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庄皇集团公司(08501) - 2025 - 中期财报
08501SANBASE CORP(08501)2024-12-12 22:03

Financial Performance - For the first half of 2024, the Group's revenue decreased by 47.2% year-on-year to HK146million[26]−TheGrouprecordedaslightlossofHK146 million[26] - The Group recorded a slight loss of HK606,000 during the same period[26] - Revenue for the six months ended September 30, 2024, decreased by 47.2% to HK146.1millioncomparedtoHK146.1 million compared to HK276.6 million in the same period of 2023[38] - Gross profit fell by 65.9% to HK6.6million,withagrossprofitmarginof4.56.6 million, with a gross profit margin of 4.5%, down from 7.0% in the previous year[38] - The company recorded a loss attributable to owners of HK2.2 million, compared to a profit of HK6.9millioninthesameperiodlastyear[38]−TotalcomprehensivelossfortheperiodamountedtoHK6.9 million in the same period last year[38] - Total comprehensive loss for the period amounted to HK376,000, compared to a total comprehensive income of HK8.7millioninthesameperiodlastyear[40]−ThecompanyreportedalossattributabletoownersoftheCompanyofHK8.7 million in the same period last year[40] - The company reported a loss attributable to owners of the Company of HK2,235,000 for the six months ended September 30, 2024, compared to a profit of HK6,880,000inthesameperiodof2023,representingasignificantdecline[42]−BasicanddilutedlosspersharefortheperiodwasHK6,880,000 in the same period of 2023, representing a significant decline[42] - Basic and diluted loss per share for the period was HK1.12, compared to earnings of HK3.48pershareinthepreviousyear[38]−TheGrouprecordedarevenueofapproximatelyHK3.48 per share in the previous year[38] - The Group recorded a revenue of approximately HK146.1 million for the six months ended 30 September 2024, a decrease of approximately 47.2% compared to HK276.6millionforthesameperiodin2023[154]−ThegrossprofitfortheCurrentPeriodwasapproximatelyHK276.6 million for the same period in 2023[154] - The gross profit for the Current Period was approximately HK6.6 million, representing a decrease of approximately 65.9% from approximately HK19.5millioninthePreviousPeriod[154]−ThelossattributabletoownersoftheCompanywasapproximatelyHK19.5 million in the Previous Period[154] - The loss attributable to owners of the Company was approximately HK2.2 million for the Current Period, compared to a profit of approximately HK6.9millionforthePreviousPeriod[155]MarketConditions−ThevacancyrateintheHongKongofficemarketreachedarecordhighof14.86.9 million for the Previous Period[155] Market Conditions - The vacancy rate in the Hong Kong office market reached a record high of 14.8% in Q2 2024, surpassing levels during the SARS downturn in 2003 and the global financial crisis in 2009[25] - In Central, the vacancy rate increased sharply from approximately 9.7% to approximately 14% in the first half of 2024, marking a new high since June 2004[25] - The vacancy rate of high-quality office buildings in Shenzhen was reported at 27% as of June 2024[25] - The occupancy rate of Grade A offices in Hong Kong is expected to rebound as the U.S. enters a period of interest rate cuts and capital returns to the market[31] - The long-term outlook for the fit-out market is positive, driven by large-scale development projects and increased interest from mainland companies to establish a presence in Hong Kong[33] - The demand for renovation services is expected to increase as more businesses relocate to newer and larger Grade A commercial properties[163] Business Strategy - The Group is actively expanding its business beyond Grade A commercial properties to include retail branches and government-related organizations[26] - The company aims to expand its business beyond Grade A offices by targeting new clients from retail stores, government agencies, and non-profit organizations[29] - The Group aims to provide more diversified and higher quality one-stop fit-out solutions while controlling costs as market confidence gradually recovers[163] - The Group has been awarded a total of 20 new bare shell fit-out projects with a total project sum of approximately HK214.2 million since April 1, 2024[175] Financial Position - Total assets decreased to HK247,604,000asofSeptember30,2024,fromHK247,604,000 as of September 30, 2024, from HK266,360,000 as of March 31, 2024, indicating a reduction of approximately 7%[44] - Current assets fell to HK219,114,000fromHK219,114,000 from HK236,593,000, reflecting a decrease of about 7.4%[44] - Total liabilities decreased to HK103,996,000fromHK103,996,000 from HK122,376,000, a reduction of approximately 15%[46] - The company’s retained earnings decreased to HK75,666,000fromHK75,666,000 from HK77,836,000, a decline of approximately 2.8%[44] - The total equity of the company as of September 30, 2024, was HK143,608,000,aslightdecreasefromHK143,608,000, a slight decrease from HK150,889,000 as of September 30, 2023[48] - As of September 30, 2024, the Group had net current assets of approximately HK116.0million,unchangedfromMarch31,2024[199]−Thecurrentratiowasapproximately2.1timesasofSeptember30,2024,comparedto2.0timesonMarch31,2024[199]−Thegearingratiodecreasedto2.0116.0 million, unchanged from March 31, 2024[199] - The current ratio was approximately 2.1 times as of September 30, 2024, compared to 2.0 times on March 31, 2024[199] - The gearing ratio decreased to 2.0% as of September 30, 2024, from 2.9% on March 31, 2024[199] Cash Flow and Expenses - For the six months ended September 30, 2024, the company reported a net cash outflow from operating activities of HK12,817,000, compared to an inflow of HK23,391,000inthesameperiodlastyear[50]−Thecompanyexperiencedasignificantdecreaseincashgeneratedfromoperations,whichwasanegativeHK23,391,000 in the same period last year[50] - The company experienced a significant decrease in cash generated from operations, which was a negative HK14,608,000 compared to a positive HK21,755,000inthepreviousyear[50]−TheGroup′sadministrativeexpensesfortheperiodwereHK21,755,000 in the previous year[50] - The Group's administrative expenses for the period were HK10,857,000, a decrease of 0.4% from HK10,897,000[78]−TheGroup′sstaffcostsfortheCurrentPeriodwereapproximatelyHK10,897,000[78] - The Group's staff costs for the Current Period were approximately HK14.7 million, a decrease from approximately HK15.3millionforthePreviousPeriod[196]−FinancecostsincreasedtoapproximatelyHK15.3 million for the Previous Period[196] - Finance costs increased to approximately HK75,000 for the Current Period, representing an increase of approximately 114.3% compared to approximately HK35,000forthePreviousPeriod[185]AccountingandCompliance−TheunauditedcondensedconsolidatedfinancialinformationforthesixmonthsendedSeptember30,2024,hasbeenpreparedonahistoricalcostbasis,exceptforcertainfinancialinstrumentsmeasuredatfairvalue[60]−TheGroup′ssignificantaccountingpoliciesforthesixmonthsendedSeptember30,2024,areconsistentwiththoseusedinthepreparationoftheconsolidatedfinancialstatementsfortheyearendedMarch31,2024[63]−TheGrouphasnotappliedanynewandrevisedHKFRSsthatarenotyeteffectiveforthecurrentperiod[68]−AchangeinaccountingpolicyregardingtheoffsettingarrangementinthelongservicepaymentschemeinHongKongwilltakeeffectfromMay1,2025,impactingthecalculationoflongservicepaymentobligations[64]−Thechangeinaccountingpolicyhasresultedinacatch−upadjustmentforpastservicecostsandanincreaseintheGroup′slongservicepaymentobligationsasofApril1,2022[73]CustomerandRevenueBreakdown−RevenuefromHongKongwasHK35,000 for the Previous Period[185] Accounting and Compliance - The unaudited condensed consolidated financial information for the six months ended September 30, 2024, has been prepared on a historical cost basis, except for certain financial instruments measured at fair value[60] - The Group's significant accounting policies for the six months ended September 30, 2024, are consistent with those used in the preparation of the consolidated financial statements for the year ended March 31, 2024[63] - The Group has not applied any new and revised HKFRSs that are not yet effective for the current period[68] - A change in accounting policy regarding the offsetting arrangement in the long service payment scheme in Hong Kong will take effect from May 1, 2025, impacting the calculation of long service payment obligations[64] - The change in accounting policy has resulted in a catch-up adjustment for past service costs and an increase in the Group's long service payment obligations as of April 1, 2022[73] Customer and Revenue Breakdown - Revenue from Hong Kong was HK139,920,000, down 47.5% from HK266,220,000in2023,whilerevenuefromthePRCwasHK266,220,000 in 2023, while revenue from the PRC was HK6,207,000, down 40.0% from HK10,367,000[99]−Majorcustomerscontributingover1010,367,000[99] - Major customers contributing over 10% of total revenue included Customer A with HK41,200,000, Customer B with HK20,659,000,andCustomerCwithHK20,659,000, and Customer C with HK15,839,000[101] - The Group's revenue from maintenance and other services was HK553,000,anincreaseof118553,000, an increase of 118% from HK253,000 in the previous year[94] - The Group's revenue from restacking services was HK5,585,000,down735,585,000, down 73% from HK20,935,000 in the previous year[94]