Financial Performance - The company's revenue for the six months ended September 30, 2022, was HKD 48,872,000, representing a 114.5% increase compared to HKD 22,726,000 for the same period in 2021[3] - Gross profit for the same period was HKD 12,093,000, up 55.5% from HKD 7,777,000 year-on-year[3] - The net profit attributable to the owners of the company for the six months was HKD 5,865,000, compared to HKD 2,150,000 in the previous year, marking a 172.3% increase[3] - Basic and diluted earnings per share increased to HKD 1.47 cents from HKD 0.54 cents, reflecting a growth of 172.2%[3] - The company reported a total comprehensive income of HKD 5,865,000 for the six months, compared to HKD 2,150,000 in the previous year, reflecting a 172.3% increase[8] - Revenue for the six months ended September 30, 2022, was HKD 48,872,000, a 114.5% increase from HKD 22,726,000 in the same period of 2021[21] - Rental and related services revenue for the six months ended September 30, 2022, was HKD 47,474,000, up 122.1% from HKD 21,357,000 in the previous year[22] - The total profit and comprehensive income rose by approximately 172.8%, from about HKD 2.2 million to approximately HKD 5.9 million for the six months ended September 30, 2022[50] Cash Flow and Assets - Cash generated from operating activities for the six months was HKD 12,712,000, a significant improvement from a cash outflow of HKD 1,480,000 in the same period last year[11] - Total assets as of September 30, 2022, were HKD 154,129,000, compared to HKD 146,683,000 as of March 31, 2022, indicating a growth of 5.5%[6] - The company's cash and cash equivalents at the end of the period were HKD 28,470,000, down from HKD 30,422,000 at the beginning of the period[11] - Non-current assets increased to HKD 129,981,000 from HKD 125,631,000, showing a growth of 2.0%[4] Liabilities and Equity - The company’s total liabilities decreased from HKD 32,213,000 to HKD 24,153,000, a reduction of 25.0%[4] - As of September 30, 2022, the company's issued share capital was HKD 3,760,000, with a total of 376,000,000 shares outstanding after the cancellation of 24,000,000 shares[53] - The major shareholder, Xingji, holds a beneficial interest of 120,000,000 shares, representing 30.0% of the issued shares[1] - Mr. Li Ruliang holds a beneficial interest of 98,524,000 shares, representing 24.6% of the issued shares[1] - After the share cancellation, Xingji's ownership percentage increased to approximately 31.9%[1] - Following the share cancellation, Mr. Li Ruliang's ownership percentage decreased to approximately 26.2%[1] Expenses and Costs - The cost of sales for the six months ended September 30, 2022, was HKD 2,906,000, significantly higher than HKD 591,000 in the same period of 2021[24] - Administrative expenses increased by approximately 45.2%, from about HKD 5.1 million to approximately HKD 7.4 million, primarily due to increased employee costs and director remuneration[48] - Financing costs increased by approximately 298.5%, from about HKD 198,000 to approximately HKD 789,000, mainly due to increased financial liabilities and borrowings related to tower crane financing leases[49] - Employee costs for the six months ended September 30, 2022, were approximately HKD 9.0 million, an increase from HKD 5.3 million in the previous year, primarily due to increased director remuneration and employee salaries[61] Strategic Initiatives - The company entered into a non-binding strategic cooperation framework agreement with Xuzhou Engineering Machinery Group Import and Export Co., Ltd. to explore potential collaboration in the tower crane business in Hong Kong[42] - The company has purchased new motors and other necessary components to replace old temporary cranes, aiming to consolidate its market position in the crane industry[1] - The company has acquired additional tower cranes to capture market demand for tower crane rental services[1] - The company aims to adopt a proactive and prudent approach to its business strategy to enhance profitability and shareholder value[42] Compliance and Governance - The audit committee has reviewed the interim financial statements for the period ending September 30, 2022, and confirmed compliance with applicable accounting standards and regulations[2] - The company applied new accounting standards without significant impact on the financial statements for the six months ended September 30, 2022[17] - The board believes that having the same person serve as both Chairman and CEO is beneficial for the company's operations and management[2] Share Options and Investments - The company has not granted any stock options since the adoption of the stock option plan on February 23, 2017, and there are no unexercised stock options as of September 30, 2022[1] - The company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2022[58] - There were no major investments held by the group as of September 30, 2022[59] - The group had no pledged assets as of September 30, 2022[60] Trade Receivables - Trade receivables as of September 30, 2022, were HKD 19,001,000, down from HKD 21,214,000 as of March 31, 2022[33] - Trade receivables as of September 30, 2022, totaled approximately HKD 17.1 million, with no significant changes in credit quality noted by the board[35]
兴铭控股(08425) - 2023 - 中期财报