Financial Position - As of September 30, 2024, the Group's total cash and cash equivalents amounted to approximately HK$244 million, with total assets and net assets at approximately HK$4,390 million and HK$2,131 million, respectively[25]. - The Group's gearing ratio as of September 30, 2024, was approximately 43.4%, a decrease from 49.9% as of March 31, 2024[25]. - The total interest-bearing bank and other borrowings were approximately HK$1,169 million, representing about 27% of total assets[26]. - As of September 30, 2024, outstanding capital commitments amounted to approximately HK$32 million, a decrease from approximately HK$167 million as of March 31, 2024[11]. - The Group's total interest-bearing borrowings decreased from approximately HK$1,315 million as of March 31, 2024, to approximately HK$1,169 million as of September 30, 2024[26]. - The Group's general and administrative expenses rose to approximately HK$84 million during the Period, up from approximately HK$79 million in the 2023 Corresponding Period[82]. - Total non-current liabilities decreased to HK$1,323,695,000 from HK$1,486,768,000, reflecting a reduction of 10.9%[166]. - Net assets increased to HK$2,130,940,000 as of September 30, 2024, compared to HK$2,068,744,000 at the end of March 2024, showing a growth of 3%[166]. - Total current liabilities decreased from HK$1,082,554,000 to HK$935,127,000, a reduction of approximately 13.6%[194]. - Total assets less current liabilities decreased from HK$3,555,512,000 to HK$3,454,635,000, a decline of approximately 2.8%[194]. Revenue and Profitability - For the period, the Group recorded a revenue of approximately HK$303 million, representing a decrease of approximately HK$22 million or approximately 7% from approximately HK$325 million for the six months ended 30 September 2023[43]. - Revenue from the Panjin Market increased by approximately 19% compared to the corresponding period in 2023, attributed to higher rental income[12]. - The revenue increase for Xuzhou Market was approximately 2% compared to the corresponding period in 2023[30]. - The revenue increase for Huai'an Market was approximately 6% due to increased property sales recognition compared to the corresponding period in 2023[31]. - The Group recorded a gross profit of approximately HK$140 million for the six months ended 30 September 2024, representing a decrease of approximately 14% compared to HK$162 million in the 2023 Corresponding Period[54]. - The segment result for the same period was approximately HK$85 million, a decrease of approximately 25% from HK$114 million in the 2023 Corresponding Period[54]. - The profit for the period attributable to owners of the parent was approximately HK$10 million, compared to approximately HK$8 million in the 2023 Corresponding Period[82]. - Profit for the period increased to HK$25,990,000, compared to HK$15,840,000 in the previous year, representing a growth of 64.5%[163]. - Profit from operations decreased to HK$76,322,000, a decline of 20.4% from HK$95,842,000 in the same period last year[179]. - Profit before taxation was HK$29,044,000, down 23.3% from HK$37,860,000 in the prior year[179]. Market Performance - The Group completed the sale of its interest in Huai'an Market on September 5, 2024[31]. - The Puyang Market experienced a revenue increase of approximately 26% during the Period, attributed to increased property sale recognition compared to the 2023 Corresponding Period[66]. - Revenue from the Luoyang Market decreased by approximately 42% during the Period due to a decrease in property sale recognition compared to the 2023 Corresponding Period[65]. - Huangshi Market's revenue increased by approximately 5% compared to the 2023 Corresponding Period[86]. - Suizhou Market's revenue increased by approximately 6% compared to the 2023 Corresponding Period[89]. - Kaifeng Market's revenue increased by approximately 4% due to increases in property rental income compared to the 2023 Corresponding Period[89]. - Yulin Market's revenue decreased by approximately 2% due to a decrease in property sale recognition and rental income compared to the 2023 Corresponding Period[94]. - Qinzhou Market's revenue increased by approximately 6% due to an increase in property rental income compared to the 2023 Corresponding Period[102]. - The Group's financial performance summary indicates a significant decrease in property sales recognition compared to the previous year[43]. Cost Management - The Group has implemented continuous cost control measures in the development of its electronic trading platform[19]. - Finance costs decreased to approximately HK$47 million during the Period, down from approximately HK$58 million in the 2023 Corresponding Period, mainly due to repayments of interest-bearing debts[82]. - The total interest on bank and other borrowings decreased from HK$50,590,000 in the six months ended September 30, 2023, to HK$46,230,000 in the same period of 2024, a decline of about 8.5%[149]. - The cost of properties sold was HK$99,327,000, an increase of 6.4% compared to HK$93,539,000 for the same period in 2023[111]. Strategic Initiatives - The Group has launched a new electronic trading platform aimed at enhancing the efficiency of agricultural produce exchange markets[14]. - The Group is focused on e-commerce development as part of its strategic initiatives[35]. - The Group is actively evaluating various business opportunities to diversify income streams and deliver long-term benefits to shareholders[84]. - The company continues to explore market expansion opportunities and new product developments as part of its strategic initiatives[172]. Shareholder Returns - The interim dividend declared is 5 cents per share[37]. - No interim dividend was recommended for the six months ended September 30, 2024, consistent with the previous year[119]. - The company has no unexercised options under the 2022 scheme, with a total of 995,306,782 options available for grant, representing 10% of the issued share capital[161]. Other Financial Information - The total tax charge for the period was HK$3,054,000, significantly lower than HK$22,020,000 in the previous year, indicating a decrease of 86.1%[115]. - The Group reported gains on the disposal of property, plant, and equipment of approximately HK$19,000 for the six months ended September 30, 2024, compared to losses of approximately HK$84,000 in the same period of 2023[122]. - The carrying amount of investment properties decreased from HK$2,933,376,000 as of April 1, 2023, to HK$2,662,575,000 as of September 30, 2024, representing a decline of approximately 9.2%[126]. - Fair value losses on owned investment properties were approximately HK$8 million during the Period, compared to gains of approximately HK$3 million in the 2023 Corresponding Period[82]. - The company reported impairment losses on financial assets of HK$514,000, slightly down from HK$559,000 in the previous year[163]. - The company recognized an equity-settled share-based payment of HK$2,002,000 during the period[169]. - Other comprehensive loss for the period totaled HK$186,220,000, indicating challenges in foreign operations[169].
中国农产品交易(00149) - 2025 - 中期财报