Financial Performance - For the six months ended June 30, 2024, the company's revenue was HKD 7,453,571, a decrease of 30% compared to HKD 10,663,824 for the same period in 2023[8]. - Gross profit for the same period was HKD 710,615, down 74% from HKD 2,743,264 in 2023[8]. - The company reported a loss of HKD 12,735,955 for the period, which is a 27% increase compared to a loss of HKD 10,037,162 in the previous year[8]. - Loss excluding gains or losses from the sale of machinery and equipment and losses from the sale of subsidiaries was HKD 12,733,960, representing a 48% increase from HKD 8,612,779 in 2023[8]. - The company reported a loss before tax of HKD 12,735,955, compared to a loss of HKD 10,568,593 in the previous year, indicating a worsening financial performance[45]. - The group recorded a net loss of approximately HKD 12.7 million for the six months ended June 30, 2024, compared to a net loss of approximately HKD 10.0 million for the same period in 2023, representing an increase of 27%[25]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD 1.48, compared to HKD 1.16 in the same period of 2023[45]. - The company reported a pre-tax loss of HKD 10,568,593 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 10,037,162 for the same period in 2023[64]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 7,453,571, a decrease of 30.7% compared to HKD 10,663,824 for the same period in 2023[60]. - Construction services revenue amounted to HKD 4,186,148, up 74.8% from HKD 2,394,153 in the previous year[60]. - Machine rental income decreased to HKD 2,168,419 from HKD 7,289,656, representing a decline of 70.2%[60]. - Loan interest income increased significantly to HKD 522,000 from HKD 150,000, marking a growth of 248%[60]. - The geographical revenue breakdown indicated HKD 7,260,469 from Hong Kong and HKD 193,102 from Japan[60]. Operational Challenges - The economic environment in Hong Kong and China continues to face significant challenges, impacting the company's operations[6]. - The company acknowledges the pressure on its operations due to unfavorable investment sentiment and market volatility[6]. - The management is concentrating efforts on providing a broader range of services in response to the adverse investment climate[6]. - The company expressed gratitude for the continued support from shareholders and business partners amid the challenging market conditions[6]. Cash Flow and Liquidity - The group had cash and bank balances of approximately HKD 3.3 million as of June 30, 2024, down from approximately HKD 11.1 million as of December 31, 2023, indicating a decrease of 70.3%[26]. - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (6,298,803), compared to HKD (1,793,740) for the same period in 2023, indicating a significant increase in cash outflow[50]. - The total cash and cash equivalents decreased to HKD 3,333,645 as of June 30, 2024, down from HKD 5,659,959 at the end of the same period in 2023, showing a decline in liquidity[50]. - The cash and cash equivalents at the beginning of the period were HKD 11,116,565, compared to HKD 7,462,725 at the same time last year, highlighting a substantial initial cash position[50]. - The impact of foreign exchange fluctuations resulted in a decrease of HKD (83,506) in cash and cash equivalents during the period[50]. Administrative and Operating Expenses - Administrative expenses increased to approximately HKD 11.3 million for the six months ended June 30, 2024, up from approximately HKD 8.4 million for the same period in 2023, reflecting a rise of 34.5%[23]. - The company's sales and service costs decreased to approximately HKD 6.7 million for the six months ended June 30, 2024, from approximately HKD 7.9 million for the same period in 2023, primarily due to reduced depreciation of machinery and equipment[21]. - The company’s administrative expenses, sales and distribution expenses, and financing costs contributed to the overall pre-tax loss, totaling HKD 9,493,157[62]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, were HKD 27,101,625, a significant decrease from HKD 40,129,961 as of December 31, 2023[47]. - The company's net assets as of June 30, 2024, were HKD 26,911,560, down from HKD 39,692,704 at the end of 2023[47]. - The total liabilities reached 14,560,011 as of June 30, 2024, compared to 5,094,974 as of December 31, 2023, reflecting an increase of around 186.5%[74]. - Trade payables increased to 5,253,125 as of June 30, 2024, compared to 1,055,213 as of December 31, 2023, marking a rise of about 396.5%[74]. - The company recorded accrued expenses of 6,784,916 as of June 30, 2024, up from 4,014,277 as of December 31, 2023, indicating a growth of approximately 68.5%[74]. Shareholder and Governance - The company did not declare or pay any dividends for the six months ended June 30, 2024, nor since the reporting period[69]. - The number of issued and fully paid ordinary shares remained at 864,000,000 as of June 30, 2024, unchanged from December 31, 2023[76]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with relevant regulations[79]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended June 30, 2024, and found them compliant with applicable accounting standards[92].
维亮控股(08612) - 2024 - 中期财报