Workflow
中国海洋发展(08047) - 2021 - 中期财报
CHINA OCEAN GPCHINA OCEAN GP(HK:08047)2020-11-13 13:02

Financial Performance - The group's revenue for the six months ended September 30, 2020, was approximately HKD 380,468,000, compared to HKD 337,981,000 for the same period in 2019, representing an increase of 12.5%[4] - The profit for the period was approximately HKD 11,492,000, up from HKD 9,854,000 in 2019, reflecting a growth of 16.6%[6] - The profit attributable to equity holders of the company was approximately HKD 12,931,000, compared to HKD 10,593,000 in 2019, marking an increase of 22.0%[4] - Basic earnings per share for the period were approximately HKD 0.30 cents, compared to HKD 0.25 cents in 2019, indicating a rise of 20.0%[11] - The group's gross profit for the six months was HKD 38,809,000, slightly down from HKD 39,442,000 in the previous year, a decrease of 1.6%[6] - Revenue from supply chain management services was HKD 377,636,000 for the six months ended September 30, 2020, compared to HKD 321,456,000 in the same period of 2019, indicating a growth of about 17.5%[33] - The group reported segment revenue of HKD 377,636,000 for the six months ended September 30, 2020, compared to HKD 321,456,000 for the same period in 2019, representing a growth of approximately 17.5%[40] - The group’s pre-tax profit for the six months ended September 30, 2020, was HKD 12,931,000, compared to HKD 10,593,000 for the same period in 2019, indicating an increase of approximately 22.0%[50] - The basic and diluted earnings per share for the six months ended September 30, 2020, were HKD 0.0030, up from HKD 0.0025 in the same period of 2019, marking a rise of 20.0%[50] - The seafood business generated total revenue of approximately HKD 377,636,000, up from HKD 321,456,000 in 2019, indicating a growth of around 17.5%[79] - The gross profit decreased to approximately HKD 38,809,000, down from HKD 39,442,000 in the same period of 2019, resulting in a gross margin decline from 11.7% to 10.2%[81] - The net profit attributable to equity holders was approximately HKD 12,931,000, compared to HKD 10,593,000 in 2019, reflecting an increase of about 22%[81] Assets and Liabilities - Total assets as of September 30, 2020, were HKD 1,912,813,000, compared to HKD 1,736,622,000 as of March 31, 2020, showing an increase of 10.1%[15] - Current assets increased to HKD 1,329,411,000 from HKD 1,157,490,000, reflecting a growth of 14.8%[15] - The group’s total liabilities as of September 30, 2020, were HKD 601,131,000, compared to HKD 439,430,000 as of September 30, 2019, representing an increase of approximately 37.0%[43] - The group’s segment liabilities for the six months ended September 30, 2020, were HKD 262,290,000, compared to HKD 111,128,000 for the same period in 2019, reflecting a significant increase of about 135.0%[43] - The group had bank borrowings of approximately HKD 72,528,000, up from HKD 36,989,000 as of March 31, 2020, resulting in a debt-to-asset ratio of 3.79%[84] - The group’s unallocated assets, including investments in associates, amounted to HKD 215,294,000 as of September 30, 2020, compared to HKD 148,144,000 as of September 30, 2019, reflecting an increase of about 45.2%[43] Cash Flow - The group reported a net cash position of HKD 4,190,000 as of September 30, 2020, compared to HKD 2,924,000 as of March 31, 2020, an increase of 43.3%[15] - The net cash used in operating activities for the six months ended September 30, 2020, was HKD (22,142,000), an improvement from HKD (49,598,000) in the same period of 2019[23] - Cash and cash equivalents at the end of the period were HKD 4,190,000, down from HKD 7,439,000 in the previous year[25] - The net cash inflow from financing activities for the six months ended September 30, 2020, was HKD 39,801,000, compared to HKD 46,601,000 for the same period in 2019[23] - The company reported a decrease in cash and cash equivalents of HKD 1,266,000 for the six months ended September 30, 2020, compared to a decrease of HKD 6,887,000 in the same period of 2019[25] Dividends and Share Capital - The board declared no interim dividend for the period, consistent with the previous year[4] - The company declared no interim dividend for the period, consistent with the previous year[53] - The issued and fully paid ordinary shares increased to 4,305,960,179 as of September 30, 2020, from 4,225,960,179 as of March 31, 2020[71] - A total of 50,000,000 new shares were issued at HKD 0.10 per share, raising HKD 5,000,000 for general operational funds[105] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the period and confirmed compliance with appropriate accounting standards and GEM listing rules[125] - The company has adopted a code of corporate governance in line with GEM listing rules, although it deviates from the principle of separating the roles of Chairman and CEO, with the current structure deemed more suitable for long-term business planning[123] - There were no changes in the interests of directors or major shareholders in any competing businesses during the reporting period, indicating no conflicts of interest[119] - The company has confirmed that all directors adhered to the securities trading standards throughout the reporting period, ensuring compliance with regulations[122] - The company is committed to continuously reviewing its corporate governance structure to assess the need for changes, including the potential separation of the roles of Chairman and CEO[123] Strategic Initiatives - The group plans to explore new investment and business opportunities to expand revenue sources and enhance shareholder value, particularly in the deep-sea fishing business[82] - The group has established strategic partnerships with other supply chain companies to enhance procurement and sales operations in import and export trade[77] - The company has established an appropriate authorization system for investment projects, which are regularly updated and reported to the board[100] Risks and Challenges - The company faces various risks including market risk, operational risk, investment risk, human resources risk, and financial risk[96][99][100][101][102] - The company is closely monitoring the impact of COVID-19 on its financial condition, cash flow, and operational performance[105] Employee and Compensation - The total employee cost for the period was approximately HKD 6,496,000, slightly up from HKD 6,481,000 in the same period of 2019[94] - The company is committed to providing attractive compensation packages to retain key personnel essential for achieving business objectives[101] - The company has a stock option plan in place to incentivize and retain qualified participants, including employees and independent non-executive directors[110] - The company has not granted any stock options since the adoption of the stock option plan[111] Other Financial Information - The company did not make any loans or advances during the period, focusing instead on developing supply chain management and marine fishing businesses[78] - The company has not engaged in any significant mergers or acquisitions during the reporting period, maintaining its current operational structure[118] - The company has not disclosed any new product developments or technological advancements in the current reporting period[120]