Financial Performance - For the six months ended June 30, 2024, the company recorded unaudited revenue of approximately HKD 48.3 million, a significant increase of HKD 12.1 million or 33.4% compared to HKD 36.2 million for the same period in 2023[7] - The company reported an unaudited loss attributable to owners of approximately HKD 5.9 million for the six months ended June 30, 2024, compared to an unaudited profit of HKD 3.0 million for the same period in 2023[7] - Basic and diluted loss per share for the six months ended June 30, 2024, was HKD 0.49, compared to earnings of HKD 0.25 per share for the same period in 2023[7] - The company reported a total comprehensive loss attributable to owners of approximately HKD 6.0 million for the six months ended June 30, 2024, compared to a total comprehensive income of HKD 3.1 million for the same period in 2023[9] - The company reported a net loss of HKD 5,921,000 for the six months ended June 30, 2024, compared to a profit of HKD 2,970,000 in the same period of 2023[11] - The group reported a pre-tax loss of HKD 5,921,000 for the six months ended June 30, 2024, compared to a profit of HKD 2,970,000 for the same period in 2023[39][42] Revenue Breakdown - Revenue from hotel room sales and distribution was HKD 33,444,000, up from HKD 29,126,000, reflecting a growth of 11.9%[28] - The total revenue from customer contracts amounted to HKD 46,245,000, compared to HKD 34,699,000 in the previous year, indicating a significant increase of 33.4%[28] - Car rental service revenue increased to HKD 7,374,000, a 96.5% rise from HKD 3,760,000 in the prior period[28] - The performance of the event and activity segment showed a decline, with a revenue of HKD 5,208,000 for 2024 compared to HKD 1,114,000 in 2023, which is a decrease of about 367.5%[33][35] Expenses and Costs - Gross profit for the six months ended June 30, 2024, was HKD 4.8 million, down from HKD 9.4 million in the same period in 2023[9] - Administrative expenses increased to HKD 12.0 million for the six months ended June 30, 2024, compared to HKD 6.6 million for the same period in 2023[9] - The cost of sales rose sharply by approximately 62.3%, from about HKD 26.8 million to about HKD 43.5 million during the same periods, driven by increased sales and distribution of hotel rooms and event ticket sales[66] - Gross profit decreased by approximately 48.9%, from about HKD 9.4 million to about HKD 4.8 million, primarily due to reduced margins from hotel room sales amid intense competition in the hotel industry[66] - The group incurred total employee benefits expenses of HKD 10,093,000 for the six months ended June 30, 2024, compared to HKD 4,940,000 in 2023, marking an increase of approximately 104.6%[39] Assets and Liabilities - As of June 30, 2024, the total assets decreased to HKD 29,395,000 from HKD 35,926,000 as of December 31, 2023, representing a decline of approximately 18.1%[10] - The net current assets decreased to HKD 17,526,000 from HKD 24,286,000, indicating a reduction of about 27.8%[10] - The company's total equity decreased to HKD 27,659,000 from HKD 33,672,000, reflecting a decrease of about 17.8%[11] - The company’s total liabilities decreased to HKD 41,012,000 from HKD 47,113,000, a reduction of about 12.9%[10] - The company's asset-liability ratio increased to approximately 37.3% as of June 30, 2024, compared to approximately 10.0% as of December 31, 2023[123] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 5,182,000 from HKD 6,582,000, a decline of approximately 21.2%[16] - Operating cash flow for the six months ended June 30, 2024, was a net outflow of HKD 683,000, compared to a net inflow of HKD 3,064,000 in the prior year[16] - The company’s cash flow from operating and financing activities resulted in a net cash outflow for the six months ended June 30, 2024[117] Strategic Plans and Market Position - The company plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance its market position and increase revenue streams[61] - The company aims to diversify its income sources by engaging in ticket sales and organizing events in Asia, which is expected to create synergies with existing tourism services[61] - The company has expanded its operations into Hong Kong, obtaining a travel agency license on March 22, 2023[61] - The company aims to expand its tourism business into China, identifying opportunities in the Chinese and Hong Kong tourism markets[105] Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix C1 and has complied with it in all significant aspects, except for a deviation regarding the separation of roles of the Chairman and CEO[130] - The Audit Committee was established in accordance with GEM Listing Rules and consists of three independent non-executive directors[144] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and believes they are prepared in accordance with applicable accounting standards[144] Other Relevant Information - The company has no significant capital commitments as of June 30, 2024, compared to approximately HKD 0.8 million as of December 31, 2023[124] - The company has no significant contingent liabilities as of June 30, 2024, consistent with the previous year[125] - There have been no significant acquisitions or disposals of subsidiaries or joint ventures as of June 30, 2024[112] - No significant events requiring disclosure have occurred after June 30, 2024, up to the date of this report[143]
瀛海集团(08668) - 2024 - 中期业绩