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天成控股(02110) - 2023 - 中期财报

Financial Performance - Revenue for the six months ended 30 November 2022 was approximately HK$129.3 million, compared to HK$122.0 million for the same period in 2021, representing an increase of 5.3%[15]. - Loss attributable to equity shareholders for the six months ended 30 November 2022 was HK$27.9 million, a decline from a profit of HK$10.1 million in the same period of 2021[15]. - Loss per share for the six months ended 30 November 2022 was 1.26 HK cents, compared to earnings per share of 0.45 HK cent for the same period in 2021[15]. - The Group's financial performance reflects significant challenges, transitioning from profit to loss year-over-year[15]. - The gross loss for the same period was HK$21.774 million, compared to a gross profit of HK$15.767 million in the previous year, indicating a significant decline in profitability[83]. - The company incurred an operating loss of HK$28.428 million for the six months ended November 30, 2022, compared to an operating profit of HK$12.062 million in the prior year[83]. - The total comprehensive loss for the period was HK$27.932 million, contrasting with a comprehensive income of HK$10.116 million in the same period of 2021[83]. - For the six months ended 30 November 2022, the company reported a loss of HK$27,972,000 compared to a profit of HK$10,116,000 for the same period in 2021, indicating a significant decline in performance[88]. Revenue Breakdown - Revenue from marine construction works decreased to HK$35,447,000 from HK$64,791,000, a decline of approximately 45.2%[111]. - Revenue from other civil engineering works increased significantly to HK$86,143,000 from HK$50,413,000, reflecting a growth of approximately 70.9%[111]. - Revenue from vessel chartering services was approximately HK$7.7 million, an increase of approximately 13.2% compared to HK$6.8 million in the prior period[34]. - The increase in revenue from other civil engineering works was primarily due to participation in a project in Tuen Mun, contributing approximately HK$70.5 million[24]. - The decrease in marine construction revenue was mainly due to fewer sizeable projects undertaken during the period[20]. Project and Contract Information - The Group was awarded two marine construction projects as the main contractor with a total contract sum of approximately HK$261.4 million during the period[16]. - The Group undertook 11 projects with an aggregate initial contract sum of approximately HK$497.8 million during the period[28]. - As of 30 November 2022, the Group had six projects on hand with an aggregate initial contract sum of approximately HK$438.6 million[28]. - Four projects are expected to be completed during the year ending 31 May 2023, while two projects are expected to be completed in 2025[28]. - The Group had no new other civil engineering projects awarded during the period, maintaining three projects on hand as of 30 November 2022[24]. Expenses and Costs - General and administrative expenses increased by approximately 57.1% to approximately HK$7.7 million from HK$4.9 million in the prior period[40]. - The Group's staff costs increased to HK$16,273,000 for the six months ended 30 November 2022, up from HK$13,021,000 in the same period of 2021, representing a growth of approximately 25.5%[126]. - The depreciation of property, plant, and equipment rose to HK$6,222,000 for the six months ended 30 November 2022, compared to HK$4,522,000 in the previous year, indicating a year-on-year increase of about 37.6%[126]. - Total staff costs for the period amounted to approximately HK$16.8 million, compared to approximately HK$13.4 million for the six months ended November 30, 2021, reflecting a year-on-year increase of about 25.4%[65]. Cash and Liquidity - Cash and bank balances as of 30 November 2022 were approximately HK$87.8 million, up from approximately HK$85.2 million as of 31 May 2022[48]. - The cash and cash equivalents at the end of the period were HK$77,773,000, a decrease from HK$83,437,000 at the end of the same period in 2021[91]. - The company experienced a net increase in cash and cash equivalents of HK$2,552,000 during the period, compared to a net decrease of HK$41,808,000 in the previous year[91]. - Cash generated from operations was HK$9,437,000, a turnaround from cash used in operations of HK$2,920,000 in the previous year[91]. - The net cash generated from operating activities was HK$6,943,000, compared to a net cash used of HK$10,366,000 in the prior period[91]. Dividends and Shareholder Information - The Board does not recommend the declaration of any interim dividend for the six months ended 30 November 2022[15]. - The Board resolved not to declare any interim dividend for the Period, consistent with the prior period[52]. - The company did not declare any dividends for the current period, contrasting with HK$24,997,000 paid in dividends for the previous period[91]. - The total issued and fully paid ordinary shares remained at 2,224,000,000 shares, with a total amount of HK$22,240,000 as of both reporting dates[162]. Compliance and Governance - The Company has complied with the Corporate Governance Code during the reporting period and up to the date of the interim report[175]. - Following the retirement of Mr. Fung Hoi Fung on 12 October 2022, the number of independent non-executive Directors fell to two, which is below the required minimum under the Listing Rules[176]. - On 1 November 2022, Mr. Wan San Fai Vincent was appointed as an independent non-executive Director, restoring compliance with the Listing Rules regarding independent Directors[180]. - The Company confirmed that all Directors have fully complied with the Model Code for Securities Transactions during the reporting period[181]. Other Information - The Group continues to implement precautionary measures against COVID-19 to ensure a safe working environment for employees[17]. - The Group has not experienced significant employee issues or difficulties in recruitment and retention during the period[68]. - There were no material acquisitions or disposals during the Period[53]. - There were no material subsequent events undertaken by the Company or the Group after November 30, 2022[71].