Financial Performance - For the six months ended June 30, 2024, the group 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, a turnaround from 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, compared to a loss of less than HKD 0.01 per share for the same period in 2023[14]. - The group reported a gross profit of approximately HKD 71.8 million for the six months ended June 30, 2024, compared to HKD 68.8 million for the same period in 2023[15]. - Operating profit for the six months ended June 30, 2024, was approximately HKD 2.3 million, compared to an operating loss for the same period in 2023[15]. - Total comprehensive income for the six months ended June 30, 2024, was approximately HKD 1.1 million, compared to a loss of HKD 1.4 million for the same period in 2023[15]. - The company reported a pre-tax profit of HKD 1,082,000 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 1,454,000 for the same period in 2023[37]. - 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 approximately HKD 70,000 in the same period of 2023[73]. Revenue Breakdown - 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]. - The company generated HKD 130,102,000 in revenue from Hong Kong, up from HKD 92,790,000 in 2023, indicating a growth of approximately 40.1%[32]. - Revenue from the United Arab Emirates decreased to HKD 29,239,000 in 2024 from HKD 41,889,000 in 2023, a decline of approximately 30.3%[32]. - Retail sales revenue in Hong Kong for the first half of 2024 decreased significantly by approximately 62% compared to the same period in 2023, attributed to outbound travel by local residents and a sluggish second-hand property market[67]. - The company experienced a significant decrease in retail revenue in Dubai, down approximately 46% compared to the same period in 2023, due to market competition and global economic downturn[67]. Costs and Expenses - The group experienced an increase in sales and distribution costs, amounting to approximately HKD 30.6 million for the six months ended June 30, 2024, compared to HKD 24.2 million for the same period in 2023[15]. - Employee costs rose to HKD 44,374,000 in 2024, compared to HKD 32,901,000 in 2023, marking an increase of about 35%[37]. - Management and other operating expenses increased by approximately 9.3% to HKD 47.3 million in the first half of 2024, influenced by legal and professional fees related to acquisitions and share placements[71]. 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]. - Cash and cash equivalents decreased by HKD 17,211,000, ending at HKD 6,092,000 as of June 30, 2024[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 trade and other receivables amounted to HKD 88,978,000 as of June 30, 2024, compared to HKD 89,428,000 as of December 31, 2023[51]. - The company’s cash flow from the sale of subsidiaries was HKD 10,000, with a cash outflow of HKD 33 from sold bank balances[41]. Shareholder Information - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[14]. - 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 total number of issued shares as of June 30, 2024, was 228,096,000[86]. - The largest shareholder group, including John Warren McLennan and others, collectively owned 40.48% of Double Lions Limited[93]. Strategic Focus and Future Plans - Management noted a focus on improving operational efficiency and exploring new market opportunities to sustain growth in the upcoming periods[11]. - The company plans to focus on customer needs in various regions and market segments while developing products and services to meet those needs in the remaining months of 2024[65]. - The company has strategically shifted its focus in Hong Kong and the UAE towards project engineering and furniture rental businesses due to adverse retail sales conditions[65]. - The company plans to expand its retail network in mainland China and the UAE, with a budget of HKD 28.38 million allocated for this purpose[77]. - The company aims to enhance its online store and IT capabilities with an investment of HKD 3.89 million, expected to be completed by December 31, 2024[77]. Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting[99]. - The board of directors is composed of four executive directors and three independent non-executive directors, maintaining a balance of power and oversight[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 granted any rights to directors or their family members to acquire shares or debentures during the six-month period ending June 30, 2024[95]. - The company has no significant contingent liabilities as of June 30, 2024, and December 31, 2023[60].
PACIFIC LEGEND(08547) - 2024 - 中期财报