Financial Performance - Revenue for the six months ended June 30, 2019, was HK$82,834,000, a decrease of 75.8% compared to HK$342,939,000 in 2018[10]. - Loss before income tax for the period was HK$29,068,000, compared to a profit of HK$206,693,000 in the same period of 2018[10]. - Loss for the period amounted to HK$29,412,000, a significant decline from a profit of HK$122,808,000 in 2018[10]. - Total comprehensive loss for the period was HK$42,985,000, compared to a comprehensive income of HK$102,475,000 in 2018[12]. - Basic and diluted loss per share was HK$0.30, compared to earnings per share of HK$1.31 in the previous year[12]. - The Group reported a loss of HK$29,412,000 for the six months ended June 30, 2019, with current liabilities exceeding current assets by HK$42,694,000, indicating significant financial uncertainty[36]. - For the six months ended June 30, 2019, the company reported a loss attributable to owners of HK$28,782,000 compared to a profit of HK$124,175,000 for the same period in 2018, representing a significant decline[150]. Income and Expenses - Other income increased to HK$1,372,000 from HK$689,000, reflecting a growth of 99.3% year-on-year[10]. - The company incurred finance costs of HK$16,515,000, up from HK$3,813,000 in 2018, indicating a significant increase in financing expenses[10]. - Selling and distribution expenses increased by HK$37,770,000, finance costs rose by HK$12,702,000, and fair value losses on financial assets held for trading increased by HK$10,308,000[187]. - Interest income for the period was HK$263,000, while interest expense amounted to HK$11,694,000[79][80]. Assets and Liabilities - As of June 30, 2019, total assets increased to HK$2,426,696,000 from HK$2,411,573,000 at the end of 2018, representing a growth of approximately 0.63%[14]. - Non-current assets totaled HK$1,876,123,000, up from HK$1,808,681,000, indicating an increase of about 3.74%[14]. - Current liabilities rose to HK$593,267,000 from HK$550,062,000, reflecting an increase of approximately 7.85%[16]. - Net assets decreased to HK$1,591,674,000 from HK$1,634,659,000, a decline of about 2.62%[16]. - Total liabilities as of June 30, 2019, were HK$835,022, an increase of 7.4% from HK$776,914 as of December 31, 2018[119]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2019, was HK$84,902,000, a significant increase from HK$5,673,000 in 2018, representing a growth of approximately 1397%[23]. - Net cash used in investing activities was HK$76,402,000, a decrease from HK$83,458,000 in the previous year, indicating a reduction of about 8%[23]. - Net cash generated from financing activities amounted to HK$30,501,000, compared to HK$1,832,000 in 2018, reflecting an increase of approximately 1567%[23]. - The total cash and cash equivalents at the end of the period reached HK$110,160,000, up from HK$84,688,000 in 2018, marking an increase of about 30%[23]. Shareholder and Equity Information - The company’s equity attributable to owners decreased to HK$1,580,112,000 from HK$1,622,353,000, a decrease of approximately 2.59%[20]. - The total number of issued and fully paid ordinary shares as of June 30, 2019, was 9,505,344,000, amounting to HK$475,267,000[174]. - The company’s authorized share capital was 25,000,000,000 ordinary shares, amounting to HK$1,250,000,000[174]. Taxation - The current tax charge for the period was HK$29,000, while the deferred tax charge amounted to HK$315,000, compared to HK$83,885,000 in the previous year[145]. - The total tax expense for the period was HK$344,000, significantly lower than HK$83,885,000 in the previous year[145]. Strategic Initiatives - The company continues to explore opportunities for market expansion and new product development as part of its strategic initiatives[151]. - The Group is expected to have sufficient working capital to meet its financial obligations within the next twelve months[41]. Exploration and Development - The Group's wholly-owned subsidiary entered into a petroleum contract with CNPC for the Kashi Project, which has a term of 30 years starting from June 1, 2009[188]. - The actual volume of gas production from the Kashi Project increased to 153,558,000 cubic meters for the six months ended June 30, 2019, compared to 122,500,000 cubic meters in the same period of 2018[155]. - No development and production activity was carried out under the Petroleum Contract, as the contract remains in the exploration phase[199].
中能控股(00228) - 2019 - 中期财报