Financial Performance - For the six months ended September 30, 2024, the net investment income was HKD 39,000, compared to HKD 32,000 for the same period in 2023, representing an increase of 21.88%[8] - Total revenue for the period was HKD 42,000, a decrease of 75% from HKD 168,000 in the previous year[8] - General and administrative expenses decreased to HKD 3,124,000 from HKD 4,799,000, reflecting a reduction of 34.91%[8] - The operating loss for the period was HKD 3,082,000, improved from a loss of HKD 4,743,000 in the prior year, indicating a reduction of 35%[8] - The loss before tax was HKD 3,088,000, compared to HKD 4,749,000 in the previous year, showing a decrease of 35%[8] - The total comprehensive loss for the period was HKD 3,088,000, down from HKD 4,749,000, marking a 35% improvement[8] - Basic and diluted loss per share was HKD 1.30, improved from HKD 2.00 in the same period last year, a reduction of 35%[8] - The pre-tax loss for the period was approximately HKD 3,088,000, compared to a loss of HKD 4,749,000 for the same period in 2023[31] - The company recorded a loss of approximately HKD 3,088,000 for the period, an improvement of about HKD 1,661,000 compared to the loss of HKD 4,749,000 in the same period last year[53] Assets and Liabilities - As of September 30, 2024, total current assets were HKD 15,716,000, down from HKD 18,841,000 as of March 31, 2024, a decrease of 16.83%[11] - The net asset value as of September 30, 2024, was HKD 9,810,000, down from HKD 12,898,000, reflecting a decline of 23.93%[11] - The net asset value per share decreased to HKD 0.04 from HKD 0.05, a decline of 20%[11] - The company has a loan from a shareholder amounting to HKD 4,036,000 as of September 30, 2024, which is due for repayment by December 31, 2024[45] - The company has a loan from a controlling shareholder amounting to approximately HKD 4,036,000, which includes a principal of HKD 4,000,000 and accrued interest of about HKD 36,000, due for repayment by December 31, 2024[68] - The company's debt-to-asset ratio was approximately 0.3 as of September 30, 2024, compared to 0.2 as of March 31, 2024[68] Cash Flow - For the six months ended September 30, 2024, the net cash used in operating activities was HKD (8,134,000), compared to HKD 99,000 for the same period in 2023[18] - The cash and cash equivalents decreased by HKD (8,131,000) during the period, resulting in an ending balance of HKD 9,926,000, down from HKD 21,687,000 in the previous year[18] - As of September 30, 2024, the company's cash and cash equivalents amounted to HKD 9,926,000, a decrease from HKD 18,057,000[39] - As of September 30, 2024, the company's cash and bank balance was approximately HKD 9,926,000, down from HKD 18,057,000 as of March 31, 2024[68] Expenses - Total expenses included legal and professional fees of HKD 337,000, down from HKD 373,000 in the previous year[26] - Short-term employee benefits for the six months ended September 30, 2024, were HKD 860,000, a decrease from HKD 1,770,000 in the same period last year[48] - The company’s management fees to INV Advisory Limited were nil for the six months ended September 30, 2024, compared to HKD 270,000 in the previous year[48] - The company had no significant capital expenditures made during the reporting period ending September 30, 2023[76] Share Capital and Dividends - The total issued and paid-up share capital is HKD 23,727,000, with 237,271,250 shares issued at a par value of HKD 0.10 each[39] - The company did not recommend an interim dividend for the current period, consistent with the previous year[29] - The total number of issued ordinary shares as of September 30, 2024, was 237,271,250 shares, unchanged from March 31, 2024[78] - The company’s share capital as of September 30, 2024, was 237,271,250 shares, which serves as the basis for calculating shareholding percentages[91] Economic Environment - The Hong Kong economy is expected to remain weak in 2024, with real GDP growth of 1.8% year-on-year in Q3 2024, but a seasonally adjusted quarter-on-quarter decline of 1.1%[58] - Private consumption expenditure in Hong Kong decreased by 1.3% year-on-year in Q3 2024[58] - The US Federal Reserve has initiated a rate-cutting cycle, announcing cuts of 0.5% in September 2024 and 0.25% in November 2024, with further cuts considered for December 2024[54] - The geopolitical tensions, including the ongoing conflict between Russia and Ukraine, continue to pose supply chain challenges for global businesses[55] Investment Strategy - The company has invested in short-term US Treasury positions and other debt securities to earn low-risk returns[58] - The company will maintain a cautious approach towards investments and business development, closely monitoring global economic trends and the Hong Kong market[58] - The company has not made any acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[64] - The company has no plans for significant investments or capital assets during the reporting period but is open to future investment opportunities funded by internal resources[81] Corporate Governance - Major shareholders include Everbright Goldstone International Group Limited with a 37.14% stake, and Treasure Isle Global Limited with a 10.94% stake, among others[87] - The company has adopted corporate governance principles to align with the best interests of the company and its shareholders, complying with the corporate governance code[93] - The audit committee consists of three independent non-executive directors, including the chairperson with appropriate professional qualifications in accounting or related financial management knowledge[99] Employee Information - As of September 30, 2024, the company had 5 employees, with total employee compensation of approximately HKD 1,118,000 for the period, compared to HKD 1,297,000 for the six months ended September 30, 2023[83] - The company has maintained a policy of regular performance reviews for employees to determine salary adjustments, bonuses, and promotions[83] - The company has not engaged in any defined benefit plans for its employees during the reporting period[85] Accounting and Reporting - The company reported no significant impact from the adoption of new accounting standards during the current period[23] - The company’s policy includes no transfers between Level 1 and Level 2 fair value measurements during the reporting period[41] - The company has no foreign exchange hedging instruments in place, maintaining a policy to keep foreign exchange risk at a relatively low level[84] - There were no forfeited contributions to the Mandatory Provident Fund during the period, and no available forfeited contributions to reduce existing contributions as of September 30, 2024[85] - No significant matters requiring disclosure have occurred since September 30, 2024, up to the date of the unaudited interim report[97] Board Composition - The company has appointed new non-executive directors and committee members effective October 16, 2024, indicating a change in board composition[96] - No stock option plans were conducted during the period, with no options available for grant, unexercised, granted, exercised, canceled, or expired as of September 30, 2024[100]
金石资本集团(01160) - 2025 - 中期财报