Financial Performance - The group's revenue decreased from approximately HKD 511 million to HKD 451 million, a decline of 12%[4] - Profit attributable to the company decreased by 27% from HKD 87 million to HKD 63 million[4] - Sales of liquid crystal displays dropped from HKD 143 million to HKD 91 million, a decrease of HKD 52 million[4] - The liquid crystal display module revenue fell from HKD 326 million to HKD 297 million, a decline of HKD 29 million[4] - The gross profit decreased from HKD 83 million to HKD 73 million, maintaining a gross margin of 16%[5] - Revenue for the six months ended September 30, 2019, was HKD 450,957 thousand, a decrease of 11.7% compared to HKD 510,717 thousand for the same period in 2018[27] - Gross profit for the same period was HKD 73,443 thousand, down from HKD 83,163 thousand, reflecting a decrease of 11.7%[27] - Profit before tax was HKD 75,412 thousand, compared to HKD 103,208 thousand in the previous year, representing a decline of 27.0%[27] - Net profit for the period was HKD 66,715 thousand, a decrease of 27.2% from HKD 91,640 thousand in the prior year[27] - Basic earnings per share for the period was HKD 6.3, down from HKD 8.7, indicating a decline of 27.6%[27] - The profit for the six months ended September 30, 2019, was HKD 63,127,000, compared to HKD 86,910,000 for the same period in 2018, representing a decrease of approximately 27.4%[75] Investment and Assets - The group recorded a one-time pre-tax gain of approximately HKD 244 million from the sale of its 43.87% stake in Kunshan Display, which was completed in March 2019[8] - The profit share from Kunshan Technology, a joint venture in which the group holds a 35.1% stake, was approximately HKD 8 million, an increase of about HKD 3 million compared to the previous year[8] - The actual tax rate related to the group's core business increased to 26% from 20% in the previous year, mainly due to non-deductible exchange losses recorded during the review period[10] - Total assets as of September 30, 2019, were approximately HKD 2.222 billion, with liabilities of HKD 446 million and total equity of HKD 1.776 billion[12] - The company's equity attributable to owners was HKD 1,752,068 thousand, down from HKD 1,920,601 thousand[32] - The company's share of net assets from listed associates was HKD 1,175,534,000 as of September 30, 2019, down from HKD 1,223,000,000 as of March 31, 2019, indicating a decrease of about 3.9%[67] Cash Flow and Liquidity - The group recorded a net loss of HKD 8 million from other income and losses, primarily due to a foreign exchange loss of HKD 5 million[5] - The net cash generated from operating activities for the six months ended September 30, 2019, was HKD 67,089,000, an increase of 56.7% compared to HKD 42,763,000 in the same period of 2018[36] - The net cash used in investing activities was HKD 29,547,000, a significant decrease from HKD 5,884,000 in the previous year, indicating a shift in investment strategy[36] - The net cash used in financing activities amounted to HKD 106,734,000, compared to HKD 24,739,000 in the prior year, reflecting increased dividend payments and share buybacks[36] - The total cash and cash equivalents at the end of the period were HKD 247,325,000, up from HKD 63,125,000 at the end of the previous period[36] - The company reported a decrease in cash and cash equivalents of HKD 69,192,000 for the period, contrasting with an increase of HKD 23,908,000 in the previous year[36] - The impact of foreign exchange fluctuations on cash and cash equivalents was a decrease of HKD 1,606,000, compared to a decrease of HKD 2,044,000 in the prior year[36] - As of September 30, 2019, the group's current ratio was 1.6, down from 2.1 as of March 31, 2019, indicating a decrease in liquidity[12] Dividends and Shareholder Information - The board decided not to declare an interim dividend for the six months ended September 30, 2019[14] - Major shareholders include Antrix Investment Limited, which directly holds 570 million shares, representing 57.02% of the issued share capital[19] - The company declared a special dividend of HKD 0.10 per share and a final dividend of HKD 0.05 per share, totaling HKD 149,946,000 for the six months ended September 30, 2019, compared to HKD 49,982,000 for the same period in 2018[73] Operational Developments - The new factory in Hubei Province for small capacitors and multilayer capacitors has begun trial production, with plans for mass production soon[7] - The company plans to continue focusing on market expansion and product development to enhance revenue streams in the future[62] - The company’s revenue is derived from the manufacturing and sales of LCDs, LCD modules, and related optical products, recognized at the point of control transfer to customers[59] - The company’s operating segments include LCDs, LCD modules, and related products, reported based on resource allocation and performance evaluation[58] Compliance and Accounting - The audit committee reviewed the accounting principles and practices adopted by the group, ensuring compliance with relevant financial reporting standards[23] - The company has adopted the new Hong Kong Financial Reporting Standard 16 regarding leases, which may impact future financial reporting and asset management strategies[39] - The application of the new lease accounting standard has resulted in changes to the recognition and measurement of lease liabilities and right-of-use assets[41] - The company confirmed that the impact of the transition to HKFRS 16 on retained earnings was not significant, thus no adjustments were made[52]
亿都(国际控股)(00259) - 2020 - 中期财报