Financial Performance - The company reported unaudited consolidated revenue for the six months ended June 30, 2024, amounting to HKD 50 million, representing a 20% increase compared to the same period last year[2]. - The Group recorded an unaudited revenue of approximately HK$122.9 million for the six months ended 30 June 2024, representing a decrease of approximately 13.9% compared to the corresponding period in 2023[13]. - For the six months ended June 30, 2024, the Group's revenue from fine dining was HK$67,242,000, a decrease of 22.3% compared to HK$86,538,000 in the same period of 2023[39]. - Mid-market dining revenue decreased to HK$6,116,000, down 41.5% from HK$10,453,000 year-over-year[39]. - Casual dining revenue increased to HK$49,521,000, up 8.3% from HK$45,778,000 in the previous year[39]. - Total revenue for the six months ended June 30, 2024, was HK$122,879,000, a decline of 13.9% compared to HK$142,769,000 in 2023[39]. - The unaudited profit attributable to the owners of the Company was approximately HK$0.8 million for the six months ended 30 June 2024, a decrease of approximately HK$3.5 million compared to the same period in 2023[13]. - Basic earnings per share for the period was HK$0.142, down from HK$0.75 in the same period of 2023, representing a decrease of approximately 81.1%[11]. - Diluted earnings per share for the period was HK$0.140, also down from HK$0.75 in the same period of 2023, reflecting a similar decrease[11]. - For the six months ended June 30, 2024, the profit attributable to owners of the Company was HK$825,000, compared to HK$4,330,000 for the same period in 2023[67]. Operational Efficiency and Cost Management - The management highlighted a focus on improving operational efficiency, targeting a 5% reduction in costs by the end of 2024[2]. - Staff costs for the period were HK$48.4 million, a decrease from HK$51.3 million in the same period of 2023[15]. - Raw materials and consumables used amounted to HK$32.2 million, down from HK$37.9 million in the previous year, indicating a decrease of approximately 15.0%[15]. - Utility expenses for the period were HK$3.5 million, reflecting a decrease compared to the previous year's figure[15]. - Property rentals and related expenses were reported at HK$11.7 million, slightly up from HK$11.0 million in the previous year[15]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% year-over-year[2]. - New product launches are expected to contribute an additional HKD 10 million in revenue by the end of 2024[2]. - Market expansion plans include entering two new regions, which are anticipated to increase market share by 10%[2]. - The company is considering strategic acquisitions to bolster its product offerings and market presence, with a budget of HKD 15 million allocated for potential deals[2]. - The Group remains optimistic about a gradual recovery in the food and beverage industry in Q3 and Q4 2024, driven by an anticipated increase in tourists visiting Hong Kong[115]. Financial Position and Assets - The company's non-current assets decreased from HK$57,663,000 as of December 31, 2023, to HK$43,493,000 as of June 30, 2024, reflecting a reduction of about 24.6%[18]. - Current liabilities net amount improved from HK$41,646,000 at the end of 2023 to HK$35,755,000 by June 30, 2024, showing a decrease of approximately 14.1%[20]. - The total deficit attributable to owners of the company decreased from HK$10,827,000 as of December 31, 2023, to HK$10,226,000 as of June 30, 2024, indicating a reduction of about 5.5%[21]. - The company's cash and bank balances decreased from HK$10,359,000 at the end of 2023 to HK$6,688,000 by June 30, 2024, a decline of approximately 35.0%[20]. - The total assets less current liabilities decreased from HK$16,017,000 as of December 31, 2023, to HK$7,738,000 as of June 30, 2024, reflecting a decline of about 51.7%[20]. Share Capital and Corporate Governance - The company's issued share capital as of June 30, 2024, is 579,890,000 shares[162]. - The share consolidation was approved on March 21, 2024, consolidating every two existing shares into one[101]. - The Group's share capital as of June 30, 2024, was HK$50,000,000, with 2,500,000 shares issued after a consolidation[97]. - The Board does not recommend the payment of a dividend for the six months ended June 30, 2024, consistent with the previous year[13]. - The Audit Committee reviewed the unaudited condensed consolidated results for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards[185]. Employee and Management Changes - As of June 30, 2024, the company employed 297 staff, a decrease from 380 employees as of December 31, 2023[148]. - The company maintains an attractive level of employee remuneration, which is reviewed periodically based on performance and business performance[148]. - Ms. Wong Pui Yain resigned as chairperson on February 9, 2024, and ceased to be CEO on February 15, 2024[189]. - Mr. Liu Enyu has been appointed as the chairman of the Board on February 9, 2024, and Mr. Kong Linglei has been appointed as CEO on February 15, 2024[189]. Market Conditions and Challenges - The Group's business has been affected due to locals in Hong Kong traveling outside the city and a lack of tourists visiting Hong Kong[108]. - The decrease in revenue was primarily due to fewer tourists visiting Hong Kong and the closure of the restaurant "Agora" in October 2023[115].
佳民集团(08519) - 2024 - 中期业绩