Revenue Performance - For the six months ended June 30, 2024, the total revenue of Pak Tak International Limited was HKD 378,500,000, a significant increase of 376.1% compared to HKD 79,500,000 for the same period in 2023[19]. - The supply chain business generated revenue of HKD 328,000,000, a substantial increase of HKD 311,200,000 from HKD 16,800,000 in the same period last year, attributed to the recovery of the Chinese market and consumer demand[15]. - The hotel management and catering services segment reported revenue of HKD 49,200,000, a decrease of 19.8% from HKD 61,400,000 in the previous year, primarily due to a return to normal market conditions after a strong recovery in the first half of 2023[16]. - The company reported revenue of HKD 378,542,000 for the six months ended June 30, 2024, a significant increase from HKD 79,501,000 in the same period of 2023, representing a growth of approximately 376%[47]. - Revenue from supply chain business products amounted to HKD 326,800,000, while hotel management and catering services generated HKD 42,963,000, indicating a strong performance in these segments[63]. Financial Position - The company recorded a net loss of approximately HKD 36.8 million for the six months ended June 30, 2024, compared to a net loss of HKD 74.2 million for the same period in 2023, primarily due to a significant reduction in expected credit losses from trade receivables in the supply chain business[21]. - Total assets as of June 30, 2024, were HKD 571,489,000, down from HKD 622,283,000 at the end of 2023, a decrease of about 8%[50]. - The company's total equity decreased to HKD 319,606,000 from HKD 367,254,000, reflecting a decline of about 13%[51]. - The company’s total liabilities exceeded its cash and cash equivalents by approximately HKD 298,530,000 as of June 30, 2024[58]. - The company’s capital debt ratio was 116.2% as of June 30, 2024, compared to 103.9% as of December 31, 2023, indicating a stable financial position[24]. Cash Flow and Liquidity - As of June 30, 2024, the company's cash and cash equivalents were HKD 17.1 million, down from HKD 85.4 million as of December 31, 2023, while interest-bearing borrowings totaled HKD 371.5 million[24]. - Operating cash flow generated a net cash outflow of HKD 57,800,000 for the six months ended June 30, 2024, compared to a net inflow of HKD 26,795,000 in the same period of 2023[55]. - The company has implemented plans to alleviate liquidity pressure, including negotiating repayment terms with banks and obtaining additional funding through shareholder loans[59]. - The company is actively pursuing measures to accelerate the collection of receivables from customers, which is critical for improving cash flow[59]. - The company has forecasted cash flow for at least the next 12 months, indicating confidence in its operational funding and ability to meet financial obligations[59]. Investment and Acquisitions - The company is in the process of acquiring a company primarily engaged in the production and sale of iron ore and iron concentrate, which is viewed as a strategic move to diversify revenue sources and capitalize on future economic opportunities[34]. - The company plans to continue leasing its investment properties to generate rental income and may consider selling them at an appropriate time to increase operational funds[17]. - The company has no significant investments as of June 30, 2024, and has not engaged in any major acquisitions or disposals of subsidiaries or associates during the reporting period[29][30]. Credit Loss and Receivables - The company expects a reversal of credit loss provisions, with a recovery of HKD 3,200,000 for the six months ended June 30, 2024, compared to a provision of HKD 49,400,000 in the same period last year, due to the recovery of significant overdue receivables[20]. - Trade receivables (net of expected credit loss provisions) stood at HKD 442.9 million as of June 30, 2024, up from HKD 413 million as of December 31, 2023, with overdue trade receivables exceeding 12 months at HKD 91.3 million[23]. - The expected credit loss model indicated a provision of HKD 3,196,000 for trade receivables for the six months ended June 30, 2024, compared to HKD 47,627,000 for the same period in 2023, reflecting a significant decrease in credit loss provisions[80]. Corporate Governance and Compliance - The company has complied with the corporate governance code, with the exception of the chairman's absence at the annual general meeting due to other business commitments[43]. - There have been no changes in the information of directors since the last annual report[40]. - No directors have any interests in businesses that directly or indirectly compete with the company[39]. - The company has confirmed that all directors have complied with the securities trading code during the six months ending June 30, 2024[44]. Legal and Regulatory Matters - The company has a pending legal claim from Huaxia Bank for approximately RMB 294.3 million (equivalent to about HKD 322.6 million) due to a breach of loan agreement by its subsidiary, Shenzhen Jinsong Supply Chain Co., Ltd.[100]. - The legal proceedings related to the claim are still in the preliminary stage, and the board believes it is too early to assess the potential outcomes or impacts on the company's financial position[101].
百德国际(02668) - 2024 - 中期财报