Financial Performance - The Group recorded a gross profit increase of approximately 851% to HK$6,400,000 compared to HK$673,000 in the same period last year[4]. - Revenue decreased significantly by approximately 92% to HK$6,400,000 from HK$76,144,000 in the previous period, primarily due to a substantial drop in trading volume within the uranium trading business[4]. - The Group recorded a net loss of approximately HK$7,731,000 compared to a net profit of approximately HK$8,330,000 in the same period last year[5]. - The significant decrease in revenue was attributed to the rapid surge and volatility in spot uranium prices, leading to heightened transaction risks[4]. - Revenue for the Group was approximately HK$6,400,000, representing a significant decrease of approximately 92% compared to HK$76,144,000 in the corresponding 2023 period[9]. - Gross profit increased by approximately 851% to approximately HK$6,400,000 from HK$673,000 in the 2023 period[9]. - The Group recorded a "Share of result of an associate" of approximately HK$15,596,000, a decrease of approximately 26% compared to HK$21,161,000 in the 2023 period[13]. - The total comprehensive expense for the period was approximately HK$20,859,000, compared to approximately HK$12,685,000 in the same period of 2023, reflecting a loss of approximately HK$7,731,000 compared to a net profit of approximately HK$8,330,000 in 2023[16][19]. Expenses and Costs - Administrative expenses increased to approximately HK$17,659,000 from HK$10,301,000, mainly due to an increase in staff costs and professional fees[5]. - Finance costs rose to approximately HK$13,379,000 from HK$6,429,000, attributed to a drawdown of US$30,000,000 from a banking facility for uranium product purchases[5]. - Selling and distributing expenses rose by approximately 143% to approximately HK$1,825,000 due to increased storage expenses for natural uranium products[12]. - Other income and gains increased by approximately 56% to approximately HK$4,258,000, primarily from interest income of approximately HK$2,458,000[9]. - Income tax expense was approximately HK$1,615,000, attributed to PRC withholding tax charged and paid during the period[14]. Strategic Focus and Future Plans - The Group plans to focus on the development of uranium products trading and actively seek high-quality uranium resource projects, particularly in-production projects, to complement the parent group's development[17][20]. - The Group's strategy involved prudent risk management by avoiding spot uranium trades amid market volatility[4]. - The Group will continue to actively participate in international market bidding and explore various financing channels to complement the expansion of uranium trade[21]. - A framework agreement was established with China National Uranium Corporation for the Group to act as the exclusive supplier of natural uranium products outside Asia and Africa, and as an agent to procure uranium products for the CNUC Group[18][20]. Cash Flow and Assets - The Group recorded a net cash outflow of approximately HK$49,536,000 during the period, compared to approximately HK$53,993,000 in the previous period, primarily due to cash used in the purchase of uranium products[24]. - The Group's cash and cash equivalents decreased from approximately HK$180,434,000 as of December 31, 2023, to approximately HK$128,619,000 as of June 30, 2024[24]. - The current assets of the Group amounted to approximately HK$423,875,000, representing a decrease of approximately 25.9% compared to approximately HK$571,948,000 as of December 31, 2023[25]. - The non-current assets of the Group amounted to approximately HK$407,150,000, representing a decrease of approximately 2.8% compared to approximately HK$418,914,000 as of December 31, 2023[24]. Shareholder and Corporate Governance - The Board of Directors does not recommend the payment of an interim dividend for the period, consistent with the previous year[33]. - The company has established various committees, including the Audit Committee and Remuneration Committee, to enhance governance and oversight[35]. - The Company complied with all code provisions set out in Part 2 of Appendix C1 to the Listing Rules throughout the period[33]. Legal and Regulatory Matters - The Group is engaged in discussions with the Mongolian Authority to resolve the expiry issue of exploration licenses for its uranium resources project in Mongolia[21]. - The establishment of a joint venture for holding mining licenses in Mongolia is still pending due to delays in government processes[74]. - The Group received assistance from the Embassy of the People's Republic of China in Mongolia to expedite the application for mining licenses[74]. Employment and Human Resources - The Group employed 36 full-time employees as of June 30, 2024, an increase from 23 employees as of June 30, 2023[23]. - The total remuneration for directors and key management for the six months ended June 30, 2024, was HK$2,635,000, up from HK$1,863,000 in the same period of 2023, reflecting a year-on-year increase of approximately 41.3%[96].
中核国际(02302) - 2024 - 中期财报