Financial Performance - For the six months ended 30 September 2023, BGMC International Limited reported a consolidated revenue of RM35.5 million, a decrease from RM80.3 million in the corresponding period, primarily due to additional estimation of liquidated ascertained damages for a major project[17]. - The Group's total revenue decreased from RM82.3 million in the Corresponding Period to RM35.7 million during the Period, a decline of 56.6%[49]. - The Group recorded a total gross loss of RM23.1 million in the Period compared to a gross loss of RM6.7 million in the Corresponding Period, indicating a significant increase in losses[50]. - Loss before tax from continuing operations was RM21,324,000, up from RM13,181,000 in the same period last year, reflecting a worsening financial performance[117]. - The company reported a loss per share from continuing operations of RM 1.30, compared to RM 0.73 in the previous year, highlighting increased losses on a per-share basis[117]. - The Group incurred a loss attributable to owners of approximately RM14.1 million during the period, raising concerns about its ability to continue as a going concern[131][133]. Revenue Breakdown - The Construction Services sector contributed RM35.5 million, or 99.6%, to the Group's consolidated revenue for the period, compared to 97.6% in the previous year[17]. - The Building and Structures segment contributed RM35.5 million, or 99.6% of the Group's consolidated revenue for the period, compared to RM69.0 million, or 83.9% in the same period last year[24]. - The Energy Infrastructure segment did not contribute any revenue during the period, a decrease from RM8.5 million or 10.3% in the corresponding period[26]. - The Mechanical and Electrical segment also recorded no revenue, down from RM2.8 million or 3.5% contribution to consolidated revenue in the previous year[28]. - The Earthworks and Infrastructure segment had no recorded revenue as all projects were completed, with minimal future activities expected[30]. - The Group's BOO business generated RM0.3 million in revenue during the period, down from RM2.6 million in the corresponding period[38]. Order Book and Contracts - As of 30 September 2023, the outstanding order book stands at RM113.4 million, down from RM239.7 million a year earlier[18]. - BGMC secured a new contract with a fixed contract sum of RM540.6 million as of the date of the interim report[18]. - The Construction Services sector secured a new contract with a fixed contract sum of RM540.6 million as of the date of the interim report[134]. Operational Efficiency and Workforce - The company continues to review and restructure its workforce to enhance operational efficiency and reduce administrative expenses[80]. - The Group has 94 employees as of September 30, 2023, down from 120 a year earlier, with total staff costs of RM5.2 million compared to RM5.5 million in the Corresponding Period[74]. - Administrative and other expenses decreased from RM8.2 million to RM7.5 million, primarily due to reduced staff costs[51]. Cash and Assets Management - Cash and bank balances increased to RM34.9 million as of September 30, 2023, up by RM5.0 million from RM29.9 million[61]. - Net current assets decreased significantly from RM107.8 million to RM5.9 million, a decline of RM101.9 million, mainly due to the completion of the disposal of BGMC Bras Power[62]. - The total amount of trade and other payables as of September 30, 2023, was RM 85,956,000, down from RM 132,380,000 as of March 31, 2023, reflecting a significant decrease of about 35%[194]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the period, maintaining high standards of corporate governance[102]. - The Audit Committee reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[112]. - The proposed amendments to the memorandum and articles of association were approved on September 4, 2023, to align with new requirements under the amended Listing Rules[103]. Future Outlook and Strategic Initiatives - The Group aims to explore new business opportunities and models to ensure sustainability and fulfill contractual obligations to clients[45]. - The company has not provided specific guidance for future performance but indicated ongoing efforts to improve operational efficiency and explore market opportunities[117]. - The company continues to focus on its core construction services while evaluating potential strategic partnerships and market expansion opportunities[123]. Legal and Disputes - The company has ongoing legal disputes with Customer A, involving performance bonds totaling approximately RM 25,800,000, which have been upheld by the High Court[198]. - The company initiated arbitration to claim losses of profit amounting to approximately RM 35,000,000 and return of retention sums of approximately RM 4,400,000[200].
璋利国际(01693) - 2024 - 中期财报