Financial Performance - The company recorded a net profit of approximately HKD 2.0 million for the six months ended September 30, 2022, a decrease of about HKD 0.1 million compared to the same period in 2021[6]. - Revenue from foundation engineering was approximately HKD 154.4 million, a decrease of about HKD 112.0 million or 42.0% compared to HKD 266.4 million for the same period in 2021[10]. - Gross profit for the period was approximately HKD 1.9 million, a decrease of about HKD 9.4 million or 82.9% compared to HKD 11.3 million for the same period in 2021[12]. - The profit attributable to equity holders of the company for the period was HKD 1.96 million, down from HKD 2.14 million in the previous year[40]. - The company reported a profit and total comprehensive income of HKD 1,960,000 for the six months ended September 30, 2022, compared to HKD 2,144,000 for the same period in 2021, indicating a decrease of about 8.5%[48]. - The company reported a profit before tax of 1,960,000 HKD for the six months ended September 30, 2022, a decrease of 8.5% compared to 2,144,000 HKD in the same period last year[88]. Revenue and Income - The group reported a revenue of HKD 154.4 million for the six months ended September 30, 2022, a decrease from HKD 266.4 million for the same period in 2021[40]. - Contract revenue for the six months ended September 30, 2022, was HKD 154,414,000, a decrease of 42.0% compared to HKD 266,442,000 for the same period in 2021[72]. - Revenue from private projects was HKD 16,919,000, down 84.5% from HKD 109,791,000 in the previous year, while revenue from public projects was HKD 137,495,000, a decrease of 12.2% from HKD 156,651,000[78]. - Other income increased to approximately HKD 9.1 million, an increase of about HKD 8.6 million or 1,653.8% compared to HKD 0.5 million for the same period in 2021[13]. - Other income for the six months ended September 30, 2022, totaled HKD 9,102,000, significantly up from HKD 519,000 in the same period of 2021[79]. Expenses and Costs - Administrative expenses for the period were approximately HKD 9.5 million, an increase of about HKD 0.5 million or 5.8% compared to HKD 9.0 million for the same period in 2021[14]. - Financing costs decreased to approximately HKD 0.1 million, a reduction of about HKD 0.5 million or 86.0% compared to HKD 0.6 million for the same period in 2021[15]. - The total employee cost for the period was approximately HKD 38.9 million, compared to HKD 45.7 million for the same period in 2021[33]. - The company reported a significant reduction in subcontracting expenses, which decreased to 39,187,000 HKD from 77,389,000 HKD year-on-year[8]. - The remuneration for key management personnel increased to HKD 1,855,000 for the six months ended September 30, 2022, from HKD 1,706,000 in the same period of 2021[134]. Assets and Liabilities - As of September 30, 2022, the total cash and cash equivalents amounted to approximately HKD 13.6 million, an increase from HKD 11.9 million as of March 31, 2022[23]. - The group's debt-to-equity ratio was approximately 44.9% as of September 30, 2022, down from 53.3% as of March 31, 2022, primarily due to a reduction in total liabilities and an increase in total equity from profits[23]. - Total assets decreased from HKD 188,731,000 as of March 31, 2022, to HKD 183,924,000 as of September 30, 2022, representing a decline of approximately 2%[44]. - Total liabilities decreased from HKD 136,668,000 to HKD 95,057,000, a reduction of approximately 30.5%[44]. - The company's net asset value increased from HKD 80,788,000 as of March 31, 2022, to HKD 86,813,000 as of September 30, 2022, an increase of approximately 7.5%[44]. Cash Flow - Operating cash flow for the six months ended September 30, 2022, was HKD 4,150,000, compared to HKD 1,175,000 for the same period in 2021, indicating a significant increase of approximately 253%[51]. - Cash and bank balances increased from HKD 11,881,000 to HKD 13,578,000, marking an increase of about 14.3%[44]. - The company's cash and cash equivalents at the end of the period rose to HKD 13,578,000 from HKD 9,447,000, an increase of about 43.5%[51]. - Net cash used in investing activities was HKD (2,409,000) for the six months ended September 30, 2022, compared to HKD (944,000) in the previous year, reflecting a higher investment outflow[51]. Contracts and Projects - The company had an unconfirmed contract amount of approximately HKD 293.7 million as of September 30, 2022, and will continue to bid for large and quality projects[8]. - The company completed three projects with an original contract amount of approximately HKD 97.0 million during the period[9]. - The company had 17 projects on hand, including ongoing and awarded but not yet commenced projects, with an original contract amount of approximately HKD 1.5 billion[9]. - The total amount of uncompleted long-term construction contracts was HKD 293,676,000 as of September 30, 2022, down from HKD 414,182,000 as of March 31, 2022[116]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual[146]. - The board is composed of experienced individuals, ensuring sufficient independent elements within its structure[146]. - The company has confirmed compliance with the standards set forth in the securities trading code during the relevant period[150]. - The Audit Committee was established on May 14, 2018, in accordance with Listing Rule 3.22 and the Corporate Governance Code[156]. - The Audit Committee consists of three independent non-executive directors, with Mr. He Zhiwei serving as the chairman[156]. Shareholder Information - As of September 30, 2022, Mr. Chen holds 900,000,000 shares, representing a 75% equity interest in the company[141]. - Oriental Castle, directly owned by Mr. Chen and Ms. Zhu, holds 900,000,000 shares, equating to a 75% equity interest[147]. - Ms. Zhu, as Mr. Chen's spouse, is considered to have an equity interest in the 900,000,000 shares held by Oriental Castle[147]. Other Information - The company has not reported any significant impact on its financial performance due to the adoption of new accounting standards[66]. - The company has not made any provisions for potential claims and lawsuits as of September 30, 2022, as they are not expected to have a significant impact on the financial statements[139]. - No significant subsequent events have occurred after the reporting period up to the date of this report[155]. - The company has not purchased, redeemed, or sold any of its listed securities during the relevant period[153].
俊裕地基(01757) - 2023 - 中期财报