Financial Performance - The overall revenue of Infinity Development Holdings increased by approximately 21.9% from approximately HK$300,635,000 during the six months ended 31 March 2018 to approximately HK$366,478,000 during the six months ended 31 March 2019[8]. - The overall gross profit increased by approximately 29.7% from approximately HK$81,958,000 to approximately HK$106,279,000 during the same period[8]. - The Group reported a net profit of approximately HK$15,612,000 for the six months ended 31 March 2019, compared to approximately HK$10,473,000 for the same period in 2018[10]. - Profit for the period increased to HK$15,612,000, a 49.5% rise compared to HK$10,473,000 in 2018[71]. - Total comprehensive income for the period was HK$20,557,000, up from HK$15,405,000 in 2018, marking a 33.9% increase[72]. - Basic earnings per share for the six months ended March 31, 2019, was HK$0.025, compared to HK$0.017 for the same period in 2018, reflecting a growth of approximately 47.5%[147][148]. Expenses and Costs - Selling and distribution costs increased by approximately 15.5% from approximately HK$30,292,000 to approximately HK$34,976,000[8]. - Administrative expenses rose by approximately 30.2% from approximately HK$44,144,000 to approximately HK$57,454,000, mainly due to increased staff costs[10]. - Staff costs, including Directors' emoluments, amounted to approximately HK$48,830,000 for the six months ended March 31, 2019, compared to approximately HK$36,791,000 for the same period in 2018, representing an increase of about 32.8%[29]. - The Group's depreciation expense increased to HK$5,922,000 for the six months ended 31 March 2019, compared to HK$5,000,000 in the same period of 2018, reflecting a rise of approximately 18.4%[140]. Financial Position - As of March 31, 2019, the Group's total interest-bearing bank borrowings decreased from approximately HK$36,654,000 to approximately HK$15,556,000[25]. - The Group's gearing ratio as of March 31, 2019, was approximately 4.1%, down from approximately 9.4% as of September 30, 2018[25]. - The current ratio of the Group as of March 31, 2019, was approximately 2.4, compared to approximately 2.2 as of September 30, 2018[25]. - The net assets decreased to HK$380,853,000 from HK$391,101,000, reflecting a decline of 2.9%[78]. - Trade and bills receivables as of March 31, 2019, totaled HK$133,649,000, a decrease from HK$186,364,000 as of September 30, 2018, indicating a reduction of approximately 28.3%[151]. Investments and Acquisitions - The gain on disposal of subsidiaries was a one-off and non-recurring item, completed on 8 March 2019, without materially affecting the core business[10]. - There were no significant investments, material acquisitions, or disposals during the six months ended March 31, 2019, except for a disposal agreement completed on March 8, 2019[27]. - The Group owns 40% equity interests in Blue Sky Energy Efficiency Company Limited, which is engaged in energy-efficiency systems and renewable energy projects[29]. - The Blue Sky Group made an investment to acquire a 57% shareholding in a biochemical production company in China, but there have been delays in the ethanol production project[29]. Shareholder Information - As of 31 March 2019, Mr. Ieong Un holds 342,500,000 shares, representing approximately 57.07% of the total shareholding[41]. - Mr. Ieong Un is also a beneficial owner of 78,902,769 shares, accounting for about 13.14% of the total[43]. - The Company declared a final dividend of HK$2.6 cents per ordinary share, totaling approximately HK$15,605,000, an increase from HK$13,067,000 in the previous year[138]. - The company repurchased a total of 15,148,000 ordinary shares, all of which were cancelled in February 2019[36]. Corporate Governance - The Company has complied with the Corporate Governance Code during the six months ended 31 March 2019, except as disclosed[36]. - The roles of chairman and chief executive are held by Mr. Ieong Un, who is the founder and substantial shareholder of the Company[36]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during the reporting period[36]. Operational Strategy - The Group aims to broaden its revenue base by proactively investing in and developing its OEM business[21]. - The Group will focus on improving operational efficiency and core competitiveness to ensure effective business development in 2019[22]. - The Group will continue to monitor developments in the footwear manufacturing industry and adjust business strategies as needed[22][23]. Compliance and Reporting - The interim financial statements were reviewed by RSM Hong Kong, confirming compliance with HKAS 34[67]. - The Group's financial statements for the six months ended March 31, 2019, have been prepared in accordance with HKAS 34 and relevant Listing Rules[90]. - The Group's financial statements reflect the impact of new and revised Hong Kong Financial Reporting Standards[104].
星谦发展(00640) - 2019 - 中期财报