Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 29,950,000, a decrease of 60.2% compared to HKD 75,240,000 for the same period in 2023[6] - The gross profit for the period was HKD 10,787,000, down 55.2% from HKD 24,111,000 in the previous year[6] - The company incurred a loss before tax of HKD 8,547,000, compared to a profit of HKD 1,715,000 in the same period last year[6] - The total comprehensive loss for the period was HKD 8,042,000, compared to a gain of HKD 539,000 in the previous year[7] - Basic and diluted loss per share was HKD (1.27), compared to earnings of HKD 0.06 per share in the prior year[7] - The company reported a net loss of HKD 7,638,000 for the six months ended June 30, 2024, compared to a profit of HKD 371,000 in the same period of 2023, indicating a significant decline in performance[10] - Total comprehensive income for the period was HKD (7,766,000), down from HKD 351,000 in the previous year, reflecting a decrease of approximately 2,215%[10] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 40,337,000, a slight decrease from HKD 41,778,000 as of December 31, 2023[9] - Current assets totaled HKD 123,108,000, down from HKD 139,522,000 at the end of 2023[9] - Current liabilities decreased to HKD 60,896,000 from HKD 68,199,000 as of December 31, 2023[9] - The company's net asset value as of June 30, 2024, was HKD 96,654,000, down from HKD 104,696,000 at the end of 2023[9] - The company’s total equity decreased to HKD 95,555,000 as of June 30, 2024, down from HKD 104,696,000 at the beginning of the year, reflecting a decline of approximately 9%[10] - Trade receivables decreased to 60,680,000 thousand HKD as of June 30, 2024, from 75,661,000 thousand HKD as of December 31, 2023, a decline of about 19.8%[33] - The net trade receivables amounted to 52,929,000 thousand HKD as of June 30, 2024, down from 67,744,000 thousand HKD as of December 31, 2023, indicating a decrease of approximately 21.8%[34] - Trade payables were reported at 22,528,000 thousand HKD as of June 30, 2024, compared to 25,922,000 thousand HKD as of December 31, 2023, reflecting a reduction of about 13.8%[35] - The total bank borrowings amounted to approximately 34,300,000 thousand HKD as of June 30, 2024, slightly down from 35,100,000 thousand HKD as of December 31, 2023[39] Revenue Breakdown - Revenue from sales of goods decreased to HKD 29,305,000, a decline of 59% from HKD 71,634,000 in the prior year[17] - Maintenance and repair service revenue dropped to HKD 401,000, down 88% from HKD 3,381,000 in the same period last year[17] - Revenue from the Asia-Pacific region significantly increased to HKD 11,306,000 in the first half of 2024, compared to HKD 2,216,000 in the same period of 2023[22] - For the six months ended June 30, 2024, total revenue from external customers was HKD 75,240,000, a decrease from HKD 75,240,000 in the same period of 2023[20] Cash Flow and Expenses - The company generated net cash from operating activities of HKD 10,515,000, a significant increase from HKD 3,720,000 in the previous year, representing an increase of approximately 183%[12] - Cash and cash equivalents at the end of the period stood at HKD 28,993,000, compared to HKD 28,655,000 at the end of June 2023, showing a slight increase[12] - The company incurred financing cash outflows of HKD 9,144,000, compared to HKD 2,962,000 in the previous year, indicating a rise in financing costs[12] - The company reported a significant reduction in administrative expenses to HKD 2,920,000 from HKD 13,624,000 in the previous year[6] - Employee benefit expenses increased to HKD 8,240,000 in the first half of 2024, compared to HKD 7,595,000 in the same period of 2023[24] - The total employee cost for the six months ended June 30, 2024, was approximately HKD 8.2 million, compared to HKD 7.6 million for the same period in 2023, representing an increase of about 7.9%[63] Foreign Exchange and Tax - The company incurred a foreign exchange loss of HKD 3,183,000 during the first half of 2024[24] - The company experienced a foreign exchange loss of approximately HKD 1.9 million due to the depreciation of the Renminbi and Australian Dollar[51] - The company has a tax credit of HKD 633,000 for the first half of 2024, compared to a tax expense of HKD 1,155,000 in the same period of 2023[26] Corporate Governance and Shareholding - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[43] - The board did not declare an interim dividend for the six months ended June 30, 2024[62] - As of June 30, 2024, Mr. Wu Li Ming held 364,095,000 shares, representing 60.68% of the company's issued share capital[64] - JAT United Company Limited, wholly owned by Mr. Wu Li Ming, also held 364,095,000 shares, accounting for 60.68% of the issued share capital[67] - The company has adopted a share option scheme since June 19, 2017, with no options granted, exercised, or cancelled up to the report date[69] - The company has maintained compliance with the Corporate Governance Code, except for the combined roles of Chairman and CEO held by Mr. Wu Li Ming[73] - The audit committee consists of independent non-executive directors, including Mr. Dai Weiguo as the chairman[75] - The executive directors are Mr. Wu Liming, Mr. Wu Litang, and Mr. Wu Libao[75] Operational Focus and Strategy - The company plans to focus on projects with significant profit margins and favorable settlement terms in the China market[48] - The company aims to monitor potential opportunities related to major infrastructure projects in the Hong Kong market while avoiding aggressive price competition[47] - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2024[59] - As of June 30, 2024, the group had no significant investments[60] - The company’s cash flow management appears stable, with a significant portion of bank borrowings remaining undrawn at 13,000,000 thousand HKD as of June 30, 2024[39] Employee and Workforce - As of June 30, 2024, the group had 46 employees, an increase from 43 employees as of December 31, 2023[63] - The company recorded interest expenses paid to a director amounting to 31,000 thousand HKD for the six months ended June 30, 2024, down from 46,000 thousand HKD in the previous year[44] Contingent Liabilities - There were no significant contingent liabilities as of June 30, 2024[62]
明梁控股(08152) - 2024 - 中期业绩