Financial Performance - The company's revenue for the six months ended June 30, 2024, was HKD 60,210,000, a decrease of 29.7% compared to HKD 85,753,000 for the same period in 2023[1] - Gross profit for the same period was HKD 12,629,000, down 18.9% from HKD 15,468,000 year-on-year[1] - The net loss for the period was HKD 2,956,000, compared to a profit of HKD 537,000 in the previous year, indicating a significant decline in performance[2] - Total comprehensive expenses for the period amounted to HKD 4,489,000, an increase of 122.3% from HKD 2,018,000 in the prior year[2] - The basic and diluted loss per share for the period was HKD (0.16), compared to earnings of HKD 0.03 per share in the previous year[2] - Revenue decreased by approximately HKD 25.5 million or about 29.8%, from approximately HKD 85.8 million for the six months ended June 30, 2023, to approximately HKD 60.2 million for the six months ended June 30, 2024[26] - The cost of sales for the six months ended June 30, 2024, was approximately HKD 47.6 million, a decrease of about 32.3% from approximately HKD 70.3 million for the same period in 2023[27] - Gross profit decreased by approximately 18.4% to about HKD 12.6 million for the six months ended June 30, 2024, from approximately HKD 15.5 million for the same period in 2023[28] - Other income, gains, and losses (net) decreased from approximately HKD 1.8 million for the six months ended June 30, 2023, to approximately HKD 1.1 million for the same period in 2024[29] - Selling and distribution expenses decreased by approximately 34.5% to about HKD 1.9 million for the six months ended June 30, 2024, from approximately HKD 2.9 million for the same period in 2023[30] - Administrative and other expenses increased by approximately 7.8% to about HKD 14.4 million for the six months ended June 30, 2024, from approximately HKD 13.4 million for the same period in 2023[31] Assets and Liabilities - Non-current assets as of June 30, 2024, were HKD 33,613,000, up from HKD 32,041,000 at the end of December 2023[3] - Current assets increased to HKD 168,073,000 from HKD 171,999,000, reflecting a slight decrease in liquidity[3] - Total liabilities decreased to HKD 163,843,000 from HKD 167,932,000, indicating a reduction in financial obligations[4] - Contract assets amounted to HKD 25,274,000, a decrease from HKD 27,289,000 as of December 31, 2023[20] - The company's cash and bank balances were HKD 55,838,000, up from HKD 53,000,000, showing improved cash flow management[3] - The company's cash and cash equivalents were approximately HKD 55.8 million as of June 30, 2024, compared to approximately HKD 53.0 million as of December 31, 2023[35] - The current ratio (current assets minus current liabilities) was approximately HKD 132.6 million as of June 30, 2024, down from approximately HKD 138.5 million as of December 31, 2023[35] Revenue Breakdown - Revenue from low voltage distribution cabinets was HKD 22,363,000, down 29.1% from HKD 31,543,000 year-on-year[8] - Revenue from motor control centers decreased by 19.7% to HKD 7,458,000 from HKD 9,291,000[8] - Revenue from Hong Kong was HKD 57,009,000, a decline of 18.7% compared to HKD 70,152,000 in the previous year[9] Cash Flow and Financial Management - Interest income for the period was HKD 568,000, down from HKD 683,000 in the previous year[10] - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[15] - The company acquired property, plant, and equipment at a cost of HKD 2,873,000 during the period, significantly higher than HKD 440,000 in the same period last year[17] - The total employee cost for the six months ended June 30, 2024, was approximately HKD 18.6 million, compared to HKD 18.0 million for the same period last year[46] Future Outlook and Risks - The company anticipates a challenging business environment with significant uncertainty but aims to expand its customer base and implement effective cost control measures[25] - The group has no significant foreign currency risk as most transactions and assets are denominated in the functional currency of the respective entities[36] - The group faces cash flow interest rate risk primarily from floating interest rates on bank balances, with no current interest rate hedging policy in place[37] - As of June 30, 2024, the group has no significant investments or acquisitions, nor any major disposals[38] - The group has a capital commitment of HKD 1,000,000 for investments in subsidiaries as of June 30, 2024, unchanged from December 31, 2023[42] - There are no significant contingent liabilities as of June 30, 2024[43] Governance and Reporting - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2024, and agrees with the accounting principles adopted by the company[52] - The interim results announcement and report will be published on the Hong Kong Stock Exchange and the company's website[53]
全达电器集团控股(01750) - 2024 - 中期业绩