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[2]. - 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[2]. - The total comprehensive loss for the period was HKD 4,041,000, compared to a total comprehensive income of HKD 10,272,000 for the same period in 2023[4]. - The group experienced a pre-tax loss of HKD 4,045,000 for the six months ended June 30, 2024, significantly improved from a pre-tax loss of HKD 16,174,000 in the same period of 2023[3]. - The company reported a net loss of HKD 15,952,000 for the six months ended June 30, 2024, compared to a loss of HKD 10,450,000 in the same period of 2023[8]. - The basic loss per share attributable to owners of the company was HKD (3,123,000) for the six months ended June 30, 2024, compared to a profit of HKD 10,450,000 in the same period of 2023[24]. - 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[5]. Assets and Liabilities - The group's non-current assets amounted to HKD 12,647,000 as of June 30, 2024, an increase from HKD 11,810,000 as of December 31, 2023[6]. - Current liabilities increased to HKD 21,410,000 as of June 30, 2024, compared to HKD 18,002,000 as of December 31, 2023[6]. - The group’s total liabilities exceeded total assets by HKD 12,310,000 as of June 30, 2024, compared to HKD 8,269,000 as of December 31, 2023[7]. - The company’s current liabilities exceeded current assets by HKD 19,451,000 as of June 30, 2024, indicating liquidity challenges[14]. - The company’s total liabilities increased to HKD 8,934,000 as of June 30, 2024, compared to HKD 6,965,000 as of December 31, 2023[32]. - As of June 30, 2024, the group's total assets were approximately HKD 14,600,000, down from approximately HKD 15,500,000 as of December 31, 2023[50]. Cash Flow and Financing - The group’s cash and cash equivalents decreased to HKD 942,000 as of June 30, 2024, down from HKD 2,416,000 as of December 31, 2023[6]. - The company generated a net cash inflow from operating activities of HKD 1,139,000 for the six months ended June 30, 2024, down from HKD 1,963,000 in the previous year[9]. - Financing costs increased to HKD 610,000 for the six months ended June 30, 2024, compared to HKD 236,000 in the previous year[21]. - The company has entered into a placement agreement to sell up to 276,480,000 shares at a price of HKD 0.013 per share, potentially raising approximately HKD 3.6 million in total proceeds[58]. - The net proceeds from the placement, after deducting related expenses, are estimated to be around HKD 3.5 million, with a net issuance price of approximately HKD 0.012 per share[58]. - The company plans to use the net proceeds for general working capital purposes, enhancing its financial position and expanding its shareholder base[58]. Business Operations - The company’s restaurant operations in Malaysia contributed approximately HKD 4,800,000 to revenue during the reporting period[14]. - The company faced significant challenges in the Hong Kong restaurant sector, with all restaurants temporarily ceasing operations and generating no revenue due to underperformance[60]. - New business ventures in Southeast Asia have provided revenue support, with three restaurants under the brands Sushi Qubey and Aori DSR successfully opened in Malaysia[60]. - The company is actively restructuring its business to reduce the financial burden of underperforming subsidiaries[14]. - The company is exploring alternative financing solutions and/or group restructuring to address its financial difficulties[14]. - The company remains optimistic about the recovery of the restaurant business as the impact of COVID-19 diminishes, while continuing to adopt prudent cost control measures[60]. - The company is focused on exploring new business opportunities in Southeast Asia to diversify and stabilize its revenue sources[60]. Employee and Management - The company’s short-term employee benefits for key management personnel decreased to HKD 120,000 for the six months ended June 30, 2024, from HKD 367,000 in 2023[35]. - The company has adopted a code of conduct for directors' securities transactions, compliant with GEM Listing Rules[68]. - The audit and risk management committee consists of three independent non-executive directors, ensuring compliance with applicable laws and regulations[71]. Other Information - The company did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the previous year[24]. - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant financial impact on its interim financial information[16]. - The financial information in the interim report has not been audited by external auditors but has been reviewed by the audit and risk management committee[71]. - No significant events requiring disclosure occurred after June 30, 2024, up to the report date[72].
TOPSTANDARDCORP(08510) - 2024 - 中期财报