Financial Performance - The Group recorded a turnover of HK$225.2 million for the six months ended June 30, 2024, representing a decrease of 3.2% compared to HK$232.6 million in the same period of 2023[2][3]. - Profit attributable to owners of the Company was approximately HK$0.5 million, a significant decrease of 97.8% from HK$24.3 million in the same period of 2023[3][5]. - Gross operating profit decreased to HK$49.7 million, down 23.0% from HK$64.6 million in the same period of 2023[2][4]. - EBITDA for the period was HK$44.9 million, a decline of 27.1% compared to HK$61.6 million in the same period of 2023[2][5]. - The gross margin for the period was approximately HK$169.1 million, representing a decrease of about 1.6% from HK$171.9 million in the same period of 2023, with a gross margin ratio of 75.1%[37]. - The profit for the period was HK$2,385,000, a decrease of 91.5% compared to HK$28,092,000 in 2023[100]. - The total comprehensive income for the period was HK$2,639,000, down from HK$28,588,000 in the previous year, reflecting a decline of 90.8%[100]. - The basic profit per share for the six months ended June 30, 2024, was HK$0.08, representing a decrease of approximately 97.8% from HK$3.50 in the same period of 2023[53]. Revenue Breakdown - Revenue from the food and catering segment was HK$176,163,000, down from HK$189,952,000 in 2023, indicating a decrease of about 7%[124]. - The food souvenir segment generated revenue of HK$39,035,000, an increase from HK$32,644,000, reflecting a growth of approximately 19%[124]. - Property investment revenue was HK$10,145,000, slightly up from HK$9,995,000, marking an increase of about 2%[124]. - The Group's revenue from external customers totaled HK$228,751,000, after inter-segment eliminations[125]. Operational Challenges - The food and catering industry continues to face challenges due to changes in consumer spending behavior and economic recovery[8][9]. - The Group's food and catering business in Macau underperformed despite the increase in visitor arrivals[12]. - The decrease in turnover was mainly due to the closure of restaurants in Mainland China last year, with same store performance declining by approximately 1.6%[23]. - Management is monitoring market conditions and adjusting strategies to improve food quality and services amid challenges such as declining consumer spending power and rising operating costs[19]. Visitor Trends - Visitor arrivals to Macau increased by 43.5%, totaling 16,719,983 visitors compared to 11,645,877 in the same period of 2023, reaching 82% of pre-pandemic levels[9]. - The Group's same store performance for restaurants and industrial catering decreased by 1.6%, while the food souvenir business saw an increase of 9.8%[5][7]. Cost Management - Management is implementing various cost control measures to maintain operating results and cash flows in the coming year[113]. - The Group's direct operating expenses for the food and catering business increased by 6.8% to HK$98.5 million in 2024 from HK$92.2 million in 2023[59]. Asset and Liability Management - As of June 30, 2024, the Group's net current liabilities were approximately HK$139.2 million, reflecting an increase of 7.0% from HK$130.1 million as of December 31, 2023[56]. - The Group's cash inflow from operating activities for the six months ended 30 June 2024 was approximately HK$40.4 million, a decrease of approximately 28.5% compared to HK$56.5 million in the same period of 2023[55]. - The Group's interest-bearing bank loans amounted to approximately HK$348.7 million as of June 30, 2024, a decrease from HK$359.8 million as of December 31, 2023[72]. Strategic Developments - The Group reopened 3 food court counters at Macau International Airport and opened 1 Snoopy themed food souvenir shop in Macau during the period[13]. - The Group has plans for further expansion in Hong Kong, with new openings such as Donbini and Kato in Skyline Plaza, each with floor areas of 262 sq.ft. and 234 sq.ft. respectively[187]. - Future tourism development is expected to benefit from improved connectivity in the Guangdong-Hong Kong-Macau Greater Bay Area, enhancing visitor flow[11]. Employee and Management Insights - The Group employed a total of 620 full-time staff as of June 30, 2024, a decrease from 645 staff as of June 30, 2023[85]. - Employee costs increased to HK$71,103,000, up from HK$64,187,000, reflecting a rise of about 11.9%[145]. Future Outlook - The company provided a future outlook with a revenue guidance of $1.2 billion for the next quarter, indicating a 20% growth expectation[195]. - Overall, the company remains optimistic about achieving a 25% increase in net income by the end of the fiscal year[195].
FUTURE BRIGHT(00703) - 2024 - 中期财报