中港石油(00632) - 2025 - 中期业绩

Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income Financial Performance Overview The Group's H1 2025 revenue increased, with a narrowed loss and improved basic and diluted loss per share Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 38,390 | 36,705 | +4.6% | | Cost of Sales | (38,136) | (36,584) | +4.3% | | Gross Profit | 254 | 121 | +109.9% | | Other Income | 3 | 251 | -98.8% | | Administrative Expenses | (12,915) | (12,458) | +3.7% | | Selling Expenses | – | (155) | -100.0% | | Finance Costs | (90) | (148) | -39.2% | | Loss Before Tax | (12,748) | (12,389) | +2.9% | | Income Tax Credit | 1,644 | – | N/A | | Loss for the Period | (11,104) | (12,389) | -10.4% | | Loss Attributable to Owners of the Company | (11,104) | (12,389) | -10.4% | | Total Comprehensive Loss for the Period | (8,544) | (14,942) | -42.8% | | Basic and Diluted Loss Per Share (HK cents) | (1.29) | (1.47) | -12.2% | - The narrowed loss for the period was primarily due to the reversal of over-provision for PRC withholding tax in prior years[41] Condensed Consolidated Interim Statement of Financial Position Financial Position Overview As at June 30, 2025, the Group's total assets less current liabilities, net assets, and total equity increased Condensed Consolidated Interim Statement of Financial Position (As at June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | | | | | Property, Plant and Equipment | 16,092 | 16,099 | -0.04% | | Intangible Assets | 155,676 | 155,676 | 0.0% | | Right-of-use Assets | 549 | 1,484 | -63.0% | | Statutory Deposits and Other Assets | 2,622 | 2,622 | 0.0% | | Current Assets | | | | | Trade Receivables | 2,961 | 4,332 | -31.6% | | Prepayments, Deposits and Other Receivables | 105,148 | 91,237 | +15.2% | | Bank Balances and Cash | 1,917 | 13,511 | -85.8% | | Current Liabilities | | | | | Trade and Other Payables | 29,561 | 21,618 | +36.7% | | Loan from Ultimate Holding Company | 8,725 | 10,900 | -19.9% | | Bank Loans and Other Borrowings | 3,287 | 3,193 | +2.9% | | Lease Liabilities | 590 | 1,701 | -65.3% | | Tax Payable | 6,340 | 12,801 | -50.5% | | Net Assets | 230,362 | 228,648 | +0.7% | | Total Equity | 230,362 | 228,648 | +0.7% | - Bank balances and cash significantly decreased by 85.8%, from HK$13,511 thousand to HK$1,917 thousand[5] - Prepayments, deposits and other receivables increased by 15.2%, primarily due to an increase in trade deposits paid[5][10] Notes to the Unaudited Condensed Consolidated Interim Financial Statements 1. General Information The company's core business includes investment holding, oil and gas operations, and trading, with shares listed on HKEX - The Group's principal activities include investment holding, oil and gas exploration, extraction and sales, and trading of oil, oil-related and other products[7] 2. Basis of Preparation Interim financial statements follow HKAS 34, reviewed by Audit Committee, with Board affirming going concern - The Group incurred a net loss attributable to owners of the Company of HK$11,104,000 for the six months ended June 30, 2025, with bank balances and cash of only HK$1,917,000 and total trade and other payables of approximately HK$37,205,000 due within the next 12 months, indicating significant going concern uncertainty[11] - The Board believes the Group will have sufficient working capital, primarily based on the ultimate holding company's commitment to financial support, internal cash flow forecasts, consideration of other financing arrangements, and enhanced cost control measures[11][13] 3. Changes in Accounting Policies Current accounting policies are consistent, with no significant impact from new HKFRSs, and future impacts are assessed - New/revised Hong Kong Financial Reporting Standards adopted during the period had no material impact on the Group's results and financial position[14] 4. Revenue and Segment Information The Group operates in oil/gas sales and trading segments, with trading contributing most revenue from China Revenue by Major Products (For the six months ended June 30) | Major Product | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Oil and Gas Sales | 5 | – | N/A | | Trading of Oil, Oil-related and Other Products | 38,385 | 36,705 | +4.6% | | Total Revenue | 38,390 | 36,705 | +4.6% | Revenue by Geographical Location of Customers (For the six months ended June 30) | Geographical Location | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | United States of America | 5 | – | N/A | | People's Republic of China | 38,385 | 36,705 | +4.6% | | Total Revenue | 38,390 | 36,705 | +4.6% | - The oil and gas sales segment recorded revenue of HK$5 thousand in the current period, compared to zero in the prior year period[19] - The oil and gas sales segment incurred a loss of HK$3,106 thousand, while the trading of oil, oil-related and other products segment incurred a loss of HK$717 thousand[20] 5. Loss Before Tax Loss before tax was HK$12,748 thousand, impacted by expenses, with no penalties incurred this period Key Deductions from Loss Before Tax (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation – Property, Plant and Equipment | 47 | 45 | +4.4% | | Depreciation – Right-of-use Assets | 935 | 935 | 0.0% | | Finance Costs – Interest on Lease Liabilities | 33 | 87 | -62.1% | | Finance Costs – Interest Expense | 57 | 61 | -6.6% | | Employee Benefit Expenses – Salaries and Allowances | 3,635 | 4,805 | -24.3% | | Employee Benefit Expenses – Retirement Scheme Contributions | 178 | 181 | -1.7% | | Penalties | – | 4,212 | -100.0% | - No penalties were incurred in the current period, compared to HK$4,212 thousand in the prior year period[23] 6. Income Tax Credit An income tax credit of HK$1,644 thousand resulted from PRC withholding tax reversal, with no profit tax provision Income Tax Credit (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current Income Tax Credit – PRC withholding tax | 274 | – | | Over-provision in prior years – PRC withholding tax | (1,918) | – | | Total Tax Credit for the Period | (1,644)