Financial Performance - The group's revenue for the six months ended June 30, 2021, was approximately HKD 304.7 million, a decrease of about 33.1% compared to HKD 455.7 million for the same period in 2020[10]. - The profit attributable to the company's owners for the six months ended June 30, 2021, was approximately HKD 13.8 million, down from HKD 24.2 million in 2020[10]. - Basic and diluted earnings per share for the six months ended June 30, 2021, were approximately HKD 0.0468, compared to HKD 0.1075 for the same period in 2020[10]. - The group's gross profit for the six months ended June 30, 2021, was HKD 33.4 million, a decline from HKD 48.7 million in 2020[12]. - Total comprehensive income for the period was HKD 14.1 million, down from HKD 23.7 million in the previous year[12]. - The net profit for the six months ended June 30, 2021, was HKD 13,801,000, a decline of 42.9% from HKD 24,178,000 in the same period of 2020[34]. - The company reported a loss of HKD 24,178,000 for the period, a decrease from the previous year's loss of HKD 16,998,000, indicating a worsening performance in terms of profitability[17]. - Profit before tax for the six months ended June 30, 2021, was approximately HKD 16,900,000, an increase of approximately HKD 13,000,000 or 43.5% compared to approximately HKD 29,900,000 for the same period in 2020[100]. Revenue Breakdown - For the three months ended June 30, 2021, air freight forwarding services generated revenue of HKD 157,793,000, a decrease of 53.7% compared to HKD 340,480,000 in the same period of 2020[29]. - Sea freight forwarding services reported revenue of HKD 9,852,000 for the three months ended June 30, 2021, an increase of 226.5% from HKD 3,024,000 in the same period of 2020[29]. - The air freight forwarding segment generated revenue of approximately HKD 289.5 million, down about 34.6% from HKD 442.7 million in the prior year, primarily due to a decrease in export prices[87]. - The sea freight forwarding segment saw an increase in revenue of approximately HKD 2.2 million or 16.9%, reaching about HKD 15.2 million for the six months ended June 30, 2021, driven by increased customer demand[89]. - The air freight segment accounted for approximately 95.0% of total revenue, while the sea freight segment contributed about 5.0%[86]. Cash Flow and Liquidity - The group's cash and cash equivalents increased to HKD 73.0 million as of June 30, 2021, compared to HKD 27.6 million at the end of 2020[14]. - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 25,769,000, up from HKD 24,326,000 in the same period of 2020, reflecting a growth of 6.0%[20]. - The company's financing activities generated a net cash inflow of HKD 17,969,000 for the six months ended June 30, 2021, compared to HKD 25,321,000 in the same period of 2020, reflecting a decline of 29.0%[20]. - Cash and cash equivalents increased to HKD 72,973,000 as of June 30, 2021, from HKD 82,203,000 at the end of 2020, showing a decrease of 11.2%[20]. Assets and Liabilities - Trade and other receivables decreased to HKD 125.2 million as of June 30, 2021, from HKD 193.8 million at the end of 2020[14]. - Current liabilities decreased to HKD 99.2 million as of June 30, 2021, from HKD 178.3 million at the end of 2020[14]. - The net asset value of the group as of June 30, 2021, was HKD 155.6 million, an increase from HKD 102.5 million at the end of 2020[14]. - Total trade payables as of June 30, 2021, were HKD 63,035 thousand, a decrease of 40.6% from HKD 106,269 thousand at the end of 2020[65]. - The group's total borrowings as of June 30, 2021, were approximately HKD 21,800,000, a decrease from approximately HKD 48,000,000 as of December 31, 2020[99]. - The group's debt-to-equity ratio was approximately 14.3% as of June 30, 2021, down from approximately 47.4% as of December 31, 2020[99]. Shareholder and Capital Information - The company raised HKD 55,500,000 through a share issuance on January 13, 2021, contributing to its capital reserves[19]. - The company issued 75 million new ordinary shares at HKD 0.74 per share, raising a total of HKD 55.5 million[80]. - The company’s total issued and paid-up shares increased to 300 million by the end of the reporting period[14]. - The company’s legal capital increased from HKD 380,000 to HKD 20 million following the issuance of additional shares approved by shareholders[79]. - The group has not proposed any dividends for the six months ending June 30, 2021, consistent with the previous year[121]. Operational Insights - The group reported a decrease in revenue and net profit due to a significant drop in freight rates as air cargo capacity returned to normal levels following the easing of the COVID-19 pandemic[116]. - The group will continue to monitor the impact of the COVID-19 pandemic on its financial performance and operational results, taking necessary measures as required[116]. - The group aims to strengthen its market position in Hong Kong and China by purchasing more cargo space and establishing closer cooperation with airlines[113][115]. - The group will closely watch developments in US-China relations, which may impact its financial condition and operational performance[117][119]. Governance and Compliance - The group has adopted prudent funding and treasury management policies to maintain a healthy financial position[109]. - The board of directors includes executive directors Zhao Tong and Xie Zhikun, and independent non-executive directors, indicating a diverse governance structure[145]. - The company maintains compliance with the GEM listing rules regarding public float as of August 9, 2021[141]. - The unaudited consolidated financial statements for the six months ended June 30, 2021, have been reviewed by the audit committee[143]. - The financial statements were prepared in accordance with applicable accounting standards and GEM listing rules, ensuring full disclosure[143].
裕程物流(08489) - 2021 - 中期财报