Revenue Performance - Revenue for the six months ended 31 October 2023 amounted to approximately HK$136.46 million, representing an increase of approximately 102.7% compared to HK$67.31 million for the same period in 2022[11]. - Revenue from slope works increased from approximately HK$67.26 million for the six months ended 31 October 2022 to approximately HK$136.46 million for the same period in 2023, representing an increase of approximately 102.9%[19]. - The Group's total revenue increased by approximately HK$69.15 million or approximately 102.7% from approximately HK$67.31 million for the six months ended 31 October 2022 to approximately HK$136.46 million for the six months ended 31 October 2023[23]. - Revenue from slope works projects increased from approximately HK$67.26 million to approximately HK$136.46 million, representing a growth of approximately 102.9% due to an increase in the number of projects[23]. - Revenue for the six months ended 31 October 2023 was HK$136,455,000, a 102.6% increase from HK$67,307,000 in the same period of 2022[97]. - Customer B contributed HK$66,164,000, representing 10.5% of total revenue for the six months ended 31 October 2023, compared to HK$29,919,000 or 5.5% in the same period of 2022[138]. Profit and Loss - Loss attributable to owners of the Company for the Reporting Period was approximately HK$1.49 million, a slight improvement from a loss of HK$1.60 million in 2022[11]. - Basic loss per share for the Reporting Period was approximately HK0.09 cents, compared to HK0.10 cents in 2022[11]. - The loss attributable to owners of the Company decreased to approximately HK$1.49 million for the six months ended 31 October 2023, compared to a loss of approximately HK$1.60 million for the same period in 2022[30]. - Loss before taxation for the six months ended 31 October 2023 was HK$1,487,000, a decrease from a loss of HK$1,604,000 in the same period of 2022[97]. - The total comprehensive expense for the period as of October 31, 2023, was HK$ (1,487) thousand, compared to HK$ (1,604) thousand for the same period in 2022[101]. - Loss before income tax for the six months ended 31 October 2023 was HK$1,487,000, compared to a loss of HK$1,604,000 in the same period of 2022, indicating a slight improvement[143]. Costs and Expenses - Direct costs increased by approximately HK$67.77 million or approximately 102.3% from approximately HK$66.26 million to approximately HK$134.03 million, primarily due to the increase in slope works projects[26]. - The Group's gross profit rose by approximately HK$1.37 million from approximately HK$1.05 million to approximately HK$2.42 million, with the gross profit margin increasing from approximately 1.6% to approximately 1.8%[24]. - Total staff costs for the six months ended 31 October 2023 were HK$2,068,000, a decrease of 9.8% from HK$2,293,000 in 2022[143]. - The interest on borrowings increased to HK$492,000 for the six months ended 31 October 2023, up from HK$179,000 in 2022[141]. - Subcontracting charges for the six months ended 31 October 2023 were HK$134,031,000, significantly higher than HK$66,260,000 in 2022, reflecting increased operational costs[143]. Financial Position - As of 31 October 2023, the Group's cash at banks and in hand amounted to approximately HK$31.27 million, an increase of approximately HK$30.12 million compared to approximately HK$1.15 million as of 30 April 2023[38]. - The Group's gearing ratio was negative approximately 208.1% as of 31 October 2023, compared to negative approximately 95.7% as of 30 April 2023, indicating a deficit in equity[40]. - Total equity as of 31 October 2023 was negative HK$23,781,000, compared to negative HK$22,294,000 as of 30 April 2023[99]. - The Group incurred a net loss of approximately HK$1,487,000 for the six months ended 31 October 2023, with net current liabilities and net liabilities of approximately HK$23,787,000 and HK$23,781,000 respectively[121][123]. - Cash and cash equivalents increased significantly to HK$31,270,000 as of 31 October 2023, compared to HK$1,146,000 as of 30 April 2023[99]. - The Group's operations are primarily focused on slope works and foundation works in Hong Kong, treated as a single operating segment[134][136]. Market Outlook - The Group anticipates that the Hong Kong construction market will remain challenging due to rising subcontracting costs and intense competition, which may pressure profit margins[17]. - The Hong Kong Government's ongoing major construction and infrastructure projects are expected to increase demand for slope works related to public safety[14]. - The Directors remain cautiously optimistic about the slope works industry in Hong Kong despite the competitive environment[14]. Corporate Governance and Compliance - The company complied with the applicable provisions of the Corporate Governance Code during the reporting period, with one noted deviation[77]. - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[93]. - The Company continues to operate under the same accounting policies as in the 2023 annual financial statements, ensuring consistency in financial reporting[111]. - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with applicable disclosure requirements[111]. Staffing and Management - The group employed 77 staff members as of October 31, 2023, a decrease from 94 employees as of April 30, 2023[59]. - Key management personnel remuneration totaled HK$1,383,000 for the six months ended 31 October 2023, slightly up from HK$1,358,000 in the previous year[180]. - Salaries, fees, and allowances for key management were HK$1,350,000, compared to HK$1,327,000 in the same period last year[180]. - Contributions to retirement benefit schemes for key management increased to HK$33,000 from HK$31,000 year-on-year[180]. Shareholder Information - As of October 31, 2023, Emperor Securities Limited held 792,000,000 shares, representing approximately 50.21% of the company's shareholding[70]. - No directors or chief executives had any interests or short positions in shares or debentures of the company as of October 31, 2023[61]. - The Board did not recommend any payment of dividend for the six months ended 31 October 2023, consistent with the previous year[85]. - The Company has no outstanding share options under the share option scheme as of 31 October 2023[86]. - There were no significant contracts involving directors with material interests during the reporting period[63].
浙江联合投资(08366) - 2024 - 中期财报