PACIFICTEXTILES-互太纺织(01382) - 2024 - 中期财报

Financial Performance - Total comprehensive loss for the period ended September 30, 2023, was HK $142,055,000, compared to a profit of HK$ 124,463,000 in the previous period[14]. - For the six months ended September 30, 2023, the company reported a total revenue of HK $11,942,000, compared to HK$ 3,116,000 for the same period in 2022, representing a significant increase of 283%[31]. - Profit attributable to equity holders of the Company was HK $124.5 million, a decrease of approximately 49.8% compared to HK$ 248.2 million for the same period in 2022[53]. - The decrease in profit was primarily due to a 16.9% drop in sales revenue, higher fixed costs per unit from lower production facility utilization, and an impairment loss of approximately HK $10.0 million from an investment in Teejay Lanka PLC[53]. - Profit for the period attributable to equity holders of the Company was HK$ 124,463,000, compared to HK $248,179,000, representing a decline of 50%[68]. - The company reported a profit for the period of HK$ 124,463,000, compared to a profit of HK $128,248,000 in the previous period, indicating a slight decrease of 2.2%[73]. Revenue and Sales - Revenue for the six months ended September 30, 2023, was HK$ 2,294,749,000, a decrease of 16.8% compared to HK $2,761,191 in the same period of 2022[143]. - Revenue from Vietnam increased to HK$ 1,246,914,000 compared to HK $811,215,000 as of March 31, 2023, reflecting a significant growth[172]. - The Group's total revenue for the period was HK$ 2,336,902,000, up from HK $1,960,608,000 for the previous period[172]. Expenses and Costs - The Group's cost of sales was HK$ 2,080.8 million, representing a decrease of approximately 14.4% from HK $2,432.0 million in the previous year, consistent with the revenue decline[53]. - Selling and distribution expenses slightly decreased to HK$ 19.0 million from HK $21.5 million in 2022[54]. - Administration expenses decreased to HK$ 82.8 million from HK $90.3 million in 2022[54]. - Finance costs increased by approximately 68.8% to HK$ 34.6 million from HK $20.5 million in 2022[54]. - General and administrative expenses decreased to HK$ 82,826,000 from HK $90,261,000, reflecting a reduction of approximately 8%[68]. Assets and Liabilities - Total assets as of 30 September 2023 were HK$ 5,375.2 million, a decrease of approximately 2.8% from HK $5,529.3 million on 31 March 2023[54]. - Current liabilities were HK$ 2,150.2 million and non-current liabilities were HK $221.7 million as of 30 September 2023[56]. - The company’s inventories rose from HK$ 964,821,000 to HK $990,101,000, an increase of about 2.6%[71]. - Total liabilities decreased from HK$ 2,440,740,000 to HK $2,371,936,000, indicating a reduction of approximately 2.8%[72]. Cash Flow and Financing - Cash and cash equivalents decreased from HK$ 1,187,110,000 to HK $808,782,000, a decline of approximately 31.8%[71]. - Net cash inflow from operating activities was HK$ 269,925,000, down from HK $421,961,000, reflecting a decrease of 36%[99]. - Net cash outflow from financing activities was HK$ 259,500,000, compared to an outflow of HK $67,554,000 in the same period last year, representing an increase in outflow of 284.5%[99]. Borrowings and Debt - As of September 30, 2023, the Group's bank borrowings amounted to HK$ 1,154,827,000, a decrease from HK $1,320,277,000 as of March 31, 2023, representing a reduction of approximately 12.5%[20]. - The Group's total borrowings secured by corporate guarantees provided by the Company were HK$ 676,104,000 as of September 30, 2023, down from HK $910,511,000 as of March 31, 2023, indicating a decrease of approximately 25.7%[28]. - The Group's borrowings included in current liabilities were HK$ 1,154,827,000 as of September 30, 2023, compared to HK $1,320,277,000 as of March 31, 2023, indicating a decrease of approximately 12.5%[20]. Investments and Capital Expenditure - Capital expenditure contracted but not yet incurred as of September 30, 2023, is HK$ 462,636,000, down 22.6% from HK $597,487,000 as of March 31, 2023[8]. - The Group's total capital expenditure increased by approximately 667.4% to HK$ 624.9 million from HK $81.4 million in 2022, mainly for the construction of a second factory in Vietnam[56]. Dividends and Share Capital - Dividends paid during the period amounted to HK$ 56,120,000, reflecting a reduction in cash outflow[14]. - The company declared an interim dividend of HK $0.07 per share for the six months ended September 30, 2023, down from HK$ 0.15 per share in 2022[33]. - The issued share capital of the company was reduced by the par value of the repurchased shares, which were subsequently cancelled on August 2, 2023[35]. Operational Highlights - The new factory in Vietnam is expected to reach a maximum production capacity of 34 million pounds per year in the first phase, with trial runs scheduled for January 2024 and full production anticipated in Q2 2024[62]. - The management expects a rebound in profitability in the financial year 2024/25 when the new Vietnam factory is in full production[62]. - The Group's existing factory in Vietnam is operating at close to full capacity, but its ability to take on further sales orders is limited by current design constraints[87]. Risk Management and Compliance - The Group's activities are exposed to various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since March 31, 2023[106][109]. - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant regulations[66].