Financial Performance - For the six months ended September 30, 2023, the company reported total revenue of HKD 141,296,000, a decrease of 16.4% compared to HKD 168,851,000 for the same period in 2022[7] - Gross profit for the same period was HKD 19,225,000, down 12.6% from HKD 21,981,000 in 2022[7] - The company achieved a net profit of HKD 6,093,000 for the six months ended September 30, 2023, compared to HKD 8,368,000 in the previous year, representing a decline of 27.2%[7] - Basic earnings per share for the six months was HKD 0.76, down from HKD 1.05 in the same period last year, reflecting a decrease of 27.6%[7] - The profit attributable to the owners of the company decreased by approximately HKD 2.3 million or 27.4% to about HKD 6.1 million for the six months ended September 30, 2023, compared to approximately HKD 8.4 million for the same period in 2022[72] Assets and Liabilities - As of September 30, 2023, total assets amounted to HKD 155,622,000, an increase from HKD 149,646,000 as of March 31, 2023[9] - The company's cash and cash equivalents decreased to HKD 17,829,000 from HKD 43,961,000 as of March 31, 2023, indicating a significant reduction in liquidity[9] - Trade and other receivables increased to HKD 95,989,000 from HKD 86,212,000, showing a growth of 11.5%[9] - The company has maintained its equity at HKD 153,404,000 as of September 30, 2023, up from HKD 147,311,000 at the end of the previous fiscal year[9] - Total trade and other payables amounted to HKD 111,115,000 as of September 30, 2023, up from HKD 99,008,000 as of March 31, 2023, reflecting a growth of approximately 12.5%[46] Cash Flow - For the six months ended September 30, 2023, the net cash used in operating activities was HKD (1,758,000), a decrease from HKD (6,165,000) in the same period of 2022, representing a 71.5% improvement[14] - The net cash used in investing activities increased significantly to HKD (20,779,000) from HKD (3,088,000), indicating a 572.5% rise in investment outflows[14] - Total cash and cash equivalents decreased to HKD 17,829,000 from HKD 23,476,000, reflecting a decline of 24.2%[14] Revenue Segmentation - Revenue from renovation and maintenance works was HKD 88,265,000, slightly down from HKD 89,833,000 in the previous year, a decrease of 1.8%[25][26] - Total segment revenue for the construction division was HKD 141,099,000, down from HKD 168,654,000, marking a decline of 16.3%[25][26] - The total segment revenue for the property division was HKD 141,296,000, compared to HKD 168,851,000 in the same period last year, a decrease of 16.4%[25][26] Employee Costs - Total employee costs for the six months ended September 30, 2023, amounted to HKD 13,462,000, up from HKD 11,637,000 in the same period of 2022, reflecting a growth of 15.7%[5] - The total employee costs for the three months ended September 30, 2023, were HKD 6,786,000, compared to HKD 6,068,000 in the same period of 2022, an increase of 11.8%[5] Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[7] - The company anticipates that the number of properties to be constructed and maintained in Hong Kong will continue to drive growth in the renovation and construction sectors[60] - The company plans to explore business and investment opportunities to enhance revenue sources, including potential acquisitions and diversification strategies[60] Corporate Governance - The company has established an audit committee to oversee the integrity of financial reporting and the independence of external auditors, consisting of three independent non-executive directors[114] - The company has complied with the corporate governance code as per GEM listing rules, with no reported violations regarding securities trading by directors during the six months ended September 30, 2023[106] Investments and Acquisitions - The company acquired an additional 25% stake in Acasa Property Limited, increasing its ownership to 50%[35] - The company holds a 50% interest in the joint venture Acasa, which is involved in property reconstruction and development[90] - The company committed to provide a shareholder loan of HKD 40 million to the joint venture Acasa, with approximately HKD 31.1 million outstanding as of September 30, 2023[79] Taxation - The Hong Kong profits tax for the three months ended September 30, 2023, was HKD 517,000, down from HKD 1,040,000 in the same period of 2022, a decline of 50.3%[30] Miscellaneous - The company has not declared an interim dividend for the six months ended September 30, 2023, consistent with the same period in 2022[31] - There have been no significant events requiring disclosure after September 30, 2023, up to the report date[97] - The company has not made any significant investments or acquisitions during the six months ending September 30, 2023[93]
CHI HO DEV(08423) - 2024 - 中期财报