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胜龙国际(01182) - 2021 - 中期财报
SUCCESS DRAGONSUCCESS DRAGON(HK:01182)2020-12-28 08:34

Revenue Performance - Revenue for the six months ended September 30, 2020, was HK$50,473,000, representing an increase of 14.9% compared to HK$44,276,000 for the same period in 2019[11]. - For the six months ended September 30, 2020, total revenue was HK$50,473,000, an increase from HK$44,276,000 in the same period of 2019, representing a growth of approximately 14.9%[43]. - Revenue from the PRC reached HK$29,559,000, while revenue from Macau decreased to HK$17,775,000 from HK$42,012,000, indicating a significant decline of approximately 57.7%[43]. - Revenue from the management of electronic gaming equipment in Macau decreased to HK$17,775,000, down 57.7% from HK$42,012,000 in the previous year[49]. - Revenue from the money lending business increased by approximately 38.7% to approximately HK$3.1 million, with a segment profit of approximately HK$1.4 million[172]. - The newly established gold-laden carbon processing business generated revenue of approximately HK$29.6 million, contributing approximately 58.5% of the Group's total revenue[172]. Profit and Loss - Gross profit decreased to HK$8,764,000, down 38.8% from HK$14,293,000 year-on-year[11]. - Loss from operations improved to HK$4,199,000, a reduction of 17.7% compared to a loss of HK$5,103,000 in the previous year[11]. - Loss before tax was HK$6,103,000, slightly better than the loss of HK$6,905,000 reported in the same period last year[11]. - Total comprehensive loss for the period was HK$6,082,000, compared to HK$6,905,000 in the prior year, indicating a 11.9% improvement[11]. - The Group reported a loss of approximately HK$6,103,000 for the six months ended 30 September 2020, compared to a loss of HK$6,905,000 for the same period in 2019, indicating a decrease in loss of about 11.6%[78]. - The Group's loss attributable to owners decreased from approximately HK$6.9 million to approximately HK$6.1 million during the period under review[173]. Assets and Liabilities - Current assets increased to HK$56,219,000 from HK$55,173,000, showing a slight growth of 1.9%[13]. - Net current assets decreased to HK$17,324,000 from HK$19,290,000, reflecting a decline of 10.2%[13]. - Total assets less current liabilities decreased to HK$25,559,000 from HK$29,322,000, a drop of 12.8%[13]. - Net assets as of September 30, 2020, were HK$23,240,000, down from HK$29,322,000, indicating a decrease of 20.7%[13]. - The Group's total liabilities increased to HK$41,214,000 from HK$35,883,000, reflecting a rise of approximately 14.5%[41]. - As of 30 September 2020, the total amount of other loans was HK$25,826,000, slightly down from HK$26,065,000 as of 31 March 2020[108]. Cash Flow and Financing - The net cash used in operating activities was HK$2,086,000, a significant improvement from HK$14,503,000 in the previous year, reflecting better cash management[19]. - Cash and cash equivalents at the end of the period were HK$3,641,000, down from HK$11,277,000 at the end of September 2019, showing a decrease in liquidity[19]. - The company raised HK$4,219,000 in director's loans during the period, which was not present in the previous year, indicating new financing efforts[19]. - The Group's bank and cash balances improved to HK$3,641,000 from HK$1,629,000, showing a growth of approximately 123.5%[40]. - The Group had bank and cash balances of approximately HK$3.6 million and a loan agreement for HK$13.6 million at an interest rate of 14.5% per annum[181]. Operational Highlights - The company’s principal activities include outsourced business process management for electronic gaming machines in Macau and money lending services in Hong Kong, indicating a focus on diversified revenue streams[22]. - The Group has diversified its operations into processing gold-laden carbon and the sale of gold and other precious metals[153]. - The Group plans to establish a production line in Yunnan province, PRC, for the extraction of gold and other precious metals[163]. - The Group implemented cost control measures in its Macau operations to maintain competitiveness in the market[156]. - The intense competition in the Macau gaming market and the COVID-19 pandemic significantly impacted the Group's revenue and operations[154]. Employee and Cost Management - Total staff costs for the period were HK$4,368,000, down 45.5% from HK$7,929,000 in the previous year[74]. - Selling and distribution costs decreased by approximately 61.1% to approximately HK$1.2 million compared to approximately HK$3.2 million in the last corresponding period[173]. - Administrative and other expenses decreased by approximately 28.3% to approximately HK$11.9 million, primarily due to reduced depreciation and amortization costs[174]. Accounting and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2020, which did not result in significant changes to accounting policies[28]. - The Group has not applied new accounting standards that have been issued but not yet effective, and the impact of these standards is still being assessed[32]. - No provision for Hong Kong profits tax was required as the Group had no assessable profit for both periods[68]. - The Macau Complementary Tax was not required due to tax losses incurred by the subsidiary in Macau during the period[69]. Miscellaneous - There were no significant events after the reporting period that needed to be disclosed as of the approval date of the financial statements[147]. - The condensed consolidated financial statements were approved by the board of Directors on 30 November 2020[148]. - The Group employed 45 employees as of 30 September 2020[194]. - The Group maintains strict control over its outstanding receivables, with overdue balances reviewed regularly by the directors[90].