Financial Performance - Revenue for the six months ended September 30, 2024, reached approximately HKD 126.7 million, an increase of about HKD 12.5 million or 10.9% compared to HKD 114.2 million for the same period in 2023[6] - The net loss for the period was approximately HKD 13.0 million, compared to a net loss of approximately HKD 1.3 million for the same period in 2023[6] - Gross profit for the six months ended September 30, 2024, was HKD 73.2 million, slightly down from HKD 73.8 million in the same period last year[8] - The total comprehensive loss for the six months ended September 30, 2024, was HKD 12,973,000, compared to a loss of HKD 1,282,000 for the same period in 2023[12] - The company reported a basic and diluted loss per share of HKD 1.3 cents for the period, compared to HKD 0.13 cents for the same period last year[7] - The company reported a loss per share of HKD 12,973,000 for the six months ended September 30, 2024, compared to a loss of HKD 1,282,000 for the same period in 2023[25] Dividends and Equity - The board has decided not to declare an interim dividend for this period, consistent with the previous year[6] - The total equity as of April 1, 2024, was HKD 28,101,000, which decreased to HKD 15,128,000 by September 30, 2024, due to the comprehensive loss incurred[12] - As of September 30, 2024, the total equity attributable to the owners of the company was approximately HKD 15.1 million, down from HKD 28.1 million as of March 31, 2024[51] - The company declared no interim dividend for the six months ended September 30, 2024, consistent with the previous year[58] Assets and Liabilities - Total current liabilities increased to HKD 67.4 million as of September 30, 2024, compared to HKD 57.0 million as of March 31, 2024[9] - The company's total assets less current liabilities decreased to HKD 51.4 million as of September 30, 2024, from HKD 77.0 million as of March 31, 2024[10] - The company's cash and bank balances were HKD 26.5 million as of September 30, 2024, down from HKD 29.1 million as of March 31, 2024[9] - Non-current assets totaled HKD 77.9 million as of September 30, 2024, down from HKD 90.3 million as of March 31, 2024[9] - Trade receivables decreased significantly to HKD 0.8 million as of September 30, 2024, from HKD 2.8 million as of March 31, 2024[9] - Trade payables totaled HKD 23,990,000 as of September 30, 2024, up from HKD 17,631,000 as of March 31, 2024[30] Cash Flow - The company reported a net cash outflow of HKD 2,555,000 during the period, with cash equivalents at the beginning of the period being HKD 29,099,000[14] - Cash and cash equivalents decreased by HKD 2,555,000, resulting in a closing balance of HKD 26,544,000 as of September 30, 2024[14] - The net cash inflow from operating activities for the six months ended September 30, 2024, was approximately HKD 18.6 million, a decrease from HKD 20.8 million in the same period of 2023[51] Operational Highlights - Revenue from restaurant operations for the six months ended September 30, 2024, was HKD 126,707,000, an increase of 10.9% compared to HKD 114,210,000 for the same period in 2023[20] - The company opened a new restaurant under the "柏麗廳" brand in February 2024 and renovated an existing restaurant in August 2024[36] - The company operates 12 restaurants in Hong Kong, offering a variety of cuisines[36] - The company aims to attract customers to dine locally by launching promotions and discounts in response to changing dining habits[36] Expenses - The cost of goods sold for the six months ended September 30, 2024, was HKD 53,512,000, up from HKD 40,423,000 in the same period of 2023[23] - Employee benefits expenses, including salaries and other allowances, totaled HKD 38,234,000 for the six months ended September 30, 2024, compared to HKD 33,249,000 in the same period of 2023[23] - Employee costs rose by approximately HKD 5.0 million or 14.3% to HKD 39.9 million, influenced by the operation of the new restaurant since February 2024[41] - Depreciation for the six months ended September 30, 2024, was approximately HKD 21.2 million, an increase of HKD 2.7 million or 14.6% from HKD 18.5 million in the previous year[42] - Rental and related expenses increased by approximately HKD 0.4 million or 5.7% to HKD 7.4 million, mainly due to the new restaurant operations[43] - Financing costs increased from approximately HKD 1.6 million to HKD 2.9 million, primarily due to the net increase in lease liabilities after the new restaurant commenced operations[45] Future Outlook - The estimated taxable profit for the six months ended September 30, 2024, is subject to Hong Kong profits tax rates of 8.25% for profits up to HKD 2 million and 16.5% for profits exceeding that amount[24] - The net proceeds from the IPO amounted to approximately HKD 39.6 million, with allocations for expanding the restaurant network and establishing a central kitchen[48] - As of September 30, 2024, approximately HKD 20.6 million of the net proceeds was used for opening new restaurant locations, with ongoing evaluations for further expansions[49] Employee and Shareholder Information - The group employed approximately 202 employees as of September 30, 2024, down from 213 employees on March 31, 2024[65] - Future More holds 75% of the shares, with 750,000,000 shares owned by major shareholders[62] - As of September 30, 2024, the total number of issued shares is 1,000,000,000, leading to a 75% ownership percentage for Future More[63] Compliance and Governance - The audit committee, composed of independent non-executive directors, reviewed the unaudited consolidated results for the six months ended September 30, 2024[74] - The company has maintained the required public float as per GEM listing rules as of the report date[70] - There were no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2024[53] - The company has no significant capital commitments or contingent liabilities as of September 30, 2024[56][57] - No significant events affecting the group occurred after September 30, 2024, up to the report date[75]
MS CONCEPT(08447) - 2025 - 中期财报