Revenue and Profitability - The Group's total revenue increased by approximately 19.1%, from HK$131,550,000 in the corresponding period last year to HK$156,658,000 for the Period[14]. - Gross profit increased by approximately 3.7%, from HK$44,990,000 for the corresponding period last year to HK$46,665,000 for the Period[16]. - Profit attributable to owners of the Company rose by approximately 27.5% from HK$18,084,000 to HK$23,064,000, with basic earnings per share increasing from approximately HK1.81 cents to HK2.31 cents[32]. - Profit before taxation rose to HK$29,135,000, an increase of 17.3% from HK$24,851,000 in the previous year[130]. - Profit and total comprehensive income for the period was HK$26,519,000, up 26.5% from HK$20,998,000 in 2022[130]. Cost and Expenses - The cost of revenue rose by approximately 27.1%, from HK$86,560,000 for the corresponding period last year to HK$109,993,000 for the Period[15]. - The gross profit margin decreased by approximately 4.4 percentage points, from approximately 34.2% to approximately 29.8% for the Period[16]. - Administrative expenses surged by approximately 43.2% from HK$21,180,000 to HK$30,325,000, mainly due to increased staff costs and business development expenses[23]. - Finance costs increased significantly from HK$50,000 to HK$729,000, attributed to new lease interest expenses and increased interest from borrowings after acquisitions[24]. Business Operations and Future Outlook - The Group expects demand for vessel chartering and related services to gradually diminish due to the completion of several high-profile marine construction projects[9]. - Management anticipates stable revenue and profits from the ship management and marine construction business going forward[10]. - The Group will continue to invest in its vessel fleet and explore other opportunities to capture business prospects[9]. - The Group's marine construction services are primarily provided to contractors for significant marine infrastructure projects in Hong Kong[8]. Financial Position - The Group's net current assets decreased from HK$157,985,000 to HK$122,251,000, with the current ratio declining from approximately 5.1 to 2.0[39]. - The gearing ratio as of September 30, 2023, was 7.3%, compared to nil as of March 31, 2023[40]. - Non-current assets as of September 30, 2023, totaled HK$193,313,000, an increase from HK$143,497,000 as of March 31, 2023[131]. - Total equity as of September 30, 2023, was HK$291,126,000, up from HK$284,202,000 as of March 31, 2023[133]. Shareholding and Corporate Governance - As of September 30, 2023, Wen Tsz Kit Bondy and Chan Sau Ling Amy each hold 558,858,750 shares, representing 55.89% of the company's shareholding[88]. - The company has independent non-executive directors responsible for providing independent judgment on strategy, performance, resources, and conduct standards[82]. - The company has adopted the Corporate Governance Code and complied with it during the period, except for the separation of the roles of chairman and CEO[118]. - The company aims to enhance transparency and accountability through its corporate governance framework[117]. Segment Information - The Group's revenue is derived from vessel chartering, ship management services, and newly added marine construction services[162]. - Revenue from vessel chartering and related services decreased to HK$77,189,000, down 34.9% from HK$118,600,000 in the previous year[186]. - Revenue from marine construction services was HK$66,356,000, with no revenue reported for this segment in the same period last year[186]. - Segment profit for vessel chartering was HK$30,047,000, while ship management services generated a profit of HK$6,875,000, and marine construction services contributed HK$9,578,000[170]. Cash Flow and Investments - For the six months ended September 30, 2023, net cash used in operating activities was HK$14,649,000, a significant decrease from HK$100,879,000 in the same period of 2022[139]. - The net cash from investing activities was HK$30,324,000, compared to a cash outflow of HK$81,287,000 in the previous year[139]. - The company paid dividends of HK$18,000,000, a decrease from HK$20,000,000 in the previous year[139]. - The planned use of the remaining net proceeds includes HK$22 million for setting up a shipyard in Hong Kong, expected to be fully utilized by 2024[114].
润利海事(02682) - 2024 - 中期财报