Revenue Performance - Revenue for the three months ended July 31, 2023, amounted to approximately HK$58.31 million, representing an increase of approximately 143.8% compared to HK$23.92 million for the same period in 2022[11] - The increase in revenue was primarily due to the rise in slope works projects, which increased from approximately HK$23.92 million in 2022 to approximately HK$58.31 million in 2023, also reflecting a 143.8% increase[19] - Revenue from slope engineering projects rose from approximately HK$23.92 million to approximately HK$58.31 million, marking an increase of approximately 143.8% due to more slope engineering projects[21] - Revenue for the three months ended July 31, 2023, was HK$58,313,000, a significant increase of 143% compared to HK$23,916,000 for the same period in 2022[64] - The Group's contracting revenue for the three months ended July 31, 2023, was HK$58,313,000, a significant increase of 143% compared to HK$23,916,000 for the same period in 2022[83] Profit and Loss - Loss attributable to owners of the Company for the three months ended July 31, 2023, was approximately HK$1.01 million, a decrease from approximately HK$1.44 million in 2022[11] - Basic loss per share for the three months ended July 31, 2023, was approximately HK$0.06 cents, down from approximately HK$0.09 cents in 2022[11] - The net loss attributable to owners of the Company decreased to approximately HK$1.02 million for the three months ended July 31, 2023, compared to approximately HK$1.44 million for the same period in 2022[28] - Loss before income tax decreased to HK$1,024,000 from HK$1,438,000 year-over-year, indicating a reduction in losses[64] - Total comprehensive expense for the period was HK$1,024,000, compared to HK$1,438,000 in the previous year[64] - Loss attributable to owners of the Company for Q1 2023 was HK$1,024,000, compared to a loss of HK$1,438,000 in Q1 2022, indicating an improvement of 28.8%[102] Cost and Expenses - Direct costs increased by approximately HK$33.68 million or approximately 142.6%, from approximately HK$23.62 million to approximately HK$57.30 million, primarily due to the increase in revenue[25] - Administrative expenses remained stable at approximately HK$1.81 million for both the three months ended July 31, 2022, and July 31, 2023[27] - Other income decreased mainly due to a reduction in sundry income[26] - The increase in gross profit margin was primarily driven by the increase in revenue[29] - Total staff costs decreased to HK$1,043,000 in Q1 2023 from HK$1,096,000 in Q1 2022, a reduction of 4.8%[98] - Interest on borrowings decreased to HK$234,000 in Q1 2023 from HK$320,000 in Q1 2022, a decline of 26.9%[92] - Depreciation of property, plant, and equipment dropped to HK$23,000 in Q1 2023 from HK$72,000 in Q1 2022, a decrease of 68.1%[98] - Subcontracting charges increased significantly to HK$57,299,000 in Q1 2023 from HK$23,622,000 in Q1 2022, representing a rise of 142.5%[98] Operational Environment - The Group's operating environment remains challenging due to rising operational costs, including higher subcontracting rates and general operation costs[13] - The Hong Kong Government's ongoing infrastructure projects are expected to increase demand for slope works, contributing to a steady flow of construction work[17] - The Directors remain cautiously optimistic about the slope works industry in Hong Kong due to government initiatives aimed at landslip prevention[17] Corporate Governance and Compliance - The Board does not recommend the payment of dividends for the three months ended July 31, 2023[11] - The Company has complied with the applicable code provisions of the Corporate Governance Code during the reporting period, with a noted deviation regarding insurance coverage for directors[50] - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[57] - The Company has adopted a share option scheme in accordance with the provisions of Chapter 23 of the GEM Listing Rules[55] - There were no purchases, sales, or redemptions of the Company's listed securities during the reporting period[49] Geographic Focus - The Group's business is considered a single operating segment, with no separate geographical segment analysis presented as all activities are concentrated in Hong Kong[19] - The Group's performance is concentrated in a single geographic area, Hong Kong, with no separate geographical segment reporting[21] - The Group operates primarily in Hong Kong, focusing on slope works and foundation works, with no separate segment analysis provided due to the single geographical focus[83] - The Group's construction business is viewed as a single operating segment for resource allocation decisions[21] Financial Statements - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and are presented in Hong Kong dollars (HK$), rounded to the nearest thousands (HK$'000)[74] - The unaudited condensed consolidated financial statements for the three months ended July 31, 2023, should be read in conjunction with the consolidated financial statements for the year ended April 30, 2023[76] - The Group's accounting policies remain consistent with those used in the previous financial year, except for the adoption of new and revised Hong Kong Financial Reporting Standards effective from May 1, 2023[75] Shareholder Information - The weighted average number of ordinary shares remained unchanged at 1,577,200 for both Q1 2023 and Q1 2022[102] - The Company does not recommend a payment of dividend for Q1 2023, same as in Q1 2022[99] - No deferred tax has been provided as there were no material temporary differences at the end of the reporting period[95] Customer Revenue - Revenue from Customer A increased significantly to HK$27,197,000 in Q1 2023 from HK$9,980,000 in Q1 2022, representing a growth of 172.5%[92]
浙江联合投资(08366) - 2024 Q1 - 季度财报