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C&T announces 2020 Interim Results
Hong Kong, August 13, 2020 - Leading Hong Kong listed information technology (IT) software and service company, Computer And Technologies Holdings Limited (C&T or the Group, SEHK 00046) announced today its unaudited interim results for the six months ended June 30, 2020.
During the period under review, the global economy was adversely affected by the outbreak of COVID-19, which has been causing material disruptions almost to every aspect of the Group’s operations. On top of the weakening demand caused by the economic recession, the tightened public health measures including work from home and social distancing policies had also caused postponements or cancelations of various business meetings and sales activities, which resulted in the delay in project delivery and new contract conclusion.
As a result, the Group’s overall revenue dropped by HK$16.4 million, or 12.3% to HK$117.4 million (2019: HK$133.8 million). The Group’s gross profit accordingly recorded a decrease of HK$9.2 million, or 12.2% to HK$65.8 million (2019: HK$75.0 million) while the gross profit margin maintained at 56.1% (2019: 56.0%).
The sharp economic contraction had also been reflected in the valuation of the Group’s financial assets and investment properties which had incurred losses of HK$4.1 million (2019: gains of HK$4.4 million).
Benefiting from the HK$2.4 million (2019: nil) wage subsidies granted by the HKSAR Government under the Employment Support Scheme during the reporting period, the Group’s other incomes and gains increased by HK$1.0 million, or 21.4% to HK$5.7 million (2019: HK$4.7 million).
Overall expenses and tax provision had been reduced owing to better cost control by the Group and more accommodative policies launched by the PRC and HKSAR governments.
With the abovementioned, the Group’s consolidated net profit attributable to shareholders reduced by 31.0% to HK$19.9 million (2019: HK$28.8 million). The basic earnings per share also dropped to 8.03 HK cents (2019: 11.66 HK cents).
In view of the solid cash position of the Group, the Board declared the distribution of an interim dividend of HK$0.05 (2019: HK$0.09) per ordinary share for the six months ended June 30, 2020.
“The impact of novel coronavirus, economic recession and political instability in Hong Kong will continue to pose threats to the Group. The management is of the view that the overall difficult business environment may last for some time,” stated Mr. Ng Cheung Shing, Chairman of the Group. “The Group will continue to stay alert with strengthened risk and business continuity management to navigate through this crisis and timely resume our growth in the post-pandemic period.”
For details of the Group’s 2020 Interim Results, please refer to the official announcement.
About C&T Holdings
Computer And Technologies Holdings Limited (C&T, SEHK 00046) is a leading IT software and service provider in Asia involved in the design, delivery and operation of total IT solutions for the Government departments and corporate enterprises. Building on its successful track records, the Group provides comprehensive IT services from system and network integration, IT solutions implementation and software development, enterprise application software, on-line e-Government and e-Business platforms, as well as business process outsourcing services. For more information, please visit our website at www.ctil.com.
Ms. Emma Wong
Tel: (852) 2217 1511
Fax: (852) 2503 8400