Financial Performance - The Group recorded a revenue of approximately HK$204.0 million for the six months ended 30 September 2019, representing a decrease of approximately HK$43.9 million or 17.7% compared to HK$247.9 million for the same period in 2018[9]. - The profit attributable to the owners of the Company was approximately HK$4.4 million for the six months ended 30 September 2019, a decrease of approximately HK$2.1 million or 32.3% from HK$6.5 million for the same period in 2018[9]. - For the six months ended September 30, 2019, the company reported a profit of HK$4,351,000, compared to HK$6,545,000 for the same period in 2018, representing a decrease of approximately 33%[15]. - The total comprehensive income for the period was HK$4,351,000, leading to a total equity of HK$65,313,000 as of September 30, 2019, up from HK$60,962,000 as of April 1, 2019[15]. - The basic and diluted earnings per share for the six months ended 30 September 2019 were HK$1.09, down from HK$2.18 for the same period in 2018[12]. - The Group's net profit decreased by approximately HK$2.1 million from approximately HK$6.5 million for the six months ended 30 September 2018 to approximately HK$4.4 million for the six months ended 30 September 2019, resulting in a net profit margin of 2.1% compared to 2.6% in the previous period[137][140]. Revenue Breakdown - Revenue from diesel oil sales for the six months ended 30 September 2019 was HK$203,568,000, a decrease of 17.8% compared to HK$247,606,000 in the same period of 2018[56]. - Revenue from diesel oil sales accounted for approximately HK$203.6 million, representing approximately 99.8% of the Group's total revenue for the six months ended 30 September 2019[115][119]. - Revenue from diesel exhaust fluid sales for the three months ended 30 September 2019 was HK$164,000, an increase of 28.1% compared to HK$128,000 in the same period of 2018[56]. - The sales quantity of diesel oil decreased by approximately 7.9% from 49.6 million litres to 45.7 million litres during the same period[121][125]. - The average selling price of diesel oil decreased by approximately 11.0% from HK$5.00 per litre to HK$4.45 per litre[122][126]. Cost and Expenses - The Group's cost of sales was approximately HK$194.6 million, representing a decrease of 17.9% from HK$237.0 million for the six months ended 30 September 2018[124][127]. - The gross profit decreased by approximately HK$1.5 million or approximately 13.8%, from approximately HK$10.9 million to approximately HK$9.4 million[136]. - The Group's gross profit margin increased from 4.4% to 4.6% for the six months ended 30 September 2019[136]. - The Group's administrative expenses increased to approximately HK$4.6 million for the six months ended 30 September 2019, compared to HK$3.1 million for the same period in 2018[12]. - Total staff costs for the six months ended September 30, 2019, were approximately HK$2.6 million, compared to HK$2.4 million for the same period in 2018[172]. Assets and Liabilities - As of 30 September 2019, the Group's non-current assets totaled approximately HK$10.4 million, an increase from HK$5.0 million as of 31 March 2019[13]. - Trade receivables increased to approximately HK$51.3 million as of 30 September 2019, compared to HK$37.6 million as of 31 March 2019[13]. - The Group's total assets less current liabilities amounted to approximately HK$66.6 million as of 30 September 2019, compared to HK$61.4 million as of 31 March 2019[13]. - The net assets of the Group were approximately HK$65.3 million as of 30 September 2019, an increase from HK$61.0 million as of 31 March 2019[13]. - The Group's total current assets amounted to approximately HK$64.7 million, while current liabilities were approximately HK$8.4 million as of 30 September 2019[138][141]. Cash Flow - Cash used in operating activities amounted to HK$17,035,000 for the six months ended September 30, 2019, compared to cash generated of HK$1,383,000 in the same period of 2018, indicating a significant decline[17]. - The net decrease in cash and cash equivalents was HK$22,623,000, resulting in a cash balance of HK$2,936,000 at the end of the reporting period[17]. - The company incurred net cash used in investing activities of HK$5,408,000, primarily due to the purchase of property, plant, and equipment[17]. Corporate Governance - The Board does not recommend the payment of any dividend for the six months ended 30 September 2019[9]. - The financial statements are unaudited but have been reviewed by the audit committee, ensuring some level of oversight[20]. - The Group's restructuring prior to the listing on GEM has established it as the holding company of its subsidiaries, maintaining control under the same individual[27]. - The Company has appointed Giraffe Capital Limited as its compliance adviser, which has declared its independence[199]. - The audit committee consists of three independent non-executive Directors, ensuring compliance with GEM Listing Rules[200]. Market Conditions - The ongoing trade war between China and the United States has negatively impacted diesel oil sales, contributing to the revenue decline[108]. - Global economic growth has slowed, with rising political and social turmoil in Hong Kong adding pressure to the economy, leading to concerns about a potential recession[109]. Future Plans - The Board plans to reinforce cost control and diversify the customer base to enhance shareholder value amid challenging market conditions[113][117]. - The Group is actively recruiting suitable candidates to expand manpower, with HK$0.7 million utilized for this purpose[167]. - The Group plans to continue applying the net proceeds in accordance with the proposed applications set out in the Prospectus[170].
裕丰昌控股(08631) - 2020 - 中期财报