Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 98,072,000, a decrease of 10.5% from HKD 108,960,000 for the same period in 2023[3] - The net loss for the period was HKD 2,143,000 compared to a profit of HKD 1,637,000 in the previous year, indicating a significant decline in profitability[3] - Basic and diluted loss per share was HKD 0.25, compared to earnings of HKD 0.14 per share in the prior year[5] - The group reported external customer revenue of HKD 98,072,000 for the six months ended September 30, 2024, a decrease from HKD 108,960,000 in the same period of 2023, representing a decline of approximately 10.4%[24] - The group's operating loss for the six months ended September 30, 2024, was HKD 1,146,000, compared to a profit of HKD 2,930,000 for the same period in 2023, indicating a significant downturn in performance[24][27] - The company reported a total comprehensive loss of HKD 2,084,000 for the period, compared to a comprehensive income of HKD 1,637,000 in the previous year[5] - The group recorded a loss before tax of HKD 2,386,000 for the six months ended September 30, 2024, compared to a profit before tax of HKD 1,733,000 for the same period in 2023[24][26] Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 191,698,000, an increase from HKD 183,838,000 as of March 31, 2024[7] - Current liabilities totaled HKD 115,719,000, up from HKD 111,323,000 at the end of the previous fiscal year[7] - Non-current assets increased to HKD 171,787,000 from HKD 167,439,000, showing growth in long-term investments[7] - As of September 30, 2024, the group's current liabilities exceeded current assets by HKD 95,808,000, raising concerns about liquidity[18] - Total reportable segment assets as of September 30, 2024, amounted to HKD 183,838,000, with liabilities totaling HKD 154,476,000, resulting in a net asset value of HKD 29,362,000[29] - The total employee costs for the period were HKD 32.415 million, down from HKD 35.237 million in the previous period[49] - Trade receivables as of September 30, 2024, were HKD 1.286 million, a decrease from HKD 2.568 million as of March 31, 2024[57] Financing and Liquidity - The group has communicated with banks regarding a breach of covenant on bank borrowings amounting to HKD 41,583,000, and the bank has agreed to allow the group to rectify this by May 17, 2025[18] - The group plans to apply for additional loans under the SME Financing Guarantee Scheme provided by the Hong Kong government, which offers 80% guarantees[18] - The group has implemented measures to improve liquidity, including potential asset sales to repay bank loans and fund operations[19] - The group’s management is optimistic about maintaining the same level of bank financing despite current challenges, based on their cash flow forecasts[19] - Cash and cash equivalents increased to HKD 3.5 million from HKD 2.1 million, while bank borrowings rose to HKD 55.8 million from HKD 51.7 million[86] - The debt-to-equity ratio increased to 511% from 458%[86] Operational Highlights - The company continues to operate under its brands "Pacific Bar," "Shape," "Moon Ocean," and "Pacific" in Hong Kong and mainland China[12] - The company is focused on maintaining its market presence and exploring potential strategies for future growth despite recent financial challenges[12] - As of September 30, 2024, the company operated 56 bars/restaurants in Hong Kong and mainland China, having opened two new bars in Huizhou and Guangzhou under the "Pacific Bar" brand[64] - The company plans to maintain its core bar business and existing brand strategy, aiming to increase market share in Hong Kong[92] - No significant acquisitions or disposals of subsidiaries or joint ventures occurred during the period[85] Revenue Streams - The group’s property investment segment generated revenue of HKD 1,258,000, contributing to the overall revenue of HKD 98,072,000[24] - Revenue from bar and restaurant operations for the six months ended September 30, 2024, was HKD 97,785,000, a decrease of 10% compared to HKD 108,564,000 for the same period in 2023[37] - For the six months ended September 30, 2024, the revenue from operating restaurants and bars was HKD 97.8 million, a decrease of approximately 9.9% compared to HKD 108.6 million for the same period in 2023[65] Expenses and Costs - The cost of goods sold decreased to HKD 24,953,000 from HKD 29,837,000, reflecting a reduction of 16.5%[3] - The total operating expenses included cleaning expenses of HKD 1.696 million and utility expenses of HKD 3.307 million[49] - Financing costs totaled HKD 2,563,000 for the six months ended September 30, 2024, up from HKD 2,460,000 in the same period of 2023, indicating a 4% increase[42] - Employee costs decreased by 8.0% to HKD 32.4 million from HKD 35.2 million, attributed to reduced part-time employee hours due to lower sales[69] - Operating lease payments and related expenses rose by 17.4% to HKD 4.5 million from HKD 3.9 million, mainly due to the expansion of bars and restaurants[72] Shareholder Information - The company did not declare or pay any dividends to ordinary shareholders during the interim period[51] - A total of 9,632,000 shares were granted as part of the share incentive plan during the period[100] - The fair value of the share awards on the grant date was HKD 0.081 per share[100] - The weighted average closing price of the shares immediately before the vesting date was HKD 0.06[100] - The number of reward shares available for grant under the share plan as of September 30, 2024, is 57,104,000[102] - No rewards were granted under the share plan during the period[102] - The share awards will vest in three tranches over 36 months[97] - The share awards are not subject to any performance targets[99] Compliance and Governance - The company has complied with all applicable corporate governance codes during the reporting period[103]
太平洋酒吧(08432) - 2025 - 中期业绩