Financial Performance - For the six months ended September 30, 2024, the company reported a revenue of HKD 58,070,000, a decrease of 31.2% compared to HKD 84,498,000 in the same period last year[5] - The gross profit for the same period was HKD 27,498,000, down 20.4% from HKD 34,522,000 year-on-year[5] - The company incurred a loss before tax of HKD 9,902,000, compared to a loss of HKD 7,976,000 in the previous year, reflecting an increase in losses of 24.1%[5] - Total comprehensive loss for the period was HKD 9,902,000, slightly higher than HKD 9,608,000 in the previous year[5] - The company reported a basic and diluted loss per share of HKD 0.500, compared to HKD 0.483 in the previous period[5] - The group reported a loss before tax of HKD 9,902,000 for the six months ended September 30, 2024, compared to a loss of HKD 7,976,000 for the same period in 2023[40] - The group recorded a net loss of approximately HKD 9.9 million after tax, compared to a loss of HKD 9.6 million in the same period last year, primarily due to the poor performance of the construction materials trading and renovation segment[101] Assets and Liabilities - The company's total assets decreased to HKD 511,619,000 from HKD 555,927,000, indicating a decline of 7.9%[7] - Current assets dropped to HKD 65,474,000 from HKD 92,896,000, a significant decrease of 29.6%[7] - The net asset value of the company was HKD 368,911,000, down from HKD 378,813,000, representing a decrease of 2.5%[11] - Total assets as of September 30, 2024, were HKD 511,619,000, down from HKD 555,227,000 as of March 31, 2024, indicating a decrease of approximately 7.8%[39] - Total liabilities decreased to HKD 142,708,000 as of September 30, 2024, from HKD 176,414,000 as of March 31, 2024, representing a reduction of approximately 19.1%[42] - As of September 30, 2024, the total borrowings amounted to approximately HKD 100.9 million, a slight decrease from HKD 128.6 million as of March 31, 2024[103] - The asset-liability ratio as of September 30, 2024, was approximately 27.4%, down from 33.9% as of March 31, 2024[103] Cash Flow and Financing - For the six months ended September 30, 2024, the company reported a net cash inflow from operating activities of HKD 17,940,000, compared to HKD 8,779,000 in the same period of 2023, representing a 104.7% increase[15] - The total cash and cash equivalents at the end of the period were HKD 31,508,000, down from HKD 56,482,000 in the previous year, reflecting a decrease of 44.2%[16] - The company recorded a net cash inflow from investing activities of HKD 729,000, up from HKD 372,000 in the prior year, marking a 96.1% increase[16] - The company’s cash outflow from financing activities was HKD (36,566,000), reflecting significant repayments compared to the previous year[16] - The group incurred interest expenses of HKD 2,686,000 for the six months ended September 30, 2024, compared to HKD 1,535,000 in the same period of 2023, reflecting an increase of approximately 75.0%[38] - The company incurred interest expenses of HKD 3,775,000 for the six months ended September 30, 2024, compared to HKD 3,337,000 in 2023, which is an increase of 13.2%[15] Operational Highlights - There were no new product launches or significant market expansions reported during this period[5] - The hotel operations segment reported external revenue of HKD 43,772,000, down from HKD 37,309,000, indicating an increase of approximately 17.5%[48][33] - The building materials trading and renovation segment generated external revenue of HKD 14,298,000, a significant decrease from HKD 47,189,000, reflecting a decline of approximately 69.7%[49][50] - Hotel room sales increased to HKD 42,234,000 from HKD 35,494,000, representing a growth of 19.0%[51] - The hotel occupancy rate for the reporting period was 97.46%, significantly higher than the average occupancy rate of 81.0% for all hotel categories in Hong Kong[91] - The average hotel room occupancy rate in Hong Kong increased from 78.0% in 2023 to 81.0% in 2024[91] Management and Governance - The company has not provided specific guidance for future performance but indicated ongoing efforts in cost management and operational efficiency[5] - The group plans to continue focusing on its core segments while exploring opportunities for market expansion and potential acquisitions in the future[31] - The company has maintained the required public float as per listing rules as of the report date[132] - The audit committee, composed entirely of independent non-executive directors, reviewed the unaudited interim financial statements for the six months ending September 30, 2024[130] - Mr. Lun Yau-ki serves as both the chairman and managing director, which deviates from the corporate governance code but is deemed effective by the board[130] - The company expresses gratitude to its customers, suppliers, shareholders, professional advisors, and banks for their continued support during the review period[133] Employee and Compensation - The total cost of employee compensation was HKD 23,856,000, an increase from HKD 21,759,000, representing a rise of 9.6%[56] - The company did not declare any interim dividend for the six months ended September 30, 2024, same as in 2023[61] - The group has not declared an interim dividend for the six months ended September 30, 2024, consistent with the previous year[90] Market Conditions - 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 coming from mainland China, up about 60% from 2023[91] - The Hong Kong economy recorded a year-on-year growth of 3.3% in the second quarter of 2024, following a 2.8% growth in the first quarter[93] - The group will actively monitor market conditions to enhance stakeholder interests[95] - The group will continue to strictly control costs and prudently implement business development plans to address economic challenges[93]
茂盛控股(00022) - 2025 - 中期财报