Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 22,218,000, a decrease of 44.8% compared to HKD 39,958,000 for the same period in 2023[1]. - The company reported a net loss of HKD (111,664,000) for the period, compared to a profit of HKD 11,781,000 in the same period last year[2]. - The company recorded a total comprehensive loss of HKD 19,888,000 for the six months ended June 30, 2024, compared to a profit of HKD 19,210,000 for the same period in 2023[9][11]. - The group recorded total revenue of HKD 22,200,000, a decrease of 44.5% compared to HKD 40,000,000 in the previous period[58]. - The group incurred a net loss of HKD 111,700,000, compared to a net profit of HKD 11,800,000 in the previous period[58]. Income and Expenses - Interest income decreased to HKD 19,301,000 from HKD 35,199,000, representing a decline of 45.1%[1]. - Other income fell to HKD 5,391,000, down 69.9% from HKD 17,907,000 in the prior year[2]. - The company incurred financing costs of HKD 2,676,000 for the six months ended June 30, 2024, down from HKD 8,059,000 in the same period in 2023[15]. - The company’s operational expenses increased to HKD 39,969,000 for the six months ended June 30, 2024, compared to HKD 22,576,000 in the same period in 2023[15]. - The company recognized a net impairment loss of approximately HKD 9.1 million on receivables for the six months ended June 30, 2024[14]. Assets and Liabilities - Total assets decreased to HKD 3,178,605,000 from HKD 3,736,368,000, reflecting a decline of 14.9%[3]. - Current assets increased to HKD 1,180,966,000 from HKD 1,144,449,000, showing a slight growth of 3.2%[3]. - The company’s net asset value as of June 30, 2024, was HKD 3,173,620,000, down from HKD 3,731,045,000 at the end of 2023[3]. - The company’s total borrowings as of June 30, 2024, were HKD 68,500,000, slightly down from HKD 68,300,000 as of December 31, 2023[60]. - The asset-to-equity ratio was 1.6% as of June 30, 2024, compared to 1.4% as of December 31, 2023, reflecting a stable financial structure[61]. Shareholder Information - Basic and diluted loss per share was HKD (1.81), compared to earnings of HKD 0.19 per share in the previous year[2]. - The weighted average number of ordinary shares for calculating diluted loss per share increased to 6,175,605,293 for the six months ended June 30, 2024, from 6,109,259,139 in 2023[21]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[18]. - The company repurchased 1,026,000 shares at a total cost of HKD 141,288 during the reporting period[69]. Investment Activities - The company continues to engage in strategic investments and financial services, including securities brokerage and asset management[4]. - The company’s total other receivables amounted to HKD 641,018,000 as of June 30, 2024, compared to HKD 464,628,000 as of December 31, 2023[29]. - The company held a debt investment in the form of preferred notes amounting to HKD 30,000,000 as of June 30, 2024, with an annual interest rate of 9.5%[26]. - The fair value losses on investments in Co-Lead Holdings Limited, Future Capital Group Limited, and Green River Associates Limited were approximately HKD 38,760,000, HKD 41,000,000, and HKD 15,426,000 respectively for the six months ended June 30, 2024[24]. - Future Capital Group Limited is expected to benefit from the Hong Kong government's easing of mortgage regulations to stimulate the real estate market[55]. Credit Services - The company’s brokerage commission income decreased by 66.7% to HKD 200,000, down from HKD 600,000 in the previous period[40]. - Interest income from margin financing services fell by 77.5% to HKD 4.5 million, compared to HKD 20 million in the previous period[40]. - The company has 17 clients for its credit services, all of whom are independent third parties[48]. - The largest borrower accounted for HKD 58,500,000, which is approximately 11.4% of the total receivables, while the top five borrowers collectively accounted for HKD 232,000,000, or about 45.1% of total receivables[49]. - The company offers loans with interest rates ranging from 5% to 9%, with some loans secured by collateral and personal guarantees[48]. Risk Management - The group maintained a conservative risk management approach and will continue to review and adjust business strategies in response to future challenges[64]. - The credit committee, composed of two directors with over 20 years of experience in finance and credit, is responsible for assessing credit risk and approving loan applications[42]. - The company has established internal controls for credit risk assessment, requiring potential clients to disclose various financial information[43].
威华达控股(00622) - 2024 - 中期业绩