Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 29,950,000, a decrease of 60.2% compared to HKD 75,240,000 for the same period in 2023[6] - Gross profit for the period was HKD 10,787,000, down 55.2% from HKD 24,111,000 in the previous year[6] - The company reported a loss attributable to equity holders of HKD 7,638,000, compared to a profit of HKD 371,000 in the same period last year[7] - Basic and diluted loss per share was HKD (1.27), compared to earnings of HKD 0.06 per share in the prior year[7] - Total comprehensive loss for the period was HKD 8,042,000, compared to a total comprehensive income of HKD 539,000 in the previous year[7] - The company reported a net loss of HKD 7,914,000 for the six months ended June 30, 2024, compared to a profit of HKD 560,000 in the same period of 2023[21] - The group reported a loss attributable to equity holders of approximately HKD 7.6 million for the six months ended June 30, 2024, compared to a profit of approximately HKD 0.4 million for the same period last year[54] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to HKD 40,837,000, a decrease from HKD 43,777,000 as of December 31, 2023[8] - Current assets totaled HKD 123,108,000, slightly down from HKD 139,522,000 at the end of 2023[8] - Current liabilities decreased to HKD 60,896,000 from HKD 68,199,000 at the end of 2023[9] - The company's net assets as of June 30, 2024, were HKD 96,654,000, down from HKD 104,696,000 at the end of 2023[9] - Trade receivables decreased to HKD 60,680 thousand as of June 30, 2024, down from HKD 75,661 thousand as of December 31, 2023, a decline of 20%[33] - The total non-current assets as of June 30, 2024, were HKD 38,886 thousand, slightly down from HKD 39,377 thousand as of December 31, 2023[23] - Trade payables were HKD 22,528 thousand as of June 30, 2024, compared to HKD 25,922 thousand as of December 31, 2023, a decrease of 13%[35] Cash Flow and Financing - For the six months ended June 30, 2024, the operating cash flow net amount was HKD 10,515,000, a significant increase from HKD 3,720,000 in the same period of 2023, representing a growth of 182.3%[12] - The financing activities resulted in a net cash outflow of HKD 9,144,000 for the six months ended June 30, 2024, compared to HKD 2,962,000 in the same period of 2023[12] - The total cash and cash equivalents at the end of the period were HKD 28,993,000, slightly up from HKD 28,655,000 at the end of June 2023[12] - As of June 30, 2024, the total bank borrowings amounted to approximately HKD 34,300,000, a slight decrease from HKD 35,100,000 as of December 31, 2023, with HKD 13,000,000 remaining undrawn[39] - The total available bank financing as of June 30, 2024, was approximately HKD 34.3 million, with HKD 21.3 million utilized and HKD 13.0 million available[55] Operational Insights - The company has not disclosed any new product developments or market expansion strategies during this reporting period[5] - The revenue from the tunneling business segment is expected to improve in the second half of 2024 due to the progress of major projects, despite a significant decrease in orders compared to the same period last year[47] - The foundation business segment's performance remained stagnant with minimal revenue, attributed to a lack of new project tenders and intense competition in the market[47] - The performance in the Singapore and other Asia-Pacific markets improved due to larger tunneling product orders received during the period[49] - Revenue from the Asia-Pacific region increased significantly to HKD 11,306 thousand in the first half of 2024, compared to HKD 2,216 thousand in the same period of 2023, representing a growth of 410%[22] Employee and Management - Employee benefit expenses increased to HKD 8,240 thousand in the first half of 2024 from HKD 7,595 thousand in the same period of 2023, an increase of 8.5%[24] - The company reported a total of HKD 1,576,000 in key management compensation for the six months ended June 30, 2024, compared to HKD 1,518,000 in the same period of 2023[45] Governance and Compliance - The company has adhered to the Corporate Governance Code and has not deviated from its provisions, except for the combined roles of Chairman and CEO held by Mr. Wu Li Ming[73] - The Audit Committee, chaired by Mr. Dai Wei Guo, has reviewed the report and provided recommendations[75] - There are no interests held by directors, major shareholders, or their associates in any competing businesses as of June 30, 2024[74] Dividends and Shareholder Information - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[43] - As of June 30, 2024, JAT United holds 364,095,000 shares, representing 60.68% of the company's issued share capital[67] - The company has not granted, exercised, or cancelled any share options since the adoption of the share option plan on June 19, 2017[69] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries in the six months ending June 30, 2024[70]
明梁控股(08152) - 2024 - 中期财报