Financial Performance - Revenue increased from approximately HK$253.4 million for the six months ended 30 September 2021 to approximately HK$262.7 million for the six months ended 30 September 2022, representing an increase of approximately HK$9.3 million or 3.7%[9]. - Gross profit increased from approximately HK$30.6 million for the six months ended 30 September 2021 to approximately HK$32.0 million for the six months ended 30 September 2022, representing an increase of approximately HK$1.4 million or 4.4%[10]. - The Group recorded a profit and total comprehensive income for the period attributable to owners of the Company of approximately HK$36.3 million for the six months ended 30 September 2022, compared to approximately HK$16.8 million for the same period in 2021[11]. - Basic earnings per share attributable to owners of the Company was approximately HK$0.048 for the six months ended 30 September 2022, up from approximately HK$0.022 for the same period in 2021[12]. - The profit and total comprehensive income for the period increased from approximately HK$16.8 million for the six months ended 30 September 2021 to approximately HK$36.3 million for the six months ended 30 September 2022, representing an increase of approximately HK$19.5 million or 116.5%[39]. - Operating profit surged to HK$40,547,000, a significant increase from HK$20,699,000 in the prior period, indicating strong operational performance[142]. - Profit attributable to owners of the Company for the period was HK$36,310,000, up from HK$16,772,000, representing a year-over-year growth of 116.5%[142]. Revenue Sources - The Group's revenue growth was driven by ongoing sizeable projects, including contributions of approximately HK$69.0 million from a commercial project at Hong Kong International Airport, HK$30.4 million from a sport park project in Kai Tak, and HK$27.7 million from a community isolation and treatment facility[20]. - Revenue for the six months ended September 30, 2022, was HK$262,707,000, an increase of 3.1% from HK$253,419,000 in the same period of 2021[142]. - Revenue from major customers included Customer 1 contributing HK$72,810,000 and Customer 2 contributing HK$56,786,000, both exceeding 10% of total revenue[191]. - All of the Group's revenue is generated in Hong Kong, indicating a focused operational market[193]. Cost and Expenses - The cost of services increased from approximately HK$222.8 million for the six months ended 30 September 2021 to approximately HK$230.7 million for the six months ended 30 September 2022, representing an increase of approximately HK$7.9 million or 3.6%[29]. - Administrative expenses increased from approximately HK$5.5 million for the six months ended 30 September 2021 to approximately HK$6.6 million for the six months ended 30 September 2022, representing an increase of approximately HK$1.1 million or 20.9%[35]. - The net finance costs increased from approximately HK$0.1 million for the six months ended 30 September 2021 to approximately HK$0.2 million for the six months ended 30 September 2022[35]. - The income tax expense remained relatively stable at approximately HK$4.0 million for the six months ended 30 September 2022 compared to HK$3.8 million for the same period in 2021[35]. Assets and Liabilities - Total assets increased to HK$249,173,000 as of September 30, 2022, up from HK$199,172,000 as of March 31, 2022, representing a growth of approximately 25%[145]. - Total equity attributable to owners rose to HK$178,766,000, a 25.4% increase from HK$142,456,000 in the previous period[145]. - Current liabilities increased to HK$70,407,000, up from HK$56,716,000, reflecting a rise of approximately 24%[148]. - Cash and cash equivalents decreased to HK$25,357,000 from HK$27,546,000, a decline of about 7.5%[145]. - Trade receivables surged to HK$56,913,000, significantly higher than HK$27,183,000 in the previous period, marking an increase of approximately 109%[145]. - Contract assets rose to HK$150,187,000, compared to HK$130,272,000, showing an increase of about 15.3%[145]. Capital and Financing - The Group had 45 projects on hand as of 30 September 2022, with a backlog value of approximately HK$620.5 million, down from approximately HK$758.1 million as of 31 March 2022[26]. - The bank borrowings as at 30 September 2022 represented tax loan facilities of approximately HK$15.1 million, which were denominated in Hong Kong dollars and bore interest at floating rates[39]. - The gearing ratio was approximately 8.5% as at 30 September 2022, calculated as total borrowings divided by total equity[39]. - The company successfully listed 250,000,000 shares at HK$0.5 per share, raising a total of HK$125 million before expenses[66]. - The net proceeds from the share offer amount to approximately HK$91.8 million after deducting underwriting commissions and related expenses[69]. - 73% of the net proceeds (HK$67 million) will be used for financing up-front costs of the group's projects by March 2023[71]. - 10.8% of the net proceeds (HK$9.9 million) will be allocated to expanding manpower and leasing additional office space by March 2024[71]. Corporate Governance and Compliance - The Group has complied with the Corporate Governance Code during the reporting period[80]. - The Audit Committee reviewed the interim financial results and confirmed compliance with applicable accounting standards and Listing Rules[129]. - The Company maintained a public float of at least 25% of its total issued share capital during the reporting period[126]. - No significant transactions involving directors' interests were reported during the six months ended September 30, 2022[91]. - There were no connected transactions required to be disclosed under Chapter 14A of the Listing Rules during the six months ended September 30, 2022[124]. Employment and Workforce - As at 30 September 2022, the Group had 77 employees, a decrease from 83 employees as of 31 March 2022[60]. - Wage subsidies under the Youth Employment and Training Programme amounted to HK$1,500 per month for each trainee employed, contributing to the Group's financial support[198]. - The Group also benefited from wage subsidies under the Employment Support Scheme from May 2022 to July 2022, aimed at supporting employers during the pandemic[199]. Future Outlook - The Group expects steady growth in the gross value of wet trades works driven by ongoing infrastructure investments and housing supply targets set by the Hong Kong government[27]. - The company plans to continue expanding its market presence and enhance its service offerings in the construction sector[159].
GC CONSTRUCTION(01489) - 2023 - 中期财报