Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 3,269 thousand, a significant decrease from HKD 186,922 thousand in the same period of 2023, representing a decline of approximately 98.2%[2] - Gross profit for the same period was HKD 2,508 thousand, down from HKD 20,681 thousand in 2023, indicating a decrease of about 87.9%[2] - The company recorded a loss before tax of HKD 4,424 thousand, compared to a profit of HKD 10,669 thousand in the previous year, marking a shift of approximately 141.5%[2] - Total revenue for the six months ended September 30, 2024, was HKD 3,269,000, down from HKD 186,922,000 in the same period last year[19] - The total profit before tax for the group was a loss of HKD 4,424,000, compared to a profit of HKD 10,669,000 for the same period in 2023[25] - The adjusted profit before tax for the construction segment was a loss of HKD 1,331,000, while the financing segment reported a profit of HKD 1,143,000[19] - The total income, including other income, amounted to HKD 3,542,000, down from HKD 187,158,000 in the same period last year[23] - The group incurred total costs of HKD 3,760,000 for salaries and wages, a decrease from HKD 4,373,000 in the previous year[25] - The group reported a loss of HKD 166,000 from the revaluation of financial assets, contrasting with a gain of HKD 728,000 in the previous year[25] Assets and Liabilities - Non-current assets as of September 30, 2024, totaled HKD 22,326 thousand, a decrease from HKD 41,696 thousand as of March 31, 2024, reflecting a decline of about 46.5%[5] - Current assets amounted to HKD 275,743 thousand, an increase from HKD 266,776 thousand in the previous period, representing a growth of approximately 3.7%[5] - Total liabilities decreased to HKD 106,699 thousand from HKD 112,715 thousand, indicating a reduction of about 5.4%[5] - The company's net asset value was HKD 188,435 thousand as of September 30, 2024, down from HKD 192,859 thousand, reflecting a decrease of approximately 2.3%[9] - The accounts receivable balance as of September 30, 2024, was 177,073,000 HKD, with a net value of 129,269,000 HKD after accounting for impairment[35] - The group’s loans receivable amounted to 97,900,000 HKD as of September 30, 2024, with interest rates ranging from 1% to 14%[39] - The group’s accounts receivable aging analysis shows 128,449,000 HKD overdue for more than one year as of September 30, 2024[36] Taxation - The group has no taxable profits generated in China for the periods ending September 30, 2023, and September 30, 2024, thus no provision for corporate income tax was made[30] - The group’s taxable profits in Macau are subject to a 12% tax rate for profits exceeding 600,000 MOP, while profits below this threshold are exempt from taxation[27] - The group reported total tax expenses of 1,906,000 HKD for the period, with contributions from Hong Kong and Macau[31] Business Operations - The company continues to focus on its core business areas, including aluminum product trading and construction services, as part of its strategic direction[11] - For the six months ended September 30, 2024, the revenue from construction projects was HKD 820,000, a significant decrease from HKD 184,100,000 for the same period in 2023[19] - The revenue from financing loans was HKD 2,449,000, compared to HKD 2,822,000 in the previous year, indicating a decline in this segment as well[19] - The financing business segment recorded a profit of approximately HKD 1.1 million, representing a 22.2% increase compared to HKD 900,000 in the same period last year[47] - The group is actively seeking potential opportunities in the Hong Kong and Macau construction markets, as well as exploring potential business in the Indonesian market[49] - The group identified 10 potential projects in Hong Kong with an estimated total contract value of HKD 580 million and 8 potential projects in Macau with an estimated total contract value of HKD 152 million[48] Corporate Governance - The company has established an Audit Committee consisting of three independent non-executive directors, responsible for reviewing annual and semi-annual financial reports[59] - The Audit Committee has expressed satisfaction with the unaudited condensed consolidated financial statements for the period, including the adequacy of accounting principles and internal control systems[61] - The company did not engage in any purchases, sales, or redemptions of its listed securities during the period[62] - The board of directors includes six members, with three executive directors and three independent non-executive directors[63] Shareholder Information - Basic loss per share for the period was HKD (0.22), compared to a profit of HKD 0.5 in the same period last year[4] - The group has not declared any dividends for the current period, consistent with the previous period[33] - The group has no potential dilutive ordinary shares outstanding as of September 30, 2024, and September 30, 2023[32] Cash and Financial Position - As of September 30, 2024, the group's cash and bank balances were approximately HKD 2.3 million, down from HKD 4.4 million as of March 31, 2024[51] - The capital debt ratio was approximately 0.05 as of September 30, 2024, consistent with the ratio as of March 31, 2024[51]
志道国际(01220) - 2025 - 中期业绩