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IDT INT'L(00167) - 2024 - 中期业绩
IDT INT'LIDT INT'L(HK:00167)2024-08-09 14:47

Financial Performance - Revenue for the first half of 2023 was zero, compared to HKD 2.2 million in the first half of 2022[2] - Gross loss for the first half of 2023 was zero, compared to a gross loss of approximately HKD 11.0 million in the first half of 2022[2] - Total operating expenses were approximately HKD 5.2 million, down from approximately HKD 37.1 million in the first half of 2022, representing a decrease of about 86%[2] - Loss for the period was approximately HKD 6.8 million, significantly reduced from a loss of approximately HKD 49.9 million in the first half of 2022, marking a decrease of about 86%[2] - The total comprehensive loss for the first half of 2023 was HKD 6.9 million, down from HKD 38.0 million in the first half of 2022[4] - Basic and diluted loss per share for the first half of 2023 was HKD 0.26, compared to HKD 1.92 in the first half of 2022[5] - The company reported a loss before tax of HKD 6,807,000 for the six months ended June 30, 2023, compared to a loss of HKD 49,888,000 for the same period in 2022, indicating a significant improvement[19] - The company recorded a net loss attributable to shareholders of HKD 6,807,000 for the first half of 2023, compared to a net loss of HKD 49,888,000 in the same period of 2022, showing a reduction in losses[19] Cash Flow and Liquidity - Cash and cash equivalents at the end of June 2023 were HKD 616,000, compared to HKD 2.6 million at the end of June 2022[9] - Net cash used in operating activities was HKD 725,000, a significant improvement from HKD 30.6 million used in the same period of 2022[9] - Net cash used in financing activities was HKD 539,000, compared to HKD 16.3 million in the first half of 2022[9] - The group's cash balance as of June 30, 2023, was approximately HKD 616,000, indicating a low liquidity level[13] - As of June 30, 2023, the bank balance and cash amounted to approximately HKD 0.6 million, down from HKD 3.3 million at the end of the previous fiscal year[34] Liabilities and Financial Position - As of June 30, 2023, the group's current liabilities exceeded current assets by approximately HKD 334,437,000[13] - The total liabilities of the group exceeded total assets by approximately HKD 334,437,000, with a loss of approximately HKD 6,807,000 during the period[13] - Total liabilities as of June 30, 2023, were approximately HKD 335.1 million, compared to HKD 330.9 million at the end of the previous fiscal year[37] - The asset-liability ratio as of June 30, 2023, was approximately 41,750.0%, significantly increased from 7,342.4% at the end of the previous fiscal year due to a substantial decrease in total assets[37] Dividends and Shareholder Returns - The company does not recommend the payment of dividends for the first half of 2023, consistent with no dividends paid in the first half of 2022[2] - No dividends are recommended for the first half of 2023, consistent with no dividends in the first half of 2022[38] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has adhered to the relevant rules and principles[39] - The company will continue to review and enhance its corporate governance practices to ensure compliance[39] - The audit committee has reviewed the unaudited financial performance for the first half of 2023[41] - The company's shares have been suspended from trading since April 3, 2023, pending compliance with the exchange's resumption guidance[42] Business Operations and Future Plans - The group launched its own online retail platform in December 2023 and established two online stores on overseas platforms[14] - The group is actively exploring other financing sources, including seeking new investments and business opportunities to strengthen its capital base[13] - The group is negotiating with various creditors for debt restructuring and settlement plans[13] - The company is actively re-establishing connections with potential customers and suppliers to restart its business, with operations gradually resuming in the first quarter of 2024[31] - The group plans to gradually resume operations in Q1 2024, focusing on the "Oregon Scientific" brand electronic products[26] Legal and Regulatory Matters - The company received a statutory demand for repayment of HKD 15,000,000 from a creditor, requiring payment within three weeks or face liquidation proceedings[10] - The company submitted a petition to the High Court of Hong Kong for a creditors' meeting to consider a restructuring plan on September 13, 2024[10] - The company has a total of 2,599,993,088 ordinary shares in issue, with a par value of HKD 0.10 per share[21] - The company’s litigation provision remained unchanged at HKD 2,874,000 as of June 30, 2023, compared to HKD 3,888,000 at the beginning of the reporting period[23] - The company’s total liabilities related to litigation were estimated at approximately HKD 1,014,000 after a settlement agreement was approved[23] - The group was ordered to pay approximately HKD 2,874,000 due to a lawsuit related to employment contract violations, which has been recognized in the financial statements[25] Employee and Operational Changes - As of June 30, 2023, the group employed 50 staff members, a decrease from 100 in the same period of 2022[40] - The Shenzhen factory was closed on May 31, 2022, due to the impact of COVID-19, leading to a significant halt in operations[29]