Financial Performance - For the first half of 2021, the company recorded a profit attributable to owners of HKD 18,073,000, a significant increase from HKD 2,217,000 in the same period of 2020[10]. - Revenue for the first half of 2021 decreased by 10% to HKD 17,782,000, down from HKD 19,861,000 in the previous year, primarily due to a decline in the oil exploration and production segment[10]. - The group reported a 44% decrease in revenue to HKD 1,317,082,000 for the fiscal year ending March 31, 2021, with a 75% reduction in annual loss to HKD 870,286,000[33]. - The group achieved a 65% increase in revenue to RMB 217,047,000 for the six months ending June 30, 2021, compared to the same period in 2020[29]. - The net profit for the period was HKD 18,454,000, significantly up from HKD 2,135,000 in the previous year, representing an increase of 765%[55]. - The total comprehensive income for the period was HKD 15,469,000, compared to a loss of HKD 787,000 in the same period last year[55]. - The company's total assets increased to HKD 490,649,000 as of June 30, 2021, up from HKD 475,763,000 at the end of 2020[45]. - The company’s equity attributable to shareholders increased to HKD 474,967,000, reflecting a rise from HKD 459,879,000 at the end of 2020[45]. - The company’s basic earnings per share rose to HKD 0.34 from HKD 0.04, marking an increase of 750%[55]. Revenue and Sales - The company reported a revenue of HKD 17,782,000 for oil sales, a decrease of 10.5% compared to HKD 19,861,000 in the same period last year[55]. - Oil sales revenue was HKD 1,826,000, down from HKD 5,669,000 in the previous year, reflecting a significant decline of 67.7%[71]. - Total revenue from external sales reached HKD 17,782,000 for the six months ended June 30, 2021, compared to HKD 19,861,000 for the same period in 2020, representing a decrease of approximately 10.5%[78]. Investment and Expansion - The company is actively pursuing investment opportunities in oil fields in Canada, having signed a memorandum of understanding for a potential acquisition of a target company engaged in upstream oil and gas operations[12]. - The company plans to expand its energy footprint by investing in renewable energy projects, including solar power, to capitalize on decarbonization opportunities[14]. - A framework agreement has been established with a solar solutions provider to invest in solar power systems, with generated electricity to be sold to two Hong Kong power companies under a feed-in tariff scheme[14]. - The anticipated solar projects are expected to provide a long-term stable income source and good financial returns for the company[14]. - The group entered into an agreement to acquire a solar power project portfolio for up to HKD 75,000,000 to expand its renewable energy business[15]. - The company is actively pursuing investments in renewable energy projects, including solar power, to diversify its energy business[52]. - The company plans to continue its oil exploration and production while expanding into renewable energy, indicating a strategic shift towards sustainable business practices[52]. Lending and Financial Assets - In the first half of 2021, the group's lending business revenue increased by 25% to HKD 11,048,000, and profit before expected credit loss provisions rose by 24% to HKD 10,984,000[16]. - As of June 30, 2021, the group's loan portfolio was valued at HKD 189,146,000, an increase from HKD 161,382,000 as of December 31, 2020[19]. - The expected credit loss provision was HKD 800,000, compared to a reversal of HKD 15,136,000 in the same period of 2020[19]. - The group's securities investments recorded income of HKD 4,908,000 and a profit of HKD 16,050,000, compared to a loss of HKD 7,342,000 in the same period of 2020[22]. - The fair value of financial assets measured at fair value through profit or loss was HKD 44,085,000, up from HKD 25,097,000 as of December 31, 2020[23]. - The net gain from financial assets measured at fair value through profit or loss was HKD 11,893,000, compared to a net loss of HKD 11,901,000 in the same period of 2020[23]. - The expected credit loss provisions totaled HKD 1,376,000 for the six months ended June 30, 2021, compared to a reversal of HKD 14,456,000 in the same period of 2020[81]. Cash Flow and Liquidity - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (41,595,000), compared to a net cash inflow of HKD 31,798,000 in the same period of 2020[63]. - The total cash and cash equivalents at the end of the period was HKD 106,720,000, a decrease from HKD 113,550,000 at the end of June 2020[63]. - The company held liquid assets of HKD 150,805,000, including cash and cash equivalents, as of June 30, 2021[44]. - The company’s net current assets increased to HKD 406,888,000 from HKD 294,649,000, reflecting a growth of 37.9%[57]. - The company maintained a low debt-to-asset ratio of approximately 3% as of June 30, 2021, consistent with the previous year[45]. Employee and Management Costs - Employee costs decreased to HKD 5,124,000 from HKD 7,859,000, primarily due to a reduction in the number of employees in the China operations[51]. - Total employee costs for the six months ended June 30, 2021, amounted to HKD 5,124,000, down from HKD 7,859,000 in the same period of 2020, indicating a reduction of approximately 34.8%[96]. - The total remuneration for directors and key management personnel for the six months ended June 30, 2021, was HKD 3,251,000, down from HKD 3,572,000 in the same period of 2020[139]. Corporate Governance and Management - The company has complied with all applicable provisions of the corporate governance code during the six months ended June 30, 2021, except for the vacancy in the positions of Chairman and CEO[151]. - The company is currently seeking suitable candidates to fill the vacancies for the Chairman and CEO positions, with daily management responsibilities shared among executive directors[152]. - The company's interim financial statements for the six months ended June 30, 2021, were not audited but reviewed by the audit committee and formally approved by the board[157].
长盈集团(控股)(00689) - 2021 - 中期财报