization of the Malaysian economy in 1H 2023 as it emerges from the impacts of the COVID-19 pandemic[43]. - The ongoing Russia-Ukraine war is impacting global economies, leading to increased construction material costs[41]. Financial Position - The Group's outstanding order book as of September 30, 2022, was RM239.7 million, down from RM422.5 million on September 30, 2021[17]. - The net gearing ratio increased to 1.21 times as of 30 September 2022 from 0.01 times as of 31 March 2022, due to advances received from reNIKOLA Sdn Bhd for the LSSPV power plant project[54]. - Cash and bank balances increased to RM39.2 million as of 30 September 2022 from RM37.3 million as of 31 March 2022, representing an increase of RM1.9 million[54]. - Net current assets decreased to RM109.1 million as of 30 September 2022 from RM118.9 million as of 31 March 2022, a decrease of RM9.8 million[54]. - Total assets amounted to RM439,212,000, a decrease from RM446,465,000 as of March 31, 2022, reflecting a decline of approximately 1.4%[105]. - Total equity decreased to RM87,603,000 from RM97,684,000, a decline of approximately 10.5%[109]. Governance and Compliance - The interim report is part of BGMC's commitment to transparency and accountability in its financial reporting[9]. - The Group's governance structure includes compliance with the Securities and Futures Ordinance regarding the interests of directors and executives[59]. - The Audit Committee reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[101]. - The company has complied with the applicable code provisions of the Corporate Governance Code during the reporting period[102]. Shareholder Information - Dato' Michael Teh holds a 67.1% interest in the Company, amounting to 1,208,250,000 shares as of September 30, 2022[61]. - The percentage of shares held by Dato' Michael Teh and Tan Sri Barry Goh is based on a total of 1,800,000,000 shares issued as of September 30, 2022[65]. - As of September 30, 2022, Prosper International holds 1,208,250,000 shares, representing 67.1% of the company's total shares[71]. - Kingdom Base Holdings Limited owns 141,750,000 shares, accounting for 7.9% of the company's total shares[71]. Future Outlook - The Group has successfully restructured debt for one of its subsidiaries, enhancing its resilience during challenging times[42]. - The Group is actively identifying opportunities to dispose of certain assets to optimize resource utilization[42]. - The Group's continuous financial support from lenders and clients is expected to enable operations in the foreseeable future[114]. - The completion of the disposal of BGMC Bras Power Sdn Bhd to reNIKOLA is anticipated, which will support the Group's financial stability[114].
璋利国际(01693) - 2023 - 中期财报