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C&T announces 2021 Interim Results
Hong Kong, August 16, 2021 - 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, 2021.
The global economy took a big hit from the COVID-19 pandemic (the Pandemic) in 2020. Although there is sight for recovery in 2021, the business sentiment was swayed by concerns over the worldwide economic outlook amid the Pandemic and the development of China-US relations. This sentiment had weakened the demand for some of the Group’s products and services from the private sectors. Conversely, the orders from the governments and semi-government organizations remained steady during the reporting period. Accordingly, the Group’s overall revenue rose by HK$7.9 million, or 6.7% to HK$125.3 million (2020: HK$117.4 million).
As reported last year, the Group’s Solutions Services business had adjourned the capitalization of the development costs for the software enhancement project of the Customer Care and Billing System and charged HK$4.2 million (2020: capitalized HK$4.3 million) to the profit or loss statement. As a result, the growth rate of cost of sales and services was larger than the revenue growth in the first half of 2021. The gross profit margin was dropped to 53.1% (2020: 56.1%) while the gross profit improved mildly by 1.1% to HK$66.5 million (2020: HK$65.8 million).
The total non-operating incomes rose by HK$2.0 million, or 135.6% to HK$3.4 million (2020: HK$1.4 million). The increment was primarily attributed to the gains in valuation of the investment properties and stocks and partially offset by the absence of government subsidies related to the Pandemic and the fall in bank interest income. The overall expenses were generally maintained at the same level compared with the same period last year. The income tax expense soared as an effect of the increase in assessable profits generated in Hong Kong.
With the abovementioned, the Group’s consolidated net profit attributable to shareholders improved by 7.8% to HK$21.4 million (2020: HK$19.9 million). The basic earnings per share also increased to 8.64 HK cents (2020: 8.03 HK cents).
In view of a sustained healthy financial position, the Board declared the distribution of an interim dividend of 6 HK cents (2020: 5 HK cents) per ordinary share for the six months ended June 30, 2021.
“In the rest of the year, the prospects of the Group will hinge critically on how fast the Pandemic can be fully contained. Looking forward, the Pandemic will have continuous impact in different business segments and the life of every individual. We will stay alert to the Pandemic and impose necessary measures to minimize any negative impact to our business and people.” stated Mr. Ng Cheung Shing, Chairman of the Group. “Focusing on the product R&D, exploring business acquisition opportunities and expanding our businesses in the Greater Bay Area in the post Pandemic period will be the key management directions in the foreseeable future.”
For details of the Group’s 2021 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