Financial Performance - For the six months ended September 30, 2024, the group reported revenue of approximately HKD 379.7 million, an increase of about HKD 134.7 million or 55.0% compared to HKD 245.0 million for the same period in 2023[12] - The company’s profit attributable to owners increased to approximately HKD 4.6 million for the period, compared to HKD 2.1 million for the six months ended September 30, 2023, reflecting a significant improvement due to the gradual recovery of the Hong Kong economy and strict cost control measures implemented by the project team[20] - Total revenue for the six months ended September 30, 2024, was approximately HKD 396.9 million, up from HKD 251.1 million for the same period in 2023, representing a growth of approximately 58%[40] - Total profit for the six months ended September 30, 2024, was HKD 4,574,000, compared to HKD 2,102,000 for the same period in 2023, marking a 118% increase[77] Project and Contract Management - The group secured 18 new contracts during the reporting period, with a total contract value of approximately HKD 295.0 million, and completed 26 projects with a total contract value of approximately HKD 536.2 million[10] - As of September 30, 2024, the group had 30 projects on hand, including ongoing and awarded but not yet commenced projects[10] - The total amount of unbilled revenue related to performance obligations as of September 30, 2024, was approximately HKD 509.8 million, compared to HKD 401.5 million as of September 30, 2023[10] Revenue Sources - Revenue from machinery leasing reached approximately HKD 17.2 million, a significant increase of about HKD 11.1 million or 182.0% compared to HKD 6.1 million in the previous period[12] - Income from foundation and site preparation engineering was HKD 379,691,000, up 55% from HKD 244,994,000 year-over-year[62] - Rental income from machinery increased to HKD 17,163,000, a significant rise from HKD 6,121,000 in the previous year[62] Expenses and Costs - Administrative expenses rose to approximately HKD 19.0 million, an increase of about HKD 3.4 million or 21.8% from HKD 15.6 million in the previous period, driven by increased contract asset impairment losses and wage costs[15] - The company incurred financial costs of HKD 767,000, an increase from HKD 431,000 in the previous year, primarily due to bank borrowings[69] - The company recognized impairment losses on contract assets amounting to HKD 2,367,000, compared to HKD 564,000 in the previous year[73] Assets and Liabilities - The total assets of the group as of September 30, 2024, were approximately HKD 337.6 million, a decrease from HKD 344.5 million as of March 31, 2024[22] - The total liabilities decreased to approximately HKD 202.2 million as of September 30, 2024, down from HKD 213.6 million as of March 31, 2024[22] - The company’s total liabilities decreased to HKD 188,828 million from HKD 202,465 million, a decline of about 6.7%[43] Cash Flow and Financial Position - The group’s cash and bank balances increased to approximately HKD 59.2 million as of September 30, 2024, compared to HKD 45.6 million as of March 31, 2024, due to net cash inflows from operating, investing, and financing activities totaling approximately HKD 13.6 million[23] - Operating cash flow for the six months ended September 30, 2024, was HKD 35,221 million, compared to HKD 15,534 million for the same period in 2023, an increase of 126.5%[50] - Cash and cash equivalents increased to HKD 59,185 million from HKD 45,630 million, representing a growth of 29.6%[50] Capital Expenditure - Capital expenditure during the period was approximately HKD 25.2 million, down from HKD 31.7 million for the six months ended March 31, 2024, primarily for the purchase of machinery and equipment[28] - The company purchased machinery and equipment at a cost of approximately HKD 20,703,000 during the six months ended September 30, 2024, compared to HKD 5,281,000 in the same period last year[79] Shareholder Information - As of September 30, 2024, Mr. Li Zhuojin holds 484,998,000 shares, representing 51.94% of the total issued shares[134] - Major shareholders include 彩暉環球, holding 484,998,000 shares (51.94%), and 得意環球有限公司, holding 190,002,000 shares (20.35%)[139] Governance and Compliance - The company is led by Mr. Li Zhuojin, who serves as both Chairman and CEO, with a focus on effective governance despite the dual role[131] - The company has established a risk management and internal control system with three independent non-executive directors to ensure adequate checks and balances[131] - The Audit Committee was established on September 21, 2017, consisting of three independent non-executive directors[147] Other Information - The company did not declare any interim dividend for the six months ending September 30, 2024[21] - The company has not recognized any significant loss allowance for deposits and other receivables as of September 30, 2024[95] - The group has been involved in several lawsuits and potential claims related to work injuries and civil litigation, but the board believes these will not have a significant impact on the financial statements[123]
荣智控股(06080) - 2025 - 中期财报