Financial Performance - For the six months ended 30 September 2020, the Group's total revenue slightly decreased to approximately HK$100,198,000 from approximately HK$100,225,000 for the corresponding period last year[5]. - The Group's gross profit decreased by approximately 2.9%, from approximately HK$27,516,000 to approximately HK$26,716,000, with a gross profit margin decrease of approximately 0.8 percentage points to approximately 26.7%[5]. - The Group's profit attributable to owners increased by approximately 18.0%, from approximately HK$8,805,000 to approximately HK$10,389,000 for the Period[9]. - Basic earnings per share increased from approximately HK$0.88 to approximately HK$1.04 for the Period[9]. - Profit before taxation increased to HK$15,289,000, compared to HK$10,707,000 in the previous year, representing a growth of 42.5%[68]. - Total comprehensive income for the period was HK$13,579,000, up from HK$9,333,000, marking a significant increase of 45.0%[68]. - Profit for the period attributable to owners of the Company increased to HK$10,389,000, representing a 17.9% increase from HK$8,805,000 in the same period last year[131]. Revenue Sources - For the six months ended 30 September 2020, the Group's revenue primarily derived from vessel chartering and related services, as well as ship management services[97]. - Revenue from vessel chartering and related services was HK$87,470,000, down 0.2% from HK$87,644,000 in the previous year[110]. - Revenue from ship management services increased by 1.2% to HK$12,728,000 from HK$12,581,000 in 2019[110]. - The Group's revenue is entirely derived from customers located in Hong Kong, with no geographical segment information presented[112]. Cost and Expenses - The Group's cost of revenue increased by approximately 1.1%, from approximately HK$72,709,000 to approximately HK$73,482,000, mainly due to increased staff costs and depreciation expenses[5]. - Administrative expenses decreased by approximately 19.5%, from approximately HK$19,590,000 to approximately HK$15,774,000, mainly due to reduced Directors' remuneration and public relations expenses[7]. - Staff costs rose significantly to HK$40,674,000, up from HK$29,622,000, indicating a 37.3% increase year-on-year[127]. - The Group's income tax expense for the current period was HK$1,710,000, a decrease from HK$1,374,000 in the previous year[123]. Government Support and Grants - Other income increased by around 401.3%, from approximately HK$1,053,000 to approximately HK$5,279,000, including government grants of HK$4,554,000 related to COVID-19 subsidies[5]. - The Group confirmed government subsidies related to Covid-19 amounting to HK$4,554,000, of which HK$4,145,000 is related to the Employment Support Scheme[119]. - The Group has received approval for the second tranche of the Employment Support Scheme (ESS), amounting to HK$2,247,000[12]. Assets and Liabilities - Non-current assets increased to HK$99,011,000 from HK$86,465,000, reflecting a growth of 14.5%[70]. - Current assets decreased to HK$158,718,000 from HK$165,320,000, a decline of 4.0%[70]. - The Group's trade and other receivables decreased by approximately 0.2%, from approximately HK$53,007,000 to approximately HK$52,898,000[9]. - The total number of shares held by Kitling (BVI) Limited is 558,858,750, which is a significant portion of the company's total share capital[24]. Corporate Governance - The company has complied with the Corporate Governance Code during the six months ended September 30, 2020, except for the separation of the roles of chairman and CEO[54]. - The Board consists of two executive directors and three independent non-executive directors, ensuring a strong element of independence[54]. - The report indicates a stable governance structure with independent directors overseeing the company's strategic decisions[18]. Cash Flow and Financing - The net cash from operating activities for the six months ended September 30, 2020, was HK$15,762,000, compared to HK$4,864,000 in the previous year, indicating a significant increase of approximately 224.5%[80]. - The total cash used in investing activities was HK$10,307,000 for the six months ended September 30, 2020, compared to cash used of HK$16,369,000 in the same period of 2019, indicating a reduction in cash outflow[80]. - For the six months ended September 30, 2020, the net cash used in financing activities was HK$5,018,000, compared to a net cash inflow of HK$1,023,000 in the same period of 2019[84]. Shareholder Information - As of September 30, 2020, the company has a significant shareholding structure with Mr. Wen Tsz Kit Bondy and Ms. Chan Sau Ling Amy holding 55.89% of the shares through Kitling (BVI) Limited, which represents 558,858,750 shares[20]. - The entire share capital of Kitling (BVI) is owned 70% by Mr. Wen and 30% by Ms. Chan, indicating a controlled corporation structure[24]. - The company has not received notifications of any other interests or short positions in shares that would require disclosure under the Securities and Futures Ordinance[26]. Operational Insights - The Group expects the demand for vessel chartering and related services to increase steadily due to several high-profile marine construction projects initiated by the Hong Kong government[3]. - The Group will continue to invest in its vessel fleet to capture business opportunities arising from these marine construction projects[3]. - The Group's operating segments are classified into (i) Vessel chartering and related services and (ii) Ship management services, focusing on the types of services provided[97].
润利海事(02682) - 2021 - 中期财报