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天成控股(02110) - 2024 - 中期财报

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[16]. - 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[16]. - 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[16]. - Revenue for the six months ended November 30, 2023, was HK$123.589 million, a decrease from HK$129.292 million in the same period of 2022, representing a decline of approximately 4.3%[109]. - Gross loss for the same period was HK$13.0 million, improving from a gross loss of HK$21.8 million year-on-year[81]. - Loss from operations decreased to HK$20.4 million, compared to HK$28.4 million in the previous year, reflecting a reduction of 28.2%[81]. - The loss attributable to equity shareholders decreased by approximately 28.3% to approximately HK$20.0 million for the Period, down from approximately HK$27.9 million for the corresponding prior period[43]. Revenue Breakdown - Revenue from marine construction works during the Period was approximately HK$114.2 million, representing an increase of approximately 222.6% compared to HK$35.4 million in the corresponding prior period[20]. - Revenue from other civil engineering works amounted to approximately HK$5.4 million, a decline of approximately 93.7% from HK$86.1 million in the same period last year, accounting for approximately 4.4% of total revenue[26]. - Revenue from vessel chartering services decreased by approximately 48.1% to HK$4.0 million compared to HK$7.7 million in the same period last year[36]. - Revenue from vessel leasing services decreased by approximately 48.1% to about HK$4.0 million for the Period, compared to approximately HK$7.7 million for the corresponding prior period[39]. - Revenue from marine construction works was HK$114.194 million, significantly up from HK$35.447 million in the prior year, indicating an increase of approximately 222.5%[109]. - Vessel chartering services revenue decreased to HK$3.951 million from HK$7.702 million, reflecting a decline of approximately 48.7%[109]. Project and Contract Updates - The significant revenue increase was driven by a marine construction project that contributed approximately HK$54.1 million and two pier reconstruction projects that contributed HK$58.9 million during the Period[20]. - The Group 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[17]. - As of 30 November 2023, the Group had four marine construction projects in progress[20]. - The Group has one ongoing vessel chartering arrangement with an initial contract sum of approximately HK$18.7 million, expected to be completed during the year ending 31 May 2025[37]. - As of 30 November 2023, the Group had six ongoing projects with an aggregate initial contract sum of approximately HK$484.1 million[30]. Cash Flow and Financial Position - The Group's 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[45]. - Net current assets increased to HK$52.1 million as of November 30, 2023, compared to HK$50.9 million as of May 31, 2023[84]. - 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[90]. - 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 same period in 2022, reflecting a decrease of 38.5%[90]. - The company reported a net cash inflow from investing activities of HK$5,318,000 for the six months ended 30 November 2023, compared to a net cash outflow of HK$3,584,000 for the same period in 2022[90]. 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 before the Placing[50]. - Following the share consolidation effective from 2 November 2023, the total ordinary shares in issue is now 266,880,000 shares at a par value of HK$0.1 each[51]. - 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[86]. - The company proposed a share consolidation of every ten existing shares into one consolidated share, which was approved on October 31, 2023[76]. Expenses and Costs - General and administrative expenses rose by approximately 1.3% to about HK$7.8 million for the Period, compared to approximately HK$7.7 million for the corresponding prior period[42]. - 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[61]. - 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 previous year[126]. - Contributions to defined contribution retirement plans rose to HK$773,000 for the six months ended 30 November 2023, up from HK$513,000 in the same period of 2022[126]. Governance and Compliance - The Company has complied with the corporate governance code as set out in the Listing Rules during the reporting period[175]. - The Company has maintained a public float of not less than 25% of the issued shares as required under the Listing Rules[195]. - The Audit Committee currently does not meet the minimum requirement of three members following the resignation of Mr. Zhang Wenyong[176]. - Mr. Wen Xiaoxiao will be appointed as an independent non-executive Director effective from 24 January 2024, which will restore compliance with the Listing Rules[177]. - The Company has confirmed that all Directors have fully complied with the Model Code for Securities Transactions during the reporting period[178].