Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 201,360,000, an increase of 3.9% compared to HKD 194,597,000 for the same period in 2023[4] - Gross profit for the same period was HKD 34,899,000, up from HKD 32,604,000, reflecting a gross margin improvement[4] - Operating profit increased to HKD 18,097,000 from HKD 16,681,000, indicating a growth of 8.5% year-over-year[4] - The company recorded a profit attributable to equity holders of HKD 6,909,000, a significant recovery from a loss of HKD 12,695,000 in the previous year[4] - Basic and diluted earnings per share for the period were HKD 2.54, compared to a loss per share of HKD 4.67 in the same period last year[4] - The total income tax expense for the six months ended September 30, 2024, was HKD 1,821,000, a slight decrease from HKD 1,917,000 in 2023[23] - Basic earnings per share for the period were HKD 0.0254, compared to a loss of HKD 0.0467 in the same period of 2023[27] - The company reported a profit of HKD 6,909,000 for the six months ended September 30, 2024, a significant improvement from a loss of HKD 12,695,000 in the same period last year[40] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 250,517,000, down from HKD 287,820,000 as of March 31, 2024[7] - Non-current assets decreased to HKD 122,800,000 from HKD 153,552,000, primarily due to depreciation and amortization[7] - Current liabilities increased to HKD 107,242,000 from HKD 105,018,000, reflecting a slight rise in operational obligations[7] - The company’s net asset value decreased to HKD 35,185,000 from HKD 39,000,000, indicating a decline in overall equity[7] - The company’s accounts receivable totaled HKD 2,220,000 as of September 30, 2024, down from HKD 4,433,000 as of March 31, 2024[34] - The company’s accounts payable amounted to HKD 22,127,000 as of September 30, 2024, compared to HKD 21,159,000 as of March 31, 2024[38] - The net current liabilities as of September 30, 2024, were HKD 40,959,000, compared to HKD 39,377,000 as of March 31, 2024, with a current ratio of 0.62[55] Revenue Sources - The group's revenue from public minibus and resident bus services in Hong Kong for the six months ended September 30, 2024, was HKD 201,360,000, an increase of 3.9% from HKD 194,597,000 in the same period of 2023[16] - Advertising revenue remained stable at HKD 2,250,000 for both periods, while interest income decreased to HKD 816,000 from HKD 1,014,000[17] - The company approved fare increases for 56 routes, ranging from 4.8% to 14.3%, contributing to the revenue growth[44] Costs and Expenses - The financing costs for the six months ended September 30, 2024, totaled HKD 5,407,000, up from HKD 2,379,000 in 2023, primarily due to an increase in lease liabilities[20] - The direct fuel costs increased to HKD 33,841,000 from HKD 31,380,000, and employee benefits expenses rose to HKD 100,077,000 from HKD 97,289,000[21] - Direct costs increased by HKD 4,468,000 or 2.8% to HKD 166,461,000, with labor costs, depreciation of right-of-use assets, fuel costs, and maintenance costs accounting for over 90% of total direct costs[45] - Administrative expenses increased by HKD 580,000 or 2.9% to HKD 20,389,000, mainly due to costs associated with recruiting drivers from mainland China[47] - Employee benefits expenses for the period amounted to HKD 100,077,000, representing 51.4% of total operating costs, slightly down from 52.0% in the previous year[70] Operational Highlights - The total passenger volume for the company's public minibus service increased by approximately 0.6% to about 27,684,000 passengers, compared to 27,528,000 passengers in the previous year[41] - The total mileage driven during the period was approximately 16.6 million kilometers, an increase of 0.6% from 16.5 million kilometers in the previous period[41] - As of September 30, 2024, the company maintained a fleet size of 354 public minibuses, with the number of routes increasing to 73[42] - The group faced challenges related to driver turnover and aging workforce, which limited its ability to increase service frequency[41] - The group faced challenges from unstable fuel prices and an aging workforce, with plans to recruit and train new drivers to address labor shortages[72] - Passenger volume increased by 0.6% during the review period, indicating stable demand, although weekend and public holiday traffic saw a significant decline[72] Governance and Future Outlook - The board of directors did not recommend any interim dividend for the six months ended September 30, 2024, compared to a final dividend of HKD 24,472,000 in 2023[25] - The group expects to adopt new and revised Hong Kong Financial Reporting Standards starting from April 1, 2024, with no significant impact anticipated on the interim financial information[14] - The group has no significant contingent liabilities as of September 30, 2024[67] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended September 30, 2024[69] - The group has not implemented any hedging policies for anticipated fuel consumption due to the conclusion that such contracts may not be effective in managing fuel price risks[65] - The group continues to advocate for the importance of minibuses in areas lacking railway services, especially in light of the government's transportation policies prioritizing railways[73] - The company will release detailed interim results and reports for the six-month period ending September 30, 2024, in accordance with listing rules[78] - The board of directors as of the announcement date includes executive and non-executive members, indicating a stable governance structure[80]
进智公共交通(00077) - 2025 - 中期业绩