Revenue and Profit Performance - Revenue for the six months ended September 30, 2024, was HKD 169.76 million, a decrease from HKD 197.32 million in the same period last year[21] - Gross profit for the period was HKD 54.01 million, compared to a gross loss of HKD 6.17 million in the previous year[21] - Operating profit for the six months ended September 30, 2024, was HKD 9.56 million, a significant improvement from an operating loss of HKD 35.64 million in the same period last year[21] - Net profit for the period was HKD 3.85 million, compared to a net loss of HKD 42.22 million in the previous year[21] - Basic earnings per share for the period were 1.45 HK cents, compared to a loss of 74.69 HK cents per share in the same period last year[21] - Total comprehensive income for the period was HKD 3.88 million, compared to a comprehensive loss of HKD 42.34 million in the previous year[36] - Total revenue for the six months ended September 30, 2024, was HK$169,763 thousand, a decrease from HK$197,320 thousand in the same period in 2023[88] - Revenue from customer contracts for the six months ended September 30, 2024, was HK$168,714 thousand, down from HK$196,677 thousand in the same period in 2023[87] - Sales of goods accounted for HK$123,862 thousand of revenue for the six months ended September 30, 2024, compared to HK$196,677 thousand in the same period in 2023[89] - Revenue from family office services for the six months ended September 30, 2024, was HK$5,072 thousand[89] - Revenue from equity capital market services for the six months ended September 30, 2024, was HK$35,258 thousand[89] - Total revenue for the six months ended September 30, 2024, was HKD 169,763 thousand, with the computer and electronics trading business contributing HKD 89,570 thousand, food trading business HKD 34,291 thousand, financial services business HKD 38,706 thousand, and family office services business HKD 7,196 thousand[96] - The company reported a profit attributable to owners of HK$1,143 thousand for the six months ended September 30, 2024, compared to a loss of HK$32,913 thousand in the same period in 2023[131] - Basic earnings per share for the six months ended September 30, 2024, was 1.45 HK cents, compared to a loss of 74.69 HK cents in the same period in 2023[132] Segment Performance - The company operates in four segments: computer and electronics trading, food trading, financial services, and family office services[92] - The financial services business segment showed a significant improvement, with a segment performance of HKD 12,985 thousand, compared to a loss of HKD 9,575 thousand in the same period last year[96][102] - The computer and electronics trading business segment reported a segment performance of HKD 3,621 thousand, a significant turnaround from a loss of HKD 28,500 thousand in the same period last year[96][102] - The food trading business segment reported a loss of HKD 4,488 thousand, compared to a profit of HKD 5,296 thousand in the same period last year[96][102] - The family office services business segment reported a segment performance of HKD 4,660 thousand, a new addition to the company's segment reporting[96] - The financial services business segment's interest income increased to HKD 1,049 thousand from HKD 643 thousand in the same period last year[102] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 237.54 million, slightly lower than HKD 243.32 million as of the previous year-end[46] - Accounts receivable increased to HKD 121.20 million from HKD 115.44 million in the previous year[49] - Deposits, prepayments, and other receivables increased significantly to HKD 13.33 million from HKD 5.97 million in the previous year[50] - Other financial assets increased substantially to HKD 11.07 million from HKD 0.19 million in the previous year[51] - Pledged bank deposits amounted to 14,982 thousand HKD[54] - Cash and cash equivalents increased from 49,414 thousand HKD to 254,116 thousand HKD[55] - Total assets increased from 478,159 thousand HKD to 491,659 thousand HKD[57][58] - Property, plant, and equipment decreased from 198,311 thousand HKD to 194,866 thousand HKD[57] - Total equity attributable to the company's owners decreased from 282,974 thousand HKD to 280,136 thousand HKD[58] - Total liabilities increased from 198,920 thousand HKD to 212,549 thousand HKD[60] - Current liabilities increased from 192,279 thousand HKD to 207,895 thousand HKD[60] - Net current assets increased from 42,561 thousand HKD to 46,221 thousand HKD[60] - The company's total assets as of September 30, 2024, were HKD 491,659 thousand, with cash and cash equivalents amounting to HKD 16,911 thousand[112] - Total liabilities as of September 30, 2024, were HKD 212,549 thousand, including borrowings of HKD 94,629 thousand[112] - The company's total liabilities decreased to HKD 212,549 thousand as of September 30, 2024, from HKD 198,920 thousand as of March 31, 2024[112] - Loans receivable increased to HK$75,870 thousand as of September 30, 2024, from HK$63,112 thousand as of March 31, 2024[144] - Trade receivables and other receivables net of impairment as of September 30, 2024, were HK$121,196 thousand, compared to HK$115,441 thousand as of March 31, 2024[145] - Accounts receivable increased to HKD 121,196 thousand as of September 30, 2024, compared to HKD 115,441 thousand as of March 31, 2024, with USD-denominated receivables accounting for the majority at HKD 91,202 thousand[148] - Trade receivables aged over 180 days increased to HKD 113,681 thousand as of September 30, 2024, up from HKD 95,620 thousand as of March 31, 2024[148] - Deposits, prepayments, and other receivables totaled HKD 14,314 thousand as of September 30, 2024, up from HKD 9,129 thousand as of March 31, 2024, with HKD-denominated amounts making up the majority at HKD 12,329 thousand[156] - Trade payables decreased to HKD 51,427 thousand as of September 30, 2024, from HKD 54,238 thousand as of March 31, 2024[188] - Total payables, other payables, and accrued expenses increased to HKD 100,430 thousand as of September 30, 2024, up from HKD 65,449 thousand as of March 31, 2024[188] - Accounts payable aged over 90 days increased to 50,134 thousand HKD as of September 30, 2024, compared to 50,086 thousand HKD on March 31, 2024[192] - Total accounts payable, other payables, and accrued expenses denominated in HKD increased to 50,504 thousand HKD as of September 30, 2024, from 15,515 thousand HKD on March 31, 2024[193] - Total bank borrowings decreased to 102,487 thousand HKD as of September 30, 2024, from 122,940 thousand HKD on March 31, 2024[195] - Secured bank borrowings decreased to 94,629 thousand HKD as of September 30, 2024, from 113,734 thousand HKD on March 31, 2024[195] - Unsecured bank borrowings decreased to 7,858 thousand HKD as of September 30, 2024, from 9,206 thousand HKD on March 31, 2024[195] - Bank borrowings due within one year decreased to 97,433 thousand HKD as of September 30, 2024, from 105,421 thousand HKD on March 31, 2024[197] - Floating-rate bank borrowings decreased to 99,918 thousand HKD as of September 30, 2024, from 120,110 thousand HKD on March 31, 2024[199] - Fixed-rate bank borrowings decreased to 2,569 thousand HKD as of September 30, 2024, from 2,830 thousand HKD on March 31, 2024[199] - Floating-rate bank borrowings linked to 3-month USD LIBOR decreased to 83,585 thousand HKD as of September 30, 2024, from 98,213 thousand HKD on March 31, 2024[200] - Floating-rate bank borrowings linked to 3-month HIBOR decreased to 16,333 thousand HKD as of September 30, 2024, from 21,897 thousand HKD on March 31, 2024[200] Cash Flow and Financing - Operating cash flow for the six months ended September 30, 2024, was HK$11,947 thousand, compared to a negative HK$1,017 thousand in the same period in 2023[76] - Net cash used in financing activities for the six months ended September 30, 2024, was HK$30,989 thousand, compared to HK$6,075 thousand generated in the same period in 2023[76] - Cash and cash equivalents decreased by HK$18,427 thousand for the six months ended September 30, 2024, compared to an increase of HK$5,058 thousand in the same period in 2023[76] - The company repurchased 1,500,000 shares during the six months ended September 30, 2024, at a total cost of HKD 4,006 thousand[188] Financial Reporting and Standards - The company adopted new and revised Hong Kong Financial Reporting Standards effective April 1, 2024, with no significant impact on the interim financial statements[86] Depreciation and Intangible Assets - Depreciation of property, plant, and equipment for the six months ended September 30, 2024, was HKD 1,429 thousand, with the computer and electronics trading business contributing HKD 594 thousand and the food trading business HKD 715 thousand[118] - The carrying amount of intangible assets as of September 30, 2024, was HK$10,832 thousand, compared to HK$11,250 thousand as of March 31, 2024[140] Financial Assets and Liabilities - Financial assets expected credit loss reversal/(provision) net amount for the six months ended September 30, 2024, was HK$2,902 thousand, compared to a provision of HK$9,167 thousand in the same period in 2023[121] - Finance costs for the six months ended September 30, 2024, decreased to HK$4,627 thousand from HK$6,326 thousand in the same period in 2023[121] - Profit before tax for the six months ended September 30, 2024, was impacted by a decrease in cost of goods sold to HK$115,749 thousand from HK$203,485 thousand in the same period in 2023[123] - Current tax expense for the six months ended September 30, 2024, was HK$1,085 thousand, compared to HK$259 thousand in the same period in 2023[124] Capital and Reserves - Capital reserves decreased by 4,006 thousand HKD due to shares purchased but not yet canceled[70] - The company added property, plant, and equipment worth HK$2,102 thousand during the six months ended September 30, 2024, compared to no additions in the same period in 2023[136]
华邦科技(03638) - 2025 - 中期财报