Financial Performance - The total revenue for the six months ended June 30, 2024, was approximately HKD 690.5 million, an increase of about 64.55% compared to HKD 419.6 million for the same period in 2023[4] - The loss before tax for the period was approximately HKD 18.1 million, a decrease of about 46.73% from a loss of HKD 34 million in the same period last year[4] - The loss attributable to equity holders of the company was approximately HKD 17.8 million, down about 48.11% from HKD 34.2 million in the previous year[4] - The basic and diluted loss per share was approximately HKD 1.38, compared to HKD 2.66 for the same period in 2023[6] - The gross profit for the period was HKD 1.3 million, significantly up from HKD 363,000 in the previous year[5] - The total comprehensive loss for the period was HKD 22.6 million, compared to HKD 32.6 million in the same period last year[5] - The total comprehensive loss for the six months ended June 30, 2024, was HKD 22,578,000, which includes a loss of HKD 18,094,000[10] - The company incurred a loss of HKD 17,758,000 during the six months ended June 30, 2024, compared to a loss of HKD 10,441,000 in the same period of 2023[11] - The company reported a pre-tax loss of HKD 18,094,000 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 33,964,000 in the same period of 2023[17] - The group recorded a loss of approximately HKD 18,100,000 for the period, an improvement from a loss of HKD 34,000,000 in the same period of 2023[53] Assets and Liabilities - Current assets as of June 30, 2024, amounted to HKD 458.0 million, compared to HKD 413.8 million at the end of 2023[7] - Current liabilities increased to HKD 705.1 million from HKD 804.5 million at the end of 2023, resulting in a net current liability of HKD 247.0 million[8] - Non-current liabilities included HKD 363.7 million in non-current bank and other borrowings, up from HKD 209.5 million at the end of 2023[8] - The total equity attributable to equity holders of the company was a negative HKD 487.2 million as of June 30, 2024, compared to negative HKD 465.6 million at the end of 2023[8] - The company's total equity attributable to equity holders decreased to HKD 465,583,000 as of June 30, 2024, from HKD 487,165,000 as of June 30, 2023[10] - The company's total liabilities increased significantly, leading to a total equity deficit of HKD 469,561,000 as of June 30, 2024[10] - The total comprehensive assets as of June 30, 2024, amounted to HKD 602,848,000, while total liabilities were HKD 1,072,409,000[18] Cash Flow and Financing - As of June 30, 2024, the company reported a net cash outflow from operating activities of HKD 40,409,000, compared to HKD 11,639,000 in the same period of 2023[11] - The company reported a significant increase in financing activities, with net cash outflow of HKD 91,681,000 for the six months ended June 30, 2024, compared to an inflow of HKD 29,257,000 in the same period of 2023[11] - The company incurred financing costs of HKD 11,251,000, a decrease from HKD 13,652,000 in the previous year[23] - The financing cost decreased to approximately HKD 11,300,000 from HKD 13,700,000 in the previous year, mainly due to the waiver of interest on loans by a related party[53] - The total amount of bank and other borrowings decreased from HKD 682,886,000 to HKD 420,837,000, a reduction of 38.3%[40] Revenue Breakdown - For the six months ended June 30, 2024, total revenue from external customers was HKD 690,507,000, a 64.5% increase from HKD 419,628,000 in the same period of 2023[20] - The revenue from trade business was HKD 681,724,000, significantly higher than HKD 411,972,000 in the prior year, reflecting a growth of 65.4%[20] - The petrochemical storage business generated revenue of approximately HKD 8,800,000, representing a 14.73% increase from HKD 7,600,000 in the same period last year[52] - The segment performance showed a total loss of HKD 7,989,000 for the petrochemical products division, compared to a loss of HKD 20,630,000 in the previous year[17] Corporate Governance - The company has adopted a code of conduct for securities trading, compliant with GEM Listing Rules, with no known violations during the period[76] - The company has established a governance code that separates the roles of Chairman and CEO, ensuring clear responsibilities and effective management[77] - The board is composed of experienced individuals, including three independent non-executive directors, ensuring a balanced power structure[77] - The Audit Committee, consisting of independent non-executive directors, reviews financial statements and oversees internal control procedures[79] - The interim financial statements have not been audited but have been reviewed by the Audit Committee, which confirms compliance with applicable accounting standards[79] Shareholder Information - The major shareholder, Dafeng Port Development Group, holds a 57.46% stake in the company[71] - The board of directors believes it can operate independently from the Dafeng Port Development Group, ensuring the best interests of the company and its shareholders[75] Future Outlook - The company anticipates a slow and steady economic growth in the second half of 2024, with a cautious approach to managing existing businesses and seeking investment opportunities[63] - As of June 30, 2024, the group had contracted but unprovided capital expenditure commitments of approximately HKD 199,868,000[66] - The company has no significant changes in credit quality for overdue receivables, indicating confidence in full recovery of overdue amounts[35] - The company has not engaged in any major investments, acquisitions, or disposals during the period[61] - The company has not issued or granted any convertible securities, warrants, or similar rights as of June 30, 2024[70] Employee and Operational Costs - The total employee cost, including director remuneration, was approximately HKD 7,300,000 for the period, compared to HKD 7,500,000 in the same period last year[65]
大丰港(08310) - 2024 - 中期业绩