Financial Performance - For the six months ended September 30, 2024, the group recorded a net profit of approximately HKD 10.6 million, a decrease of about 40.4% compared to HKD 17.8 million for the same period in 2023[1]. - Revenue for the six months ended September 30, 2024, was HKD 244.7 million, representing a decrease of 5.1% from HKD 257.8 million in the same period of 2023[1]. - Gross profit for the same period was HKD 57.6 million, down 5.4% from HKD 60.9 million in 2023[1]. - Basic earnings per share for the six months ended September 30, 2024, were HKD 2.5, a decrease of 41.9% from HKD 4.3 in the previous year[1]. - Operating profit for the period was HKD 12.986 million, compared to HKD 21.157 million in the same period last year[6]. - The company reported a net profit of HKD 10,567,000 for the six months ended September 30, 2024[37]. - The profit before tax for the previous year was HKD 20,798,000, with a net profit of HKD 17,849,000[39]. - The total tax expense for the six months ended September 30, 2024, was 1,649 thousand HKD, down from 2,949 thousand HKD in the same period of 2023, representing a decrease of approximately 44.1%[59]. - The net other losses for the six months ended September 30, 2024, amounted to (1,930) thousand HKD, compared to (572) thousand HKD in 2023, indicating an increase in losses[50]. Dividends and Payouts - The board declared an interim dividend of HKD 0.025 per share, resulting in a payout ratio of approximately 58.1% of the profit attributable to the owners of the company for the six months ended September 30, 2024[1]. - The company declared an interim dividend of 2.5 HKD cents per share, totaling 10,000,000 HKD, consistent with the previous year[65]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to HKD 270.896 million, an increase from HKD 267.254 million as of March 31, 2024[19]. - Total liabilities as of September 30, 2024, were HKD 99.232 million, a decrease from HKD 104.687 million as of March 31, 2024[19]. - The equity attributable to the owners of the company increased to HKD 168.518 million from HKD 158.346 million[19]. - Trade receivables from third parties decreased from 66,780 thousand HKD as of March 31, 2024, to 59,040 thousand HKD as of September 30, 2024, a reduction of approximately 11.6%[66]. - Trade payables as of September 30, 2024, were HKD 14.985 million, a decrease from HKD 20.385 million as of March 31, 2024[74]. - Other payables increased to HKD 24.715 million as of September 30, 2024, compared to HKD 24.013 million as of March 31, 2024[74]. - Total liabilities decreased from 104,687 thousand HKD as of March 31, 2024, to 99,232 thousand HKD as of September 30, 2024, representing a reduction of approximately 5.2%[48]. Business Operations - The company continues to engage in the distribution of food and beverage products and the provision of catering services in Hong Kong[22]. - For the six months ended September 30, 2024, the total revenue from distribution business was HKD 121,102,000, while retail business revenue was HKD 123,591,000, totaling HKD 244,693,000[37]. - The profit before tax for the distribution business was HKD 30,072,000, and for the retail business, it was HKD 4,509,000, resulting in a total profit before tax of HKD 12,216,000[37]. - The total assets for the distribution business as of September 30, 2024, were HKD 87,887,000, and for the retail business, HKD 79,493,000, totaling HKD 167,380,000[41]. - The total liabilities for the distribution business were HKD 19,702,000, while the retail business liabilities were HKD 71,371,000, resulting in total liabilities of HKD 91,073,000[45]. - The company has not identified geographical segments as all sales and operating profits are derived from Hong Kong[36]. - The company is currently involved in litigation regarding a supply agreement for masks, with potential claims amounting to approximately HKD 27.186 million from the supplier[82]. - Management believes that the supplier's claims are unfounded and expects to prevail in the litigation, which could result in the termination of related trade payables[82]. - The company has established a cautious cost control strategy to improve profit margins in its retail business[85]. - The company is actively exploring market expansion opportunities despite the current economic challenges[84]. Employee and Operational Metrics - The group employed 648 employees as of September 30, 2024, a decrease from 714 employees as of March 31, 2024[122]. - The average same-store sales growth rate for the retail stores was 0%, compared to a growth of 5.6% in the previous year[88]. - The average daily sales of tea drinks decreased to 18,000 cups, down from 19,000 cups in the previous year[89]. - The average selling price of tea drinks increased to HKD 31.1 per cup, up from HKD 29.1 in the previous year[89]. - Retail business revenue accounted for approximately 50.5% of the company's total revenue for the six months ended September 30, 2024[86]. - The company maintained 63 self-operated retail stores as of September 30, 2024, unchanged from the previous year[85]. Financial Strategy and Future Outlook - The company plans to adopt new accounting standards effective from April 1, 2025, which are not expected to have a significant impact on the financial statements[31]. - The company plans to expand its brand and product portfolio in the distribution business to maintain market competitiveness[93]. - The company aims to optimize its cost structure and business model by reviewing lease agreements with landlords[93]. - Capital expenditure for the six months ending September 30, 2024, was approximately HKD 19.8 million, compared to HKD 18.8 million for the same period in 2023[109]. - The group continues to face foreign exchange risks primarily involving JPY, TWD, RMB, and USD due to overseas procurement and foreign currency-denominated borrowings[111]. - The group has not made any significant investments or acquisitions of capital assets during the six months ending September 30, 2024[117]. Governance and Compliance - The company has adopted corporate governance principles to maintain high standards and protect shareholder interests[127]. - The audit committee reviewed the unaudited interim consolidated results and financial statements for the six months ending September 30, 2024[136]. - The audit committee confirmed that the interim results were prepared in accordance with applicable accounting standards and appropriate disclosures were made[136]. - The interim report will be sent to shareholders and made available on the company's website and the Hong Kong Stock Exchange website[136].
宾仕国际(01705) - 2025 - 中期业绩