Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 114,916,000, a decrease of 29.4% from HKD 162,597,000 in the same period of 2023[2] - Gross profit for the same period was HKD 8,346,000, down 26.5% from HKD 11,352,000 year-on-year[2] - The company recorded a net profit of HKD 1,312,000, a significant decline of 56.5% compared to HKD 3,012,000 in the previous year[2] - Basic earnings per share decreased to HKD 0.09 from HKD 0.20, representing a 55% drop[2] - The group reported a profit before tax of HKD 1,571,000 for the six months ended June 30, 2024, compared to HKD 3,012,000 for the same period in 2023, representing a decrease of 47.8%[15] - Total comprehensive income for the six months ended June 30, 2024, was approximately HKD 1.3 million, compared to approximately HKD 3.0 million for the same period in 2023[43] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 268,515,000, down from HKD 284,307,000 at the end of 2023[3] - Current liabilities decreased to HKD 125,799,000 from HKD 143,588,000, indicating a reduction of 12.4%[3] - The net trade receivables as of June 30, 2024, were HKD 40,301,000, a decrease of 27.3% from HKD 55,403,000 at the end of 2023[28] - Other receivables, deposits, and prepayments totaled HKD 51,995,000 as of June 30, 2024, down from HKD 66,545,000 at the end of 2023[28] - As of June 30, 2024, total assets were approximately HKD 279.7 million, down from approximately HKD 296.9 million as of December 31, 2023[44] - Trade payables decreased from HKD 45.2 million as of December 31, 2023, to HKD 32.1 million as of June 30, 2024[29] Cash Flow - Cash and cash equivalents increased to HKD 80,292,000 from HKD 45,756,000, showing a growth of 75.4%[3] - The company reported a net cash inflow from operating activities of HKD 42,413,000 for the period[6] - Cash and bank balances increased to approximately HKD 80.3 million as of June 30, 2024, from HKD 45.8 million as of December 31, 2023[44] Share Capital and Dividends - The group did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[21] - The issued share capital as of June 30, 2024, was HKD 14,975,200, with 1,497,520,000 shares issued, compared to HKD 15,227,700 and 1,522,770,000 shares on December 31, 2023[49] - The total number of issued shares will decrease to 1,479,980,000 after the cancellation of repurchased shares[66] - The company repurchased a total of 42,790,000 shares during the reporting period, with a total cost of approximately HKD 3,185,410 before transaction costs[66] - The company has canceled 25,250,000 shares out of the repurchased shares, with an additional 13,020,000 shares pending cancellation[66] Employee and Administrative Expenses - The total employee cost for the six months ended June 30, 2024, was approximately HKD 30.6 million, compared to HKD 28.7 million for the same period in 2023[51] - The company employed 119 employees as of June 30, 2024, down from 132 employees on December 31, 2023[51] - The company’s administrative expenses were HKD 9,686,000, slightly higher than HKD 9,580,000 in the previous year[2] Corporate Governance and Compliance - The company has maintained compliance with corporate governance codes throughout the reporting period[67] - The Audit Committee was established on September 10, 2015, to review and monitor the group's financial reporting procedures, internal controls, and risk management systems[73] - The unaudited condensed consolidated financial statements for the relevant period have been reviewed by the Audit Committee and comply with applicable accounting standards and listing rules[73] - The Audit Committee consists of three members, all of whom are independent non-executive directors[73] Future Plans and Business Operations - The company plans to undertake larger projects and expand its engineering services through additional licenses and qualified personnel recruitment[38] - The company has not identified any business or interests that may compete with its operations during the reporting period[62] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[51] Financial Risks and Commitments - The company did not face significant foreign exchange risks and did not engage in any hedging activities during the reporting period[47] - The company did not incur any capital expenditure on property, plant, and equipment during the period, compared to HKD 2,780,000 in the same period of 2023[25] - The company did not have any significant capital commitments for property, plant, and equipment as of June 30, 2024[50] Shareholder Information - As of June 30, 2024, the major shareholder Golden Luck holds 653,000,000 shares, representing 43.61% of the total shares[61] - The company has secured performance guarantees from banks for approximately HKD 64.6 million as of June 30, 2024, compared to HKD 34.7 million as of December 31, 2023[44] - As of June 30, 2024, the company's debt-to-equity ratio was 13.1%, compared to zero on December 31, 2023[45] - The company had unutilized financing of HKD 69.1 million as of June 30, 2024, up from HKD 39.0 million on December 31, 2023[46] Changes in Accounting Standards - The group adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on its operations or financial position[10]
立基工程控股(01690) - 2024 - 中期业绩