Financial Performance - Revenue for the six months ended June 30, 2024, was $304,522 thousand, a decrease of 10.5% compared to $340,222 thousand for the same period in 2023[1] - Operating loss for the period was $(2,602) thousand, compared to an operating profit of $6,060 thousand in the prior year, indicating a significant decline[2] - Loss attributable to owners of the company was $(9,728) thousand, a stark contrast to a profit of $284 thousand in the same period last year[2] - Basic and diluted loss per share was $(0.94), compared to earnings of $0.03 per share in the previous year[2] - The company reported a total comprehensive loss of $(9,343) thousand for the period, compared to $(2,009) thousand in the previous year[3] - The group incurred a total loss of $4.36 million for the six months ended June 30, 2024, compared to a profit of $3.34 million for the same period in 2023[11] - The gross profit for the same period fell from approximately $47.16 million to about $38.62 million, a decrease of around $8.53 million[29] - The company reported a net loss attributable to equity holders of approximately $9.73 million for the six months ended June 30, 2024, compared to a net profit of about $284,000 for the same period in 2023[30] Revenue Breakdown - The revenue from garment sales was $183.36 million for the six months ended June 30, 2024, down from $216.80 million in the same period of 2023, reflecting a decrease of about 15.4%[11] - The revenue from apparel accessories was $121.16 million for the six months ended June 30, 2024, slightly down from $123.42 million in the same period of 2023, indicating a decrease of approximately 1.8%[11] - The group recognized rental income of $0.24 million for the six months ended June 30, 2024, compared to $0.52 million in the same period of 2023, a decline of about 53.8%[11] - The apparel segment generated revenue of approximately $183.36 million, a decrease of about 15.4% or $33.44 million compared to the previous year[31] - The accessories segment's revenue was approximately $121.16 million, down about $2.26 million or 1.8% year-over-year[32] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $512,367 thousand, an increase from $474,997 thousand as of December 31, 2023[4] - Current assets increased to $331,696 thousand from $286,572 thousand, driven by a rise in inventory and trade receivables[4] - Total liabilities rose to $330,024 thousand from $283,311 thousand, primarily due to an increase in trade payables and borrowings[5] - Non-current assets decreased to $180,671 thousand from $188,425 thousand, reflecting a decline in property, plant, and equipment[4] - Trade receivables increased to $89,295,000 as of June 30, 2024, from $83,812,000 as of December 31, 2023[24] - The net trade receivables amounted to $84,709,000 as of June 30, 2024, compared to $79,267,000 as of December 31, 2023[24] - Total trade payables increased to $66,421,000 as of June 30, 2024, from $44,485,000 as of December 31, 2023[26] Tax and Financial Provisions - The income tax expense for the six months ended June 30, 2024, was $1.15 million, up from $0.49 million in the same period of 2023, representing an increase of approximately 134.5%[16] - The company has provided a tax provision of approximately $811,000 for the tax years 2000/01 to 2021/22 as of June 30, 2024[17] - The maximum withholding tax exposure related to a sale of subsidiaries is estimated at approximately RMB 10,005,000 (equivalent to $1,533,000)[18] - The company has assessed that the provisions made as of June 30, 2024, are adequate but not excessive[17] - The company expects no impact on its annual effective tax rate for 2024 from the implementation of Pillar Two legislation in Vietnam[19] Economic and Market Conditions - For the six months ended June 30, 2024, the company's revenue decreased by approximately 10.5% to about $304.52 million, primarily due to reduced customer orders and supply chain disruptions[29] - Geopolitical uncertainties, including the ongoing Russia-Ukraine conflict and trade tensions between China and the U.S., are expected to continue affecting the global economy[36] - The group continues to assess the impact of the global economic situation on its financial performance and business operations, implementing appropriate financial management measures to mitigate risks and seize future opportunities[37] Corporate Governance and Reporting - The company has not adopted any new accounting standards that would significantly impact future transactions[8] - The group plans to adopt new accounting standards and interpretations, which are not expected to have a significant impact on the group's financial performance in the foreseeable future[9] - The company has not adopted any new standards that would take effect after January 1, 2025, indicating a cautious approach to regulatory changes[9] - The company has adhered to corporate governance practices as outlined in the Hong Kong Stock Exchange Listing Rules during the reporting period[46] - All directors confirmed compliance with the standards of conduct regarding securities trading during the six months ending June 30, 2024[48] - The interim report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[50] - The announcement reflects the company's ongoing compliance with regulatory requirements[50] - The company is focused on maintaining effective communication with stakeholders through its reporting[50] - Future performance expectations and strategic initiatives will be detailed in the forthcoming interim report[50]
联泰控股(00311) - 2024 - 中期业绩