Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HKD 106.4 million, a decrease of about 53.1% compared to HKD 226.7 million in the same period of 2023[1][2] - Gross profit for the same period was approximately HKD 17.2 million, down about 5.7% from HKD 18.2 million year-on-year[1][2] - Profit attributable to equity shareholders for the six months ended June 30, 2024, was approximately HKD 1.9 million, a decrease of about 67.5% from HKD 5.8 million in 2023[1][2] - Earnings per share for the period was approximately HKD 0.077, down about 67.5% from HKD 0.237 in the same period of 2023[1][3] - Total other income for the six months ended June 30, 2024, was HKD 4,384,000, compared to HKD 3,879,000 for the same period in 2023, representing an increase of approximately 13%[16] - The company reported a net loss of HKD (321,000) for other gains and losses for the six months ended June 30, 2024, compared to a loss of HKD (462,000) in the same period of 2023, showing an improvement of 30.5%[17] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 106,377,000, a decrease of 53% compared to HKD 226,738,000 for the same period in 2023[11] - Semiconductor sales accounted for 73% of total revenue in 2024, generating HKD 79,029,000, down from HKD 197,327,000 in 2023[11] - The photovoltaic power segment generated revenue of HKD 26,378,000, representing 25% of total revenue, compared to 12% in the previous year[11] - Semiconductor sales revenue was approximately HKD 79.0 million, down from HKD 197.3 million in the same period last year, representing a decline of about 60.0%[29] Assets and Liabilities - Total non-current assets as of June 30, 2024, were approximately HKD 266.9 million, down from HKD 282.6 million as of December 31, 2023[5] - Current assets totaled approximately HKD 485.7 million, slightly down from HKD 487.1 million at the end of 2023[5] - Net assets as of June 30, 2024, were approximately HKD 705.4 million, a decrease from HKD 718.6 million at the end of 2023[6] - The total assets of the reportable segments as of June 30, 2024, were HKD 634,560,000, down from HKD 715,730,000 at the end of 2023[15] - The total liabilities of the reportable segments as of June 30, 2024, were HKD 45,758,000, compared to HKD 47,419,000 at the end of 2023[15] Dividends and Shareholder Returns - The board of directors did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[1] - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[22] - Basic earnings per share for the six months ended June 30, 2024, was HKD 0.00077, compared to HKD 0.00237 for the same period in 2023, reflecting a decrease of approximately 67.5%[23] Financial Reporting Standards - The company adopted new and revised Hong Kong Financial Reporting Standards effective January 1, 2024, without changing its accounting policies or making retrospective adjustments[8] - The company is currently evaluating the impact of adopting the new Hong Kong Financial Reporting Standard No. 18 on the presentation and disclosure of its consolidated financial statements[9] - The company anticipates that the amendments to Hong Kong Accounting Standard No. 21 will not have a significant impact on its consolidated financial statements[9] Operational Insights - The company operates four reportable segments: sales of processed cigarette films, semiconductor sales, property development and related services, and photovoltaic power generation[14] - The semiconductor market is expected to face uncertainties in supply during the second half of 2024, impacting the company's semiconductor sales division[37] - The company employed 53 staff as of June 30, 2024, a decrease from 57 staff a year earlier[37] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring adherence to good governance principles[38] - As of June 30, 2024, the company has not appointed a CEO, with the chairman, Mr. Guo Yumin, overseeing overall management and strategic direction[38] - The audit committee, established on June 22, 2012, consists of three independent non-executive directors and has reviewed the interim financial results for the six months ending June 30, 2024[40] - The company has maintained sufficient public float as required by the listing rules as of June 30, 2024[41] - All directors confirmed compliance with the standard code of conduct for securities trading for the six months ending June 30, 2024[39] Cash Flow and Expenses - The company had cash and cash equivalents of approximately HKD 211.5 million as of June 30, 2024, down from HKD 237.3 million at the end of 2023, a decrease of about 10.8%[34] - The company recognized a depreciation expense of HKD 8,456,000 for property, plant, and equipment for the six months ended June 30, 2024, down from HKD 8,675,000 in the same period of 2023[21] - The company benefited from a deferred tax asset of HKD 1,718,000 for the six months ended June 30, 2024, compared to HKD 2,065,000 in the same period of 2023[18] - Income tax expense for the six months ended June 30, 2024, was HKD 1,258,000, slightly down from HKD 1,266,000 in the same period of 2023[18]
顺泰控股(01335) - 2024 - 中期业绩