Financial Performance - Revenue decreased by approximately 63.4% from HKD 18.1 million for the six months ended September 30, 2022, to HKD 6.6 million for the six months ended September 30, 2023, primarily due to the completion of maintenance projects[10] - Gross profit for the six months ended September 30, 2023, was approximately HKD 55,000, down from HKD 2.4 million for the same period in 2022, mainly due to reduced revenue and significant costs incurred for preparing new projects[10] - The net loss for the six months ended September 30, 2023, was approximately HKD 2.5 million, relatively stable compared to a net loss of HKD 2.4 million for the same period in 2022[10] - The company reported a basic and diluted loss per share of HKD 2.20 for the six months ended September 30, 2023, compared to HKD 2.14 for the same period in 2022[11] - The total comprehensive loss for the period ended September 30, 2023, was HKD (2,512,000), compared to HKD (2,443,000) for the previous period, reflecting a slight increase in losses[18] - The group reported a pre-tax loss of HKD 2,512,000 for the six months ended September 30, 2023, compared to a pre-tax loss of HKD 2,443,000 for the same period in 2022, indicating a slight increase in losses[32][42] - The group recorded a loss of approximately HKD 2.5 million for the six months ended September 30, 2023, compared to a loss of about HKD 2.4 million for the same period in 2022, indicating relative stability[70] Dividend and Shareholder Equity - The board of directors does not recommend the payment of an interim dividend for the six months ended September 30, 2023, consistent with the previous year[10] - The group did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[41] - The company reported a total equity of HKD 21,611,000 as of September 30, 2023, down from HKD 51,384,000 as of March 31, 2022, indicating a substantial reduction in shareholder equity[18] - The company incurred a loss of HKD (72,952,000) in retained earnings as of September 30, 2023, compared to HKD (43,179,000) as of March 31, 2022, highlighting an increase in accumulated losses[18] Assets and Liabilities - Total assets decreased from HKD 42.05 million as of March 31, 2023, to HKD 34.43 million as of September 30, 2023[13] - Current liabilities decreased from HKD 19.4 million as of March 31, 2023, to HKD 14.05 million as of September 30, 2023[13] - The company's net asset value decreased from HKD 24.12 million as of March 31, 2023, to HKD 21.61 million as of September 30, 2023[15] - Cash and cash equivalents decreased from HKD 5.55 million as of March 31, 2023, to HKD 2.12 million as of September 30, 2023[13] - As of September 30, 2023, the group's net current assets were approximately HKD 20.4 million, down from HKD 22.6 million as of March 31, 2023[72] - The group's cash and cash equivalents were approximately HKD 2.1 million as of September 30, 2023, compared to HKD 5.5 million as of March 31, 2023[72] - Trade receivables and other receivables increased from HKD 25.01 million as of March 31, 2023, to HKD 26.69 million as of September 30, 2023[13] - Trade receivables as of September 30, 2023, amounted to HKD 46,265,000, an increase from HKD 44,642,000 as of March 31, 2023[48] Cash Flow and Operating Activities - The net cash used in operating activities for the six months ended September 30, 2023, was HKD (4,170,000), compared to HKD (3,808,000) for the same period in 2022, indicating a worsening cash flow situation[20] - The financing activities generated a net cash inflow of HKD 681,000 for the six months ended September 30, 2023, compared to HKD 7,066,000 in the same period of 2022, indicating a significant decrease in financing cash flow[20] Administrative and Employee Costs - Administrative expenses decreased to HKD 3,588,000 for the six months ended September 30, 2023, from HKD 5,482,000 in the same period of 2022, reflecting a reduction of 34.5%[32][33] - The group reported a total employee cost of HKD 2,807,000 for the six months ended September 30, 2023, significantly down from HKD 10,246,000 in the same period of 2022, a decrease of 72.6%[39] - Total employee costs for the six months ended September 30, 2023, were approximately HKD 2.8 million, a decrease from HKD 10.2 million for the same period in 2022[80] Compliance and Governance - The company continues to operate under the accounting standards set by the Hong Kong Institute of Certified Public Accountants, ensuring compliance with local regulations[23] - The board confirmed compliance with the corporate governance code for the six months ending September 30, 2023[103] - The company has established trading compliance standards for directors, ensuring adherence to regulations during the reporting period[107] - The audit committee was established on September 21, 2018, and consists of three independent non-executive directors[119] - The unaudited financial information for the six months ending September 30, 2023, has been reviewed by the audit committee and complies with applicable accounting standards[122] - The company is committed to transparency and has provided sufficient disclosures in accordance with GEM listing rules[122] Future Outlook and Plans - The group anticipates increased construction activity in Hong Kong due to government infrastructure initiatives, despite challenges such as labor shortages and inflationary pressures[60] - The group plans to expand its workforce with an allocation of HKD 6.8 million, of which HKD 4.8 million has been utilized, and HKD 2 million is expected to be used by March 2024[87] Share Options and Ownership - The company has adopted a share option scheme to attract and retain talent, allowing for the issuance of up to 4,800,000 shares[111] - The company has a stock option plan that allows for a maximum of 10% of issued shares to be granted, subject to shareholder approval[114] - As of September 30, 2023, a total of 4,800,000 stock options are available for grant, representing 4.2% of the company's issued share capital[116] - No stock options were granted, exercised, expired, or cancelled during the six months ending September 30, 2023[116] - The stock option plan is valid for a period of ten years from September 21, 2018, with approximately four years remaining[116] Shareholder Information - As of September 30, 2023, the major shareholder Junsheng holds 6,466,900 shares, representing 5.66% of the company[100] - Mr. Xia and Mr. Ye each hold 50 shares in Junsheng, indicating a 50% beneficial ownership[96] - No other individuals outside the board or senior management hold 5% or more of the company's shares as of September 30, 2023[102]
广骏集团控股(08516) - 2024 - 中期财报