Financial Performance - The company's revenue for the six months ended December 31, 2024, was HKD 89,296,000, representing a 27% increase from HKD 70,311,000 in the same period of 2023[3]. - Gross profit decreased to HKD 26,423,000, down 48.7% from HKD 51,490,000 year-on-year[3]. - The company reported a profit before tax of HKD 14,937,000, compared to a loss of HKD 68,680,000 in the previous year[4]. - The net profit for the period was HKD 26,654,000, a significant recovery from a loss of HKD 38,290,000 in the same period last year[4]. - Basic and diluted earnings per share were HKD 0.99, compared to a loss of HKD 1.42 per share in the previous year[4]. - The total profit for the period was HKD 26,654,000, compared to a loss of HKD 38,290,000 in the same period last year, marking a turnaround in profitability[23]. - The group reported a net profit of HKD 26,587,000 for the six months ended December 31, 2024, compared to a net loss of HKD 38,290,000 in the same period of 2023[37]. - The group recorded a profit of approximately HKD 26,654,000 during the interim period, a significant increase from a loss of HKD 38,290,000 in the previous year, resulting in a profit margin of approximately 29.8%[73]. Revenue Breakdown - Property rental income decreased to HKD 20,267,000 from HKD 30,089,000, reflecting a decline of about 32.5% year-over-year[17]. - The income from property management fees was HKD 25,819,000, down from HKD 39,395,000, indicating a decrease of approximately 34.5%[17]. - The aviation charter service fee income was HKD 42,268,000, which was not present in the previous year, contributing significantly to overall revenue growth[17]. - Revenue from external customers in China for the six months ended December 31, 2024, was HKD 47,028,000, a decrease of 33% compared to HKD 70,311,000 in the same period of 2023[30]. - Revenue from external customers in Hong Kong for the same period was HKD 42,268,000, with no prior year comparison available[30]. - Total revenue for the group for the six months ended December 31, 2024, was HKD 89,296,000, compared to HKD 70,311,000 in the previous year, indicating an increase of 27%[30]. Assets and Liabilities - The total assets decreased to HKD 470,440,000 from HKD 622,755,000 as of June 30, 2024[5]. - The company reported a total asset value of HKD 553,718,000 as of December 31, 2024, down from HKD 711,114,000 at the end of the previous period[27]. - Total liabilities decreased to HKD 535,579,000 from HKD 719,052,000, indicating a reduction of approximately 25.5%[28]. - The company has a net current liability of approximately HKD 62,923,000, indicating significant uncertainty regarding its ability to continue as a going concern[9]. - The group’s non-current assets in China amounted to HKD 409,803,000 as of December 31, 2024, down from HKD 572,064,000[30]. - Trade receivables decreased from HKD 16,802,000 as of June 30, 2024, to HKD 10,908,000 as of December 31, 2024, with expected credit loss provisions reducing from HKD 4,533,000 to HKD 680,000[46][47]. - Total lease liabilities decreased from HKD 630,994,000 as of June 30, 2024, to HKD 439,230,000 as of December 31, 2024, with current liabilities at HKD 61,174,000[49][51]. Corporate Actions and Future Plans - Measures have been implemented to improve liquidity, including monitoring administrative expenses and operational costs[10]. - The major shareholder has committed to providing sufficient funds to meet the company's financial obligations over the next twelve months[10]. - The company plans to continue focusing on expanding its aviation charter services as a key growth area moving forward[20]. - The group plans to continue investing in property operations, including hiring experienced personnel and potentially acquiring light asset property operations in China[90]. - The group aims to expand its property management and operation services to more tenants across various regions, enhancing brand offerings and tenant types to meet diverse customer needs[88]. - The board believes that the implementation of air cargo charter services will become a new source of revenue for the group[91]. Legal and Governance - The group has initiated legal action to recover outstanding loans due to increased credit risk from the borrower’s deteriorating financial condition[83]. - The group has no significant contingent liabilities as of the reporting period end[102]. - The group has adopted corporate governance practices in compliance with the listing rules, ensuring accountability and transparency[104]. - The audit committee consists of three independent non-executive directors responsible for reviewing the group's financial reporting processes, risk management, and internal controls[108]. - The interim results have not been audited but have been reviewed by the company's independent auditor in accordance with the Hong Kong Institute of Certified Public Accountants' standards[109]. Other Financial Metrics - Administrative expenses increased to approximately HKD 17,468,000, accounting for 19.6% of revenue, up from 16.2% in the previous year, primarily due to operational expenses from new property operations and air cargo charter market development[75]. - Other income and losses amounted to approximately HKD 6,962,000, a decrease from HKD 7,908,000 in the previous year, attributed to reduced interest income from rental deposits[74]. - Financial expenses decreased to approximately HKD 12,951,000, representing 14.5% of revenue, down from 27.0% in the previous year, mainly due to lease terminations related to the shopping center[81]. - The fair value of investment properties was approximately HKD 406,702,000, with a fair value change loss of approximately HKD 36,058,000 during the interim period[78]. - The group did not declare or recommend any dividends during the interim period[35]. - The board does not recommend the payment of an interim dividend for the period[86].
锦艺集团控股(00565) - 2025 - 中期业绩