Financial Performance - The unaudited revenue for the six months ended September 30, 2024, was approximately HKD 338.7 million, an increase of about 47.7% compared to approximately HKD 229.4 million for the same period last year, primarily due to increased natural gas sales[20]. - The unaudited loss attributable to owners of the company decreased from approximately HKD 13.9 million in the previous year to approximately HKD 10.2 million, mainly due to reduced employee costs, partially offset by a decrease in consulting income[20]. - The company reported revenue of HKD 338,745,000 for the six months ended September 30, 2024, representing a 47.7% increase from HKD 229,367,000 in the same period of 2023[43]. - Operating loss for the period was HKD 8,681,000, an improvement from the loss of HKD 10,680,000 reported in the same period last year[43]. - The net loss attributable to the company’s owners was HKD 10,205,000, compared to a loss of HKD 13,928,000 in the previous year[44]. - Total comprehensive loss for the period was HKD (12,296) thousand, a reduction of 12.8% from HKD (14,108) thousand in the previous year[83]. Revenue Breakdown - The group's revenue contributions by region were approximately 2.3% from the United States, down from 4.5% in the previous year, and approximately 97.4% from China, up from 95.2% in the previous year[22]. - Other markets contributed approximately 0.3% to the total revenue, consistent with the previous year[22]. - The group's revenue from natural gas sales increased by approximately 52.9% to about HKD 321 million (2023: HKD 209.9 million) due to the expansion of refined oil and chemical products business[26]. - The revenue from the power and data cable business decreased by approximately 8.9% to about HKD 17.7 million (2023: HKD 19.5 million) due to rising tariffs in the United States affecting demand for medical control devices[27]. - Revenue from the trading of refined oil and chemical products was HKD 321,024,000 with a segment loss of HKD 452,000 for the six months ended September 30, 2024[81]. - Revenue from the sale of refined oil and chemical products increased to HKD 321,024 thousand in the first half of 2024, up 53.0% from HKD 209,909 thousand in 2023[84]. Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 2,930,000, compared to a net cash used of HKD 15,893,000 in the same period of 2023[67]. - The total cash and cash equivalents increased by HKD 5,055,000, reaching HKD 22,143,000 at the end of the reporting period, compared to HKD 24,190,000 at the end of the previous year[67]. - The group has implemented measures to improve liquidity and ensure ongoing operations, including close monitoring of administrative expenses and operating costs[72]. - The group’s cash flow forecast for the next twelve months indicates sufficient cash resources to meet operational and financing needs[73]. Debt and Liabilities - As of September 30, 2024, the group's total debt was approximately HKD 70.3 million (March 31, 2024: HKD 66.6 million), with bank balances and cash around HKD 22.1 million (March 31, 2024: HKD 17 million)[35]. - The group's debt-to-asset ratio was approximately 38.3% as of September 30, 2024 (March 31, 2024: 50.7%) calculated by net debt divided by total assets[35]. - The group’s total borrowings amounted to approximately HKD 70,312,000, with HKD 37,761,000 due within the next twelve months[72]. - The total amount classified as current liabilities for borrowings was HKD 70,312,000, compared to HKD 66,640,000 in the previous period, indicating a rise of 5.03%[106]. - Non-current liabilities for borrowings decreased to HKD 32,551,000 from HKD 41,997,000, reflecting a decline of 22.47%[106]. - The interest rate on borrowings ranged from 3.45% to 15% as of September 30, 2024, down from 3.85% to 15% as of March 31, 2024[106]. Corporate Governance - The company has established an audit committee in compliance with GEM listing rules, consisting of two independent non-executive directors[147]. - The company confirms that all directors have fully complied with the trading standards during the interim period[148]. - The company has adhered to the corporate governance code, with some exceptions due to delays in annual performance reporting and board composition changes[118]. - The company plans to enhance its corporate governance practices to ensure compliance with relevant regulations and improve shareholder value[123]. Employment and Costs - The group has reduced its full-time employees from 149 to 109 as of September 30, 2024, reflecting a strategic adjustment in workforce management[34]. - The total employee cost for the period was approximately HKD 7.2 million (2023: HKD 13.6 million), indicating a significant reduction in personnel expenses[34]. Shareholder Information - The company has issued 2,694,465,453 ordinary shares with a total value of HKD 10,778,000 as of September 30, 2024[115]. - As of September 30, 2024, Mr. Zhang Yesheng holds 161,000,000 shares, representing approximately 5.975% of the issued share capital, while his spouse holds 1,859,639,090 shares, representing 69.017%[134]. - Sun Jiusheng controls 1,501,078,281 shares, accounting for 55.710% of the issued share capital, and has joint holdings of 358,560,809 shares, representing 13.307%[134]. - The company holds a total of 1,859,639,090 shares, with 358,560,809 shares held by other concert parties, representing 33.40%, 29.68%, 18.57%, 5.16%, 2.58%, and 10.61% equity held by various individuals and entities[144].
百能国际能源(08132) - 2025 - 中期业绩