Financial Performance - For the six months ended September 30, 2023, the group's revenue was approximately HKD 87.1 million, a decrease of about 16.8% compared to HKD 104.7 million for the same period in 2022[9]. - The gross profit for the same period was approximately HKD 24.5 million, down about 5.8% from HKD 26.0 million in the previous year[9]. - The net loss for the six months ended September 30, 2023, was approximately HKD 0.3 million, compared to a net profit of HKD 2.3 million for the same period in 2022[9]. - Basic and diluted loss per share for the six months was HKD 0.03, while the previous year reported earnings of HKD 0.23 per share[9]. - For the three months ended September 30, 2023, revenue was HKD 47.4 million, compared to HKD 54.9 million for the same period in 2022, reflecting a decline[10]. - The group reported a pre-tax profit of HKD 47 for the six months ended September 30, 2023, significantly down from HKD 4.3 million in the previous year[10]. - Other income decreased to HKD 158,000 for the six months ended September 30, 2023, from HKD 1.3 million in the previous year[10]. - The company continues to face challenges in maintaining profitability amid declining revenues and increased costs[9]. Assets and Liabilities - As of September 30, 2023, total assets amounted to HKD 207,208,000, an increase from HKD 200,979,000 as of March 31, 2023, reflecting a growth of approximately 3.1%[12]. - The company's inventory increased significantly to HKD 21,144,000 from HKD 12,989,000, representing a rise of about 63.1%[12]. - The net current assets stood at HKD 136,054,000, compared to HKD 134,377,000 as of March 31, 2023, indicating a slight increase of 1.2%[12]. - The total liabilities decreased to HKD 71,154,000 from HKD 66,602,000, reflecting a rise of about 6.5%[12]. - The company's contract assets decreased to HKD 125,449,000 from HKD 135,358,000, indicating a reduction of approximately 7.3%[12]. - The company's total equity as of September 30, 2023, was HKD 187,251,000, slightly down from HKD 187,563,000 as of March 31, 2023[12]. Cash Flow and Financing - The operating cash flow for the six months ended September 30, 2023, was HKD 13,001,000, a substantial increase from HKD 1,808,000 in the same period of 2022[16]. - Cash and cash equivalents increased to HKD 40,306,000 from HKD 29,436,000, marking a growth of approximately 37.0%[19]. - The company raised new bank loans amounting to HKD 23,500,000 during the reporting period[19]. - The company reported a total finance cost of 786 thousand HKD for the six months ended September 30, 2023, which is a significant increase from 321 thousand HKD in the same period of 2022, reflecting a rise of 144.5%[39]. Revenue Breakdown - Total revenue for the six months ended September 30, 2023, was HKD 87,133,000, a decrease of 16.8% compared to HKD 104,663,000 for the same period in 2022[28]. - Revenue from construction protection works for the six months ended September 30, 2023, was HKD 66,557,000, down 10.5% from HKD 74,438,000 in the previous year[28]. - Revenue from the supply of construction protection products for the six months ended September 30, 2023, was HKD 20,576,000, a decrease of 32.1% compared to HKD 30,225,000 for the same period in 2022[28]. - Revenue from Hong Kong for the six months ended September 30, 2023, was HKD 80,073,000, down 19.9% from HKD 99,878,000 in the previous year[36]. - Revenue from Macau for the six months ended September 30, 2023, increased to HKD 7,060,000, up 47.6% from HKD 4,785,000 in the same period last year[36]. Operational Challenges - The company has not declared any dividends for the six months ended September 30, 2023, consistent with the same period in 2022[44]. - The company recorded interest income from bank deposits of 55 thousand HKD for the six months ended September 30, 2023, significantly up from 6 thousand HKD in the same period of 2022, marking an increase of 816.7%[39]. - The company reported a loss attributable to owners of the company of (312) thousand HKD for the six months ended September 30, 2023, compared to a profit of 2,325 thousand HKD in the same period of 2022[43]. - The company recognized government subsidies of 1,091 thousand HKD for the six months ended September 30, 2022, while no such subsidies were recorded for the same period in 2023[39]. - The company has no significant impairment provisions for other receivables, indicating a negligible probability of default based on the financial background and credibility of counterparties[51]. Corporate Governance and Compliance - The company has adhered to corporate governance practices based on GEM listing rules, except for a deviation regarding the separation of roles between the chairman and CEO[117][118]. - The board of directors has confirmed compliance with the trading standards and code of conduct related to securities trading as of September 30, 2023[119]. - The audit committee was established on March 18, 2020, to oversee the financial reporting process, risk management, and internal control procedures[120]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2023, confirming compliance with applicable accounting standards and GEM listing rules[120].
新威工程集团(08616) - 2024 - 中期财报