Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 58,070 thousand, a decrease of 31% compared to HKD 84,498 thousand in 2023[2] - Gross profit for the same period was HKD 27,498 thousand, down 20% from HKD 34,522 thousand in 2023[2] - Loss before tax for the period was HKD 9,902 thousand, compared to a loss of HKD 7,976 thousand in 2023, representing a 24% increase in losses[2] - The loss attributable to owners of the company was HKD 9,827 thousand, a slight increase of 4% from HKD 9,493 thousand in 2023[2] - Basic and diluted loss per share was HKD 0.500, compared to HKD 0.483 in 2023, reflecting a 4% increase in loss per share[2] - The company reported a significant increase in interest income, which rose to HKD 488,000 from HKD 453,000, marking an increase of 7.7%[36] - The group recorded a loss of approximately HKD 9.9 million after tax for the six months, slightly higher than the loss of HKD 9.6 million in the previous year, mainly due to poor performance in building materials trading and renovation construction[80] Dividends - The company does not recommend the payment of any interim dividend for the six months ended September 30, 2024[2] - The company did not declare an interim dividend for the six months ended September 30, 2024, compared to no dividend declared in 2023[65] Assets and Liabilities - Non-current assets as of September 30, 2024, totaled HKD 446,145 thousand, down from HKD 462,331 thousand as of March 31, 2024[7] - Current assets included cash and bank balances of HKD 31,508 thousand, a decrease from HKD 42,642 thousand as of March 31, 2024[7] - Total liabilities decreased from HKD 95,636 thousand as of March 31, 2024, to HKD 63,930 thousand as of September 30, 2024[7] - The company's net assets attributable to owners were HKD 372,331 thousand, down from HKD 382,158 thousand as of March 31, 2024[9] - The total reportable segment assets decreased to HKD 419,868,000 from HKD 460,872,000, a reduction of 8.9%[30] - The reportable segment liabilities also decreased to HKD (135,334,000) from HKD (168,309,000), showing a decline of 19.6%[30] - As of September 30, 2024, the group's total borrowings were approximately HKD 100.9 million, a slight decrease from HKD 128.6 million as of March 31, 2024[81] - The group's debt-to-equity ratio was approximately 27.4% as of September 30, 2024, down from 33.9% as of March 31, 2024[83] Segment Performance - The group has two reportable segments as of September 30, 2024: Hotel Operations and Building Materials Trading and Renovation Services[26] - External revenue for the hotel operations segment reached HKD 43,772,000, up from HKD 37,309,000 in the same period last year, representing a growth of 17.5%[28] - The segment revenue from building materials trading and renovation construction was approximately HKD 14.3 million, a decline of 70% from HKD 47.2 million in the previous year, attributed to poor performance in this sector[73] - Hotel operations generated segment revenue of approximately HKD 43.8 million, an increase of 17% from HKD 37.3 million year-on-year, due to improved room rates and occupancy[73] - The subsidiary engaged in building materials supply and installation reported a segment loss of HKD 9,646,000 due to various factors, including a slowdown in property prices and reduced construction activity[68] Operational Metrics - The hotel room sales generated HKD 42,234,000, an increase from HKD 35,494,000, representing a growth of 19.0%[36] - The average hotel occupancy rate in Hong Kong increased from 78.0% in 2023 to 81.0% in 2024, indicating a recovery in the tourism sector[67] - The hotel recorded a high occupancy rate of 97.46% during the reporting period, surpassing the average market rate[67] - The total number of visitors to Hong Kong in the first half of 2024 was approximately 21 million, a year-on-year increase of 64%, with 16.1 million visitors from mainland China, up about 60% from 2023[67] Cost Management - The company plans to implement strict cost control measures and reduce manpower in response to the challenging market conditions in the construction sector[68] - Administrative and other operating expenses were approximately HKD 17.4 million, compared to HKD 16.3 million in the previous year, primarily driven by hotel operating expenses[77] - Employee costs rose to HKD 23,856,000 from HKD 21,759,000, marking an increase of about 9.6%[38] - The cost of goods sold and services provided decreased significantly to HKD 30,572,000 from HKD 49,976,000, a reduction of approximately 38.9%[38] Employee and Governance - As of September 30, 2024, the group had a total of 127 employees, down from 157 employees as of March 31, 2024[90] - The audit committee has reviewed the unaudited interim financial statements for the six months ended September 30, 2024[103] - The company has adhered to all applicable corporate governance codes during the review period, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[100] Miscellaneous - The company has no major investment or capital asset plans as of the announcement date[97] - No significant investments, acquisitions, or disposals were made during the period[87] - There are no significant capital commitments for the acquisition of properties, plants, and equipment as of September 30, 2024[93] - The company provided financial guarantees totaling approximately HKD 145.7 million for bank financing to its subsidiaries, with approximately HKD 77.3 million utilized as of September 30, 2024[92] - The group operates in Hong Kong, with all revenues denominated in HKD, and faces some foreign currency exchange risks but does not anticipate significant operational difficulties from currency fluctuations[94] - As of September 30, 2024, all bank borrowings and cash balances are denominated in HKD, and the group has not implemented any foreign currency or interest rate hedging policies[96] - The interim report for the period ending September 30, 2024, will be sent to shareholders and published on the company's website[104]
茂盛控股(00022) - 2025 - 中期业绩