Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of approximately HKD 69,388,000, a slight decrease from HKD 69,852,000 for the same period in 2023[1] - The company's loss attributable to equity shareholders for the six months ended June 30, 2024, was approximately HKD 1,840,000, compared to a profit of HKD 1,353,000 for the same period in 2023[2] - Gross profit for the six months ended June 30, 2024, was HKD 6,302,000, down from HKD 9,388,000 in the same period of 2023, indicating a decline in profitability[2] - Revenue for the six months ended June 30, 2024, was HKD 69,388,000, a slight decrease of 0.7% compared to HKD 69,852,000 for the same period in 2023[8] - The basic loss per share for the six months ended June 30, 2024, was HKD 1.84, compared to earnings of HKD 1.35 per share in the same period of 2023[15] - Revenue from installation services related to HVAC systems was HKD 59,460,000, significantly up from HKD 29,238,000 in the previous year, representing an increase of 102.5%[9] - Revenue from net installation services was HKD 9,928,000, down from HKD 40,614,000, indicating a decrease of 75.6%[9] - Bank interest income increased to HKD 1,558,000 from HKD 1,181,000, reflecting a growth of 32%[10] - Maintenance and other service income decreased to HKD 1,599,000 from HKD 3,742,000, a decline of 57.4%[10] - Total other income for the six months ended June 30, 2024, was HKD 3,782,000, down from HKD 5,968,000, a decrease of 36.5%[10] Expenses and Costs - Administrative expenses decreased to HKD 11,938,000 for the six months ended June 30, 2024, from HKD 13,988,000 in the same period of 2023, reflecting cost control measures[2] - Employee costs, including director remuneration, increased to HKD 15,246,000 for the six months ended June 30, 2024, from HKD 12,534,000 in the same period of 2023, representing a 21.7% increase[1] - Service costs increased by approximately HKD 2,622,000 or 4.3% to about HKD 63,086,000, primarily due to rising material and supply costs[35] - Other income decreased by approximately HKD 2,186,000 to about HKD 3,782,000, mainly due to reduced income from maintenance work and material sales[37] Assets and Liabilities - The company's total assets as of June 30, 2024, were HKD 158,605,000, down from HKD 170,597,000 as of December 31, 2023[3] - Current liabilities decreased to HKD 10,629,000 as of June 30, 2024, from HKD 20,364,000 as of December 31, 2023, indicating improved liquidity[3] - The net asset value of the company as of June 30, 2024, was HKD 149,988,000, compared to HKD 151,828,000 as of December 31, 2023[3] - The total value of right-of-use assets as of June 30, 2024, was HKD 11,817,000, an increase from HKD 10,213,000 as of December 31, 2023[17] - The group’s total liabilities as of June 30, 2024, were HKD 9,453,000, down from HKD 19,157,000 as of December 31, 2023, indicating a reduction of about 50.7%[26] - Trade receivables decreased by 13.6% from approximately 21,724,000 HKD on December 31, 2023, to approximately 18,763,000 HKD as of June 30, 2024[41] - Trade payables decreased significantly by 47.9% from approximately 11,771,000 HKD on December 31, 2023, to approximately 6,131,000 HKD as of June 30, 2024[43] Corporate Governance and Compliance - The financial report is prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[6] - The interim financial report for the six months ended June 30, 2024, has not been audited but has been reviewed by the company's audit committee[8] - The board has maintained good corporate governance standards, enhancing operational efficiency and shareholder returns, and has complied with all corporate governance code provisions during the reporting period[63] - The audit committee has reviewed the group's unaudited interim financial results and discussed financial matters with management during the reporting period[65] Dividends and Share Capital - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[14] - The company declared a special dividend of HKD 0.024 per ordinary share on July 25, 2024, to be paid on or around August 30, 2024[30] - The company’s issued share capital as of June 30, 2024, was HKD 50,000,000, with 5,000,000,000 ordinary shares issued[28] Market and Operational Environment - The company operates solely in Hong Kong, with no additional segments reported[8] - The company operates in a challenging economic environment, with a slowdown in the Hong Kong real estate market affecting project timelines and available tenders[32] - Material and supply prices significantly increased during the second quarter of the year, impacting overall costs[32] - The company has been primarily engaged in providing heating, ventilation, and air conditioning installation services in Hong Kong[4] - The company is registered as a contractor under various classifications, providing HVAC engineering services primarily for new residential projects in Hong Kong[32] Future Outlook - The company anticipates reflecting changes in accounting policies in the consolidated financial statements for the year ending December 31, 2024[7] - The group continues to enhance budget management and project execution capabilities to ensure stable and sustainable development[44]
万顺集团控股(01746) - 2024 - 中期业绩