Revenue Performance - Revenue for the six months ended June 30, 2024, was HKD 42,118,000, representing a 9.2% increase from HKD 38,585,000 in the same period of 2023[1] - The group's revenue for the six months ended June 30, 2024, was HKD 42,118,000, compared to HKD 38,585,000 for the same period in 2023, representing an increase of approximately 9.9%[8] - The group's total revenue for the period was HKD 42,118,000, an increase of HKD 3,533,000 or 9.2% compared to HKD 38,585,000 for the same period last year[22] Profit and Loss - Shareholders' loss for the period was HKD (5,999,000), a significant improvement of 72.3% compared to HKD (21,653,000) in 2023[1] - Basic loss per share improved to HKD (1.12) from HKD (4.02), reflecting a 72.1% reduction in loss[1] - Total comprehensive loss for the period was HKD (5,615,000), significantly lower than HKD (24,900,000) in the same period last year[3] - The group reported a pre-tax loss of HKD 5,999,000 for the six months ended June 30, 2024, compared to a loss of HKD 21,653,000 for the same period in 2023, reflecting a significant reduction in losses[15] - The basic loss per share for the six months ended June 30, 2024, was HKD 0.011, compared to HKD 0.040 for the same period in 2023, indicating an improvement in financial performance[15] Gross Profit and Margins - Gross profit for the period was HKD 5,362,000, compared to a gross loss of HKD (4,666,000) in the previous year[2] - The group achieved a gross profit margin of 12.7%, up from -12.1% in the same period last year, marking a turnaround from a gross loss to a gross profit[21] Expenses and Cost Management - Administrative expenses decreased to HKD 10,533,000 from HKD 14,462,000, a reduction of 27.5%[2] - The total procurement amount for the six months ended June 30, 2024, was HKD 12,722,000, a decrease of 66.4% compared to the same period last year[23] - The interest expense for the period was HKD 295,000, an increase of 29.4% compared to the previous year, mainly due to an increase in loan amounts[26] Assets and Liabilities - Non-current assets as of June 30, 2024, were valued at HKD 49,952,000, slightly down from HKD 51,043,000 at the end of 2023[4] - Current liabilities increased to HKD 69,342,000 from HKD 77,951,000, indicating a decrease in short-term financial obligations[4] - Net assets decreased to HKD 47,296,000 from HKD 52,911,000, reflecting a decline in overall equity[4] - Trade receivables as of June 30, 2024, amounted to HKD 23,200,000, an increase from HKD 21,629,000 as of December 31, 2023, reflecting growth in sales[17] - Trade payables as of June 30, 2024, were HKD 34,661,000, slightly up from HKD 34,113,000 as of December 31, 2023, indicating stable supplier relationships[19] Cash Flow and Financing - As of June 30, 2024, the group's cash and cash equivalents amounted to HKD 3,109,000, a decrease of HKD 4,030,000 or 56.5% from December 31, 2023[25] - The net cash inflow from operating activities was HKD 12,075,000, primarily due to a reduction in inventory[25] - The group's interest-bearing loan liabilities to equity ratio was zero as of June 30, 2024, down from 21.9% on December 31, 2023[26] - The total bank credit facility was HKD 38,350,000 as of June 30, 2024, all of which was unused[26] Inventory and Production - The group's consolidated inventory as of June 30, 2024, was HKD 39,606,000, a decrease of HKD 10,851,000 or 21.5% from HKD 50,457,000 as of December 31, 2023[24] - The total sales volume of cowhide leather was 2,798,000 square feet, an increase of 390,000 square feet or 16.2% compared to 2,408,000 square feet for the same period last year[22] - The production of cowhide leather decreased by 489,000 square feet or 22.6% to 1,679,000 square feet compared to 2,168,000 square feet for the same period last year[22] Employee and Operational Strategy - The group has 283 employees as of June 30, 2024, a decrease from 288 employees on December 31, 2023[30] - The group plans to expand its external processing business to increase revenue and improve production efficiency, leveraging its wastewater treatment technology[23] - The group aims to enhance production efficiency and reduce costs while developing new products to meet changing consumer demands[31] - The group plans to diversify its revenue sources and seek new business opportunities to enhance long-term growth potential[31] Dividends and Taxation - The group did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[16] - The group has not recognized any taxable profits from Hong Kong for the six months ended June 30, 2024, maintaining a tax-efficient structure[13] Impairments and Losses - The impairment of trade receivables decreased to HKD 417,000 in the first half of 2024 from HKD 1,200,000 in the same period of 2023, indicating improved credit management[9] - The group recorded an impairment loss of HKD 396,000 on property, plant, and equipment for the six months ended June 30, 2024, compared to HKD 782,000 for the same period last year[24] - The group's unaudited consolidated loss attributable to shareholders for the six months ended June 30, 2024, was HKD 5,999,000, a decrease of HKD 15,654,000 or 72.3% compared to HKD 21,653,000 for the same period last year[20] - As of June 30, 2024, the group's unaudited net asset value was HKD 47,296,000, down HKD 5,615,000 from December 31, 2023, and down HKD 47,817,000 from June 30, 2023[20] Securities Transactions - The group has not engaged in any purchases, sales, or redemptions of its listed securities during the six months ended June 30, 2024[35]
南粤控股(01058) - 2024 - 中期业绩