Financial Performance - The total revenue for the period was approximately HKD 182,630,000, an increase of about HKD 32,983,000 or 22.0% compared to HKD 149,647,000 for the same period last year [10]. - The gross profit for the period was approximately HKD 17,011,000, with a gross profit margin of about 9.3%, down from 14.5% in the previous period [11]. - The net profit for the period was approximately HKD 5,189,000, compared to HKD 6,287,000 for the same period last year [17]. - Revenue for the six months ended September 30, 2023, was HKD 182,630,000, an increase of 22.0% compared to HKD 149,647,000 for the same period in 2022 [46]. - Gross profit for the same period was HKD 17,011,000, down 21.7% from HKD 21,736,000 in 2022 [46]. - Operating profit decreased slightly to HKD 7,904,000, compared to HKD 8,055,000 in the previous year, reflecting a decline of 1.9% [46]. - Profit before tax was HKD 5,189,000, down 17.5% from HKD 6,287,000 in the prior year [46]. - Basic and diluted earnings per share were HKD 0.76, a decrease of 17.4% from HKD 0.92 in the same period last year [46]. - The company reported a profit attributable to equity holders of HKD 5,189,000 for the six months ended September 30, 2023, down from HKD 6,287,000 in the same period of 2022, representing a decrease of approximately 17.5% [69]. Cash Flow and Financial Position - As of September 30, 2023, the bank balance was approximately HKD 21,932,000, down from HKD 29,106,000 as of March 31, 2023 [18]. - Cash and cash equivalents at the end of the period were HKD 19,932,000, down from HKD 29,106,000 at the beginning of the period, representing a decrease of 31.7% [50]. - Net cash generated from operating activities was HKD 19,207,000, down 24.8% from HKD 25,276,000 in the previous year [50]. - The company reported a net asset value of HKD 182,287,000, up from HKD 177,098,000 at the end of the previous reporting period [48]. - The total financial assets amounted to HKD 113,050,000 as of September 30, 2023, a decrease from HKD 118,423,000 as of March 31, 2023 [88]. - The total financial liabilities increased to HKD 128,715,000 as of September 30, 2023, compared to HKD 125,687,000 as of March 31, 2023 [88]. Expenses and Cost Management - Other income decreased by approximately 62.3% to HKD 2,066,000, primarily due to the absence of government subsidies from the "Employment Support Scheme" [13]. - Administrative expenses decreased by approximately HKD 1,042,000 or 8.8% to HKD 10,774,000, attributed to effective cost control measures [15]. - Financing costs increased to HKD 2,715,000 for the six months ended September 30, 2023, from HKD 1,768,000 in the previous year [64]. - Employee expenses, including director remuneration, amounted to HKD 33,410,000 for the six months ended September 30, 2023, up from HKD 30,063,000 in 2022 [63]. - The remuneration for directors and key management personnel for the six months ended September 30, 2023, was approximately HKD 3,602,000, a slight decrease from HKD 3,681,000 for the same period in 2022 [90]. Projects and Future Outlook - The group had ten ongoing projects with a total contract value of approximately HKD 565,690,000, with seven expected to be completed in the next fiscal year [8]. - The group was awarded four new foundation engineering projects after the reporting period, with a contract value of approximately HKD 94,727,000 [8]. - The group anticipates continued demand for construction and foundation engineering services due to government plans to sell residential land and build new housing units [9]. - The group anticipates recognizing expected revenue from construction contracts in the next 12 to 24 months [60]. Shareholder and Governance Information - The major shareholder, Creative Elite Global Limited, holds 495,000,000 shares, representing 72.29% of the total shares [30]. - The company has not issued, exercised, or canceled any share options since the adoption of the share option scheme in October 2016 [35]. - The total number of share options available for grant remained unchanged at 68,475,000 as of both April 1, 2023, and September 30, 2023 [35]. - The board has resolved not to declare an interim dividend for the six months ended September 30, 2023 [36]. - The company has adopted corporate governance principles and has complied with all applicable codes during the reporting period [39]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 208,752,000, an increase from HKD 199,317,000 as of March 31, 2023 [47]. - The group reported other income of HKD 2,066,000 for the six months ended September 30, 2023, a decrease from HKD 5,478,000 in the same period of 2022 [62]. - Contract assets increased to HKD 77,561,000 as of September 30, 2023, up from HKD 70,799,000 as of March 31, 2023, reflecting a growth of approximately 9.9% [73]. - Trade receivables amounted to HKD 36,990,000 as of September 30, 2023, compared to HKD 31,545,000 as of March 31, 2023, indicating an increase of approximately 17.5% [77]. - The aging analysis of trade receivables showed that HKD 25,525,000 (approximately 69.1%) were within 30 days, while HKD 10,208,000 (approximately 27.6%) were overdue by more than 90 days [78]. - Trade payables increased to HKD 32,900,000 as of September 30, 2023, up 56.9% from HKD 20,969,000 as of March 31, 2023 [83]. - The total value of bank and other loans decreased to HKD 77,888,000 as of September 30, 2023, down 11.7% from HKD 88,177,000 as of March 31, 2023 [84]. - The average effective interest rate for bank loans was 5.940% as of September 30, 2023, compared to 5.134% as of March 31, 2023 [85]. Labor and Employment - The group employed 123 employees as of September 30, 2023, with no significant labor disputes reported during the period [24]. - The group is currently facing two labor claims arising from normal business operations, with no specific claim amounts determined yet [92].
上谕集团(01633) - 2024 - 中期财报