Financial Performance - Janco Holdings Limited reported its interim results for the six months ended June 30, 2024, with unaudited consolidated performance[1]. - Revenue for the six months ended June 30, 2024, was HKD 125,692,000, a decrease of 4.0% compared to HKD 131,430,000 for the same period in 2023[8]. - Gross profit for the same period was HKD 11,252,000, down 10.4% from HKD 12,558,000 in 2023[8]. - The company reported a net loss of HKD 7,998,000 for the six months ended June 30, 2024, an improvement from a net loss of HKD 9,318,000 in 2023, representing a 21.0% reduction in losses[9]. - Basic and diluted loss per share was HKD 1.33, compared to HKD 1.52 for the same period in 2023, indicating a 12.5% improvement[9]. - The company reported other income of HKD 364,000, significantly lower than HKD 1,777,000 in the previous year, marking a decrease of 79.5%[8]. - The company reported a loss before tax of HKD 8,259,000 for the six months ended June 30, 2024, compared to a loss of HKD 9,061,000 for the same period in 2023, indicating a slight improvement[20]. - The group recorded a loss attributable to owners of HKD 8.0 million, a decrease of HKD 1.1 million from HKD 9.1 million, due to increased revenue and gross profit from air freight and logistics services[51]. Assets and Liabilities - Total assets less current liabilities increased to HKD 83,741,000 as of June 30, 2024, compared to HKD 68,963,000 at the end of 2023[10]. - Non-current liabilities rose significantly to HKD 30,527,000 from HKD 7,716,000 at the end of 2023, primarily due to an increase in lease liabilities[11]. - The company’s total equity decreased to HKD 53,214,000 from HKD 61,247,000 at the end of 2023, indicating a decline of 13.1%[11]. - The company’s cash and bank balances decreased to HKD 10,458,000 from HKD 11,699,000 at the end of 2023[10]. - Trade receivables decreased to HKD 48,765,000 from HKD 54,778,000, reflecting an 11.0% reduction[10]. - The company reported trade payables of HKD 20,949,000 as of June 30, 2024, a decrease of 16% from HKD 24,923,000 as of December 31, 2023[35]. - The current ratio decreased from 1.53 times as of December 31, 2023, to 1.14 times as of June 30, 2024, due to the renewal of warehouse lease agreements[53]. - The debt-to-equity ratio increased from 4.9% to 15.4% as of June 30, 2024, due to an increase in bank borrowings by HKD 5.2 million[53]. Revenue Segments - The segment performance for air freight agency generated a profit of HKD 3,304,000, while logistics and warehousing generated HKD 5,079,000, and e-commerce generated HKD 1,680,000, totaling HKD 11,252,000 for the six months ended June 30, 2024[20]. - External sales from the air freight segment amounted to HKD 43,979,000, while the logistics and warehousing segment generated HKD 42,771,000, and e-commerce generated HKD 24,284,000 for the six months ended June 30, 2024[20]. - Air freight agency service revenue increased by HKD 10.1 million to HKD 44.0 million, driven by increased air freight tonnage and higher rates due to supply shortages[43]. - Sea freight agency service revenue rose by HKD 2.5 million to HKD 14.7 million, although this was partially offset by a decrease in freight volume due to intense competition[44]. - Logistics and warehousing service revenue slightly increased by HKD 0.1 million to HKD 42.8 million, showing no significant change[44]. - E-commerce revenue decreased significantly by HKD 18.3 million to HKD 24.3 million, attributed to a reduction in order numbers from clients due to changes in their market strategies[44]. Cost Management - Total employee costs for the period were HKD 19,824,000, down 29.5% from HKD 28,044,000 in the previous year, reflecting cost-cutting measures[27]. - Administrative and selling expenses decreased by HKD 1.8 million from HKD 19.7 million to HKD 17.9 million, due to negotiated lower service fees and cost control measures[49]. - Financing costs reduced by HKD 1.4 million from HKD 3.4 million to HKD 2.0 million, primarily due to decreased interest expenses on bank loans and other borrowings[50]. - The management team is focused on implementing strict cost control measures and strategic pricing adjustments to improve profitability[42]. Corporate Governance - The company has a structured board with various committees, including an Audit Committee and a Remuneration Committee, ensuring governance and oversight[6]. - The company has established an audit committee to review and monitor its financial reporting system and internal controls[78]. - The audit committee consists of three independent non-executive directors, with Mr. Mei Yihwa serving as the chairman[78]. - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period[77]. Shareholder Information - As of June 30, 2024, the major shareholder, Million Venture Holdings Limited, held 170,300,000 shares, representing approximately 28.38% of the total shares[69]. - The company’s directors and key executives held a total of 2,500,000 shares, accounting for approximately 0.41% of the total shares[66]. - The company has a stock option plan, with 750,000 options granted to certain directors, representing approximately 0.25% of the total shares[67]. - A total of 3,000,000 share options have been granted but not exercised as of June 30, 2024, which represents approximately 0.5% of the total issued shares[72]. Future Outlook - The company aims to enhance local delivery and warehousing management services in response to changing market dynamics[42]. - The development of the Guangdong-Hong Kong-Macao Greater Bay Area is expected to facilitate rapid growth in air freight logistics across the region[41]. - The company recognizes the potential for e-commerce to drive growth in the logistics industry, as online sales currently account for less than 20% of global retail[41]. - The company has not disclosed any future plans for significant investments or acquisitions[62].
骏高控股(08035) - 2024 - 中期业绩