Financial Performance - Revenue for the six months ended September 30, 2024, was HK$70,445,000, representing an increase of 2.4% compared to HK$68,634,000 for the same period in 2023[12]. - Gross profit for the period was HK$9,962,000, with a gross profit margin of approximately 14.2%[12]. - Loss for the period was HK$180,806,000, compared to a loss of HK$159,653,000 in the same period last year, indicating a deterioration in performance[12]. - The company reported a basic and diluted loss per share of HK$28 cents, compared to HK$25 cents in the prior period[12]. - The total comprehensive loss for the period was HK$178,969, indicating ongoing financial challenges[24]. - The Group reported a net loss of approximately HK$180,806,000 for the six months ended 30 September 2024[47]. - For the six months ended September 30, 2024, the loss attributable to equity holders of the Company was HK$180,190,000, compared to HK$160,905,000 for the same period in 2023, representing an increase of approximately 11.5%[96]. Expenses and Costs - Administrative expenses increased to HK$31,513,000, up from HK$24,265,000, reflecting a rise of 30.3% year-on-year[12]. - Impairment loss on properties held for sale was HK$12,393,000, significantly higher than HK$4,232,000 in the previous year, indicating increased challenges in asset valuation[12]. - Finance costs decreased to HK$68,732,000 from HK$78,844,000, showing a reduction of 12.7%[12]. - The company reported unallocated expenses of HK$20,938,000, contributing to the overall loss before tax[79]. - The current income tax expense for the PRC Enterprise Income Tax was HK$6,674,000 for the six months ended September 30, 2024, significantly up from HK$1,659,000 in 2023, indicating a year-over-year increase of approximately 301.5%[91]. Assets and Liabilities - As of September 30, 2024, total non-current assets amounted to HK$1,838,113, a decrease from HK$1,870,164 as of March 31, 2024, reflecting a decline of approximately 1.7%[18]. - Current liabilities increased to HK$1,460,568 from HK$1,382,419, representing a rise of about 5.6%[18]. - The net current liabilities stood at (HK$1,396,029), worsening from (HK$1,308,582) as of March 31, 2024, indicating a deterioration in liquidity position[18]. - Total assets less current liabilities decreased to HK$442,084 from HK$561,582, a decline of approximately 21.3%[18]. - The equity attributable to owners of the company was recorded at (HK$1,106,330), worsening from (HK$927,361) as of March 31, 2024[20]. - As of 30 September 2024, the Group had net liabilities of approximately HK$1,108,040,000, with HK$1,452,967,000 and HK$11,125,000 of bank borrowing and construction payable in default[47]. Cash Flow - Net cash used in operating activities for the six months ended September 30, 2024, was HK$15,098,000, compared to HK$10,718,000 for the same period in 2023[35]. - Net cash used in investing activities for the six months ended September 30, 2024, was HK$1,450,000, compared to HK$5,793,000 for the same period in 2023[35]. - Net cash from financing activities for the six months ended September 30, 2024, was HK$17,629,000, compared to HK$19,121,000 for the same period in 2023[35]. - The net increase in cash and cash equivalents for the six months ended September 30, 2024, was HK$1,081,000, compared to HK$2,610,000 for the same period in 2023[38]. - Cash and cash equivalents at the end of the period were HK$19,506,000, down from HK$33,748,000 at the end of the same period in 2023[38]. Operational Focus and Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[12]. - Further cost reduction measures will be implemented to minimize operating costs and retain resources for property management and renovation business[51]. - The Group is assessing various feasible solutions to improve operations, including obtaining additional equity or loan financing[51]. Revenue Breakdown - Revenue from property management services was HK$11,316,000, slightly up from HK$11,177,000 in 2023, indicating a growth of about 1.25%[68]. - Revenue from renovation and decoration services increased significantly to HK$31,649,000 from HK$25,371,000, marking a growth of approximately 24.5%[68]. - Rental income from investment properties under operating lease decreased to HK$2,752,000 from HK$3,586,000, reflecting a decline of about 23.2%[70]. - Revenue recognition for the six months ended 30 September 2024 was HK$67,693,000, compared to HK$65,048,000 for the same period in 2023[60]. - The total revenue from contracts with customers rose to HK$67,693,000 from HK$65,048,000, showing an increase of approximately 4.1%[69]. Legal and Compliance Issues - The Group is involved in a legal dispute regarding a construction cost payable of approximately HK$11,125,000 as of 30 September 2024, down from approximately HK$14,522,000 as of 31 March 2024[128]. - The Group is required to repay outstanding principal and interests amounting to approximately RMB1,308,861,000 (equivalent to HK$1,413,568,000) as per the court judgment received on July 24, 2024[197]. - The Group has lodged an appeal against the court judgment on August 7, 2024, with a hearing held on October 24, 2024[198]. - The Group's financial position is under scrutiny due to the legal proceedings and associated financial obligations[194].
民生国际(00938) - 2025 - 中期财报