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- C&T announces 2022 Interim Results
C&T announces 2022 Interim Results
Hong Kong, August 18, 2022 - 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, 2022.
The fifth wave of the COVID-19 pandemic in Hong Kong and the outbreaks in Mainland China, especially Shanghai, (collectively the Pandemic) caused adverse impacts on the Group’s business during the reporting period. Moreover, the shortage of and fierce competition for IT talents in Hong Kong caused delays in delivery of some of the projects and induced increasing staff costs.
Despite the challenges created by the unfavorable business environment, the Group demonstrated great resilience and managed to maintain mild increase in total revenue by HK$3.3 million, or 2.6% to HK$128.6 million (2021: HK$125.3 million) for the first six months of 2022. The change was mainly due to the growth in revenue from the Solutions and Integration Services business and the Application Software business in Hong Kong, offset by the drop in revenue from the Application Software business in Mainland China as well as the e-Service and related business. The gross profit was also improved by HK$3.8 million, or 5.7% to HK$70.3 million (2021: HK$66.5 million).
Besides, the Group participated in the 2022 Employment Support Scheme (the ESS) and received subsidies of HK$3.7 million (2021: nil) from the HKSAR Government (the Government). Resulting from that, the other income and gains, net, increased by HK$3.4 million, or 141.9% to HK$5.8 million (2021: HK$2.4 million). Conversely, the Group’s financial assets and investment properties suffered valuation losses of HK$1.6 million (2021: gains of HK$1.2 million) due to bearish market sentiment caused by the Pandemic.
The overall expenses went up by HK$1.9 million, or 3.9% to HK$50.0 million (2021: HK$48.1 million). The change was mainly due to the increase in depreciation of right-of-use assets after the renewal of the tenancy agreement in late 2021. The income tax expense also soared in respect of the increase in assessable profits generated in Hong Kong.
With the abovementioned, the Group’s consolidated net profit attributable to shareholders slightly improved by HK$0.6 million, or 2.6%, to HK$21.8 million (2021: HK$21.3 million). The basic earnings per share also rose to 8.86 HK cents (2021: 8.64 HK cents).
In view of a sustained healthy financial position, the Board declared the distribution of an interim dividend of 6.5 HK cents (2021: 6 HK cents) per ordinary share for the six months ended June 30, 2022.
“In light of the negative business outlook due to the prolonged Pandemic and global economic uncertainty, the Group expects that the rest of 2022 is still full of challenges. The management will review the existing business from time to time and take necessary actions to tackle any adverse impact that might arise,” stated Mr. Ng Cheung Shing, Chairman of the Group. “With a strong customer base and stable recurring incomes, the Group still remains cautiously optimistic about its business performance in the second half of the year.”
For details of the Group’s 2022 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, and business process outsourcing services. For more information, please visit our website at www.ctil.com.
Mr. Jack Siu
Tel: (852) 2503 8179
Fax: (852) 2503 8100