Financial Performance - Revenue from continuing operations decreased to approximately HKD 85.0 million, a decline of about HKD 26.4 million or 23.7% compared to HKD 111.4 million in the same period last year[20][26]. - Gross profit from continuing operations fell to approximately HKD 11.8 million, down about HKD 4.6 million or 28.2%, with a gross margin decrease from 14.8% to 13.9%[22]. - The company's profit attributable to owners decreased to approximately HKD 6.6 million, down from HKD 6.9 million in the same period last year, a reduction of about HKD 0.3 million[52]. - For the six months ended September 30, 2023, the company reported revenue of HKD 85,041 thousand, a decrease of 23.7% from HKD 111,401 thousand in the same period of 2022[97]. - Gross profit for the same period was HKD 11,804 thousand, down 28.1% from HKD 16,449 thousand year-over-year[97]. - The company achieved a profit before tax of HKD 7,530 thousand, a decline of 6.6% compared to HKD 8,060 thousand in the previous year[97]. - Net profit attributable to the company's owners for the period was HKD 6,626 thousand, slightly down from HKD 6,872 thousand in the prior year, representing a decrease of 3.6%[98]. - Total comprehensive income for the period was HKD 5,183 thousand, an increase of 72.5% from HKD 3,006 thousand in the same period last year[98]. Costs and Expenses - Direct costs for continuing operations were approximately HKD 73.2 million, a reduction of about HKD 21.7 million or 22.9% compared to HKD 95.0 million in the previous year[29]. - Administrative expenses decreased to approximately HKD 10.6 million, down about HKD 0.9 million or 8.2% from HKD 11.5 million in the previous year[30]. - The company incurred bank borrowing interest expenses of HKD 25,000, up from HKD 23,000 in the previous period, reflecting an increase of 8.7%[120]. - The cost of goods sold recognized as expenses was HKD 17,618,000 for the six months ended September 30, 2023, up from HKD 13,727,000 in 2022, representing a growth of about 28.3%[134]. - The depreciation of property, plant, and equipment increased to HKD 2,001,000 in 2023 from HKD 1,712,000 in 2022, indicating a rise of approximately 16.85%[134]. Assets and Liabilities - The company's equity as of September 30, 2023, was approximately HKD 175.3 million, compared to HKD 170.0 million as of March 31, 2023[31]. - As of September 30, 2023, the company's total bank balance and cash amounted to approximately HKD 68.1 million, down from HKD 79.4 million as of March 31, 2023[54]. - Current assets totaled HKD 168,382,000, slightly up from HKD 167,330,000, indicating a marginal growth of 0.63%[76]. - Total liabilities decreased from HKD 19,110,000 to HKD 18,842,000, showing a reduction of 1.4%[76]. - The company's debt-to-equity ratio was approximately 0% as of September 30, 2023, compared to about 2.2% on March 31, 2023[53]. - Trade payables as of September 30, 2023, amounted to HKD 3,155,000, compared to HKD 2,821,000 as of March 31, 2023, reflecting an increase of approximately 11.85%[141]. Cash Flow - The company generated a net cash outflow from operating activities of HKD (999,000) for the six months ended September 30, 2023, compared to a net inflow of HKD 7,492,000 in the same period of 2022[124]. - The company reported a net cash outflow from investing activities of HKD (6,812,000) for the six months ended September 30, 2023, compared to HKD (273,000) in the same period of 2022[124]. - The company's financing activities resulted in a net cash outflow of HKD (3,914,000) for the six months ended September 30, 2023, compared to HKD (133,000) in the same period of 2022[124]. Corporate Governance - The company maintained a high standard of corporate governance, confirming compliance with all applicable codes as of September 30, 2023[69]. - The board of directors confirmed adherence to the trading standards set forth in the company's code of conduct during the reporting period[68]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the reporting period[69]. - The company has maintained its public float as per listing rules, ensuring compliance with regulatory requirements[96]. Future Outlook - The outlook remains optimistic for the construction business due to increased land supply and government commitments to improve public housing supply, despite challenges from global economic instability and rising labor costs[19]. - The company does not recommend declaring an interim dividend for the reporting period, consistent with the previous year[14][37]. Other Information - The company raised approximately HKD 161.5 million through a global offering, with a net amount of about HKD 130.0 million after deducting listing expenses[41]. - The company has fully utilized the funds for upgrading its information technology systems and equipment, totaling HKD 3.5 million[42]. - The company has not yet utilized the funds for expanding its labor force in Hong Kong and China due to delays caused by the COVID-19 pandemic[44]. - The company continues to monitor foreign exchange risks and will consider hedging significant foreign exchange risks as needed[55]. - The company has lost control over HY China Investment Company Limited and its subsidiaries, which ceased operations on February 24, 2023, and their financial results are no longer consolidated[144].
恒益控股(01894) - 2024 - 中期财报