Financial Position - As of October 31, 2024, the total cash and cash equivalents of the group amounted to approximately HKD 65.1 million, a slight decrease from HKD 65.8 million as of April 30, 2024[1]. - The current ratio remained stable at approximately 1.1 times as of October 31, 2024, consistent with April 30, 2024[1]. - The group had no bank borrowings as of October 31, 2024, and April 30, 2024[2]. - The total assets decreased from HKD 173.09 million to HKD 143.19 million, while total liabilities decreased from HKD 157.72 million to HKD 125.63 million[53][49]. - The group has no significant capital commitments as of October 31, 2024[31]. - The company has no major foreign exchange risks and is currently not executing any foreign currency hedging policies[33]. Revenue and Profitability - The group reported total revenue of HKD 44,466,000 for the six months ended October 31, 2024, compared to HKD 22,357,000 for the same period in 2023, representing a 99.8% increase[64]. - Revenue from the sale of compound fertilizers was HKD 35,655,000 for the current period, a significant increase from HKD 714,000 in the previous period[64]. - The wholesale segment generated revenue of HKD 743,000, down from HKD 922,000 in the previous period, indicating a decline of 19.5%[64]. - The group achieved a profit before tax of HKD 2,062,000 for the six months ended October 31, 2024, compared to a loss before tax of HKD 1,408,000 for the same period in 2023[73][78]. - The company reported a profit attributable to owners of approximately HKD 1.65 million, compared to a loss of HKD 2.67 million in the previous period[40]. - Basic and diluted earnings per share improved to HKD 0.21 from a loss of HKD 0.33 per share[42]. - Gross profit for the review period was approximately HKD 11.0 million, a decrease of about HKD 9.7 million or 46.9% from HKD 20.7 million for the six months ended October 31, 2022[115]. Cost Management - Sales and distribution costs decreased by approximately HKD 5.9 million or 54.6% to about HKD 4.9 million due to a significant drop in freight costs[25]. - Administrative expenses reduced by approximately HKD 8.0 million or 66.1% to about HKD 4.1 million, primarily due to decreases in financial advisory fees, director remuneration, and salaries and allowances for administrative staff[26]. - Financing costs decreased from approximately HKD 20,000 to about HKD 9,000, a reduction of approximately HKD 11,000, due to lower financing costs on lease liabilities[27]. - Total employee costs for the six months ended October 31, 2024, amounted to HKD 4,951,000, a decrease from HKD 12,033,000 in the same period of 2023[94]. - The company implemented cost control measures, including staff cost reductions, to overcome challenges during the review period[109]. Operational Developments - The group aims to enhance production management and efficiency to provide more high-quality fertilizer products, thereby increasing product competitiveness[11]. - The company expanded its business into the manufacturing and sales of compound fertilizers starting October 2023, which contributed to revenue growth[113]. - The company successfully leased a compound fertilizer production line in October 2023, which improved profit margins and product quality control[110]. - The company recognized an inventory write-down provision of HKD 76,000 for the six months ended October 31, 2024, significantly lower than HKD 581,000 for the same period in 2023[94]. Market Conditions - The fertilizer market is expected to face various challenges and opportunities, with domestic agricultural demand anticipated to support the market[11]. - Urea export volume dropped approximately 92.8% year-on-year, severely impacting the company's export business performance[110]. - Trade business revenue decreased by approximately 60.9% to about HKD 8.1 million, down from HKD 20.7 million for the same period last year[113]. Other Information - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[4]. - There were no significant events occurring after the review period up to the date of the announcement[12]. - The company has not declared an interim dividend for the six months ended October 31, 2024[99].
富一国际控股(01470) - 2025 - 中期业绩