Financial Performance - Revenue for the six months ended June 30, 2024, was $30,775,000, a decrease of 7.9% compared to $33,087,000 for the same period in 2023[2] - Gross profit for the same period was $2,377,000, down 15.7% from $2,818,000 in the previous year[2] - The company reported a loss of $2,834,000 for the six months ended June 30, 2024, compared to a loss of $2,713,000 in the prior period, indicating a 4.5% increase in loss[2] - Revenue from the sale of IC products and electronic components for the six months ended June 30, 2024, was $30,775 thousand, a decrease of 7.9% compared to $33,087 thousand for the same period in 2023[15] - The company reported a pre-tax loss before income tax of $28,221 thousand for the six months ended June 30, 2024, compared to $29,974 thousand for the same period in 2023, indicating a decrease of 5.8%[18] - The company recorded a net loss of $2.7 million for the period, compared to a loss of $2.8 million in the previous period[47] Assets and Liabilities - Total assets as of June 30, 2024, were $53,360,000, a decrease from $54,189,000 as of December 31, 2023[5] - Current liabilities increased to $31,732,000 as of June 30, 2024, compared to $31,177,000 at the end of 2023, reflecting a 1.8% rise[5] - The company's cash and cash equivalents decreased to $1,667,000 from $2,536,000, representing a decline of 34.3%[5] - The net asset value as of June 30, 2024, was $19,760,000, down from $22,597,000 at the end of 2023, a decrease of 12.3%[6] - The company’s inventory decreased to $9,968,000 from $14,007,000, a significant reduction of 28.8%[5] - Total trade receivables amounted to $22,564,000 as of June 30, 2024, an increase from $19,047,000 as of December 31, 2023[28] - As of June 30, 2024, trade receivables (net of expected credit loss provisions) amounted to $18,578,000, an increase from $16,277,000 as of December 31, 2023[30] - The aging analysis of trade receivables shows that amounts overdue by 1 to 30 days increased significantly to $14,844,000 from $5,078,000[30] - The company has discounted trade receivables with a book value of approximately $6,039,000 as of June 30, 2024, compared to $5,781,000 as of December 31, 2023[29] Financing and Costs - Total financing costs for the six months ended June 30, 2024, amounted to $1,345 thousand, an increase of 31.4% from $1,024 thousand for the same period in 2023[17] - Bank interest income decreased to $3 thousand for the six months ended June 30, 2024, down from $9 thousand in the same period of 2023, a decline of 66.7%[16] - The company has a loan of approximately RMB 6,000,000 (about $826,000) with a fixed interest rate of 3.15%, due in September 2024[35] - The total amount of outstanding discount notes was approximately $3,355,000 as of June 30, 2024, up from $2,504,000 as of December 31, 2023[36] - The company’s bank loans increased to approximately $9 million as of June 30, 2024, from $5 million on December 31, 2023[47] - The company’s bank borrowings are secured by certain policies and bank deposits, with interest rates fluctuating between 4.53% and 7.75%[34] Operational Focus and Strategy - The company plans to continue focusing on customized reference designs for integrated circuits and other electronic components in the Hong Kong and China markets[8] - The company is focusing on emerging markets and environmentally friendly solutions despite challenges in the semiconductor industry[40] - The company has identified a single operating segment focused on the sale of IC products and electronic components, with all revenue derived from external customers based in Hong Kong and China[14] Management and Governance - The board approved the unaudited financial statements for publication on August 28, 2024[8] - The company applied several amendments to the Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the current or prior periods[10] - The company has not applied any amendments that have not yet come into effect for the current accounting period[10] - The company’s management made significant judgments and estimates in preparing the financial statements, with no major changes from those applied in the consolidated financial statements for the year ended December 31, 2023[13] - The total remuneration paid to key management personnel was $153,000 for the six months ended June 30, 2024, compared to $202,000 for the same period in 2023[38] Dividends and Shareholder Returns - The company did not declare or recommend any interim dividends during the reporting period, consistent with 2023[22] - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[53] Compliance and Reporting - The company has adopted the standard code of conduct for securities trading as per the Listing Rules Appendix 10, and all directors confirmed compliance since the listing date[56] - No purchase, sale, or redemption of the company's listed securities has occurred by the company or its subsidiaries since the listing date[57] - The group's unaudited condensed consolidated financial statements for the six months ended June 30, 2024, have been reviewed by the audit committee, which agrees with the adopted audit policies and practices[58] - No stock options have been granted, exercised, lapsed, or cancelled under the share option scheme since its adoption date[59] - The company has maintained sufficient public float as required by the Listing Rules throughout the reporting period[60] - The company will publish its performance results on the Hong Kong Stock Exchange website and its own website as required by the Listing Rules Appendix 16[61]
康特隆(01912) - 2024 - 中期业绩