Financial Performance - For the six months ended September 30, 2020, the group's total loss and comprehensive loss amounted to approximately HKD 10.7 million, a slight decrease of 2.7% compared to the same period in 2019[10]. - Revenue and gross profit for the six months ended September 30, 2020, decreased by 98.6% and 97.2% respectively compared to the same period in 2019[10]. - The group recorded minimal revenue from travel tours due to the cancellation or suspension of all tours amid the Covid-19 pandemic, resulting in a gross loss of approximately HKD 1.1 million[12]. - There were no sales of free travel products during the same period, leading to a gross loss of about HKD 0.1 million primarily from refunds due to customer cancellations[13]. - Revenue from travel-related products and services decreased by 83.3%, yet total revenue remained stable at approximately HKD 1.7 million due to new business activities involving imported masks and health-related products[14]. - The total loss and comprehensive loss for the period slightly decreased by 2.7% to approximately HKD 10.7 million, influenced by reductions in selling and administrative expenses[18]. - The net loss attributable to the owners of the company for the six months was HKD (10,601,000), compared to HKD (10,955,000) in 2019, indicating a decrease of approximately 3.2%[55]. - The basic and diluted loss per share for the period was HKD (2.65), compared to HKD (2.74) in the same period of 2019, reflecting an improvement of about 3.3%[55]. - The company reported a total loss of HKD (10,680,000) for the six months ended September 30, 2020, compared to a loss of HKD (11,020,000) for the same period in 2019, showing a slight improvement of approximately 3.1%[87]. Revenue and Expenses - The group confirmed that the information in the report is accurate and complete, with no misleading or fraudulent elements[2]. - Selling expenses decreased by 89.0% to approximately HKD 0.8 million, attributed to reduced credit card fees and cost-saving measures[16]. - Administrative expenses decreased by 56.9% to approximately HKD 8.7 million, mainly due to reduced depreciation and cost-saving measures including salary cuts and unpaid leave[17]. - The company incurred a total of HKD 10,707,000 in expenses for the six months ended September 30, 2020, compared to HKD 137,587,000 for the same period in 2019, reflecting a decrease of approximately 92.2%[95]. - The company reported a net loss from other income and expenses of HKD (1,508,000) for the six months ended September 30, 2020, compared to HKD (1,177,000) for the same period in 2019, indicating a decline of approximately 28.1%[92]. Assets and Liabilities - As of September 30, 2020, the group's net asset value was approximately HKD 30.4 million, down from HKD 41.1 million as of March 31, 2020[19]. - The company reported a total asset value of HKD 50,984,459,000 as of September 30, 2020[57]. - The equity attributable to the owners of the company decreased to HKD 30,389,000, reflecting a loss of HKD 10,601,000 for the six months ended September 30, 2020[58]. - The company’s total liabilities amounted to HKD 20,537,171,000, indicating a significant financial obligation[57]. - The accumulated losses increased to HKD 44,149,000, highlighting ongoing financial challenges[58]. - The company’s cash and cash equivalents were reported at HKD 16,462,000, indicating liquidity position[57]. - The company’s short-term borrowings were recorded at HKD 21,234,000, reflecting reliance on external financing[57]. - The total receivables as of September 30, 2020, were valued at HKD 10,000, with no overdue or impaired receivables reported[106][107]. Operational Challenges and Responses - The ongoing Covid-19 pandemic has severely impacted the travel industry, with significant operational and financial challenges expected to persist until at least December 31, 2020[36]. - The group is closely monitoring the pandemic and has implemented cost control measures to strengthen cash flow and operational efficiency[37]. - The group applied for the Hong Kong government's "Employment Support Scheme" and "Travel Agency and Practitioner Support Scheme" to mitigate losses[10]. - The group has successfully applied for subsidies under the Hong Kong government's employment support scheme and tourism industry support plan[70]. - The group is actively seeking additional sources of financing to improve its financial position amid the ongoing impact of Covid-19[70]. - The group has maintained close communication with suppliers, particularly those supporting travel to Japan, to prepare for resuming operations once travel restrictions are lifted[70]. Future Outlook - The group remains optimistic about the recovery of the travel industry and is committed to enhancing business performance once the pandemic subsides[37]. - The group plans to utilize HKD 16.0 million for brand promotion, HKD 8.1 million to enhance sales channels, and HKD 11.7 million to improve operational efficiency within the next one to two years[33]. - A bilateral quarantine-free travel bubble agreement was reached between Hong Kong and Singapore, which is expected to facilitate cross-border travel starting November 22, 2020[37]. Corporate Governance - The company has complied with all provisions of the corporate governance code during the reporting period[46]. - The company confirmed that there were no competing interests or conflicts of interest among directors and controlling shareholders during the reporting period[49]. - The company did not declare an interim dividend for the six months ended September 30, 2020, consistent with the previous year[103].
飞道旅游科技(08069) - 2021 - 中期财报