Revenue Performance - The company recorded revenue of HKD 874.3 million for the six months ended June 30, 2023, a decrease of HKD 425.9 million or approximately 32.7% compared to the previous period[14]. - Revenue from the maritime engineering division decreased by HKD 188.6 million or approximately 63.7%, while revenue from the general contracting division in Qingdao decreased by HKD 237.3 million or approximately 23.6%[14]. - Total revenue for the six months ended June 30, 2023, was HK$874,322,000, a decrease of 32.8% from HK$1,300,249,000 in the same period of 2022[85]. - Revenue from general construction contracting services was HK$766,917,000, down 23.6% from HK$1,004,202,000 year-on-year[89]. - The maritime construction segment generated revenue of HK$73,728,000, a significant decline of 73.9% compared to HK$282,602,000 in the previous year[89]. - Revenue from external customers in Hong Kong was HK$74,242,000, down 47.5% from HK$141,928,000 in the previous year[94]. Profitability and Losses - Gross profit for the period was HKD 48.2 million, down from HKD 94.8 million in the previous period, resulting in a gross margin of 5.5% compared to 7.3% previously[15]. - The group recorded a post-tax loss of HKD 43.6 million for the period, compared to a profit of HKD 7.1 million in the previous period, primarily due to a significant decline in gross profit, increased foreign exchange losses, and higher R&D expenses[22]. - The operating loss for the six months was HKD 11,717,000, compared to an operating profit of HKD 37,198,000 in the previous year[58]. - The net loss attributable to the company's owners was HKD 49,349,000, a significant decline from a profit of HKD 3,845,000 in the same period last year[58]. - The company reported a loss before tax of HK$43,127,000 for the period, compared to a profit before tax of HK$7,992,000 in the same period last year[89]. Expenses and Costs - The company incurred other losses of HKD 2.3 million, primarily due to foreign exchange losses of HKD 3.7 million from the depreciation of the Indonesian Rupiah against the Hong Kong Dollar[16]. - Research and development expenses increased by HKD 2.6 million to HKD 7.5 million due to a reallocation of resources towards facade engineering and construction technology[17]. - Other administrative expenses decreased by HKD 5.2 million to approximately HKD 48.5 million, attributed to reductions in professional fees and bank charges[19]. - Financial costs increased by approximately HKD 1.8 million or 6.0% to HKD 31.6 million due to increased bank borrowings and overall interest rates in the Chinese market[20]. - The total employee cost for the group was approximately HKD 88.3 million for the period, down from HKD 93.1 million in the previous period, with an increase in employee count to 690 from 638[35]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to HKD 4,666,329,000, down from HKD 4,893,994,000 at the end of 2022[60]. - The group's net current assets and net debt as of June 30, 2023, were approximately HKD 476.6 million and HKD 1,089.5 million, respectively, with a debt-to-equity ratio of 247.1%, up from 198.4% as of December 31, 2022[32]. - The total liabilities decreased to HKD 4,089,699 thousand from HKD 4,269,677 thousand as of December 31, 2022, representing a reduction of approximately 4.2%[61]. - Non-current liabilities increased to HKD 391,261 thousand from HKD 352,178 thousand, marking an increase of about 11.1%[61]. - Current liabilities decreased to HKD 3,698,438 thousand from HKD 3,917,499 thousand, reflecting a decline of approximately 5.6%[61]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (409,062) thousand, compared to HKD 246,309 thousand for the same period in 2022[67]. - Cash and cash equivalents at the end of the period decreased to HKD 223,771 thousand from HKD 560,627 thousand, a decline of approximately 60.2%[67]. - The company’s financing activities generated a net cash inflow of HKD 197,606 thousand for the six months ended June 30, 2023, compared to a cash outflow of HKD (16,063) thousand in the same period of 2022[67]. - The company’s total liabilities included borrowings of HK$1,278,932,000 as of June 30, 2023, compared to HK$1,092,566,000 at the end of 2022[92]. - The company’s short-term bank borrowings increased to HKD 842,084 thousand as of June 30, 2023, compared to HKD 681,776 thousand as of December 31, 2022, reflecting a rise of approximately 23.5%[125]. Project and Contractual Obligations - The company has ongoing major projects with estimated contract values remaining at RMB 616 million for the Technical Talent Apartment Project and RMB 537 million for the Technology Innovation Center Project[11]. - The maritime engineering project in the Philippines commenced earlier in the period but was temporarily halted in August 2023 pending further administrative approvals from local government agencies[9]. - The company is focusing on potential construction projects in collaboration with government-controlled property developers to capitalize on opportunities arising from urban development initiatives in Qingdao[10]. - The group has provided performance guarantees related to construction contracts amounting to HKD 52.9 million as of June 30, 2023[43]. - The company has a contingent liability related to performance guarantees for construction contracts amounting to HKD 52.9 million as of June 30, 2023, unchanged from December 31, 2022[131].
瑞港建设(06816) - 2023 - 中期财报