Financial Performance - Revenue for the six months ended June 30, 2021, was US$24,781,000, a decrease of 16.4% from US$29,607,000 in the same period of 2020[11]. - Gross profit for the period was US$4,768,000, down from US$8,944,000, reflecting a gross margin decline[11]. - Profit for the period was US$1,488,000, significantly lower than US$5,014,000 in the prior year, indicating a decrease of 70.3%[12]. - Total comprehensive income for the period was US$1,482,000 for the six months ended June 30, 2021[16]. - The Group's profit for the period attributable to owners of the Company was US$1,488,000 for the six months ended 30 June 2021, a decrease of 70.3% compared to US$5,014,000 in the same period of 2020[50]. - Segment profit for the six months ended June 30, 2021, was $2,807,000, down from $6,033,000 in the prior year, indicating a decrease of about 53.5%[35]. - The Group's net profit for the six months ended June 30, 2021, was approximately US$1.5 million, a significant decrease of about US$3.5 million or 70.0% compared to approximately US$5.0 million for the same period in 2020[114]. Financial Position - Total assets as of June 30, 2021, amounted to US$208,519,000, a decrease from US$212,525,000 at the end of 2020[13]. - Current liabilities were reported at US$33,420,000, an increase from US$31,300,000 at the end of 2020[14]. - The group had net current liabilities of US$19,693,000 as of June 30, 2021, raising concerns about the ability to continue as a going concern[8]. - Total equity increased to US$120,789,000 from US$119,307,000, reflecting a slight improvement in the company's financial position[14]. - Borrowings decreased to US$34,920,000 from US$43,534,000, indicating a reduction in debt levels[14]. - The liquidity position remained stable, with net current liabilities of approximately US$19.7 million as of June 30, 2021[121]. - The current ratio of the Group was 0.41 as of June 30, 2021, down 8.9 percentage points from 0.45 as of December 31, 2020[115]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was US$6,357,000, compared to US$11,926,000 in the same period of 2020[17]. - The net cash used in investing activities was US$1,916,000 for the six months ended June 30, 2021, compared to US$792,000 in 2020[17]. - The net cash used in financing activities was US$6,380,000 for the six months ended June 30, 2021, compared to US$3,151,000 in 2020[17]. Operational Metrics - The Group operates a fleet of twelve vessels with a total capacity of approximately 470,000 dwt, with four vessels under asphalt tanker time charters and six vessels under asphalt tanker voyage charters[67]. - The apparent consumption of asphalt in China was 17.5483 million tons from January to June 2021, a year-on-year increase of 12%[71]. - The asphalt shipping market is expected to increase steadily in the second half of 2021 due to infrastructure investments in China and the peak season in Australia[71]. - The COVID-19 pandemic continued to adversely affect the asphalt tanker market, with refinery capacity being insufficient in the first quarter of 2021[70]. Shareholder Information - As of June 30, 2021, Mr. Xu Wenjun holds 34,079,000 shares, representing approximately 7.75% of the company's shareholding[139]. - Mr. Lin Shifeng holds 17,478,000 shares, representing approximately 3.97% of the company's shareholding[139]. - Mr. Ding Yuzhao holds 14,898,000 shares, representing approximately 3.39% of the company's shareholding[139]. - Mr. Wang Faqing holds 5,023,000 shares, representing approximately 1.14% of the company's shareholding[139]. - Universal International Technology (Hong Kong) Limited holds 116,000,000 shares, representing approximately 26.36% of the company's shareholding[149]. - Well Grace Trading Co., Limited holds 49,000,000 shares, representing approximately 11.14% of the company's shareholding[149]. - HJ Technology Co., Limited holds 36,000,000 shares, representing approximately 8.18% of the company's shareholding[149]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[162]. - The Audit Committee reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2021, confirming compliance with applicable accounting principles and standards[167]. - The Company has fully complied with the Corporate Governance Code during the six months ended June 30, 2021[166]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the six months ended June 30, 2021[166]. Accounting Policies - The interim financial information is prepared in compliance with Hong Kong Accounting Standard 34, ensuring adherence to relevant provisions[6]. - The report includes a summary of significant accounting policies and other explanatory notes relevant to the financial statements[6]. - The Group adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2021, with no material effect on the financial statements[20].
信源企业集团(01748) - 2021 - 中期财报