Financial Performance - The company reported a revenue of HKD 59,455,000 for the six months ended January 31, 2021, a decrease of 35.4% compared to HKD 91,959,000 in the same period last year[9]. - Gross profit for the same period was HKD 41,538,000, down 33.9% from HKD 62,839,000 year-on-year[9]. - The company recorded a profit attributable to owners of HKD 10,412,000, a significant recovery from a loss of HKD 176,677,000 in the previous year[8]. - Total comprehensive income for the period was HKD 17,214,000, compared to a loss of HKD 177,341,000 in the prior year[10]. - Basic and diluted earnings per share were HKD 1.10, recovering from a loss of HKD 18.65 per share in the previous year[10]. - The group reported a loss before tax of HKD 10,412,000, compared to a loss of HKD 177,083,000 in the same period last year, indicating an improvement in financial performance[25]. - The group recorded a loss of HKD 91,000 for the six months ended January 31, 2021, compared to a loss of HKD 43,627,000 in 2020[74]. - Total comprehensive income attributable to the company's owners for the six months ended January 31, 2021, was HKD 17,214,000, a significant improvement from a loss of HKD 177,341,000 in 2020[75]. Revenue Breakdown - Total revenue for the six months ended January 31, 2021, was HKD 70,172,000, a decrease of 25.4% compared to HKD 94,049,000 for the same period in 2020[25]. - Revenue from the garment and related accessories business was HKD 42,889,000, down 34.3% from HKD 65,338,000 in the previous year[25]. - The property investment and leasing business generated revenue of HKD 27,283,000, a decrease of 5.0% from HKD 28,711,000 in the prior year[25]. - Revenue from the "garment and related accessories" segment dropped by 48.6% to HKD 32,603,000, compared to HKD 63,377,000 in the previous year[74]. - Rental income from property investment and leasing business for the six months ended January 31, 2021, was HKD 26,852,000, down from HKD 28,582,000 in 2020[75]. - The apparel and related accessories segment generated revenue of HKD 4,825,000 in mainland China for the six months ended January 31, 2021, compared to HKD 4,464,000 in 2020[80]. Cost Management - Selling and distribution expenses decreased to HKD 23,759,000 from HKD 65,224,000, reflecting cost-cutting measures[9]. - Administrative expenses were reduced to HKD 24,445,000 from HKD 29,071,000, showcasing improved operational efficiency[9]. - Financing costs decreased to HKD 5,658,000 for the six months ended January 31, 2021, down from HKD 11,598,000 in the previous year, reflecting a reduction of 51%[30]. - Rental expenses and depreciation for retail stores significantly decreased following the impairment loss of HKD 39,349,000 recognized at the end of the previous fiscal year[74]. Asset Management - As of January 31, 2021, total assets amounted to HKD 1,939,872 thousand, slightly down from HKD 1,941,325 thousand as of July 31, 2020[12]. - The company’s inventory decreased to HKD 36,413 thousand from HKD 49,116 thousand year-over-year, indicating improved inventory management[12]. - The company’s non-current assets totaled HKD 1,939,872 thousand, with investment properties accounting for HKD 1,725,512 thousand[12]. - The carrying amount of investment properties at the end of the period was HKD 1,725,512,000, slightly down from HKD 1,727,756,000 at the end of the previous period[41]. - The fair value loss of investment properties held by the group was HKD 3,965,000 as of January 31, 2021, significantly lower than HKD 129,721,000 in 2020[75]. Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of HKD 24,399 thousand for the six months ended January 31, 2021, compared to a net outflow of HKD 9,100 thousand for the same period in 2020[16]. - The net cash and cash equivalents at the end of the period were HKD 76,461 thousand, down from HKD 86,402 thousand at the beginning of the period[16]. - As of January 31, 2021, the group held cash and cash equivalents amounting to HKD 76,461,000, a decrease of 11.1% from HKD 86,402,000 as of July 31, 2020[94]. - The total outstanding borrowings, including margin loans, amounted to HKD 626,162,000 as of January 31, 2021, with short-term bank loans constituting HKD 398,859,000[94]. - The debt-to-equity ratio was reported at 41% as of January 31, 2021, indicating a cautious approach to business development amid global economic uncertainties[97]. Strategic Initiatives - The company aims to expand its market presence and enhance product offerings in the upcoming periods, although specific figures were not disclosed in the report[9]. - The company plans to optimize its market layout by relocating stores and seeking rent reductions from landlords to mitigate the adverse retail environment[87]. - The company aims to enhance the competitiveness of its investment properties to attract and retain key tenants amid declining demand for commercial real estate[88]. - The group will continue to manage its financial assets portfolio prudently to achieve sustainable returns[89]. Governance and Compliance - The company has adopted a securities trading code for directors and designated employees, confirming compliance for the six months ending January 31, 2021[107]. - The company’s governance includes compliance with the Securities and Futures Ordinance regarding the interests of directors and key executives[115]. - The Audit Committee reviewed the interim report for the six months ending January 31, 2021[137]. Employee and Management - The total number of employees, including part-time sales staff, decreased to 189 as of January 31, 2021, down from 253 in the previous year[101]. - Short-term employee benefits for key management personnel amounted to HKD 6,363,000, compared to HKD 6,726,000 in the previous year[70]. - The company expresses gratitude to all employees and management for their contributions and support[139].
鳄鱼恤(00122) - 2021 - 中期财报