Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 68,611,000, a decrease of 7.8% compared to HKD 74,056,000 for the same period in 2023[5] - Gross profit for the period was HKD 14,660,000, down 31.9% from HKD 21,555,000 in the previous year[5] - The company reported a loss before tax of HKD 19,264,000, compared to a loss of HKD 10,774,000 in the same period last year, representing an increase of 79.8%[5] - Total comprehensive loss for the period was HKD 19,715,000, compared to HKD 11,635,000 in the previous year, indicating a rise of 69.3%[5] - Basic and diluted loss per share was HKD 5.45, compared to HKD 3.13 in the same period last year, reflecting a 74.0% increase in loss per share[6] - For the six months ended June 30, 2024, the company reported a total comprehensive loss of HKD 17,987,000, compared to a total comprehensive loss of HKD 10,932,000 for the same period in 2023, representing an increase of 64.5%[10] - The company reported a net loss of HKD 19,436,000 for the six months ended June 30, 2024, compared to a net loss of HKD 10,780,000 for the same period in 2023, representing an increase in net losses of approximately 80.5%[17] Assets and Liabilities - Non-current assets decreased to HKD 26,192,000 from HKD 26,470,000, a decline of 1.1%[8] - Current assets decreased to HKD 68,740,000 from HKD 89,423,000, a significant drop of 23.1%[8] - Total equity decreased to HKD 53,457,000 from HKD 74,661,000, a decline of 28.4%[9] - The company’s cash and cash equivalents decreased to HKD 16,897,000 from HKD 42,986,000, a decrease of 60.7%[8] - Total assets as of June 30, 2024, amounted to HKD 94,932,000, a decrease from HKD 115,893,000 as of December 31, 2023, reflecting a decline of approximately 18.0%[18] - The company recorded a total liability of HKD 41,475,000 as of June 30, 2024, compared to HKD 41,232,000 as of December 31, 2023, showing a slight increase in liabilities[18] - The total equity attributable to owners of the company as of June 30, 2024, was HKD 44,311,000, down from HKD 91,748,000 as of January 1, 2023, representing a decline of 51.7%[10] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was HKD 22,858,000, compared to HKD 18,245,000 for the same period in 2023, indicating a deterioration of 25.5%[11] - The company reported a net cash used in investing activities of HKD 2,823,000 for the six months ended June 30, 2024, compared to HKD 215,000 for the same period in 2023, indicating a significant increase in investment outflows[11] - The company's cash and cash equivalents decreased by HKD 28,021,000 during the six months ended June 30, 2024, compared to a decrease of HKD 21,923,000 in the same period of 2023[11] - The cash and cash equivalents at June 30, 2024, stood at HKD 16,897,000, a significant decrease from HKD 45,442,000 at the beginning of the year[11] Revenue Breakdown - Revenue from toy products for the six months ended June 30, 2024, was HKD 68,611,000, a decrease of 5.3% from HKD 72,524,000 in the same period of 2023[16] - The company's revenue for the six months ended June 30, 2024, decreased by 7% year-on-year to approximately HKD 68,611,000 (2023: HKD 74,056,000) due to a decline in toy product sales[36] - Revenue from the toy product category decreased by approximately 5% to about HKD 68,611,000 (2023: HKD 72,524,000), accounting for 100% of total revenue, with a loss of approximately HKD 13,759,000 (2023: profit of HKD 5,632,000) primarily due to a drop in sales outside Hong Kong[37] - Revenue from external customers in Hong Kong increased to HKD 11,551,000 for the six months ended June 30, 2024, up from HKD 7,618,000 in the same period of 2023, marking an increase of approximately 51.5%[21] Operational Changes - The company employed approximately 650 full-time employees as of June 30, 2024, down from 740 as of December 31, 2023[45] - The company is actively seeking mergers and acquisitions opportunities in the oil and gas exploration and production sectors, as well as in sustainable energy infrastructure[50] - The company aims to enhance its product portfolio and revenue sources through the anticipated transactions under the August and November framework agreements[49] - The company will continue to optimize its product mix to meet customer demands and improve operational efficiency while implementing strict cost control measures[50] Corporate Governance - The company has not applied new accounting standards that have been issued but are not yet effective, indicating a cautious approach to financial reporting[14] - The company is in the process of identifying suitable candidates for the roles of Chairman and CEO following recent resignations[59] - The board has adopted a code of conduct for directors' securities trading, ensuring compliance with the standard code[60] - All directors confirmed adherence to the securities trading code for the six months ending June 30, 2024[60] - The audit committee consists of three independent non-executive directors, with Mr. Liu Shuren serving as the chairman[62] - The audit committee reviewed the unaudited consolidated interim results and interim report for the six months ending June 30, 2024[62]
PERFECTECH INTL(00765) - 2024 - 中期财报