Financial Performance - For the six months ended June 30, 2024, revenue amounted to approximately HK$46.4 million, representing a decrease of approximately 17.7% from HK$56.4 million in the corresponding period of 2023[7]. - The net loss for the period was approximately HK$4.6 million, an increase of approximately HK$0.5 million compared to the net loss of approximately HK$4.1 million for the same period last year[7]. - Basic and diluted loss per share was approximately HK0.42 cents, compared to HK0.48 cents for the six months ended June 30, 2023[7]. - Gross profit for the period was HK$15.6 million, down from HK$18.5 million in the same period of 2023[8]. - Total comprehensive loss for the six months ended June 30, 2024, was HK$5,021,000, compared to HK$5,166,000 for the same period in 2023, indicating a decrease in loss of approximately 2.8%[9]. - Loss attributable to owners of the Company for the period was HK$4,216,000, a slight improvement from HK$4,810,000 in 2023, reflecting a reduction of about 12.3%[9]. - Basic and diluted loss per share improved to HK$0.42 from HK$0.48 year-over-year, representing a decrease in loss per share of approximately 12.5%[9]. Revenue Breakdown - Revenue from concrete demolition services for the six months ended June 30, 2024, was HK$38,504,000, an increase of 21.5% from HK$31,621,000 in 2023[26]. - Revenue from the manufacturing and trading of prefabricated construction components decreased to HK$7,909,000, down 68.1% from HK$24,768,000 in 2023[26]. - Total revenue for the Group for the six months ended June 30, 2024, was HK$46,413,000, a decrease of 17.6% compared to HK$56,389,000 in 2023[26]. - Revenue recognized at a point in time was HK$7,909,000 for 2024, down 68.1% from HK$24,768,000 in 2023[27]. - Revenue recognized over time was HK$38,504,000 for 2024, an increase of 21.5% from HK$31,621,000 in 2023[27]. Expenses and Costs - Administrative and other operating expenses decreased to HK$17.6 million from HK$20.5 million in the prior year[8]. - Finance costs increased slightly to HK$3.6 million from HK$3.5 million in the previous year[8]. - Staff costs, including directors' remuneration, were HK$18,435,000 for the six months ended June 30, 2024, a decrease of 2.6% from HK$18,921,000 in 2023[32]. - General and Administrative expenses decreased by approximately HK$2.9 million from approximately HK$20.5 million in HY2023 to approximately HK$17.6 million in the Reporting Period[74]. Assets and Liabilities - Non-current assets decreased to HK$18,844,000 as of June 30, 2024, down from HK$23,266,000 at the end of 2023, a decline of about 19.1%[10]. - Current assets totaled HK$91,339,000, a decrease from HK$97,016,000 at the end of 2023, reflecting a reduction of approximately 5.9%[10]. - Current liabilities increased to HK$108,489,000 from HK$83,365,000, marking an increase of about 30.2%[10]. - Total liabilities increased to HK$17,484,000 from HK$47,686,000, showing a decrease of approximately 63.4%[11]. - Equity attributable to owners of the Company decreased to HK$16,716,000 from HK$12,175,000, reflecting a decline of about 37.5%[11]. - Total deficit increased to HK$15,790,000 from HK$10,769,000, indicating a worsening financial position[11]. Cash Flow and Financing - For the six months ended June 30, 2024, the net cash outflow from operating activities was HK$1.77 million, compared to an inflow of HK$5.15 million in the same period of 2023[14]. - The Group's total cash and cash equivalents as of June 30, 2024, were approximately HK$30.1 million, down from HK$36.2 million at the end of 2023[17]. - The Group reported net current liabilities of approximately HK$17.2 million as of June 30, 2024, compared to net current assets of approximately HK$13.7 million as of December 31, 2023[17]. - The Group's financing activities resulted in a net cash outflow of HK$3.73 million for the six months ended June 30, 2024, compared to HK$3.66 million in the same period of 2023[14]. - The Group's total borrowings as of 30 June 2024 were HK$76,427,000, slightly up from HK$76,146,000 as of 31 December 2023, indicating a marginal increase of 0.4%[48]. Corporate Governance - The financial statements for the six months ended June 30, 2024, have not been audited but have been reviewed by the Company's audit committee[20]. - The Company complied with all code provisions of the Corporate Governance Code except for the lack of insurance cover for Directors, which the Board believes is unnecessary due to low litigation risk[96]. - The Audit Committee consists of three members, including Mr. Li Kar Fai as Chairman, and has reviewed the unaudited consolidated financial statements for the Reporting Period[107]. - The Company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[94]. Shareholder Information - The issued and fully paid ordinary shares amounted to 1,010,605,000 as of 30 June 2024, with an authorized share capital of HK$20,000,000[53]. - Zhou Jin holds 284,500,000 shares, representing approximately 28.15% of the total shareholdings, classified as a long position[93]. - Huang Cheng holds 188,620,000 shares, representing approximately 18.66% of the total shareholdings, classified as a long position[93]. - Zhu Zhou holds 129,000,000 shares, representing approximately 12.76% of the total shareholdings, classified as a long position[93]. Market Conditions and Future Outlook - The company continues to face challenges in achieving profitability amid market conditions[7]. - The Group has been implementing measures to tighten cost control over general expenses to achieve positive cash flow operations[18]. - The Company plans to actively explore business opportunities in prefabricated construction as part of the Belt and Road Initiative for overseas expansion[63]. - The Group's focus on prefabricated construction is driven by urbanization and industrialization, addressing the demand for affordable urban housing with shorter construction timelines[62].
朝威控股(08059) - 2024 - 中期业绩