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Public company info - Man King Holdings Ltd. , 02193.HK

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Man King Holdings Ltd., 02193.HK - Company Profile
Chairman YC Lo
Share Issued (share) 420,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Infrastructure
Corporate Profile Business Summary: The group are a main contractor in the construction industry principally engaged in providing civil engineering services in Hong Kong. To a lesser extent, The group are also engaged in the provision of consultancy services mainly in the capacity of independent checking engineer on electrical and mechanical engineering works. Performance for the year: Revenue decreased by HK$18.8 million or 10.3% from approximately HK$183.3 million to approximately HK$164.5 million. Gross profit decreased by HK$39.0 million or 49.7% from approximately HK$78.6 million for the year ended 31 March 2016 to approximately HK$39.6 million for the year ended 31 March 2017. Gross profit margin decreased from approximately 42.9% to approximately 24.1%. For the year ended 31 March 2017, the Group recorded net profit of approximately HK$8.5 million, a decrease of 68.6% as compared to the net profit of approximately HK$27.2 million for the corresponding period in the last financial year. Business Review: Construction contracts are normally awarded through competitive tendering process. The Group determines a tender price by estimating the construction costs under the contract duration as specified in the tender invitation documents. One of the principal risks of the Group is that any error or inaccurate estimation of project costs when determining the tender price may result in substantial loss. As such, the Group has tender department formed by a high calibre and committed professional workforce to fully support the tendering process, to ensure the accuracy and to bring the best interests to the Group. During the year ended 31 March 2017, the Group secured six new contracts with a total value of approximately HK$604.6 million. As at 31 March 2017, the Group had seven projects in progress, and several completed projects which are yet to receive the final contract sum, with a total estimated outstanding contract sum and work order value of approximately HK$527.0 million. Prospects: The Group has secured 6 contracts of about HK$604.6 million during the year ended 31 March 2017 providing a resilient backdrop for the year ahead, and there are a few other tenders pending final results. The Group is, however, in a transition period from the completion of previous highly profitable projects to less contribution from the new contracts at this preliminary stage, which results in a significant drop of gross profit for the year ended 31 March 2017. The Hong Kong’s public spending on infrastructure has been maintained at high levels, with about HK$85 billion for the year 2017/18 and a huge public expenditure programme in the coming decade. Key major infrastructure projects in the coming years include the Kai Tak Sports Park, Central Kowloon Route and the Tung Chung New Town Extension. The Hong Kong Airport Authority is spending about HK$120 billion for its Third Runway construction over the coming three years. This underpins the resilient of the group's business focusing on public works. Although operating expenses and compensation of employees of the construction sector remain high, the hard time of recruiting qualified engineers and workers has been eased. The prices for supply of major materials such as concrete, rebars and fuels were under the group's expectation throughout the year. This helped inhibit the ever rising trend of the overall construction cost in the past few years. Despite these encouraging market conditions, the Legislative Council has been very slow in their progress of approving funding for public projects. There was only few new works project that have obtained approved funding totalling approximately HK$1.1 billion out of the total estimated funding of approximately HK$90 billion from the Finance Committee of Legislative Council up to March 2017, which brings not only uncertainties and difficulties in tendering and award of tenders in the construction industry but also the financial performance in terms of revenue and profit margins. The group remain focused on further improving the group's operation efficiency and investment in new technology and human resources to support the group's operation with reasonable profit margins. It is forseeable that the Hong Kong construction environment is likely to remain challenging, but it is not insurmountable. The group continue cautiously to maintain a healthy reserve of finance and work force of the Group for the year ending 31 March 2018 for effective operation and further expansion and development of the group's business.

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