Monday, November 30, 2020
Martin Hennecke
HKEx Stock Code : 01240 
Corporate Profile
The Group is a contractor in the Hong Kong foundation industry and are principally engaged in the foundation business and machinery leasing business in Hong Kong.

Business Review - For the year ended March 31, 2013

Construction Business

The construction projects undertaken by the Group can be broadly divided into foundation works and ancillary services with particular specialisation in piling works. The Group undertakes foundation work related projects in both the public sector, including building and infrastructure related projects, and the private sector in both Hong Kong and Macau.

Revenue from the construction contracts for the Reporting Period was approximately HK$593,742,000 (2012: approximately HK$302,571,000). The significant increase was mainly attributable to the increase in average contract sum of construction projects undertaken by the Group. During the Reporting Period, the Group has undertaken several sizable foundation projects such as Yuen Long Town Lot (contact sum: approximately HK$661.0 million), Tung Chau Street (contact sum: approximately HK$139.0 million), Tan Kwai Tsuen Road (contact sum: approximately HK$106.9 million).

Machinery Leasing

In addition to undertaking construction works, the Group also leased certain unutilised machinery on a short term basis to third party machinery company and contractors during the Reporting Period in order to maximize utilization of idling resources.

Revenue from the machinery leasing for the Reporting Period was approximately HK$4,249,000 (2012: approximately HK$10,551,000). The decrease was mainly attributable to the increase in utilisation rate for the machinery allocated for construction works and less idle time for the machinery to be leased out.

Business Outlook - For the year ended March 31, 2013

With the net proceeds of approximately HK$48.0 million raised from the Share Offer of 75,000,000 shares of the Company, the Company has utilised approximately HK$45.2 million to, among others, increase the productivity and reduce the bank borrowings in order to bring value to its shareholders in the near future. Details of the application of such net proceeds are set out in announcement of the Company dated 17 October 2012 and in the Prospectus dated 27 September 2012.

Apart from strengthening the construction business in Hong Kong, the Group will make its best effort to explore business opportunities in Macau. The Directors considered Macau as a fast-growing market for the construction business and the Group will greatly be benefited if it actively participates in bidding the Macau construction projects.

Source: Sunley Hldgs (01240) Annual Results Announcement
Chairman Ho Kar Chung Issued Capital (shares) 300M
Par Value HKD 0.01 Market Capitalisation (HKD) 507M
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