Financial Performance - For the six months ended September 30, 2024, the company reported a revenue of HKD 291,858,000, a decrease of 59.93% compared to HKD 727,786,000 in the same period last year[2] - The company incurred a loss of HKD 17,403,000 for the period, compared to a profit of HKD 496,000 in the previous year, indicating a significant decline in performance[4] - The gross loss for the period was HKD 5,421,000, compared to a gross profit of HKD 12,447,000 in the prior year, reflecting a shift in profitability[2] - The total comprehensive loss before tax for the six months ended September 30, 2024, was HKD 17,407, compared to a profit of HKD 1,005 in the same period of 2023[38] - The company reported a pre-tax loss of HKD 17,415,000 for the six months ended September 30, 2024, compared to a profit of HKD 834,000 for the same period in 2023, representing a significant decline[50] - The company reported a basic and diluted loss per share of HKD (0.083) for the period, compared to a profit of HKD 0.004 in the previous year[5] - The basic loss per share for the six months ended September 30, 2024, was HKD (0.083), compared to HKD 0.004 in 2023, indicating a substantial decline in earnings[50] Revenue Breakdown - Revenue from the procurement and sale of metal minerals and related industrial materials for the six months ended September 30, 2024, was HKD 255,263, a decrease of 61% from HKD 655,378 in the same period of 2023[29] - Revenue from the production and sale of industrial products for the six months ended September 30, 2024, was HKD 291,858, down 60% from HKD 727,786 in the same period of 2023[29] - The total reportable segment profit for the procurement and sale of metal minerals and related industrial materials was HKD 845, compared to a profit of HKD 4,340 in the same period of 2023[34] - The total reportable segment profit for the production and sale of industrial products was a loss of HKD 6,520, compared to a profit of HKD 7,821 in the same period of 2023[34] - Revenue decreased by approximately 59.9% from about HKD 727,786,000 for the six months ended September 30, 2023, to about HKD 291,858,000 for the six months ended September 30, 2024[64] - Revenue from the procurement and sales of metal minerals and related industrial raw materials decreased by approximately 61.1% to about HKD 255,263,000[64] - Revenue from the production and sales of industrial products decreased by approximately 49.5% to about HKD 36,595,000[65] Expenses and Liabilities - Administrative expenses increased to HKD 9,921,000 from HKD 7,252,000, representing a rise of 36.73% year-over-year[2] - Employee benefits expenses, including salaries and wages, increased to HKD 11,418,000 in 2024 from HKD 10,538,000 in 2023, reflecting a rise of approximately 8.34%[5] - The cost of inventory sold decreased to HKD 297,279,000 in 2024 from HKD 715,339,000 in 2023, indicating a reduction of about 58.5%[5] - Total trade payables decreased to HKD 11,586,000 as of September 30, 2024, from HKD 74,145,000 as of March 31, 2024, indicating a reduction of approximately 84.4%[58] - Current liabilities decreased to HKD 59,844,000 from HKD 131,357,000, a reduction of 54.43%[8] Assets and Financial Position - The company's total assets decreased to HKD 404,610,000 from HKD 495,865,000, a decline of 18.38%[8] - The net asset value of the company as of September 30, 2024, was HKD 419,882,000, down from HKD 426,380,000 as of March 31, 2024[23] - Trade receivables as of September 30, 2024, were HKD 105,217,000, down from HKD 207,278,000 as of March 31, 2024, showing a decrease of approximately 49.3%[53] - The total reportable segment assets as of September 30, 2024, were HKD 473,032, a decrease from HKD 552,410 as of March 31, 2024[36] - The total reportable segment liabilities as of September 30, 2024, were HKD 130,603, compared to HKD 130,603 as of March 31, 2024[36] Market and Strategic Outlook - The group operates primarily in China and other Asian countries[30] - The group is observing a shift in manganese demand due to a downturn in the steel industry, prompting a strategy change to sell manganese ore for battery production[85] - The price of sulfuric acid has experienced significant fluctuations, with expectations of a slight decline in prices due to supply-demand imbalances and weak raw material prices in 2024[85] - The group remains cautious yet optimistic in the face of market changes, including high inflation and economic recession, while seeking to enhance shareholder returns[86] Dividends and Corporate Governance - The company did not declare or recommend any interim dividends for the six months ended September 30, 2024, consistent with the previous year[48] - The board has decided not to declare an interim dividend for the six months ended September 30, 2024, consistent with the previous period[88] - The group has adhered to the corporate governance code, with the roles of chairman and CEO held by the same individual, which the board believes does not compromise the balance of power[90] - The interim financial statements for the six months ended September 30, 2024, were unaudited but reviewed by the audit committee before approval by the board[93] Other Financial Information - The company recognized a foreign exchange difference of HKD 10,905,000 from the financial statements of subsidiaries, compared to a loss of HKD 31,362,000 in the prior year[6] - The group reported a net foreign exchange loss of HKD 1,195 for the six months ended September 30, 2024, compared to a gain of HKD 2,382 in the same period of 2023[40] - The company has not incurred any Hong Kong profits tax due to sufficient tax losses to offset taxable profits for the periods reported[45] - There were no significant contingent liabilities as of September 30, 2024, similar to the situation on March 31, 2024[81] - The group has not engaged in any purchase, sale, or redemption of its listed securities during the six months ended September 30, 2024[89] - As of September 30, 2024, the group had no capital commitments, compared to approximately RMB 9,629,000 as of March 31, 2024[80] - No significant acquisitions or disposals occurred during the six months ended September 30, 2024[77]
新源万恒控股(02326) - 2025 - 中期业绩