Financial Performance - The group's revenue decreased by approximately HKD 12.5 million or 21.0% to HKD 47.2 million for the six months ended September 30, 2023, compared to HKD 59.7 million for the same period in 2022[14]. - The group's gross profit increased by approximately HKD 1.6 million or 186.5% to HKD 0.8 million for the six months ended September 30, 2023, compared to a gross loss of HKD 0.9 million in the same period in 2022[16]. - The group recorded a loss of approximately HKD 12.4 million for the six months ended September 30, 2023, compared to a loss of approximately HKD 36.1 million in the same period in 2022[21]. - The net loss attributable to the company's owners for the six months ended September 30, 2023, was HKD 12.4 million, a significant improvement from a loss of HKD 36.1 million in the same period of 2022[40]. - The company reported a net loss of HKD 12,399,000 for the six months ended September 30, 2023, compared to a net loss of HKD 36,136,000 for the same period in 2022, indicating an improvement of approximately 65.7%[43]. Revenue and Costs - Direct costs reduced by approximately HKD 14.1 million or 23.4% to HKD 46.4 million for the six months ended September 30, 2023, from HKD 60.6 million in the previous period[15]. - Other income decreased by approximately HKD 3.0 million or 71.5% to HKD 1.2 million for the six months ended September 30, 2023, primarily due to a government subsidy received in the previous period[17]. - Other losses increased by approximately HKD 2.3 million or 234.1% to HKD 3.2 million for the six months ended September 30, 2023, mainly due to the sale and write-off of plant and machinery[19]. - Administrative expenses increased by approximately HKD 0.8 million or 7.3% to HKD 11.1 million for the six months ended September 30, 2023, attributed to higher consulting and legal fees[20]. - Financing costs decreased by approximately HKD 2.1 million or 96.6% to HKD 0.1 million for the six months ended September 30, 2023, due to financial restructuring and no bank loan interest incurred[21]. Assets and Liabilities - As of September 30, 2023, the group's net debt was approximately HKD 65.3 million, an increase from HKD 52.9 million as of March 31, 2023[24]. - The group's current liabilities amounted to approximately HKD 132.4 million as of September 30, 2023, compared to HKD 126.9 million as of March 31, 2023[24]. - The company's total liabilities increased to HKD 132,364,000 as of September 30, 2023, compared to HKD 126,872,000 as of March 31, 2023, marking an increase of approximately 4.0%[42]. - The company's equity total decreased to HKD (65,288,000) as of September 30, 2023, from HKD (52,888,000) as of March 31, 2023, indicating a deterioration in financial position[42]. - The group's asset-liability ratio was 99.5% as of September 30, 2023, a decrease from 126.1% as of March 31, 2023, due to repayment of bank loans[25]. Cash Flow - Cash and cash equivalents increased to HKD 5,021,000 as of September 30, 2023, up from HKD 3,594,000 at the beginning of the period, reflecting a net increase of 39.6%[45]. - The net cash used in operating activities for the six months ended September 30, 2023, was HKD (2,208,000), a significant decline from HKD 8,847,000 generated in the same period of 2022[45]. Contracts and Projects - As of September 30, 2023, the total contract amount increased to HKD 440.6 million, with 10 contracts awarded, including 1 new contract worth HKD 6.8 million[12]. - The group aims to actively participate in large-scale government infrastructure projects to drive sustainable development and meet changing customer needs[22]. - The company continues to focus on providing civil engineering construction services primarily in Hong Kong[53]. Employee Costs - The total employee cost for the six months ended September 30, 2023, was approximately HKD 10.8 million, a decrease from HKD 24.0 million for the same period in 2022[37]. - The total employee costs for the six months ended September 30, 2023, were HKD 10,769,000, a decrease from HKD 24,087,000 in the same period of 2022[62]. Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code as of September 30, 2023[98]. - The board comprises three executive directors and three independent non-executive directors as of the report date[99]. - All directors confirmed compliance with the trading code during the period from April 1, 2023, to September 30, 2023[92]. Shareholder Information - Major shareholder Chrysler Investments Limited holds 260,000,000 shares, representing 65.0% of the company's equity[86]. - No direct or indirect competition identified among directors or major shareholders as of September 30, 2023[93]. - The board of directors did not recommend an interim dividend for the six months ended September 30, 2023, consistent with the previous year[89].
常满控股(08523) - 2024 - 中期财报