Financial Performance - The group's overall revenue increased by approximately 5.2% year-on-year to HKD 1,810,900,000, with gross profit rising by about 28.6% to approximately HKD 197,900,000[5]. - The group recorded a profit attributable to ordinary shareholders of HKD 3,800,000, a significant improvement from a loss of HKD 24,700,000 in the same period last year[5]. - Basic earnings per share for the period were approximately HKD 0.004, compared to a basic loss per share of HKD 0.028 for the same period last year[5]. - Total sales revenue for the period was approximately HKD 1,810,900,000, representing an increase of about 5.2% compared to HKD 1,721,400,000 for the same period last year[9]. - Gross profit for the period was approximately HKD 197,900,000, an increase of about 28.6% from HKD 153,900,000, with the gross profit margin rising to approximately 10.9% from 8.9%[10]. - The total comprehensive income for the period was HKD 3,970,000, compared to a total comprehensive loss of HKD 157,211,000 in the previous year[27]. - The company reported a profit of HKD 3,970,000 for the six months ended June 30, 2024, a turnaround from a loss of HKD 25,237,000 in the previous year[26]. - The company reported a net profit of HKD 3,815,000 for the six months ended June 30, 2024, compared to a net loss of HKD 24,726,000 for the same period in 2023[48]. Revenue Breakdown - The textile and garment businesses accounted for approximately 81.6% and 18.4% of total revenue, respectively[5]. - Revenue from fabric sales was HKD 1,477,142,000, while garment sales generated HKD 333,760,000 for the six months ended June 30, 2024[41]. - Revenue from major customer A was HKD 319,916,000 for the six months ended June 30, 2024, up from HKD 227,247,000 in the same period of 2023[37]. - Revenue from external customers in South Korea was HKD 795,036,000 for the six months ended June 30, 2024, compared to HKD 677,760,000 in the same period of 2023, reflecting a growth of 17.4%[37]. Expenses and Costs - Selling and distribution expenses increased to approximately HKD 52,600,000 from HKD 46,700,000, consistent with the increase in sales volume[11]. - Administrative expenses decreased to approximately HKD 138,600,000 from HKD 157,300,000, due to a reduction in employee numbers following a restructuring[12]. - Financing costs for the period were approximately HKD 31,800,000, down from HKD 45,900,000, attributed to a decrease in total bank borrowings[13]. - The cost of sales and services for the six months ended June 30, 2024, was HKD 1,613,029,000, compared to HKD 1,567,512,000 in 2023, indicating an increase in operational costs[44]. Assets and Liabilities - As of June 30, 2024, the group's current assets net value was approximately HKD 806,900,000, up from HKD 764,400,000 at the end of the previous year[15]. - The total assets as of June 30, 2024, amounted to HKD 3,333,759,000, compared to HKD 3,780,086,000 as of December 31, 2023[38]. - The total liabilities as of June 30, 2024, were HKD 1,679,338,000, a decrease from HKD 2,129,635,000 as of December 31, 2023[38]. - The total liabilities decreased from HKD 3,729,635 thousand to HKD 3,683,866 thousand, a decrease of about 1.2%[29]. - Cash and cash equivalents significantly decreased to HKD 418,955 thousand from HKD 1,327,164 thousand, a decline of approximately 68.4%[30]. Production and Capacity - The group has strengthened its offshore production network in Southeast Asia, signing a framework cooperation agreement with The HOA Textile And Garment Company Limited in Vietnam to expand production capacity[6]. - The group aims to continue investing in capacity expansion and technological advancements to better serve customers and enhance competitiveness[6]. - The company entered into a 10-year lease agreement for a fabric knitting factory in Vietnam to enhance production capacity[18]. Market Outlook - The group maintains a cautious optimism for the second half of 2024, with signs of economic improvement and a decrease in the U.S. inflation rate to 3% as of July 2024[7]. - The global economic growth forecast has been adjusted from 2.4% to 2.6%, indicating increasing confidence in economic resilience[7]. - The group aims to leverage its flexible business model and production capacity to capitalize on market opportunities during economic instability[8]. Shareholder Information - Major shareholders include Exceed Standard Limited holding 332,600,000 shares (38.23%) and Power Strategy Limited holding 96,000,000 shares (11.04%) as of June 30, 2024[24]. - The company did not declare any interim dividend for the six months ended June 30, 2023[16]. - The company did not declare any interim dividends for the period ended June 30, 2024, consistent with the previous year[26]. Financial Management - The company has adopted a prudent treasury policy to mitigate financial risks related to interest and exchange rate fluctuations[18]. - The company did not engage in any purchase, redemption, or sale of its listed securities during the reporting period[24]. - No equity fundraising activities or stock sales were conducted during the period[18].
锦兴国际控股(02307) - 2024 - 中期财报