Financial Performance - Revenue for the six months ended September 30, 2023, was approximately HKD 67.2 million, a decrease of 52.6% compared to HKD 141.9 million for the same period in 2022[9] - The company reported a loss attributable to owners of approximately HKD 6.9 million for the six months ended September 30, 2023, compared to a profit of HKD 2.4 million for the same period in 2022[11] - Gross profit margin for the six months ended September 30, 2023, was 2.0%, down from 8.4% in the same period of 2022[16] - Other income and net other gains or losses for the six months ended September 30, 2023, were approximately HKD 100,000, a decrease of 95.0% from HKD 2.1 million in 2022[16] - Employee costs for the six months ended September 30, 2023, were approximately HKD 23.1 million, down from HKD 34.2 million in the same period of 2022[35] - Operating loss for the six months was HKD 8,813,000, compared to an operating profit of HKD 2,868,000 in the previous year[64] - The net loss attributable to owners for the period was HKD 6,918,000, compared to a profit of HKD 2,356,000 in the same period last year[64] - Basic and diluted loss per share was HKD 0.69, compared to earnings of HKD 0.24 per share in the previous year[64] Revenue Sources - The company has ongoing projects with total revenue contributions, including W58, W59, and W60, amounting to HKD 57.7 million for the six months ended September 30, 2023[14] - The company experienced a significant decrease in revenue from projects W55 and W57, which were largely completed and in the maintenance phase during the reporting period[11] - Customer A contributed HKD 65,648,000 to the total revenue in the six months ended September 30, 2023, down from HKD 125,208,000 in the same period of 2022, representing a decline of 47.5%[93] - The company's revenue from civil engineering and related management services for the six months ended September 30, 2023, was HKD 67,191,000, a decrease of 52.7% compared to HKD 141,900,000 in the same period of 2022[88] Assets and Liabilities - Total assets as of September 30, 2023, were HKD 313,011,000, a decrease from HKD 336,172,000 as of March 31, 2023[66] - Current liabilities decreased to HKD 22,791,000 from HKD 45,842,000 as of March 31, 2023[66] - The company’s equity attributable to owners decreased to HKD 302,466,000 from HKD 309,384,000 as of March 31, 2023[69] - Trade receivables as of September 30, 2023, amounted to HKD 16,489,000, down from HKD 25,015,000 as of March 31, 2023, indicating a decrease of approximately 34.3%[108] - Contract assets decreased to HKD 88,060,000 as of September 30, 2023, from HKD 109,308,000 as of March 31, 2023, reflecting a decline of approximately 19.4%[111] - The company’s total liabilities decreased from HKD 38,225,000 to HKD 15,788,000, a reduction of approximately 58.7%[114] Cash Flow - The company reported a net cash outflow from operating activities of HKD 14,421,000 for the six months ended September 30, 2023, compared to HKD 26,560,000 in the same period of 2022[74] - The company reported a net decrease in cash and cash equivalents of HKD 13,536,000 for the six months ended September 30, 2023, compared to a net decrease of HKD 24,603,000 in the same period of 2022[88] - Cash and cash equivalents as of September 30, 2023, were HKD 41,613,000, down from HKD 55,149,000 at the end of the previous fiscal year[66] - The ending cash and cash equivalents balance as of September 30, 2023, was HKD 41,613,000, an increase of 44.3% from HKD 28,845,000 at the end of the same period in 2022[88] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the six months ending September 30, 2023, with one exception regarding attendance at the annual general meeting[42] - The company has ensured that all directors confirmed compliance with the securities trading standards during the reporting period[43] - There were no significant changes in the performance, condition, or prospects of the company that were not communicated to the board during the reporting period[42] Dividends and Shareholder Information - No interim dividend was declared for the six months ending September 30, 2023, consistent with the previous year[49] - The company has maintained a 60% shareholding by its major shareholder, which is consistent with previous disclosures[56] Management and Employee Costs - The annual basic salary of the executive director and chairman was adjusted from HKD 1,200,000 to HKD 840,000, reflecting a 30% reduction[50] - The independent non-executive director's remuneration was adjusted from HKD 216,000 to HKD 180,000, a decrease of approximately 16.67%[50] - Total employee costs (excluding director remuneration) decreased to HKD 21,164,000 in 2023 from HKD 32,106,000 in 2022, representing a reduction of approximately 34.2%[7] - The company’s employee costs accrued decreased from HKD 4,647,000 to HKD 2,953,000, a decrease of about 36.4%[117] Investments and Acquisitions - The company plans to acquire additional machinery and equipment costing HKD 58.3 million, with HKD 3.6 million already utilized as of September 30, 2023[39] - The company has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures in the six months ended September 30, 2023[30] Other Financial Information - The company did not recognize any government grants during the six months ended September 30, 2023, compared to HKD 2,716,000 in the same period of 2022[95] - The company incurred a loss of HKD 171,000 from the sale of financial assets measured at fair value through profit or loss during the six months ended September 30, 2023, compared to a loss of HKD 573,000 in the same period of 2022[95] - The interest expense for financing activities increased to HKD 72,000 in the six months ended September 30, 2023, from HKD 41,000 in the same period of 2022, marking a rise of 75.6%[96]
生兴控股(01472) - 2024 - 中期财报