Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 49.69 million, a decrease of 42.7% compared to HKD 85.69 million in the same period of 2023[4] - The loss from continuing operations for the same period was HKD (24.31) million, compared to a profit of HKD 572.35 million in 2023[4] - The group recorded external sales of HKD 49,690,000 for the six months ended September 30, 2024, a decrease of 42% compared to HKD 85,686,000 for the same period in 2023[50] - The group reported a loss before tax of HKD 24,309,000 for the six months ended September 30, 2024, compared to a profit of HKD 572,354,000 in the same period of 2023[50] - The net loss attributable to the company for the six months ended September 30, 2024, was HKD 24,309 thousand, a significant decline from a profit of HKD 575,354 thousand in 2023[59] - The company experienced a net loss of HKD 24 million, a significant decline from a profit of HKD 575 million in the previous year, primarily due to the absence of one-time gains from the disposal of subsidiaries[91] Operating Expenses and Cost Management - Total operating expenses decreased to HKD 78.31 million from HKD 85.46 million year-on-year, reflecting a reduction in administrative and sales expenses[4] - The company is focusing on cost reduction strategies to improve financial performance in the upcoming quarters[4] - The group has implemented cost-cutting measures, significantly reducing operational redundancies and focusing on overseas strategic markets[45] - The company aims to reduce fixed operating costs across all functions and seek collaboration opportunities with business partners to share financial burdens[95] Assets and Liabilities - Cash and cash equivalents decreased to HKD 9.08 million from HKD 23.86 million as of March 31, 2024[32] - Total liabilities as of September 30, 2024, amounted to approximately HKD 258,000,000, with net debt of about HKD 79,000,000[46] - The total assets less current liabilities stood at HKD (70.82) million, slightly improved from HKD (74.03) million as of March 31, 2024[32] - The company’s bank borrowings remained stable at HKD 47,528 thousand as of September 30, 2024, consistent with the previous reporting period[74] Inventory and Receivables - Inventory increased to HKD 7.15 million from HKD 3.34 million, indicating a potential buildup of stock[32] - As of September 30, 2024, trade receivables net amount was HKD 35,917 thousand, down from HKD 38,379 thousand as of March 31, 2024[68] - Trade receivables were HKD 36 million as of September 30, 2024, slightly down from HKD 38 million as of March 31, 2024, reflecting a prudent credit policy[97] - Trade payables decreased to HKD 21 million as of September 30, 2024, from HKD 29 million as of March 31, 2024, indicating improved cash flow management[97] Dividends and Share Capital - The company has not declared any dividends for the period[20] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024, compared to no dividend in 2023[63] - The company’s authorized share capital remains at HKD 300,000,000 with 30 billion shares as of September 30, 2024[80] Strategic Initiatives - The group is in the process of closing operations in unprofitable overseas regions as part of its restructuring efforts[45] - The group plans to continue discussions with banks and financial institutions to manage bank borrowings, having repaid approximately HKD 10,000,000 during the period[41] - The company plans to sell investment properties, production equipment, land, and offices to generate positive cash flow and reduce the debt-to-asset ratio[95] - The company will continue to rely on capital markets for fundraising to address financial challenges, despite slight improvements in current operations[93] Employee and Operational Metrics - The group employed approximately 46 employees across Hong Kong, China, and Taiwan as of September 30, 2024, with compensation packages aligned with market conditions[100] - Employee benefit expenses decreased to HKD 8,578 thousand in 2024 from HKD 11,269 thousand in 2023, indicating a reduction in workforce costs[54] Audit and Reporting - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters for the six months ended September 30, 2024[104] - The mid-term report is available for viewing on the Hong Kong Stock Exchange and the company's website[106]
ALCO HOLD-NEW(00328) - 2025 - 中期业绩