Revenue and Profitability - Revenue for the six months ended June 30, 2022, was MOP 273,331,000, a decrease of 43.3% compared to MOP 481,065,000 in the same period of 2021[6]. - Gross profit for the same period was MOP 1,862,000, down from MOP 24,705,000, indicating a significant decline in profitability[6]. - The operating loss for the six months was MOP 10,421,000, compared to an operating profit of MOP 10,078,000 in the previous year[6]. - The loss attributable to the owners of the Company for the period was MOP 12,579,000, contrasting with a profit of MOP 7,240,000 in 2021[6]. - Basic and diluted loss per share was MOP (1.26), compared to earnings of MOP 0.72 per share in the prior year[6]. - Total comprehensive loss for the period attributable to the owners of the Company was MOP 12,595,000, compared to a total comprehensive income of MOP 7,240,000 in 2021[8]. - The Group's total revenue for the six months ended 30 June 2022 was MOP273.3 million, a decrease of approximately MOP207.7 million or 43.2% compared to MOP481.1 million in the same period of 2021[182]. - Gross profit decreased by approximately MOP22.8 million or 92.3% to approximately MOP1.9 million for the six months ended 30 June 2022, with a gross profit margin dropping to approximately 0.7% from 5.1%[185][187]. - The decline in gross profit was mainly due to intense market competition in the construction industry and rising construction costs influenced by COVID-19[186]. Expenses and Costs - Administrative expenses rose to MOP 13,272,000 from MOP 12,804,000, reflecting increased operational costs[6]. - Finance costs increased by approximately MOP1,319,000 or 182.7% to approximately MOP2,041,000, attributed to higher interest expenses on bank borrowings[188]. - The total direct costs and administrative expenses for the six months ended June 30, 2022, amounted to MOP 284,741,000, down from MOP 469,164,000 in 2021, indicating a reduction of about 39%[66]. Cash Flow and Assets - Cash and cash equivalents increased to MOP 18,927,000, a rise of 83% compared to MOP 10,330,000 as of December 31, 2021[11]. - Net cash used in operating activities for the six months ended June 30, 2022, was MOP 17,118, a decrease from MOP 25,134 in the same period of 2021, representing a 32% improvement[23]. - Cash and cash equivalents at the end of the period were MOP 18,927, down from MOP 62,572 at the end of June 2021, representing a 70% decrease[23]. - The Group's non-current assets as of June 30, 2022, totaled MOP 76,161,000, a slight decrease from MOP 77,656,000 as of December 31, 2021[54]. Liabilities and Borrowings - Total liabilities decreased to MOP 345,280,000 from MOP 370,520,000, marking a reduction of about 6.8%[12]. - Bank borrowings increased to MOP 169,501,000 from MOP 130,219,000, representing a rise of approximately 30%[12]. - The effective interest rate on the Group's bank borrowings was 3.10% per annum for the six months ended June 30, 2022, down from 3.21% per annum as of December 31, 2021[147]. - The Group's secured bank borrowings of MOP 72,224,000 are guaranteed by pledged bank deposits and property, plant, and equipment valued at MOP 41,900,000 and MOP 10,045,000 respectively[151]. Operational Performance - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[6]. - The Group's financial performance indicates a need for strategic adjustments to address the decline in revenue and profitability across segments[39]. - The decrease in revenue was attributed to the completion of large-scale foundation works and the absence of emergency repair service contracts during the period[182]. - The Group completed 4 building and ancillary services projects during the reporting period[178]. Segment Information - For the six months ended June 30, 2022, the Group's segment revenue from Building and Ancillary Services was MOP 272,343,000, while Emergency Repair Services generated MOP 988,000, leading to a consolidated revenue of MOP 273,331,000[39]. - Revenue from external customers in Macau for the six months ended June 30, 2022, was MOP 253,974,000, a decrease from MOP 459,497,000 in the same period of 2021[53]. - Revenue from Hong Kong for the same period was MOP 19,357,000, down from MOP 21,568,000 in 2021, contributing to the overall decline in consolidated revenue[53]. Compliance and Governance - The unaudited condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with local regulations[26]. - The company has maintained the same accounting policies and methods of computation as presented in the previous year's annual financial statements[26]. - The management has commenced negotiations with the bank for a waiver of the technical breach of the loan covenant, which has not yet been obtained as of the report date[154].
建鹏控股(01722) - 2022 - 中期财报