Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 75,301,000, a decrease of 23.3% compared to HKD 98,153,000 for the same period in 2023[1]. - The net loss for the period was HKD 31,773,000, compared to a net loss of HKD 18,367,000 in the same period last year, representing a 72.6% increase in losses[1][3]. - Basic and diluted loss per share was HKD 0.15, compared to HKD 0.09 for the same period in 2023[1]. - Total comprehensive loss for the period was HKD 14,145,000, a significant improvement from a total comprehensive loss of HKD 57,129,000 in the previous year[7][8]. - Revenue from garment manufacturing and sales decreased to HKD 73,088,000 for the six months ended September 30, 2024, down from HKD 94,865,000 in 2023, representing a decline of approximately 22.9%[18]. - Total revenue from textile manufacturing and sales was HKD 21,000 for the six months ended September 30, 2024, compared to HKD 117,000 in 2023, indicating a significant drop of about 82.1%[18]. - The total rental income from investment properties was HKD 1,836,000 for the six months ended September 30, 2024, down from HKD 2,770,000 in 2023, reflecting a decrease of approximately 33.8%[18]. - The total reported segment loss before interest, tax, depreciation, and amortization was HKD (26,170,000) for the six months ended September 30, 2024, compared to HKD (20,132,000) in 2023, indicating a worsening of approximately 30.1%[25]. - The company reported a loss attributable to equity holders of HKD 31,773,000 for the six months ended September 30, 2024, compared to a loss of HKD 18,367,000 for the same period in 2023, representing a 73% increase in losses[49]. - Revenue decreased by 23% to HKD 75,301,000 for the six months ended September 30, 2024, down from HKD 98,153,000 in the previous year[48]. - Gross profit fell by 33% to HKD 13,511,000, with a gross margin of 18%, down from 20% in the prior year[48]. - Operating loss increased by 191% to HKD 7,751,000, with an operating margin of -10% compared to -3% in the previous year[48]. - EBITDA loss was HKD 36,708,000, worsening from a loss of HKD 21,081,000 in the same period last year, resulting in an EBITDA margin of -49%[48]. Assets and Liabilities - Non-current assets decreased from HKD 1,045,571,000 as of March 31, 2024, to HKD 1,027,331,000 as of September 30, 2024[10]. - Current assets increased from HKD 357,862,000 to HKD 383,212,000, driven by an increase in inventory from HKD 8,030,000 to HKD 19,193,000[10]. - Current liabilities rose from HKD 48,888,000 to HKD 64,637,000, primarily due to an increase in accounts payable and other payables[10]. - The company's total equity decreased from HKD 1,023,188,000 to HKD 1,004,908,000[10]. - The total specific non-current assets decreased to HKD 690,384,000 as of September 30, 2024, from HKD 718,444,000 as of March 31, 2024, indicating a decline of approximately 3.9%[27]. - Accounts receivable decreased to HKD 32,238,000 as of September 30, 2024, down from HKD 38,506,000 at the end of the previous reporting period[42]. Market Performance - Revenue from external customers in Hong Kong decreased to HKD 2,977,000 for the six months ended September 30, 2024, down from HKD 5,890,000 in 2023, a decline of approximately 49.6%[27]. - Revenue from the United States market was HKD 5,595,000 for the six months ended September 30, 2024, compared to HKD 9,759,000 in 2023, representing a decrease of about 42.3%[27]. Corporate Governance and Compliance - The company continues to adopt the same accounting policies as in the previous financial year, with no significant changes expected in the upcoming annual financial statements[12]. - The company did not declare an interim dividend for the six months ended September 30, 2024, consistent with the previous year[47]. - The company has adhered to the corporate governance code as per the listing rules during the period ending September 30, 2024[57]. - The board confirmed compliance with the securities trading code for directors throughout the review period[58]. - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the period ending September 30, 2024[56]. Future Outlook - The company anticipates that the current challenging conditions will not improve in the remaining part of the fiscal year[49]. Employee Information - The group employed approximately 247 employees as of September 30, 2024, with compensation packages based on performance and market salary levels[54]. Other Information - The company did not purchase, sell, or redeem any of its listed securities during the period ending September 30, 2024[55]. - The interim report for the six months ending September 30, 2024, will be sent to shareholders and published on the company's website[59]. - The company recorded a net valuation loss of HKD 8,957,000 related to investment properties, contrasting with a net valuation gain of HKD 222,000 in the prior year[41]. - The company purchased other properties, plant, and equipment at a cost of HKD 13,000,000, compared to HKD 8,000,000 in the previous year[39]. - As of September 30, 2024, the group's cash and cash equivalents and bank deposits amounted to approximately HKD 303,425,000, a slight decrease from HKD 304,504,000 as of March 31, 2024[50]. - The fair value net amount of forward foreign exchange contracts used for hedging expected transactions was HKD 493,000 (liability) as of September 30, 2024, compared to HKD 223,000 (asset) as of March 31, 2024[52].
长江制衣(00294) - 2025 - 中期业绩