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蓝河控股(00498) - 2024 - 中期财报

Financial Performance - For the six months ended September 30, 2023, Blue River Holdings Limited recorded consolidated revenue of approximately HK$39 million, a decrease of 9.3% from HK$43 million in 2022[18]. - The gross profit for the same period was approximately HK$17 million, significantly up from HK$6 million in 2022, indicating a gross margin improvement[18]. - The Group reported a loss before taxation from continuing operations of approximately HK$82 million, compared to a loss of HK$43 million in 2022, reflecting a deterioration in financial performance[18]. - The Group's overall loss for the period from continuing operations was approximately HK$82 million, compared to HK$44 million in the previous year, indicating a worsening financial outlook[22]. - The net loss attributable to the owners of the Company was approximately HK$82 million, a decrease from HK$169 million in 2022, with a basic loss per share of HK7.9 cents compared to HK15.3 cents in the previous year[24]. - The loss for the period ended 30 September 2023 was HK$81,779,000, a significant improvement compared to a loss of HK$219,919,000 for the same period in 2022, representing a reduction of approximately 63.1%[164]. - The total comprehensive income for the period ended September 30, 2023, is a loss of HK$101,789,000, compared to a loss of HK$352,555,000 for the same period in 2022, indicating an improvement in performance[172]. Segment Performance - The ports and logistics segment incurred a net loss of approximately HK$6 million, while the property segment recorded a net loss of approximately HK$13 million, reversing from a gain of HK$2 million in the previous year[20]. - The financial services segment experienced a net loss of approximately HK$21 million, compared to a gain of HK$22 million in 2022, highlighting challenges in this area[20]. - The Group's continuing property business in Hong Kong recorded a segment loss of approximately HK$13 million for the period, compared to a profit of HK$2 million in 2022, primarily due to fair value losses on investment properties[43][46]. - The liquefied petroleum gas (LPG) and compressed natural gas (CNG) distribution and logistics businesses recorded a segment loss of approximately HK$6 million, with CNG sales decreasing by 20% to approximately 6.8 million m³ compared to 8.5 million m³ in the previous period[31]. - The securities segment reported a segment loss of approximately HK$0.01 million, a significant improvement from a loss of HK$0.7 million in 2022, with investments in listed equity instruments not held for trading amounting to approximately HK$196 million as of September 30, 2023[44][47]. Assets and Liabilities - The Group's total assets decreased by 28% to approximately HK$1,399 million as of September 30, 2023, down from HK$1,949 million as of March 31, 2023, primarily due to cash utilization for debt repayment[28]. - Net current liabilities amounted to approximately HK$62 million, a shift from net current assets of HK$227 million as of March 31, 2023, resulting in a current ratio of 0.58 times, down from 1.38 times[28]. - Equity attributable to owners of the Company decreased by 8% to approximately HK$1,251 million, equating to HK$1.2 per share, down from HK$1.3 per share as of March 31, 2023[28]. - The Group's bank and other borrowings decreased to approximately HK$89 million from HK$535 million as of March 31, 2023, with a gearing ratio of 0.07[75]. - Cash, bank balances, and deposits as of September 30, 2023, totaled approximately HK$42 million, down from HK$774 million as of March 31, 2023[76]. Operational Costs - Corporate and other expenses, including impairment losses, totaled approximately HK$59 million, up from HK$41 million in the previous year, indicating increased operational costs[20]. - Administrative expenses rose to HK$54,581,000, up from HK$47,612,000, indicating increased operational costs[161]. Investments and Financing - The Group's share of results from associates turned from a profit of approximately HK$25 million in the last period to a loss of approximately HK$36 million in the current period[24]. - The Group's share of loss from associates amounted to approximately HK$34 million, indicating significant investment losses during the period[57]. - The Group's investment in Maxlord Enterprises Limited contributed a profit share of approximately HK$2 million, down from HK$7 million in 2022[51][54]. - The Group's investment in Golden Thread Investments Limited contributed a profit share of approximately HK$2 million, a decrease from HK$18 million in 2022[52][55]. - The Group has entered into a conditional sale and purchase agreement for the disposal of its holding companies of the Yangkou Port Co interest, pending fulfillment of certain conditions[38][40]. Strategic Focus - Blue River Holdings Limited continues to focus on its core operations in ports, infrastructure, and logistics, while managing financial challenges and operational costs[17]. - The Group plans to explore business opportunities in the financial services sector through partnerships to create a stable income stream[58]. - The Board is conducting strategic reviews to divest inefficient investments, aiming to enhance operational efficiency and investment returns[70]. Shareholder Information - As of September 30, 2023, Mr. Kwong Kai Sing holds 93,003,200 shares, representing approximately 8.93% of the issued share capital of the Company[113]. - The total number of issued shares of the Company as of September 30, 2023 is 1,040,946,114 shares[113]. - The Board resolved not to declare any interim dividend for the six months ended September 30, 2023, consistent with the previous year[92]. Cash Flow - Net cash used in operating activities for the six months ended September 30, 2023, was HK$33,862,000, a significant improvement compared to HK$1,066,590,000 in the same period of 2022[174]. - The company reported a net cash decrease of HK$730,199,000 in cash and cash equivalents for the six months ended September 30, 2023, compared to a decrease of HK$254,367,000 in the prior year[175]. - The company repaid HK$532,487,000 in bank and other borrowings during the six months ended September 30, 2023, compared to HK$895,630,000 in the same period of 2022[175].