Financial Performance - The company's revenue decreased to approximately HKD 118.0 million for the six months ended September 30, 2022, down about 28.2% from approximately HKD 164.3 million for the same period in 2021[15]. - The net loss for the six months ended September 30, 2022, was approximately HKD 3.0 million, compared to a net profit of approximately HKD 9.1 million for the same period in 2021[6]. - Revenue from construction contracts decreased by approximately HKD 24.9 million or about 19.5% to approximately HKD 102.5 million for the six months ended September 30, 2022[18]. - Revenue from the sale of building materials decreased by approximately HKD 21.4 million or about 58.0% to approximately HKD 15.5 million for the six months ended September 30, 2022[20]. - Gross profit decreased by approximately HKD 17.4 million or about 55.0% to approximately HKD 14.3 million, with the gross profit margin declining from approximately 19.3% to approximately 12.1%[24]. - The total comprehensive loss attributable to owners of the company for the period was HKD 3,023 thousand, contrasting with a profit of HKD 9,118 thousand in the prior year[82]. - Basic and diluted loss per share was HKD (0.38), compared to earnings of HKD 1.14 per share in the same period last year[82]. - The group reported a total loss before tax of HKD 3,009,000 for the six months ended September 30, 2022, compared to a profit of HKD 9,248,000 for the same period in 2021[121]. Revenue Breakdown - Revenue from construction contracts was HKD 102.5 million, accounting for 86.9% of total revenue, while sales of building materials contributed HKD 15.5 million, or 13.1%[17]. - Revenue for the six months ended September 30, 2022, was HKD 117,964 thousand, a decrease from HKD 164,269 thousand for the same period in 2021, representing a decline of approximately 28%[82]. - Revenue from the sale of gypsum bricks was HKD 14,372,000, down 35.2% from HKD 22,169,000 in the previous year[110]. - Revenue from construction and engineering services was HKD 102,462,000, a decrease of 19.6% from HKD 127,354,000 in the prior year[121]. Project Developments - The company has secured a community health center construction project under the ten-year hospital development plan, supplying and installing approximately 20,000 square meters of gypsum products[10]. - The company completed a utility project supplying gypsum products during the six months ended September 30, 2022, and has secured another project for approximately 5,000 square meters of gypsum products post-reporting date[10]. - The company aims to leverage its experience in interior installation projects to achieve vertical integration and diversify its business segments[12]. - The company anticipates benefiting from the long-term housing demand driven by the Hong Kong government's continued land resource development[12]. Financial Position - Total equity as of September 30, 2022, was approximately HKD 149.3 million, down from approximately HKD 156.3 million as of March 31, 2022[35]. - Current assets net value was approximately HKD 89.4 million as of September 30, 2022, compared to approximately HKD 96.7 million as of March 31, 2022[35]. - The debt-to-equity ratio increased to 38.8% as of September 30, 2022, from 31.1% as of March 31, 2022[38]. - The current ratio was 1.9 as of September 30, 2022, slightly down from 2.0 as of March 31, 2022[38]. - The group's total assets as of September 30, 2022, were HKD 255,808,000, an increase from HKD 252,691,000 as of March 31, 2022[124]. - The total liabilities of the group increased to HKD 106,542,000 as of September 30, 2022, compared to HKD 96,402,000 as of March 31, 2022[125]. Corporate Governance - The company has adopted the corporate governance code and has complied with it, except for the combined roles of chairman and CEO held by Mr. Lu[66]. - The audit committee, consisting of three independent non-executive directors and one non-executive director, reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2022[71]. - The company confirmed compliance with the standard code for securities transactions by directors during the six months ended September 30, 2022[69]. - The company maintains a high level of corporate governance to protect shareholder interests and enhance corporate value[66]. Cash Flow and Financing - The group faced cash flow risks due to potential net cash outflows before receiving payments from clients, particularly during the early stages of projects[45]. - The group has no hedging against interest rate risks, with interest-bearing bank borrowings amounting to approximately HKD 55.3 million as of September 30, 2022[54]. - The group's bank financing amounted to approximately HKD 50.3 million, a slight decrease from HKD 51.1 million as of March 31, 2022[40]. - The net cash used in operating activities was HKD (3,289) thousand, an improvement from HKD (11,504) thousand in the previous period[99]. Employee and Management Costs - Employee costs for the six months ended September 30, 2022, totaled approximately HKD 8.7 million, an increase from HKD 8.4 million for the same period in 2021[63]. - The short-term benefits for key management personnel amounted to HKD 3,746,000 for the six months ended September 30, 2022, compared to HKD 3,643,000 for the same period in the previous year, an increase of 2.8%[177]. Dividends and Shareholder Information - The company did not recommend an interim dividend for the six months ended September 30, 2022, compared to HK$0.75 per share for the same period last year[72]. - The chairman and CEO, Mr. Lu, holds 588,000,000 shares, representing 73.5% of the company's equity[74]. - The total number of shares issued and paid up remained at 800,000,000 as of September 30, 2022[169].
乙德投资控股(06182) - 2023 - 中期财报