Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of approximately HKD 17.6 million, a decrease of 34.8% compared to the same period last year[5]. - The loss attributable to the company's owners for the period increased to approximately HKD 8.5 million, up from HKD 3.6 million in the previous period[14]. - The overall gross profit margin decreased from approximately 28.5% to 17.0%, with gross profit dropping by about 61.3% to approximately HKD 3.0 million[10]. - The company reported a gross profit of HKD 2,988,000 for the six months ended June 30, 2024, compared to HKD 7,717,000 for the same period in 2023, indicating a decline[44]. - The company incurred an operating loss of HKD 5,765,000 for the six months ended June 30, 2024, compared to an operating loss of HKD 1,020,000 for the same period in 2023[44]. - The company reported a net loss attributable to shareholders of HKD 8,522,000 for the six months ended June 30, 2024, compared to a net loss of HKD 3,590,000 for the same period in 2023[44]. - Basic and diluted loss per share was HKD 0.40 for the six months ended June 30, 2024, compared to HKD 0.24 in the previous year[84]. Revenue Breakdown - Revenue from supply and paving services was HKD 13,218 thousand, up 15.7% from HKD 11,416 thousand year-on-year[66]. - Revenue from stone sales dropped significantly to HKD 4,416 thousand, down 71.8% from HKD 15,637 thousand in the previous year[66]. - The group reported total revenue of HKD 17,634 thousand for the six months ended June 30, 2024, a decrease of 34.8% from HKD 27,053 thousand in the same period of 2023[66]. Expenses and Costs - Administrative expenses for the period remained stable at approximately HKD 8.8 million compared to the previous period[11]. - The group recognized construction costs of HKD 11,241 thousand in cost of sales, an increase of 14.9% from HKD 9,772 thousand in 2023[75]. - Financial costs decreased slightly from HKD 2.6 million to HKD 2.5 million due to the settlement of certain outstanding bank loans[12]. - Financial costs netted at HKD (2,477) thousand, slightly improved from HKD (2,570) thousand in the previous year[76]. Capital Structure and Liquidity - The company's capital structure as of June 30, 2024, included equity of approximately HKD 26.6 million and bank borrowings of approximately HKD 33.5 million[15]. - The group's current ratio as of June 30, 2024, was approximately 1.33, down from 1.47 as of December 31, 2023[18]. - The group's debt-to-equity ratio increased to approximately 67.2% as of June 30, 2024, compared to 62.9% as of December 31, 2023[20]. - The total liabilities increased to HKD 164,490,000 as of June 30, 2024, compared to HKD 155,029,000 at the end of 2023[54]. - Current liabilities rose to HKD 143,642,000 as of June 30, 2024, from HKD 128,545,000 in 2023[54]. - The group has been actively negotiating repayment plans with banks to address overdue bank loans and improve liquidity[17]. - The company is actively seeking additional financing sources, including debt or equity financing, to improve its capital structure and reduce overall financing costs[59]. Shareholder Information - Major shareholder Mr. Lei Yu-run holds 1,343,045,294 shares, representing 62.58% of the company's issued share capital[32]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[103]. Assets and Receivables - The total equity of the company decreased to HKD 26,573,000 as of June 30, 2024, down from HKD 35,245,000 as of December 31, 2023[47]. - The company reported a total of HKD 39,120,000 in receivables, up from HKD 31,234,000, indicating a 25.3% increase[90]. - As of June 30, 2024, trade receivables increased to HKD 11,567,000 from HKD 6,514,000, representing a growth of 77.5%[90]. - The company’s total assets amounted to HKD 128,015 thousand as of June 30, 2024, reflecting a significant increase from HKD 117,534 thousand at the beginning of the year[108]. Operational Insights - The company faces challenges in obtaining new bank financing due to overdue bank loans since 2020, relying on internal resources and financial support from directors[7]. - The construction market outlook in Hong Kong remains uncertain, but private and public sector project volumes are expected to continue growing[7]. - New business segments in mainland China are anticipated to contribute to the company's future growth despite local economic uncertainties[7]. - The group has not experienced any significant labor disputes or shortages affecting operations as of June 30, 2024[27]. - The group has not engaged in any major acquisitions or disposals of subsidiaries during the six months ending June 30, 2024[26]. Cash Flow and Financing Activities - For the six months ended June 30, 2024, the company reported a net cash flow from operating activities of HKD 7,271 thousand, compared to a net cash outflow of HKD 616 thousand in the same period of 2023[109]. - The company’s cash flow from financing activities showed a net outflow of HKD 7,478 thousand, contrasting with a net inflow of HKD 839 thousand in the previous year[109]. - Interest paid decreased to HKD 646 thousand from HKD 894 thousand year-over-year, indicating improved financing costs[109]. - The company’s cash and bank balance stood at HKD 517 thousand, while bank overdrafts totaled HKD (9,657) thousand at the end of the reporting period[109].
基石控股(01592) - 2024 - 中期财报