Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 186,922,000, a significant increase from HKD 52,709,000 in the same period of 2022, representing a growth of 254%[1] - Gross profit for the same period was HKD 20,681,000, compared to HKD 7,751,000 in 2022, indicating an increase of 166%[1] - The company reported a profit before tax of HKD 12,575,000, up from HKD 654,000 in the previous year, marking a substantial increase of 1,826%[1] - Net profit for the period was HKD 10,669,000, compared to HKD 137,000 in 2022, reflecting a growth of 7,785%[3] - Basic earnings per share for the period was HKD 0.01, compared to HKD 0.5 in the previous year[3] - The construction project segment generated revenue of HKD 184,100,000, up from HKD 49,947,000 in the previous year, indicating a growth of 268%[20] - The pre-tax profit for the six months ended September 30, 2023, was HKD 10,669,000, compared to HKD 137,000 in the same period of 2022, reflecting a substantial increase[24] - The company incurred construction costs of HKD 166,241,000 for the period, which is significantly higher than HKD 44,958,000 in the previous year[24] - The total tax expense for the six months ended September 30, 2023, was HKD 1,906,000, compared to HKD 517,000 in the same period of 2022, showing an increase of 268%[28] - The company's profit attributable to ordinary shareholders for the period was approximately HKD 10,748,000, compared to HKD 166,000 for the six months ended September 30, 2022[29] - Total revenue increased from approximately HKD 52,700,000 to approximately HKD 186,900,000, with construction project revenue at approximately HKD 184,100,000, up from HKD 49,900,000 in the previous year[42] - The group reported a segment profit from construction projects of approximately HKD 13,900,000, compared to HKD 2,200,000 in the previous year, while the segment profit from loan business was approximately HKD 900,000, a decrease of 18.2% year-on-year[42] Assets and Liabilities - Total current assets increased to HKD 470,649,000 as of September 30, 2023, from HKD 344,625,000 as of March 31, 2023, representing a growth of 36.6%[4] - Total current liabilities rose to HKD 237,721,000 from HKD 121,613,000, indicating an increase of 95.8%[6] - The company's total assets less current liabilities amounted to HKD 297,463,000, up from HKD 287,606,000, showing a growth of 3%[6] - Cash and cash equivalents decreased to HKD 6,961,000 from HKD 20,655,000, a decline of 66.3%[9] - As of September 30, 2023, trade receivables amounted to HKD 177,106,000, up from HKD 154,837,000 as of March 31, 2023, with a net value of HKD 156,369,000 after impairment[31] - The group had cash and bank balances of approximately HKD 7,000,000 as of September 30, 2023, down from HKD 20,700,000 as of March 31, 2023, while net assets increased to approximately HKD 293,300,000[44] - The capital debt ratio as of September 30, 2023, was approximately 0.04, compared to 0.05 as of March 31, 2023, with total bank and other borrowings of approximately HKD 12,700,000[44] - As of September 30, 2023, the group reported receivables from loans and interest amounting to HKD 116,679,000, with a net value of HKD 59,163,000 after impairment[33] Cash Flow - The net cash flow from operating activities was negative at HKD 12,557,000, compared to a negative HKD 10,581,000 in the previous year[9] - The company has not generated any taxable profits in China during the reporting period, thus no provision for corporate income tax was made[25] Employee and Management Information - The company’s employee benefits expenses, including director remuneration, totaled HKD 4,373,000, compared to HKD 4,248,000 in the previous year[24] - As of September 30, 2023, the group had 16 employees, an increase from 15 employees as of March 31, 2023[48] - The company has established a mandatory provident fund scheme for all eligible employees in Hong Kong, with contributions based on a specific percentage of salary costs for its Chinese subsidiary employees[48] - The remuneration policy for employees is regularly reviewed and based on market terms, performance, and individual qualifications[48] - The company has not appointed a separate CEO, with the current chairman also serving as the CEO to provide strong leadership and effective decision-making[54] Shareholder Information - The major shareholder, Xu Jiao, holds 450,000,000 shares, representing approximately 22.73% of the company's issued share capital[50] - The beneficial owner of Jue Dao Asset Investment Limited holds 400,000,000 shares, accounting for about 20.20% of the company's issued share capital[50] - The company has no other individuals with disclosed interests in its shares or related securities as of September 30, 2023[51] Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed the group's unaudited condensed consolidated financial statements and expressed satisfaction with the internal control systems[55] - The board has adopted a standard code for securities trading, confirming compliance during the period[53] - The group does not recommend any dividend payment for the period, consistent with the previous year[30] Market Opportunities - The group is actively seeking opportunities in the Hong Kong and Macau construction markets despite delays caused by the pandemic[43] Other Income - Interest income for the period was HKD 234,000, slightly down from HKD 273,000 in the same period of 2022[24] - The company's other income totaled HKD 236,000, down from HKD 273,000 in the same period of 2022[23] - The company reported a loss of HKD 129,000 in the aluminum products trading segment, which is consistent with the loss of HKD 127,000 in the previous year[20]
志道国际(01220) - 2024 - 中期财报