Financial Performance - For the six months ended December 31, 2024, the turnover decreased by 13% to HK$21,523,000 compared to HK$24,733,000 in the same period of 2023[3]. - The loss for the period improved by 19% to HK$69,006,000 from HK$85,592,000 year-on-year[3]. - Basic loss per share decreased significantly by 69% to HK(4.92) cents from HK(15.85) cents in the previous year[3]. - Gross profit for the period was HK$3,057,000, down from HK$7,357,000, indicating a decline in profitability[6]. - The total comprehensive expense for the period was HK$69,650,000, compared to HK$65,147,000 in the previous year[10]. - Revenue from external customers for the six months ended December 31, 2024, was HK$21,523,000, a decrease from HK$24,733,000 in the same period of 2023, representing a decline of approximately 12.5%[63]. - The segment loss for Calcium carbide was HK$13,844,000, while the Agricultural chemicals segment reported a loss of HK$2,519,000, contributing to a total segment loss of HK$69,006,000 for the period[63]. Assets and Liabilities - As of December 31, 2024, total assets decreased to HK$380,916,000 from HK$478,100,000 as of June 30, 2024, representing a decline of approximately 20.4%[12]. - Non-current assets fell from HK$427,868,000 to HK$350,335,000, a decrease of about 18.1%[12]. - Current assets decreased significantly from HK$50,232,000 to HK$30,581,000, a reduction of approximately 39.1%[12]. - Total liabilities decreased slightly from HK$1,487,244,000 to HK$1,459,710,000, a decline of about 1.9%[14]. - The company's total deficit increased from HK$1,009,144,000 to HK$1,078,794,000, reflecting an increase of approximately 6.9%[14]. - The equity attributable to owners of the Company decreased from HK$1,008,984,000 to HK$1,076,227,000, indicating a decline of about 6.7%[16]. - The Group's current ratio was approximately 0.1, and the gearing ratio was 383% as of December 31, 2024[142]. Cash Flow and Financing - For the six months ended December 31, 2024, the net cash generated from operating activities was HK$ (6,283,000), a decrease from HK$ 5,730,000 in the same period of 2023[20]. - The net cash generated from investing activities was HK$ 71,750,000, compared to a cash outflow of HK$ (1,840,000) in the previous year[20]. - The net cash used in financing activities increased significantly to HK$ (95,031,000) from HK$ (5,928,000) in the prior year[20]. - The Group's bonds payable increased from HK$1,064,706,000 on June 30, 2024, to HK$1,115,732,000 by December 31, 2024[101]. - Interest charges for the period ending December 31, 2024, amounted to HK$48,318,000, compared to HK$81,902,000 for the previous period[101]. - The Group plans to issue up to 50 bonds on February 21, 2025, with a principal amount of HK$1,000,000 each, totaling a maximum of HK$50,000,000, at an interest rate of 10% per annum[118]. Operational Highlights - The company did not declare any interim dividend for the period[3]. - The company maintained strict control over outstanding receivables, with overdue balances regularly reviewed by management[85]. - The company is negotiating a settlement for a bond payable of approximately HK$ 465 million, with expectations of deferring or discounting approximately HK$ 233 million of the bond payable[29]. - The management is optimistic about the recovery of the PRC economy and plans to actively resume calcium carbide production to improve profit margins in agricultural chemical products[181][184]. - The company is exploring opportunities for overseas market expansion and strategic investments to enhance shareholder value[182][185]. Employee and Cost Management - Staff costs, excluding directors' emoluments, totaled HK$5,165,000 for the period, compared to HK$4,707,000 in the previous year, reflecting an increase of approximately 9.7%[76]. - Administrative expenses were reduced to HK$27,729,000 from HK$32,173,000, reflecting cost control measures[6]. - Cost-cutting measures will be implemented to reduce administrative expenses and cash outflows over the next twelve months[36]. Share Capital and Equity - The company issued a total of 280,000,000 shares at a placement price of HK$0.10 per share, raising approximately HK$22,400,000 for debt repayment and general working capital[98]. - The total issued and fully paid ordinary shares as of December 31, 2024, remained at 1,351,548,168 shares, unchanged from June 30, 2024[90]. - The company converted approximately HK$28,560,000 of convertible bonds into 136,000,000 shares at a conversion price of HK$0.21 per share[97]. Market and Economic Conditions - The group has minimal foreign currency risk as most transactions are in Hong Kong dollars and Renminbi, with no hedging instruments outstanding as of December 31, 2024[172][175]. - The management maintains a cautiously optimistic outlook on commodity prices, anticipating stabilization in the sales price of calcium carbide[187][190].
中国天化工(00362) - 2025 - 中期业绩