Financial Performance - For the six months ended September 30, 2023, the group's gross profit was approximately HKD 35.0 million, a decrease of about 19.8% compared to HKD 43.6 million for the same period in 2022[10]. - The gross profit margin for the six months ended September 30, 2023, was approximately 14.5%, down by about 3.1 percentage points from 17.6% for the same period in 2022[10]. - For the six months ended September 30, 2023, the group recorded a net profit attributable to the owners of approximately HKD 21.4 million, a decrease of about HKD 8.1 million or 27.5% compared to HKD 29.5 million for the same period in 2022[45]. - The group reported total revenue of approximately HKD 240.6 million for the six months ended September 30, 2023, a decrease of about HKD 7.5 million or 3.1% from HKD 248.1 million for the same period in 2022[69]. - Revenue for the six months ended September 30, 2023, was HKD 123,503,000, a decrease of 13.4% from HKD 240,563,000 for the same period in 2022[84]. - The company recorded a net profit of approximately HKD 21.4 million for the six months ended September 30, 2023, down from HKD 29.5 million for the same period in 2022, primarily due to a decrease in gross profit and gross margin[100]. - The profit attributable to the owners of the company for the six months ended September 30, 2023, was approximately HKD 21.4 million, down from HKD 29.5 million for the same period in 2022, primarily due to a decrease in gross profit[127]. Costs and Expenses - The sales and distribution costs for the six months ended September 30, 2023, were approximately HKD 5.6 million, slightly increased by about 0.5% compared to HKD 5.6 million for the same period in 2022[11]. - Tax expenses for the six months ended September 30, 2023, were approximately HKD 4.21 million, a decrease of about HKD 1.90 million or 31.1% compared to HKD 6.11 million for the same period in 2022[12]. - Administrative expenses for the six months ended September 30, 2023, were approximately HKD 4.3 million, an increase of about 4.8% compared to HKD 4.1 million for the same period in 2022[126]. - The cost of goods sold for the six months ended September 30, 2023, was approximately HKD 205.6 million, a slight increase of about 0.5% from HKD 204.5 million for the same period in 2022[150]. Equity and Assets - As of September 30, 2023, the total equity attributable to the owners of the company was approximately HKD 242.1 million, an increase from HKD 231.8 million as of March 31, 2023[14]. - Cash and cash equivalents decreased to HKD 40.457 million as of September 30, 2023, from HKD 59.371 million at the beginning of the period, representing a decrease of approximately 31.9%[62]. - The group’s current assets net value increased to HKD 186.139 million as of September 30, 2023, compared to HKD 174.312 million at the end of the previous period[54]. - The group’s total liabilities increased to HKD 22.613 million as of September 30, 2023, compared to HKD 17.087 million at the end of the previous period, indicating a rise of approximately 32.5%[54]. - Total assets as of September 30, 2023, increased to HKD 242,726,000 from HKD 233,040,000 as of March 31, 2023, representing a growth of approximately 4.3%[74]. - Net asset value rose to HKD 242,075,000 as of September 30, 2023, compared to HKD 231,829,000 as of March 31, 2023, indicating an increase of about 4.4%[74]. Market and Operations - The company has been a stable importer and wholesaler of frozen seafood in Hong Kong for over 21 years, supplying over 100 varieties of frozen seafood products to more than 360 customers[7]. - The company anticipates challenges in its operations due to the ban on seafood imports from ten prefectures in Japan, effective August 24, 2023, following the release of radioactive wastewater[8]. - The company will continue to assess the impact of the radioactive wastewater discharge on its operations and financial performance while monitoring associated risks[8]. - The company plans to expand its market presence in mainland China, where revenue increased to HKD 26,447,000 from HKD 15,938,000 year-over-year, representing a growth of approximately 65.5%[85]. - New product development initiatives are underway, focusing on enhancing the seafood product line to capture a larger market share[86]. - The company is exploring strategic acquisitions to bolster its supply chain and enhance operational efficiency in the coming fiscal year[86]. - The management anticipates that the increase in visitors to Hong Kong and improvements in the labor market will drive the recovery of the local economy and retail sector, leading to enhanced business development efforts[147]. Shareholder and Governance - The company does not recommend the distribution of any dividends for the six months ended September 30, 2023, consistent with the same period in 2022[15]. - The group did not recommend the payment of a dividend for the six months ended September 30, 2023[51]. - The shareholding structure indicates that Mr. Chan holds 72% of the shares, with Ms. Xie, his spouse, also holding 72% through controlled interests[132]. - The company has maintained a strong corporate governance framework based on the GEM Listing Rules, which enhances its reputation and business relationships[148]. - The unaudited consolidated financial statements for the six months ended September 30, 2023, have been reviewed by the audit committee and management, confirming compliance with applicable accounting standards and GEM listing rules[167]. - The performance results have been deemed to provide sufficient disclosure as per relevant legal requirements[167]. Stock Options and Financial Instruments - The company has not granted, exercised, expired, or failed any stock options under its stock option plan as of September 30, 2023[30]. - The company has not made any provisions for expected credit losses on trade receivables and other receivables, as the default risk is considered low based on historical credit loss experience[114]. - The company’s weighted average number of ordinary shares in issue was 280,000,000 for the periods under review[113]. - The company's debt-to-equity ratio was approximately 0.7%, down from 0.9% as of March 31, 2023[129].
大洋环球控股(08476) - 2024 - 中期财报