Financial Performance - The group recorded unaudited revenue of approximately HKD 5,000,000 for the six months ended June 30, 2024, a decrease of about 16.67% compared to HKD 6,000,000 for the same period in 2023[4]. - The group reported an unaudited loss attributable to owners of approximately HKD 3,100,000 for the six months ended June 30, 2024, compared to an unaudited profit of HKD 10,500,000 for the same period in 2023[4]. - The group's total comprehensive income for the period was a loss of HKD 4,041,000, compared to a total comprehensive income of HKD 10,272,000 for the same period in 2023[6]. - The basic and diluted loss per share from continuing and discontinued operations was HKD (1.89) for the six months ended June 30, 2024, compared to earnings of HKD 7.56 for the same period in 2023[7]. - The group experienced a net loss before tax of HKD 4,045,000 for the six months ended June 30, 2024, compared to a net loss before tax of HKD 16,174,000 for the same period in 2023[5]. - The group reported a net loss attributable to non-controlling interests of HKD 913,000 for the six months ended June 30, 2024, compared to a loss of HKD 222,000 for the same period in 2023[6]. - The group recorded a foreign exchange gain of HKD 4,000 from overseas operations for the six months ended June 30, 2024, compared to a gain of HKD 44,000 for the same period in 2023[6]. - The company reported a significant increase in trade receivables, which decreased to HKD 565 as of June 30, 2024, from HKD 810 as of December 31, 2023[8]. - The company reported a loss before tax of HKD 16,174,000 for the six months ended June 30, 2024, compared to a profit of HKD 10,450,000 in the same period of 2023[21][26]. Expenses and Costs - The group incurred financing costs of HKD 610,000 for the six months ended June 30, 2024, compared to HKD 236,000 for the same period in 2023[5]. - The group’s total expenses for the period included employee costs of HKD 2,040,000, down from HKD 2,685,000 for the same period in 2023[5]. - The cost of materials and supplies used decreased from approximately HKD 2,600,000 for the six months ended June 30, 2023, to approximately HKD 1,700,000 for the same period in 2024[46]. - Employee costs reduced from approximately HKD 2,700,000 for the six months ended June 30, 2023, to approximately HKD 2,000,000 for the same period in 2024[47]. - Depreciation increased to approximately HKD 1,900,000 for the six months ended June 30, 2024, from approximately HKD 1,000,000 for the same period in 2023[48]. Assets and Liabilities - As of June 30, 2024, the total assets minus current liabilities amounted to (HKD 6,804) compared to (HKD 2,530) as of December 31, 2023, indicating a decline in financial health[8]. - Current liabilities rose to HKD 21,410 as of June 30, 2024, from HKD 18,002 as of December 31, 2023, reflecting increased trade and other payables[9]. - The company’s total liabilities exceeded total assets, resulting in a net liability position of (HKD 12,310) as of June 30, 2024, compared to (HKD 8,269) as of December 31, 2023[9]. - The total liabilities of the group surpassed total assets by HKD 12,310,000, an increase from HKD 8,269,000 as of December 31, 2023[16]. - Cash and cash equivalents decreased to HKD 942 as of June 30, 2024, from HKD 2,416 as of December 31, 2023, indicating liquidity challenges[12]. - The total interest-bearing loans amounted to approximately HKD 2,400,000 as of June 30, 2024, down from HKD 3,300,000 as of December 31, 2023[54]. - The group's current ratio as of June 30, 2024, was approximately 0.09, compared to 0.2 as of December 31, 2023[52]. Revenue Sources - Revenue from restaurant services for the six months ended June 30, 2024, was HKD 4,757,000, a decrease of 18.2% from HKD 5,813,000 in the same period of 2023[19]. - Online wine sales generated revenue of HKD 225,000, an increase of 24.3% from HKD 181,000 in the previous year[19]. - Total revenue for the six months ended June 30, 2024, was HKD 4,982,000, down from HKD 5,994,000 in the same period of 2023, reflecting a decline of 16.9%[19]. - The company aims to continue exploring new business opportunities in Southeast Asia to diversify revenue sources and stabilize income[62]. - New business in Southeast Asia has provided support for revenue and overall operations, with three restaurants under the Sushi Qubey and Aori DSR brands opened in Malaysia, showing good performance despite being newly established[62]. Corporate Governance and Compliance - The company has adopted a code of conduct regarding securities trading by directors, with no reported non-compliance as of June 30, 2024[70]. - The company has adhered to the corporate governance code as per GEM Listing Rules Appendix C1, with the chairman also serving as the CEO, which the board believes is in the best interest of the group[71]. - The Audit and Risk Management Committee consists of three independent non-executive directors, responsible for monitoring compliance with applicable laws and regulations, reviewing internal control reports, and overseeing the financial reporting process[73]. - The financial information in the interim report has not been audited by external auditors, but the management has confirmed compliance with applicable accounting principles and regulations[73]. Future Outlook and Strategies - The group has initiated restructuring efforts to alleviate financial burdens, including the termination of several underperforming subsidiaries[16]. - The management anticipates a recovery in the restaurant business due to improved control of COVID-19, contributing approximately HKD 4,800,000 to the group's revenue from operations in Malaysia[16]. - The company is actively seeking alternative financing solutions and/or restructuring to address financial difficulties[16]. - The company remains optimistic about the recovery of the restaurant business as Hong Kong and the world return to normalcy post-COVID-19, while also taking prudent measures to control costs[62]. Shareholder Information - As of June 30, 2024, Mr. Zhu Jiafei holds 46,188,800 shares, representing 27.84% of the company[63]. - Lazarus Securities Pty Ltd and JSS Group both hold 46,188,800 shares, also representing 27.84% of the company[66]. - Axis Motion Limited holds 23,040,000 shares, representing 13.89% of the company[66]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2024[67]. - There were no arrangements made for directors to acquire shares or debentures of the company during the reporting period[65].
TOPSTANDARDCORP(08510) - 2024 - 中期业绩