Financial Performance - Revenue from customer contracts for the six months ended June 30, 2024, was HKD 17,634,000, a decrease of 39.5% compared to HKD 27,053,000 in the same period of 2023[1] - Gross profit for the same period was HKD 2,988,000, down 61.2% from HKD 7,717,000 in 2023[1] - Operating loss increased to HKD 5,765,000 from HKD 1,020,000 year-over-year[1] - Loss before tax for the six months ended June 30, 2024, was HKD 8,242,000, compared to HKD 3,590,000 in 2023, representing a 129.5% increase[2] - For the six months ended June 30, 2024, the group recorded a net loss of approximately HKD 8,522,000, compared to a net loss of approximately HKD 3,590,000 for the same period in 2023[7] - The loss attributable to the company's owners for the period increased to approximately HKD 8.5 million, up from HKD 3.6 million in the previous period[41] - Basic and diluted loss per share for the period was HKD 0.40, compared to HKD 0.24 in 2023, indicating a 66.7% increase in loss per share[2] - Basic loss per share for the six months ended June 30, 2024, was calculated based on the loss attributable to shareholders divided by the weighted average number of ordinary shares issued[22] Revenue Breakdown - Revenue for the six months ended June 30, 2024, was HKD 17,634,000, a decrease of 34.8% from HKD 27,053,000 in the same period of 2023[13] - Revenue from supply and paving services was HKD 13,218,000, up 15.7% from HKD 11,416,000 in 2023[13] - Revenue from stone sales was HKD 4,416,000, down 71.8% from HKD 15,637,000 in 2023[13] - Revenue from Hong Kong was HKD 12,970,000, a decrease of 52.0% from HKD 27,053,000 in 2023[14] - Revenue from China was HKD 4,664,000, with no revenue reported in the same period of 2023[14] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 191,063,000, a slight increase from HKD 190,274,000 at the end of 2023[3] - Total liabilities increased to HKD 164,490,000 from HKD 155,029,000, reflecting a rise of 6.3%[4] - The company reported a total equity of HKD 26,573,000, down from HKD 35,245,000 in the previous year[3] - Trade receivables increased to HKD 22,024,000 from HKD 14,138,000, marking a 55.8% increase[3] - The company’s cash and cash equivalents stood at HKD 517,000, slightly up from HKD 507,000 at the end of 2023[3] - As of June 30, 2024, the group's bank borrowings amounted to approximately HKD 33,522,000, slightly up from approximately HKD 33,152,000 in 2023[7] - The group has approximately HKD 517,000 in bank balances and cash as of June 30, 2024, compared to approximately HKD 507,000 in 2023[7] - The group’s debt-to-asset ratio was approximately 67.2% as of June 30, 2024, up from 62.9% as of December 31, 2023[46] - The net current assets of the group were approximately HKD 47.2 million as of June 30, 2024, down from approximately HKD 60.9 million as of December 31, 2023[47] Financial Management and Strategy - The group is actively negotiating with banks to extend overdue borrowings and has not received any formal repayment requests as of the publication date[9] - Major shareholders are willing to provide financial support if necessary, with loans amounting to HKD 20,848,000 due by June 30, 2026, at an interest rate between 2% to 5%[9] - The group is seeking additional financing sources, including debt or equity financing, to improve its capital structure and reduce overall financing costs[9] - The board believes that the group will have sufficient operating funds to meet its financial obligations for at least the next twelve months[10] - The group is taking measures to alleviate cash flow pressure, including accelerating customer certification and payment collection[9] - The group has faced challenges in obtaining new bank financing due to overdue bank loans since 2020, relying on internal resources and financial support from directors[35] - The group has taken measures to improve its liquidity and financial situation, including accelerating project status and collection periods for receivables[43] Corporate Governance - The company is committed to maintaining strict corporate governance and effective internal control measures[57] - The board of directors consists of experienced and talented individuals, ensuring a strong independent element[57] - All directors confirmed compliance with the trading standards as of June 30, 2024[58] Other Financial Information - The company reported a net finance cost of HKD 2,478,000 for the six months ended June 30, 2024, compared to HKD 2,570,000 in 2023[18] - The company incurred immediate tax expenses of HKD 280,000 for the six months ended June 30, 2024, with no tax expenses reported in 2023[20] - The effective annual interest rate on bank borrowings was 10.5% as of June 30, 2024, compared to 10.3% as of December 31, 2023[30] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, compared to zero for the same period in 2023[32] - The group did not declare any interim dividend for the six months ended June 30, 2024, to retain resources for future development[34] - The company had issued and paid-up share capital of HKD 21,462 thousand as of June 30, 2024, with a total of 2,146,201,635 shares issued[31] - The company’s trade payables and deposits amounted to HKD 43,137 thousand as of June 30, 2024, compared to HKD 43,542 thousand as of December 31, 2023[28] - The company’s other receivables increased to HKD 2,795 thousand as of June 30, 2024, from HKD 971 thousand as of December 31, 2023[26] - The group issued a performance guarantee of HKD 3.7 million through a bank for construction contracts as of June 30, 2024[50] - There were no significant capital commitments for the group as of June 30, 2024[49] - The group had 14 full-time employees as of June 30, 2024, with no adverse impact from labor disputes reported[51] - The audit committee reviewed the group's accounting policies and financial reporting matters as of June 30, 2024[52] - The group did not engage in any share buybacks, sales, or redemptions of its listed securities during the six months ended June 30, 2024[55] - There were no significant contracts involving directors with substantial interests related to the group's business as of the reporting date[56] - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website[59] - The company plans to send the interim report for the six months ending June 30, 2024, to shareholders in due course[59]
基石控股(01592) - 2024 - 中期业绩