Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 182,040,000, a decrease of 3.3% from HKD 188,604,000 in the same period of 2023[5] - Gross profit for the same period was HKD 31,800,000, down 13.1% from HKD 36,613,000 year-on-year[5] - The company incurred an operating loss of HKD 326,000 compared to an operating profit of HKD 453,000 in the previous year[5] - The net loss attributable to the company’s owners for the period was HKD 533,000, a significant decrease from a profit of HKD 631,000 in the prior year[7] - Total revenue for the six months ended September 30, 2024, was HKD 182,040 thousand, a decrease of 3.0% from HKD 188,604 thousand in the same period of 2023[37] - Revenue from travel group sales was HKD 169,038 thousand, down 2.5% from HKD 172,468 thousand year-over-year[37] - Revenue from sales of travel-related products and services was HKD 2,025 thousand, a decline of 16.4% compared to HKD 2,421 thousand in the previous year[37] - The company reported a segment profit of HKD 3,466 thousand, down from HKD 691 thousand in the same period last year, indicating a significant decrease in profitability[40] - The company incurred a loss before tax of HKD 588 thousand for the period, compared to a loss of HKD 1,254 thousand in the same period of 2023[42] - The group reported a loss from continuing operations of HKD 352,000 for the six months ended September 30, 2024, compared to a profit of HKD 785,000 for the same period in 2023, representing a significant decline[67] - The group’s total revenue for the six months ended September 30, 2024, was HKD 182.0 million, compared to HKD 188.6 million in the previous year, reflecting a decrease in overall performance[92] - The gross profit for the travel group segment was HKD 28.2 million, down from HKD 32.0 million in the previous year, indicating a decline in profitability[92] - The group’s loss for the six months ending September 30, 2024, decreased by 53.1% to approximately HKD 0.6 million, attributed to a reduction in gross profit and decreased selling and administrative expenses[102] Assets and Liabilities - Current assets increased to HKD 114,720,000 from HKD 109,194,000 as of March 31, 2024[9] - Cash and cash equivalents rose to HKD 75,391,000, up from HKD 67,705,000 at the end of the previous reporting period[9] - The company’s total equity decreased slightly to HKD 52,523,000 from HKD 52,847,000[12] - Non-current assets totaled HKD 13,483,000, a decrease from HKD 13,969,000 as of March 31, 2024[9] - The company’s inventory increased to HKD 8,002,000 from HKD 6,735,000, indicating a rise in stock levels[9] - Total assets as of September 30, 2024, were HKD 128,203 thousand, an increase from HKD 123,163 thousand as of March 31, 2024[47] - The group’s receivables as of September 30, 2024, amounted to HKD 115,000, a significant decrease from HKD 3,440,000 as of March 31, 2024[72] - The accounts payable decreased from HKD 9.049 million to HKD 7.774 million over the same period, indicating improved cash flow management[82] - The equity in a joint venture decreased slightly from HKD 6.076 million to HKD 6.064 million, reflecting stable performance in that investment[79] Expenses and Costs - Total expenses for continuing operations were HKD 184,328,000, a decrease of 2.7% from HKD 188,858,000 in the previous year[56] - Employee benefits expenses (excluding directors' benefits) increased to HKD 19,659,000 from HKD 18,494,000, reflecting an increase of 6.3%[56] - The group recorded a net financial cost of HKD 69,000, down from HKD 141,000 in the previous year, indicating improved financial management[62] - The group’s advertising and promotional expenses increased to HKD 1,954,000 from HKD 1,704,000, reflecting a rise of 14.6%[56] - Selling expenses decreased by 6.8% to approximately HKD 16.3 million, mainly due to reduced depreciation from the sale of the restaurant business, partially offset by increased advertising and promotional expenses[99] - Administrative expenses decreased by 8.2% to approximately HKD 17.8 million, primarily due to a one-time special training program for employees in the retail and other segments[101] Risk Management - The company faces various financial risks, including foreign exchange risk, credit risk, and liquidity risk[23] - The company’s management has not made significant changes to risk management policies since the last annual report[23] - The group has implemented foreign exchange risk management procedures to manage risks associated with costs denominated in Japanese Yen, ensuring sufficient currency availability for operational payments[110] - The company continues to evaluate its foreign exchange risk management procedures to minimize exposure[112] Corporate Governance - The group is listed on the GEM of the Hong Kong Stock Exchange since January 12, 2017[16] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with the functional currency being Hong Kong dollars[18] - The group has not adopted any new or revised Hong Kong Financial Reporting Standards that have not yet come into effect[20] - The audit committee has been established in accordance with GEM Listing Rules and consists of three independent non-executive directors[127] - The unaudited interim financial results for the six months ending September 30, 2024, have been reviewed by the audit committee along with the management[127] - The company confirms that the information provided in the announcement is accurate and complete in all material aspects, with no misleading or fraudulent elements[128] Strategic Initiatives - The company operates primarily in travel-related products and services, including travel package sales and travel technology investments[15] - The food and beverage business was sold on March 28, 2024, indicating a strategic shift[15] - The company aims to drive business performance towards profitability by capitalizing on the continued growth in outbound travel[115] - The company has expanded its retail offerings to include fashion lifestyle products, including toys and luxury handbags, since June 2022, aiming to diversify revenue sources[90] - The company continues to focus on digital marketing and media advertising to enhance brand awareness and product popularity[89] - The group has implemented a new stock option plan to reward contributions from directors, senior management, and employees[120] Shareholder Returns - The group did not declare an interim dividend for the six months ended September 30, 2024, consistent with the previous year[71] - The board of directors has decided not to declare an interim dividend for the six months ended September 30, 2024, consistent with the previous period[114] Employee Relations - The company has not experienced any significant labor disputes that disrupted normal business operations during the reporting period[113] - The total employee benefits expense for the six months ended September 30, 2024, was approximately HKD 19.7 million, compared to HKD 18.5 million for the same period in 2023[113]
飞道旅游科技(08069) - 2025 - 中期业绩