Financial Performance - For the six months ended June 30, 2024, the company recorded unaudited revenue of approximately HKD 159.3 million, an increase of about HKD 23.4 million or 17.2% compared to HKD 135.9 million for the same period in 2023[13] - The unaudited net profit for the six months ended June 30, 2024, was approximately HKD 1.1 million, compared to a loss of approximately HKD 1.5 million for the same period in 2023[13] - Basic and diluted earnings per share for the six months ended June 30, 2024, were approximately HKD 0.50, while the loss per share for the same period in 2023 was less than HKD 0.01[14] - The gross profit for the six months ended June 30, 2024, was approximately HKD 71.8 million, compared to HKD 68.8 million for the same period in 2023[15] - Operating profit for the six months ended June 30, 2024, was HKD 2.3 million, compared to an operating loss for the same period in 2023[15] - The company reported a pre-tax profit of HKD 1.1 million for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 1.5 million for the same period in 2023[15] - The company reported a profit attributable to owners of approximately HKD 1.1 million for the first half of 2024, compared to a loss of HKD 70,000 in the same period of 2023[73] Dividend and Shareholder Information - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[14] - No interim dividend was recommended for the six months ended June 30, 2024, consistent with the previous year[47] - The total number of issued shares as of June 30, 2024, was 228,096,000[86] - John Warren McLennan held 41,450,000 shares, representing 18.17% of the company, before his resignation on June 28, 2024[86] - Century Great Investments Limited, wholly owned by Ms. Huang Yongwen, held 40,817,000 shares, accounting for 17.89% of the company[92] - The largest shareholder group, including John Warren McLennan and others, collectively held 40.48% of Double Lions Limited[93] Cash Flow and Assets - The company reported a net cash outflow from operating activities of HKD 20,739,000 for the six months ended June 30, 2024, compared to HKD 8,757,000 for the same period in 2023[18] - The financing activities generated a net cash inflow of HKD 3,518,000 in the first half of 2024, down from HKD 7,306,000 in the previous year[18] - The cash and cash equivalents decreased to HKD 6,092,000 as of June 30, 2024, from HKD 10,718,000 in the same period of the previous year[18] - As of June 30, 2024, the total assets amounted to HKD 126,567,515, while total liabilities were HKD 96,169,12, resulting in a net asset value of HKD 43,550,000[16] - The company’s total non-current assets as of June 30, 2024, were HKD 24,320,000, a slight decrease from HKD 25,806,000 as of December 31, 2023[33] - The company’s total liabilities included trade and other payables of HKD 16,222,000 as of June 30, 2024[16] Expenses and Costs - The company’s employee costs rose to HKD 44,374,000 in 2024, up from HKD 32,901,000 in 2023, indicating an increase of approximately 35%[37] - Sales and distribution costs increased by approximately 26.2% to HKD 30.6 million in the first half of 2024, primarily due to increased employee costs related to sales[70] - Management and other operating expenses rose by approximately 9.3% to HKD 47.3 million in the first half of 2024, influenced by legal and professional fees related to acquisitions[71] - The company reported a significant increase in management compensation to HKD 7,243,000 for the six months ended June 30, 2024, compared to HKD 2,106,000 for the same period in 2023[61] Investments and Financing Activities - The company raised HKD 13,728,000 from the placement of new shares during the reporting period[17] - The company completed a placement of 22,500,000 shares on February 2, 2024, raising approximately HKD 4.73 million, with a net amount of about HKD 4.60 million after expenses[59] - A second placement of 15,516,000 shares was completed on March 20, 2024, raising approximately HKD 3.26 million, with a net amount of about HKD 3.18 million after expenses[59] - The net proceeds from the first placement in February 2024 amounted to approximately HKD 4.60 million, intended for general working capital[78] - The net proceeds from the second placement in March 2024 were approximately HKD 3.18 million, allocated for potential mergers and acquisitions and general working capital[79] Operational Highlights - Revenue from furniture and home decor sales was HKD 60,769,000, while revenue from furniture and home decor rentals was HKD 86,506,000 for the six months ended June 30, 2024[24] - Retail sales revenue in Hong Kong for the first half of 2024 decreased significantly by approximately 62% compared to the same period in 2023, primarily due to local residents traveling abroad and a weak second-hand property market[67] - The company's project engineering revenue increased significantly, contributing to the overall revenue growth, while furniture sales revenue decreased by approximately 1.5% to HKD 60.8 million[67] - The overall gross profit margin decreased from 50.6% in the first half of 2023 to 45.1% in the first half of 2024, attributed to a higher proportion of project engineering revenue[68] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial information in the report, although it has not been audited by the company's auditors[99] - The board of directors includes four executive directors and three independent non-executive directors, ensuring appropriate checks and balances[100] - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance with the GEM Listing Rules during the six-month period ending June 30, 2024[97] - The company has not provided any loans to any entities or associated companies as of June 30, 2024, and there are no circumstances that would require disclosure under GEM Listing Rules[100]
PACIFIC LEGEND(08547) - 2024 - 中期业绩