Financial Performance - The company reported a total comprehensive loss attributable to owners of the company of HKD 16,325,000 for the six months ended September 30, 2021, compared to a loss of HKD 24,038,000 in the same period last year, representing a 32.3% improvement [6]. - Revenue for the six months ended September 30, 2021, was HKD 15,586,000, an increase of 74.5% from HKD 8,947,000 in the previous year [6]. - Gross profit for the period was HKD 6,630,000, significantly up from HKD 743,000, indicating a gross margin improvement [6]. - The company reported an operating loss before tax of HKD 15,600,000 for the six months ended September 30, 2021, compared to a loss of HKD 20,835,000 in the same period of 2020, representing a 25.5% improvement [17]. - The net loss after tax for the period was approximately HKD 16,400,000, a reduction of 32.1% from HKD 24,170,000 in the previous year, attributed to increased revenue [59]. - Loss attributable to owners for the six months ended September 30, 2021, was HKD (16,325,000), an improvement from HKD (24,038,000) in the same period of 2020 [43]. Expenses and Cost Management - The company reported a decrease in administrative and other operating expenses to HKD 11,521,000 from HKD 11,725,000, reflecting a cost control strategy [6]. - Employee costs increased to HKD 10,606,000 from HKD 9,691,000 in the previous year [39]. - The cost of services provided was HKD 8,956,000, compared to HKD 8,204,000 in the previous year [39]. - The company reported a decrease in interest expenses to HKD 409,000 for the six months ended September 30, 2021, down from HKD 735,000 in the previous year, reflecting improved debt management [17]. - Financing costs totaled HKD 696,000, a decrease from HKD 763,000 in the previous year [37]. Cash Flow and Liquidity - The net cash and bank balances decreased to HKD 13,284,000 from HKD 26,759,000, indicating a liquidity challenge [8]. - Net cash used in operating activities was HKD 5,652,000 for the six months ended September 30, 2021, down from HKD 8,094,000 in the previous year, indicating a 30.2% reduction in cash outflow [17]. - Cash and cash equivalents decreased by HKD 13,475,000, ending with HKD 13,284,000 as of September 30, 2021, compared to HKD 15,360,000 at the end of the previous year [19]. - The company has a net current liability of HKD 56,923,000 as of September 30, 2021, compared to HKD 49,277,000 as of March 31, 2021, indicating a worsening liquidity position [23]. - The company has drawn down HKD 50,000,000 and HKD 60,000,000 from revolving loan facilities as of September 30, 2021, to ensure sufficient working capital [25]. Assets and Equity - Total assets less current liabilities stood at HKD 464,847,000 as of September 30, 2021, down from HKD 480,447,000 as of March 31, 2021 [10]. - The company's equity attributable to owners decreased to HKD 454,162,000 from HKD 470,487,000, reflecting the impact of the loss during the period [10]. - The group's net asset value as of September 30, 2021, was HKD 451,300,000, a decrease from HKD 467,700,000 as of March 31, 2021 [62]. - As of September 30, 2021, total borrowings amounted to approximately HKD 56,700,000, down from HKD 61,700,000 as of March 31, 2021 [62]. - The capital-to-debt ratio as of September 30, 2021, was approximately 12.56%, compared to 13.19% as of March 31, 2021 [62]. Market and Operational Outlook - Future outlook remains cautious due to ongoing market uncertainties and operational challenges [6]. - The company continues to explore market expansion opportunities but has not provided specific details or targets [6]. - The company has not disclosed any new product launches or technological advancements during this reporting period [6]. - The group received government subsidies of HKD 150,000 during the six months ended September 30, 2021, down from HKD 400,000 in the same period of 2020 [37]. Corporate Governance and Compliance - The company has maintained compliance with the public float requirements as per the listing rules [75]. - The company has adopted a code of conduct for directors' securities transactions that meets or exceeds the standards set out in the listing rules [75]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's unaudited interim financial statements for the six months ended September 30, 2021 [73]. - The group did not declare an interim dividend for the six months ended September 30, 2021, consistent with the previous year [58]. - There were no significant events occurring after September 30, 2021, up to the date of this report [75].
茂盛控股(00022) - 2022 - 中期财报