Financial Performance - Revenue for the six months ended 30 November 2021 was approximately HK$122.0 million, a decrease of 33.4% from approximately HK$182.8 million for the same period in 2020[13]. - Profit attributable to equity shareholders for the six months ended 30 November 2021 was approximately HK$10.1 million, down 54.0% from approximately HK$22.0 million in the prior year[13]. - Revenue from marine construction works during the Period was approximately HK$64.8 million, representing a decrease of approximately 31.1% compared to approximately HK$94.0 million in the corresponding prior period[18]. - Revenue from other civil engineering works amounted to approximately HK$50.4 million, down approximately 37.4% from approximately HK$80.6 million for the corresponding prior period[22]. - Revenue from vessel chartering services was approximately HK$6.8 million, representing a decrease of approximately 17.1% compared to approximately HK$8.2 million for the corresponding prior period[32]. - Gross profit decreased by approximately 48.5% from approximately HK$30.6 million for the corresponding prior period to approximately HK$15.8 million for the Period[43]. - Total comprehensive income attributable to equity shareholders decreased by approximately 54.0% to approximately HK$10.1 million for the Period from approximately HK$22.0 million for the corresponding prior period[43]. - Basic and diluted earnings per share were HK$0.45, down from HK$1.32 in the previous year[77]. - Profit before taxation for the six months ended November 30, 2021, was HK$12.0 million, a decline of 54.3% from HK$26.3 million in 2020[77]. Project and Contract Information - The Group was awarded a marine construction project with a contract sum of approximately HK$34.7 million during the Period[14]. - The Group commenced four newly awarded projects with an aggregate initial contract sum of approximately HK$81.1 million in the fourth quarter of 2021[18]. - The Group undertook 12 projects during the Period with an aggregate initial contract sum of approximately HK$306.9 million[26]. - As of 30 November 2021, the Group had 11 projects on hand with an aggregate initial contract sum of approximately HK$283.8 million[27]. Operational Measures and Future Plans - The Group plans to establish an e-commerce subsidiary to develop online sales and utilize big data and cloud computing for marketing strategies[15]. - The Group is conservatively optimistic about its long-term business prospects despite the adverse effects of COVID-19 on market sentiment[15]. - The Group's focus remains primarily on its construction business while exploring suitable business opportunities for future expansion beyond the Hong Kong market[15]. - The company plans to utilize the remaining net proceeds for expanding its fleet and recruiting additional staff by the end of May 2022[74]. Financial Position and Cash Flow - As of 30 November 2021, the Group had bank balances of approximately HK$83.4 million, down from approximately HK$124.5 million as of 31 May 2021[47]. - The interest-bearing debts of the Group as of 30 November 2021 were approximately HK$1.3 million, a decrease from approximately HK$1.6 million as of 31 May 2021[47]. - The gearing ratio of the Group was approximately 0.7% as of 30 November 2021, down from approximately 0.8% as of 31 May 2021[47]. - Net cash used in operating activities for the six months ended 30 November 2021 was HK$10,366,000, a significant decrease from net cash generated of HK$16,907,000 in the prior year[86]. - The company experienced a net decrease in cash and cash equivalents of HK$41,080,000, compared to a decrease of HK$4,090,000 in the same period last year[86]. - Cash and cash equivalents at the end of the period were HK$83,437,000, down from HK$124,517,000 at the beginning of the period[86]. Employee and Administrative Information - As of November 30, 2021, the company employed 52 staff, an increase from 46 staff as of May 31, 2021[66]. - Total employee costs for the period amounted to approximately HK$13.4 million, compared to HK$17.8 million for the same period in 2020[66]. - General and administrative expenses amounted to approximately HK$4.9 million, representing a decrease of approximately 27.1% compared to approximately HK$6.8 million for the corresponding prior period[38]. Compliance and Governance - The interim financial report was prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant financial reporting standards[93]. - The results for the interim period have not been audited but have been reviewed by the audit committee of the company[99]. - The company has adopted the Corporate Governance Code and has complied with its provisions during the reporting period[155]. - The Audit Committee, established on November 13, 2020, consists of three independent non-executive Directors and oversees the Group's financial reporting and internal control systems[179]. Shareholder Information - As of November 30, 2021, Mr. Heung Che Kan holds a long position of 1,482,000,000 shares, representing 66.64% of the company's total shareholding[167]. - Ms. Mok Man Yee Lisa, as the spouse of Mr. Heung, also holds a long position of 1,482,000,000 shares, equating to 66.64% of the company's total shareholding[167]. - The issued share capital of Yue Hang, an associated corporation, is fully owned by Mr. Heung, with both Mr. Heung and Ms. Mok holding 100% interest in it[170]. - The company has maintained a public float of not less than 25% of its issued shares as required under the Listing Rules during the reporting period[178].
天成控股(02110) - 2022 - 中期财报