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天成控股(02110) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended 30 November 2023 was approximately HK$123.6 million, a decrease from approximately HK$129.3 million for the same period in 2022[19] - Loss attributable to equity shareholders for the six months ended 30 November 2023 was HK$20.0 million, compared to a loss of HK$27.9 million for the same period in 2022[19] - Loss per share for the six months ended 30 November 2023 was 8.4 HK cents, an improvement from 12.6 HK cents for the same period in 2022[19] - The Group recorded a gross loss of approximately HK$14.4 million on marine construction works, compared to a gross loss of approximately HK$12.6 million in the prior period, attributed to higher costs and challenges during pier reconstruction[26] - The gross loss for the period was HK$13.012 million, improved from a gross loss of HK$21.774 million in the previous year, indicating a reduction of approximately 40.5%[84] - The loss from operations decreased to HK$20.437 million, down 28.1% from HK$28.428 million in the prior period[84] - For the six months ended 30 November 2023, the company reported a loss of HK$20,029,000 compared to a loss of HK$27,972,000 for the same period in 2022, representing a 28% improvement in loss[89] Revenue Breakdown - The Group recorded revenue from marine construction works of approximately HK$114.2 million, representing an increase of approximately 222.6% compared to HK$35.4 million in the prior period[23] - The significant revenue increase was primarily due to a marine construction project supplying sand fill materials for the north runway reconstruction, contributing approximately HK$54.1 million, and two pier reconstruction projects contributing HK$58.9 million[23] - Revenue from other civil engineering works amounted to approximately HK$5.4 million, a decline from approximately HK$86.1 million in the prior period, accounting for approximately 4.4% of total revenue[29] - Revenue from vessel chartering services decreased by approximately 48.1% to HK$4.0 million compared to HK$7.7 million for the six months ended 30 November 2022[39] - Revenue from marine construction works significantly increased to HK$114,194,000 from HK$35,447,000, representing a growth of 222.5%[112] - Revenue from other civil engineering works decreased to HK$5,444,000 from HK$86,143,000, a decline of 93.7%[112] - Vessel chartering services revenue fell to HK$3,951,000 from HK$7,702,000, a decrease of 48.7%[112] Project and Contract Information - The Group has maintained its position as the main contractor for two marine construction projects with a combined contract sum of approximately HK$261.4 million awarded in the previous year[20] - The Group undertook seven projects with an aggregate initial contract sum of approximately HK$485.3 million, with one project completed during the period[33] - As of 30 November 2023, the Group had six projects in progress with an aggregate initial contract sum of approximately HK$484.1 million[34] - Four projects are expected to be completed during the year ending 31 May 2024, one during the year ending 31 May 2025, and one during the year ending 31 May 2026[33] - The Group's marine construction projects include pier reconstruction in Sai Kung, Tai Po, and Lantau Island, all currently in progress[35] Cash Flow and Financial Position - Cash and bank balances increased to approximately HK$47.8 million as of 30 November 2023, up from approximately HK$33.9 million as of 31 May 2023[48] - The net current assets as of 30 November 2023 were HK$52.058 million, an increase from HK$50.937 million as of 31 May 2023[87] - The total assets less current liabilities as of 30 November 2023 were HK$106.880 million, down from HK$116.249 million as of 31 May 2023[87] - The Group's cash and cash equivalents increased to HK$47.784 million from HK$33.687 million as of 31 May 2023, reflecting a growth of 42.0%[87] - The company generated a net cash outflow from operating activities of HK$2,217,000 for the six months ended 30 November 2023, compared to a net cash inflow of HK$6,943,000 for the same period in 2022[93] - Cash and cash equivalents at the end of the period increased to HK$47,784,000 from HK$77,773,000 at the end of the previous year, reflecting a decrease of 38.5%[93] - The company reported a net cash inflow from investing activities of HK$5,318,000, compared to a net cash outflow of HK$3,584,000 in the previous year[93] Share Capital and Equity - The Group issued 444,800,000 new shares on 20 September 2023, raising approximately HK$11.8 million, representing 20% of the existing issued share capital prior to the placing[53] - Share consolidation was approved on 31 October 2023, consolidating every ten existing shares into one consolidated share, resulting in 266,880,000 ordinary shares at a par value of HK$0.1 each[54] - The share capital increased to HK$26.688 million as of 30 November 2023, up from HK$22.240 million as of 31 May 2023[87] - The total equity attributable to equity shareholders of the company as of 30 November 2023 was HK$98,253,000, an increase from HK$165,547,000 as of 30 November 2022[89] - The company issued and allotted 444,800,000 ordinary shares on 20 September 2023, increasing the issued share capital to HK$26,688,000 as of 30 November 2023[166] Governance and Compliance - The company has no material contingent liabilities as of 30 November 2023, indicating a stable financial position[170] - The company complied with the Corporate Governance Code during the reporting period, reflecting adherence to governance standards[175] - The Company has complied with the corporate governance code as set out in the Listing Rules during the reporting period[178] - Following the resignation of Mr. Zhang, the Company failed to meet the requirements under Rules 3.10A, 3.10(1), and 3.21 of the Listing Rules[179] - Mr. Wen Xiaoxiao has been appointed as an independent non-executive Director effective from 24 January 2024, restoring compliance with the Listing Rules[180] Staff and Administrative Expenses - Total staff costs, including directors' emoluments, amounted to approximately HK$25.8 million for the Period, compared to approximately HK$16.8 million for the six months ended 30 November 2022[64] - As of 30 November 2023, the Group employed 112 staff, an increase from 88 staff as of 31 May 2023[64] - Staff costs, including directors' emoluments, increased to HK$25,077,000 for the six months ended 30 November 2023, compared to HK$16,273,000 in the same period of 2022[126] - General and administrative expenses increased by approximately 1.3% to HK$7.8 million compared to HK$7.7 million for the corresponding prior period[45] Other Income and Expenses - Other income decreased from approximately HK$1.1 million to HK$0.4 million, primarily due to the absence of government subsidies received in the prior period[41] - Other income for the six months ended November 30, 2023, totaled HK$409,000, down from HK$1,066,000, a decrease of 61.6%[120] - Bank interest income decreased to HK$18,000 from HK$216,000, a decline of 91.7%[120] - Interest on lease liabilities increased to HK$100,000 from HK$69,000, an increase of 44.9%[123]