Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 4,517.7 million, a decrease of 72.8% compared to HKD 16,602.2 million in 2023[1] - The company reported a loss before tax of HKD 19.3 million, compared to a profit of HKD 69.3 million in the same period last year[2] - The net loss for the period was HKD 24.9 million, a significant decline from a profit of HKD 57.9 million in 2023[2] - Basic loss per share was HKD 0.28, down from earnings of HKD 0.66 per share in the previous year[2] - Other comprehensive loss for the period totaled HKD 7.5 million, contrasting with a gain of HKD 42.8 million in the previous year[3] - Reported segment revenue for the upstream business was HKD 163.7 million for the six months ended June 30, 2024, down from HKD 326.0 million in the same period of 2023, representing a decrease of 50.2%[15] - Adjusted EBITDA for the upstream business was HKD (51.2) million, compared to HKD 74.5 million in the prior year, indicating a significant decline[15] - Total reported segment revenue for the group was HKD 4,517.7 million for the six months ended June 30, 2024, down from HKD 16,602.2 million in the same period of 2023, a decrease of 72.8%[15] - The group reported a pre-tax loss of HKD 24.9 million for the six months ended June 30, 2024, compared to a profit of HKD 57.9 million in the same period of 2023[32] - The group’s basic loss per share for the six months ended June 30, 2024, was HKD 0.00285, compared to earnings per share of HKD 0.00655 in the same period of 2023[32] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,062.4 million, slightly up from HKD 1,028.3 million at the end of 2023[4] - Current liabilities rose to HKD 457.6 million, compared to HKD 252.8 million at the end of 2023, indicating increased financial obligations[4] - The group's total assets increased to HKD 1,853.2 million as of June 30, 2024, compared to HKD 1,700.7 million as of December 31, 2023, reflecting a growth of 9.0%[18] - The group's total liabilities rose to HKD 703.9 million as of June 30, 2024, up from HKD 508.3 million as of December 31, 2023, an increase of 38.5%[18] - The total liabilities increased significantly to 367.6 million HKD as of June 30, 2024, from 164.8 million HKD as of December 31, 2023, indicating a growth of over 120%[39] - The group’s total current assets were valued at HKD 604.8 million, down from HKD 775.5 million as of December 31, 2023, with cash and bank balances at HKD 613.1 million[68] - The total equity of the group was HKD 1,149.3 million, a decrease from HKD 1,192.4 million as of December 31, 2023, with a debt ratio of 38.0% compared to 29.9% in the previous period[68] - The group has no outstanding secured debt or short-term loans as of June 30, 2024, maintaining an asset-to-equity ratio of 0%[69] Inventory and Capital Expenditures - Inventory increased significantly to HKD 341.3 million from HKD 102.8 million, reflecting potential overstocking issues[4] - Capital expenditures include new exploration and evaluation assets as well as property, plant, and equipment[14] - The company’s capital commitments for property, plant, and equipment increased to 29.8 million HKD as of June 30, 2024, compared to 69.5 million HKD as of December 31, 2023[34] Operational Segments - The company operates two reporting segments: upstream business (oil and gas exploration, development, production, and sales) and precious metals refining and trading in Hong Kong[13] - The upstream business is currently active in Canada and Argentina, focusing on oil and gas activities[13] - The financial performance of the precious metals trading and refining business in Hong Kong declined due to historical high gold prices, leading to weaker trade volumes and profit margins[48] - The upstream business in Canada experienced a revenue decline of approximately 47% due to persistently low natural gas prices[48] - The company has recognized an impairment reversal of HKD 111.8 million due to improved technical and economic feasibility of its Montney assets[51] Corporate Governance and Compliance - The company has adopted and applied the corporate governance code as per the listing rules, ensuring compliance with all applicable provisions as of June 30, 2024[85] - The audit committee has reviewed the interim financial results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and listing rules[88] - The company did not buy, sell, or redeem any of its listed securities during the review period[89] - There were no significant violations of applicable laws and regulations during the review period[91] Environmental Initiatives - The company is undergoing a green transformation journey, aiming to integrate complementary environmental businesses in British Columbia[47] - The company has signed a non-binding memorandum of understanding with Quantum Technology Corporation to develop a green hydrogen production facility with an initial capacity of 15 tons per day at Discovery Park[49] - The vision for Discovery Park includes creating a circular economy by integrating green hydrogen production, biofuel production, aquaculture, vertical farming, and modular construction[54] - The company is focusing on transforming Discovery Park into a green ecosystem center, aligning with its ESG initiatives and global low-carbon economy efforts[57] - The company is actively seeking opportunities to collaborate with local authorities and regulators to achieve net-zero emissions goals[49] Legal and Regulatory Matters - The company is currently seeking legal advice regarding potential impacts from a lawsuit filed by Beijing Gas Blue Sky Holdings Limited in China[46] - The group is evaluating the financial impact of a court ruling related to its operations in Argentina, which may require the transfer of operational rights[80] Changes and Developments - The company has rebranded from "New Times Energy Corporation Limited" to "New Times Corporation Limited" as approved by shareholders on June 20, 2024[9] - The company changed its name from "New Times Energy Corporation Limited" to "New Times Corporation Limited" effective June 20, 2024[82] - The company has changed its website from "http://www.nt-energy.com/" to "http://www.newtimes-corp.com/" effective August 28, 2024[83] - Changes in director information include the appointment of a new independent non-executive director on August 29, 2024[93] Employee and Compensation - The group employed a total of 137 long-term employees as of June 30, 2024, down from 142 as of December 31, 2023[75] - Total employee compensation for the six months ended June 30, 2024, amounted to HKD 51.7 million, an increase from HKD 45.8 million in 2023[75]
新时代集团控股(00166) - 2024 - 中期业绩