Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 1,800,461 thousand, a slight decrease of 2.6% compared to HKD 1,848,126 thousand in the same period last year[1] - Gross profit for the same period was HKD 560,423 thousand, down 2.5% from HKD 572,185 thousand year-on-year[1] - Profit before tax decreased to HKD 186,016 thousand, a decline of 13.4% from HKD 214,676 thousand in the previous year[2] - Net profit for the period was HKD 119,384 thousand, down 13.9% compared to HKD 138,704 thousand in the prior year[2] - Basic and diluted earnings per share decreased to HKD 24.50, down from HKD 28.32 year-on-year[3] - Operating profit fell by 13.5% year-on-year to HKD 186,000,000, down from HKD 215,000,000 in 2023[37] - Profit attributable to owners decreased by 13.8% year-on-year to HKD 119,000,000, compared to HKD 138,000,000 in 2023[37] Revenue Breakdown - Revenue from the China segment increased to HKD 1,322,763,000, up 1.8% from HKD 1,302,486,000 in the same period last year[12] - The Hong Kong segment reported revenue of HKD 423,882,000, a decline of 12.1% from HKD 482,655,000 in the previous year[12] - Revenue from mainland China increased slightly by 1.6% year-on-year to HKD 1,323,000,000, up from HKD 1,302,000,000 in 2023[38] - Revenue from Hong Kong decreased by 12.2% year-on-year to HKD 424,000,000, compared to HKD 483,000,000 in 2023[39] Assets and Liabilities - Current assets totaled HKD 1,964,165 thousand, an increase from HKD 1,636,686 thousand at the end of the previous fiscal year[4] - Total assets as of September 30, 2024, amounted to HKD 2,565,063,000, an increase from HKD 2,387,475,000 as of March 31, 2024[14] - Total liabilities increased to HKD 623,847 thousand, compared to HKD 428,950 thousand in the previous period[5] - Net assets increased to HKD 1,832,181 thousand, up from HKD 1,795,967 thousand as of March 31, 2024[5] - Total equity as of September 30, 2024, reached HKD 1,832,000,000, up from HKD 1,796,000,000 as of March 31, 2024[42] Inventory and Receivables - Inventory increased to HKD 506,592 thousand, up 14.4% from HKD 442,997 thousand as of March 31, 2024[4] - Trade receivables amounted to HKD 83,075,000 as of September 30, 2024, compared to HKD 76,248,000 as of March 31, 2024, showing an increase of about 9%[27] - The company’s trade receivables aging analysis showed that HKD 141,113,000 was within 30 days as of September 30, 2024, compared to HKD 136,433,000 as of March 31, 2024, indicating a slight increase[29] Expenses and Other Income - Other income for the six months ended September 30, 2024, was HKD 13,331,000, a decrease from HKD 12,000,000 in the previous year[16] - The company incurred depreciation expenses of HKD 78,935,000 for property, plant, and equipment for the six months ended September 30, 2024[18] - The company incurred capital expenditures of HKD 12,715,000 for the acquisition of property, plant, and equipment for operational purposes, down from HKD 21,651,000 in the previous year, representing a reduction of about 41%[24] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.061 per share, totaling HKD 29,729,000, compared to HKD 0.070 per share and HKD 34,115,000 in the previous year[21] - The company reported a profit attributable to shareholders of HKD 119,398,000 for the six months ended September 30, 2024, compared to HKD 138,041,000 for the same period in 2023, indicating a decrease of approximately 13%[23] Corporate Governance - The company has complied with the corporate governance code, with exceptions regarding the separation of roles between the chairman and CEO, and the absence of a dividend policy[48] - The audit committee consists of three independent non-executive directors and has updated its authority in accordance with the corporate governance code[50] - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[52] Operational Developments - The company opened three new boutique stores during the period, leading to a 6.2% increase in rental expenses to HKD 103,000,000[40] - The company signed several new lease agreements for store and office properties with terms of two to three years, resulting in the recognition of right-of-use assets of HKD 20,235,000[25] - The company confirmed an increase in right-of-use assets of HKD 20,481,000 due to lease modifications, reflecting ongoing expansion efforts[25] Audit and Reporting - The audit committee has reviewed the unaudited consolidated financial statements for the six months ending September 30, 2024[46] - The mid-term results announcement will be published on the Hong Kong Stock Exchange and the company's website, with a mid-term report sent to shareholders[51] - No purchase, redemption, or sale of the company's listed securities occurred during the six months ending September 30, 2024[47]
东方表行集团(00398) - 2025 - 中期业绩