Financial Performance - For the six months ended September 30, 2023, the operating profit was HKD 102,986,000, a decrease of 4% from HKD 108,216,000 in the same period of 2022[4]. - The company reported a profit of HKD 73,455,000 for the six months ended September 30, 2023, compared to HKD 259,489,000 in the same period of 2022[19]. - The total comprehensive income for the period was HKD 12,406,000, a significant decrease from HKD 60,606,000 in the previous year[19]. - Total revenue for the six months ended September 30, 2023, was HKD 1,439,788,000, a decrease of approximately 13% compared to HKD 1,645,666,000 for the same period last year[62]. - The net profit attributable to equity holders from continuing operations was HKD 73,455, down 21% from HKD 92,542 in the previous year[36]. - Basic earnings per share from continuing operations decreased to HKD 3.6 from HKD 4.6, representing a decline of 22%[36]. - The basic earnings per share for the six months ended September 30, 2023, was HKD 0.036, a decrease from HKD 0.046 for the same period in 2022[84]. Revenue Breakdown - Total revenue from external customers for the hardware and plastic business was HKD 849,457,000, while the electronic professional OEM business generated HKD 602,647,000, leading to a combined total revenue of HKD 1,452,104,000[14]. - Revenue for the hardware and plastic business decreased by approximately 18% to HKD 837,141,000 compared to HKD 1,022,699,000 in the same period last year[27]. - The electronic manufacturing services segment reported revenue of HKD 602,647,000, a decline of approximately 3% from HKD 622,967,000 in the previous year[63]. Cash and Liquidity - The net cash and cash equivalents as of September 30, 2023, amounted to HKD 218,715,000, with total bank borrowings of HKD 678,434,000[6]. - The company has sufficient operating funds to meet its financial obligations for at least the next twelve months, with projected cash flows including unutilized bank financing of HKD 645,151,000[7]. - Cash and bank deposits stood at HKD 218,715, up from HKD 159,445, reflecting improved liquidity[30]. - The company has bank borrowings totaling HKD 678,434,000, with cash and bank deposits of HKD 218,715,000, indicating sufficient liquidity to meet current and future operational and investment needs[68]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 2,571,710, compared to HKD 2,550,779 as of March 31, 2023[32]. - Current liabilities increased to HKD 1,554,967 from HKD 1,377,700, indicating a rise in short-term financial obligations[32]. - Trade and bills receivables, net of provisions, increased to HKD 717,340,000 as of September 30, 2023, from HKD 558,114,000 as of March 31, 2023[16]. - Trade payables as of September 30, 2023, amounted to HKD 374,215,000, an increase from HKD 350,212,000 as of March 31, 2023[5]. Dividends - The company declared an interim dividend of HKD 1.5 per share, a decrease of 63% from HKD 4.0 in the previous year[36]. - The interim dividend declared for the six months ended September 30, 2023, is HKD 0.015 per share, down from HKD 0.040 per share for the same period in 2022, totaling HKD 30,322,000 compared to HKD 80,852,000 previously[85]. Operational Efficiency - The company is actively advancing automation processes and targeted training across departments to improve efficiency and cost-effectiveness, particularly in packaging and logistics[65]. - Continuous improvements in automated production processes and operational structure have significantly enhanced production efficiency and cost savings[113]. - The group has installed advanced equipment such as high-speed precision cutting machines and large gantry punching machines, which are expected to reduce production costs and improve efficiency[90]. Workforce and Employment - The group has reduced its workforce from approximately 3,700 employees at the end of the previous year to about 3,300 employees at the end of the current period[99]. - The group reported a decrease in employee benefits expenses, including director remuneration, from HKD 221,592,000 in the previous year to HKD 186,032,000[79]. Market and Future Outlook - The company secured new contracts for the manufacturing of next-generation servers, indicating stable future order volumes and positive customer feedback on new product quality and service[64]. - The group aims to enhance its engineering R&D capabilities and expand its customer base, focusing on markets in Taiwan, mainland China, and other overseas regions[93]. - The group is preparing for new challenges including economic slowdown, high interest rates, inflation pressures, and geopolitical tensions, while maintaining a cautious order pace from clients[109]. - The Thailand factory has commenced operations, providing flexible production configurations to meet international market demands and reducing reliance on a single production region[111]. - The group has begun receiving AI-related server orders from several brand clients, with deliveries expected to start in 2024, driven by the rapid development in the AI sector[112]. Compliance and Regulations - The company did not adopt any new standards or interpretations that were not yet effective during the reporting period[10]. - The financial statements for the current period have been prepared in accordance with the Hong Kong Financial Reporting Standards, with no significant impact from the new standards adopted[9]. - The group has violated certain financial covenants related to bank loans, with a total amount of HKD 540,046,000, but has received waivers from lenders[75]. - The company continues to adhere to a 25% corporate income tax rate in China, with one subsidiary benefiting from a reduced rate of 15% due to high-tech enterprise certification[73]. Sustainability - The group is committed to sustainable development and has integrated green production and energy-saving practices into its business operations[92].
嘉利国际(01050) - 2024 - 中期业绩