Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 17,777,000, a decrease of 1.8% compared to HKD 18,104,000 for the same period in 2023[7] - Other income decreased significantly to HKD 206,000 from HKD 1,150,000, representing an 82.1% decline[7] - The company reported a loss before tax of HKD 2,996,000, compared to a loss of HKD 1,641,000 in the previous year, indicating an increase in losses of 82.6%[7] - Basic and diluted loss per share for the period was HKD 9.58, compared to HKD 6.36 in the same period last year, reflecting a 50.0% increase in loss per share[7] - The company reported a pre-tax loss of HKD 4,335,000 for the six months ended June 30, 2024, compared to a loss of HKD 4,404,000 for the same period in 2023, indicating a slight improvement[27] - The loss attributable to the owners of the company for the six months ended June 30, 2024, was approximately HKD 3.0 million, an increase from HKD 1.6 million for the same period in 2023[51] Assets and Liabilities - Total assets decreased to HKD 25,967,000 as of June 30, 2024, from HKD 32,993,000 as of December 31, 2023, a decline of 21.2%[8] - Net current assets decreased to HKD 12,560,000 from HKD 16,353,000, a reduction of 23.0%[8] - The company's equity attributable to owners decreased to HKD 14,823,000 from HKD 17,819,000, a decrease of 16.8%[8] - Total trade and other payables increased to HKD 7,766,000 as of June 30, 2024, compared to HKD 6,907,000 as of December 31, 2023[38] - The group's current assets were approximately HKD 26.0 million, down from HKD 33.0 million as of December 31, 2023[52] - The group's current liabilities as of June 30, 2024, were approximately HKD 13.4 million, a decrease from HKD 16.6 million as of December 31, 2023[52] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (684,000), compared to HKD (5,779,000) for the same period in 2023, indicating a significant improvement[10] - The company reported a net cash decrease of HKD (5,915,000) for the six months ended June 30, 2024, with cash and cash equivalents at the end of the period being HKD 270,000, down from HKD 2,162,000 in 2023[10] Operational Highlights - The company incurred employee costs of HKD 9,316,000, slightly down from HKD 9,423,000, a decrease of 1.1%[7] - Depreciation expenses increased to HKD 938,000 from HKD 601,000, representing a 55.9% increase[7] - The company continues to focus on its leisure restaurant business, which aims to create a relaxed dining atmosphere for customers[16] - The group has implemented cost-saving measures, including reducing restaurant staff costs and negotiating discounts with suppliers[46] - The group plans to expand its takeaway product line and enhance marketing efforts to stimulate sales[49] - The company has not reported any significant new product developments or market expansions during this period[18] Corporate Governance - The company has established an audit committee to review financial reports and ensure compliance with applicable accounting standards[73] - The board of directors has confirmed that all members comply with the trading standards set forth in the company's code of conduct[74] - The company is committed to maintaining high standards of corporate governance and will review its practices regularly[75] - The chairman and CEO roles are not held by the same individual, in line with corporate governance guidelines[75] - The company plans to appoint at least one director of a different gender by December 31, 2024, to meet diversity requirements[75] Shareholder Information - Directors hold significant stakes, with Mr. Huang owning 24.8% and Mr. Pang owning 40.9% of the company's shares[68] - As of June 30, 2024, Wiltshire Global Limited holds 13,843,692 shares, representing 24.8% of the company's ordinary shares[69] - Peyton Global Limited owns 22,771,433 shares, accounting for 40.9% of the company's ordinary shares[69] - 鼎珮投資集團有限公司 has a stake of 3,400,000 shares, which is 6.1% of the total[69] - No equity securities were issued for cash during the six months ending June 30, 2024, and there were no significant investments, acquisitions, or disposals during this period[58] Future Outlook - The company has not provided specific guidance for future performance or new product developments in the current report[7] - The group continues to face challenges in the Hong Kong restaurant industry due to rising operational costs and changing consumer spending patterns[48] - The group aims to improve its business strategies to enhance market share and shareholder value amidst ongoing challenges[50]
CLASSIFIED GP(08232) - 2024 - 中期财报