Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 40,768,000, a decrease of 23.9% compared to HKD 53,473,000 for the same period in 2023[4] - Gross profit for the same period was HKD 5,851,000, down 66.5% from HKD 17,513,000 in 2023[4] - The company reported a loss attributable to owners of HKD 8,199,000 for the six months ended September 30, 2024, compared to a profit of HKD 3,737,000 in 2023[4] - The company’s earnings per share for the period was a loss of HKD 2.18, compared to a profit of HKD 0.99 in the same period last year[4] - The company reported a loss of approximately HKD 8.2 million for the six months ended September 30, 2024, compared to a profit of approximately HKD 3.7 million for the same period in 2023[64] - Basic loss per share for the six months ended September 30, 2024, was HKD (2.18) cents, compared to earnings of HKD 0.99 cents per share in 2023[40] Cash Flow and Assets - The net cash generated from operating activities was HKD 5,243,000, a decrease from HKD 8,348,000 in the previous year[20] - Cash and cash equivalents at the end of the period were HKD 13,244,000, slightly down from HKD 13,288,000[20] - Total non-current assets increased to HKD 149,288,000 as of September 30, 2024, compared to HKD 138,482,000 as of March 31, 2024[5] - Trade receivables decreased significantly to HKD 12,504,000 from HKD 22,800,000[5] - The company has cash and cash equivalents of approximately HKD 13.2 million as of September 30, 2024, compared to approximately HKD 13.3 million as of March 31, 2024[66] Liabilities and Expenses - Current liabilities decreased to HKD 36,563,000 from HKD 38,499,000[5] - The company incurred financing costs of HKD 648,000, down from HKD 744,000 in the previous year[4] - The company’s total liabilities decreased from HKD 22,800,000 as of March 31, 2024, to HKD 12,504,000 as of September 30, 2024[44] - Administrative expenses remained relatively stable at approximately HKD 13.2 million for the six months ended September 30, 2024, compared to approximately HKD 12.8 million for the same period in 2023[62] - Deferred tax expense for the six months ended September 30, 2024, was HKD 403,000, compared to HKD 1,093,000 in the same period of 2023[34] Business Operations - The company operates primarily in the leasing and related services segment, which is considered its sole operating segment[30] - The company aims to strengthen its tower crane leasing services to capture market demand amid challenges[54] - The company has purchased additional tower cranes to diversify its revenue sources and meet market demand for tower crane rental services[101] - The company has retained two general technicians and one sales manager to support its tower crane rental business operations[101] Corporate Governance - The board believes that the current governance structure, with the chairman and CEO being the same person, provides strong and consistent leadership for the company[90] - The company has complied with all provisions of the corporate governance code except for the separation of the roles of chairman and CEO[92] - The audit committee has reviewed the interim financial statements for the period and confirmed compliance with applicable accounting standards and regulations[105] - The company will continue to monitor and review its governance practices to ensure compliance with corporate governance standards[90] Shareholding and Stock Options - The company has a shareholding structure where Mr. Tang Hing Keung and Ms. Au Yuen Yi each hold approximately 31.9% of the shares through their controlled entity, Hing Kee Holdings[80] - As of September 30, 2024, Hing Kee Holdings held 120,000,000 shares, representing approximately 31.9% of the issued shares[86] - The company has not granted any stock options since the adoption of the stock option plan, resulting in no unexercised stock options as of April 1, 2024, and September 30, 2024[93] - The company acquired a total of 80,000,000 shares from Mr. Li Ru Liang, representing approximately 21.28% of the total issued share capital, for a total consideration of HKD 3,200,000, equivalent to HKD 0.04 per share[96] Market and Risk Factors - The group faces foreign currency risks primarily from transactions denominated in currencies other than the functional currency, mainly involving RMB, EUR, and USD[72] - The company has not identified any business or interests that may compete with its operations during the reporting period[95] - As of September 30, 2024, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[74] - As of September 30, 2024, the group had no significant investments held[75]
兴铭控股(08425) - 2025 - 中期财报