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北方矿业(00433) - 2019 - 中期财报
NORTH MININGNORTH MINING(HK:00433)2019-09-20 09:27

Financial Performance - The company reported revenue of approximately HKD 573,367,000 for the six months ended June 30, 2019, representing an increase of 89% compared to HKD 303,182,000 for the same period in 2018[5]. - The loss from continuing operations decreased by approximately 36%, amounting to HKD 74,659,000 compared to HKD 116,986,000 in the previous year[5]. - The gross profit for the six months ended June 30, 2019, was HKD 90,909,000, up from HKD 64,114,000 in 2018, indicating a growth of about 41.6%[33]. - For the six months ended June 30, 2019, the total comprehensive loss amounted to HKD 98,471,000, a significant improvement from a loss of HKD 235,390,000 in the same period of 2018, representing a reduction of approximately 58.2%[35]. - The basic and diluted loss per share from continuing and discontinued operations was HKD 0.41, compared to HKD 0.43 for the same period in 2018, indicating a slight improvement[35]. - The group reported an operating loss of approximately HKD 51,060,000 for the six months ended June 30, 2019, compared to a loss of HKD 83,962,000 for the same period in 2018[77]. Revenue Breakdown - Molybdenum concentrate production was approximately 1,977 tons, with an average selling price of HKD 73,320 per ton, generating revenue of about HKD 163,795,000 from mining operations[6]. - The chemical trading business generated revenue of approximately HKD 406,365,000, primarily from the sale of chemical products manufactured in China[9]. - Sales of molybdenum concentrate amounted to HKD 163,795,000, up from HKD 126,315,000 year-on-year, reflecting a growth of 29.5%[67]. - Chemical product sales surged to HKD 406,364,000, compared to HKD 173,548,000 in the previous year, marking an increase of 134%[67]. - The group reported a total other income of HKD 47,883,000 for the first half of 2019, compared to HKD 1,174,000 in the same period of 2018, indicating a substantial rise[68]. Cash Flow and Liquidity - The net cash outflow for the period was approximately HKD 95,036,000, compared to HKD 29,392,000 in the same period last year, reflecting a significant increase in cash outflow[23]. - The net cash used in operating activities for the six months ended June 30, 2019, was HKD (182,012) thousand, compared to HKD (137,400) thousand in 2018, representing a 32.4% increase in cash outflow[45]. - The net cash used in investing activities was HKD (7,942) thousand, a significant decrease from HKD 19,798 thousand in the previous year[45]. - The net cash generated from financing activities was HKD 88,434 thousand, slightly up from HKD 88,210 thousand in 2018[45]. - The total cash and cash equivalents decreased by HKD 101,520 thousand, compared to a decrease of HKD 29,392 thousand in the prior year[45]. - Cash and cash equivalents were reported at HKD 1,110,729,000, down from HKD 1,256,594,000, indicating a decrease of about 11.6%[37]. Assets and Liabilities - Non-current assets totaled HKD 4,698,885,000 as of June 30, 2019, down from HKD 5,117,736,000 at the end of 2018, reflecting a decrease of approximately 8.2%[37]. - Current assets increased to HKD 1,778,108,000 from HKD 1,256,594,000, marking an increase of approximately 41.5%[37]. - Total liabilities rose to HKD 2,680,159,000 as of June 30, 2019, compared to HKD 2,479,025,000 at the end of 2018, an increase of about 8.1%[39]. - The company's equity attributable to owners decreased to HKD 2,417,552,000 from HKD 2,497,615,000, a decline of approximately 3.2%[39]. - The group’s total assets amounted to HKD 6,476,993,000, a slight increase from HKD 6,374,330,000 at the end of 2018, reflecting a growth of approximately 1.6%[39]. Corporate Governance - The company has adopted the corporate governance code principles and has complied with all applicable provisions, except for the separation of roles between the Chairman and CEO[115]. - The audit committee consists of three independent non-executive directors who review the financial statements before submission to the board[122]. - The company has implemented a board diversity policy aimed at achieving sustainable and balanced development of its strategic objectives[116]. - The company will regularly review and improve its corporate governance practices in line with the latest trends[120]. - The company confirmed that all directors fully complied with the standard code of conduct for securities transactions during the six months ended June 30, 2019[121]. Employment and Workforce - The company employed 576 full-time employees as of June 30, 2019, down from 688 at the end of 2018, indicating a reduction in workforce[31]. Strategic Decisions - The company has decided to return its security business to its former shareholders to avoid economic risks associated with that segment[19]. - The company is committed to investing in safety and environmental protection to enhance its competitive advantage in the chemical manufacturing sector[20].