Revenue Performance - Revenue for the six months ended June 30, 2024, was HKD 4,178,749,000, a significant increase from HKD 198,551,000 in the same period of 2023[3] - For the six months ended June 30, 2024, revenue from external customers was HKD 178,749,000, a decrease from HKD 198,551,000 for the same period in 2023, representing a decline of approximately 9.1%[25] - The group reported revenue of approximately HKD 178,749,000 for the six months ended June 30, 2024, a decrease of 10.0% compared to HKD 198,551,000 for the same period in 2023[38] Profitability - Gross profit for the same period was HKD 32,691,000, down from HKD 39,367,000 year-on-year[5] - The gross profit for the six months ended June 30, 2024, was HKD 32,691,000, compared to HKD 39,367,000 for the same period in 2023, indicating a decrease of about 17.0%[22] - The company reported a loss before tax of HKD 1,305,000 for the six months ended June 30, 2024, compared to a profit of HKD 6,419,000 for the same period in 2023, reflecting a significant decline in performance[23] - The group reported a loss attributable to equity holders of approximately HKD 9,225,000, compared to a profit of approximately HKD 6,419,000 in the same period last year, primarily due to a significant decrease in revenue from shipping services[42] Expenses - Administrative and other operating expenses rose to HKD 39,477,000 from HKD 35,527,000 in the previous year[6] - The total administrative and other operating expenses for the six months ended June 30, 2024, were HKD 39,477,000, compared to HKD 35,527,000 for the same period in 2023, an increase of approximately 11.0%[23] - Employee costs, including directors' remuneration, totaled HKD 20,802,000, slightly down from HKD 20,969,000, a decrease of 0.8%[27] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 205,206,000, down from HKD 215,394,000 at the end of 2023[16] - Current liabilities amounted to HKD 133,011,000, a decrease from HKD 138,645,000 at the end of the previous year[16] - Trade receivables from third parties amounted to HKD 65,535,000, down from HKD 69,106,000, a decrease of 5.0%[32] - Trade payables to third parties amounted to HKD 57,279,000 as of June 30, 2024, compared to HKD 55,717,000 as of December 31, 2023[34] - Other payables, including accrued expenses, were HKD 16,083,000 as of June 30, 2024, down from HKD 22,612,000 as of December 31, 2023[34] Cash Flow and Financing - The net cash position as of June 30, 2024, was HKD 46,495,000, compared to HKD 50,677,000 at the end of 2023[16] - The group had bank borrowings of approximately HKD 2,080,000, secured against trade receivables, with an interest rate of HIBOR plus 1.7%[35] - The actual annual interest rate for interest-bearing borrowings ranged from 1.6% to 6.9% as of June 30, 2024[37] - The group had no bank borrowings as of June 30, 2024, compared to approximately HKD 4,080,000 as of December 31, 2023[44] Other Income - The company reported other income of HKD 56,750,000, an increase from HKD 5,222,000 year-on-year[6] - Bank interest income increased to HKD 794,000 from HKD 440,000, representing an increase of 80.0%[26] - Government grants rose to HKD 4,451,000 from HKD 3,457,000, reflecting a growth of 28.8%[26] - Other income increased by approximately 29.3% to about HKD 6,750,000 from approximately HKD 5,222,000 in the same period last year, attributed to increased government subsidies and bank interest income[41] Segment Performance - The company’s segment performance showed a gross profit of HKD 4,714,000 from marine cargo agency services for the six months ended June 30, 2024[22] - The company’s segment performance from Fujian shipping services generated a gross profit of HKD 6,548,000 for the same period[22] - The company’s segment performance from Guangdong shipping services generated a gross profit of HKD 8,096,000 for the same period[22] - The company’s segment performance from Hainan shipping services generated a gross profit of HKD 6,626,000 for the same period[22] Employee and Operational Metrics - The group had a total of 174 employees as of June 30, 2024, a decrease from 182 employees as of December 31, 2023[46] - The group identified new customers to expand revenue sources despite a challenging business environment, indicating proactive measures to adapt to market conditions[43] - The group plans to continue providing high-quality services and effectively manage its fleet and container operations to improve cost efficiency[43] Dividends and Shareholder Returns - The company did not declare any interim dividends for the six months ended June 30, 2024, and 2023[30] - The group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[50] - The group anticipates that despite the current challenges, it will ultimately deliver returns to shareholders in the long term[43] Miscellaneous - The company has not adopted any new accounting standards that will take effect from January 1, 2024, for the current financial period[20] - There were no significant events affecting the group from June 30, 2024, to the date of the announcement[52]
永丰集团控股(01549) - 2024 - 中期业绩