Financial Performance - For the three months ended October 31, 2022, the company reported revenue of HKD 41,786 thousand, a decrease of 17% compared to HKD 50,286 thousand in the same period of 2021[5]. - The gross profit for the six months ended October 31, 2022, was HKD 24,718 thousand, down 41% from HKD 41,955 thousand in the previous year[5]. - The total revenue for the six months ended October 31, 2022, was HKD 85,051 thousand, down 17% from HKD 102,274 thousand in the same period of 2021[5]. - Revenue from scaffolding, renovation, and other ancillary services for the six months ended October 31, 2022, was HKD 62,331, down from HKD 74,631 in the previous year, representing a decline of 16.5%[41]. - The group reported a net loss before tax of HKD 20,334 for the six months ended October 31, 2022, compared to a profit of HKD 28,357 for the same period in 2021[45]. - The group recognized a net impairment loss of HKD 27,088 due to expected credit losses for the six months ended October 31, 2022[45]. - The company reported a net cash outflow from operating activities of HKD 1,060 thousand, compared to an outflow of HKD 29,276 thousand in the previous year[31]. - The basic loss per share for the three months ended October 31, 2022, was HKD 0.108, compared to HKD 0.111 in the same period of 2021[17]. - The total loss attributable to shareholders from continuing operations for the six months ended October 31, 2022, was HKD (21,209), a significant decline from HKD 27,901 in the same period of 2021, indicating a decrease of 76.1%[72]. Assets and Liabilities - As of October 31, 2022, total assets decreased to HKD 540,605 thousand from HKD 437,184 thousand as of April 30, 2022, reflecting a 23.6% increase[19]. - Non-current assets decreased to HKD 143,963 thousand from HKD 266,190 thousand, a decline of 46.0%[19]. - Current assets increased significantly to HKD 540,605 thousand, up 23.6% from HKD 437,184 thousand[19]. - Total liabilities increased to HKD 198,822 thousand from HKD 194,908 thousand, a rise of 2.0%[19]. - The company’s equity attributable to owners decreased to HKD 487,187 thousand from HKD 509,638 thousand, a decrease of 4.4%[25]. - The company’s total equity as of October 31, 2022, was HKD 480,094 thousand, down from HKD 502,545 thousand, reflecting a decrease of 4.5%[26]. - The total accounts payable and other payables as of October 31, 2022, was HKD 38,165, an increase from HKD 33,130 as of April 30, 2022, indicating a rise of 15.4%[87]. Cash Flow and Financing - Cash and cash equivalents decreased to HKD 22,930 thousand from HKD 6,746 thousand, indicating a decline of 239.5%[33]. - Financing costs for the six months ended October 31, 2022, were HKD 3,678 thousand, down from HKD 4,450 thousand in the previous year, indicating a 17% reduction[5]. - The group’s financing costs decreased from approximately HKD 4.5 million to about HKD 3.7 million due to the repayment of certain borrowings[121]. - The group had no bank borrowings as of October 31, 2022, down from approximately HKD 8,600,000 as of April 30, 2022[128]. Operational Highlights - The group has three operating segments: scaffolding and renovation services, lending business, and securities investment business, each requiring different management strategies[42]. - The scaffolding and finishing services segment generated revenue of approximately HKD 62.3 million, a significant decrease of about HKD 12.3 million due to reduced new construction projects approved by the Hong Kong government[104]. - The lending business recorded revenue of approximately HKD 22.7 million, down from HKD 27.6 million in the same period of 2021, as stricter lending criteria were implemented[109]. - The company continues to face challenges in the scaffolding industry due to a shortage of skilled labor, leading to increased labor costs and decreased profit margins[105]. Corporate Governance and Compliance - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended October 31, 2022, and found them compliant with applicable accounting standards and GEM listing rules[152]. - The company has adhered to the corporate governance principles emphasizing board quality and robust internal controls throughout the reporting period[151]. - The company has maintained the required public float according to GEM listing rules as of the report date[149]. Shareholder Information - No dividends were declared or proposed for the interim period[69]. - The total issued and paid-up share capital as of October 31, 2022, was HKD 143,670,000, with 14,367,101,072 shares issued at a par value of HKD 0.01[30]. - The company adopted a share option scheme on October 22, 2021, allowing the board to invite employees and consultants to subscribe for shares as an incentive[132]. - No share options were granted, exercised, cancelled, or lapsed as of October 31, 2022[135].
汇隆控股(08021) - 2023 - 中期财报