Financial Performance - The company reported a net loss of HKD 3,088,000 for the six months ended September 30, 2024, compared to a loss of HKD 4,749,000 in the same period of 2023, representing a 35% improvement in performance [3]. - Basic and diluted loss per share for the current period was HKD 1.30, compared to HKD 2.00 in the previous year, indicating a reduction of 35% [3]. - The pre-tax loss for the six months ended September 30, 2024, was approximately HKD 3,088,000, compared to a loss of HKD 4,749,000 for the same period in 2023, indicating an improvement of 35% [16]. - The company recorded a loss of approximately HKD 3,088,000 for the six months ended September 30, 2024, a decrease of about HKD 1,661,000 compared to the loss of HKD 4,749,000 for the same period last year [47]. Investment Income - Total net investment income increased to HKD 39,000 from HKD 32,000 year-on-year, reflecting a growth of 21.88% [3]. - The net investment income for the six months ended September 30, 2024, was HKD 39,000, compared to HKD 32,000 for the same period in 2023, representing a 21.88% increase [13]. - Bank interest income decreased significantly to HKD 3,000 for the six months ended September 30, 2024, down from HKD 24,000 in 2023, a decline of 87.50% [13]. Expenses - General and administrative expenses decreased to HKD 3,124,000 from HKD 4,799,000, a reduction of approximately 34.8% [3]. - General and administrative expenses for the current period were approximately HKD 3,124,000, a decrease of about HKD 1,675,000 compared to the same period last year, primarily due to reductions in depreciation, employee costs, and investment management fees [47]. - The total employee benefits for key management personnel decreased to HKD 868,000 for the six months ended September 30, 2024, down from HKD 1,772,000 in 2023, a reduction of 51.00% [39]. - The company incurred lease expenses of HKD 450,000 for the current period, down from HKD 600,000 in the same period last year [43]. Assets and Liabilities - Current assets totaled HKD 15,716,000 as of September 30, 2024, down from HKD 18,841,000 as of March 31, 2024, indicating a decrease of 16.5% [5]. - The company's total equity decreased to HKD 9,810,000 from HKD 12,898,000, a decline of 23.9% [5]. - The net asset value per share was HKD 0.04, down from HKD 0.05, reflecting a decrease of 20% [5]. - The company's total liabilities included a loan from a shareholder amounting to HKD 4,036,000 as of September 30, 2024, slightly up from HKD 4,030,000 as of March 31, 2024 [40]. - The total cash and cash equivalents decreased to HKD 9,926,000 as of September 30, 2024, from HKD 18,057,000 as of March 31, 2024, a decline of 45.00% [29]. - The company's debt-to-asset ratio was approximately 0.3 as of September 30, 2024, compared to approximately 0.2 as of March 31, 2024 [64]. Corporate Governance - The company has adopted corporate governance principles to align with the best interests of the company and its shareholders [85]. - The audit committee consists of three independent non-executive directors, ensuring proper review of accounting principles and financial reporting [91]. Dividends and Share Capital - The company did not declare an interim dividend for the current period, consistent with the previous year [17]. - The company's average number of issued ordinary shares remained constant at 237,271,250 shares for both periods [16]. - The total number of issued ordinary shares as of September 30, 2024, is 237,271,250 shares [77]. - The board has decided not to declare any interim dividends for the reporting period ending September 30, 2023 [78]. Economic Outlook - The Hong Kong economy is expected to remain weak in 2024, with real GDP growth of 1.8% year-on-year in Q3 2024, but a quarter-on-quarter decline of 1.1% after seasonal adjustment [51]. - Private consumption expenditure in Hong Kong fell by 1.3% year-on-year in Q3 2024 [51]. - The Federal Reserve announced interest rate cuts of 0.5% in September 2024 and 0.25% in November 2024, with further cuts being considered for December 2024 [48]. Strategic Approach - The company continues to adopt a cautious approach towards investments and business development amid global economic volatility [52]. - The company is closely monitoring global economic trends and will adjust investment strategies as necessary [52]. - The company plans to continue monitoring the Red Sea conflict and shipping demand fundamentals [57]. Rights Issue - The company completed a rights issue on March 28, 2022, issuing shares at a subscription price of HKD 0.68, with a market price of HKD 1.70 on the announcement date [66]. - A total of 62,500,000 shares were successfully placed to independent subscribers, representing approximately 26.34% of the total shares issued after the rights issue [68]. - The total amount raised from the rights issue was approximately HKD 43.8 million, with a net amount of about HKD 41.7 million after expenses [68]. - As of September 30, 2024, the unutilized net proceeds from the rights issue amounted to approximately HKD 4.0 million, which is held in a licensed bank in Hong Kong [71]. Employment - As of September 30, 2024, the company had 5 employees, an increase from 4 employees as of March 31, 2024 [83]. - Employee compensation for the period was approximately HKD 1,118,000, compared to approximately HKD 1,297,000 for the six months ending September 30, 2023 [83]. - The company contributes 5% of each employee's monthly relevant income to the Mandatory Provident Fund (MPF), with a cap of HKD 1,500 per month [83]. - There were no forfeited contributions to the MPF during the period, and no available forfeited contributions to reduce current contribution levels as of September 30, 2024 [84].
金石资本集团(01160) - 2025 - 中期业绩