Financial Performance - Total revenue for the first half of 2025 decreased by approximately 54.3% to about 30.4 million THB, down from approximately 66.4 million THB in the first half of 2024[10] - Gross profit for the first half of 2025 was approximately 4.8 million THB, representing a gross margin of 15.7%, compared to 16.5 million THB and 24.9% in the same period last year[11] - Other income for the first half of 2025 was approximately 21.6 million THB, a decrease of about 14.3 million THB compared to the previous year[12] - The net loss for the first half of 2025 was approximately 45.7 million THB, compared to a profit of about 1.2 million THB in the same period last year[16] - The company reported revenue of 30,399 thousand Thai Baht for the six months ended June 30, 2025, a decrease of 54.3% compared to 66,454 thousand Thai Baht in the same period of 2024[56] - Gross profit for the same period was 4,763 thousand Thai Baht, down 71.2% from 16,523 thousand Thai Baht year-over-year[56] - The company incurred a loss before tax of 45,732 thousand Thai Baht, compared to a profit of 1,201 thousand Thai Baht in the prior year[56] - For the six months ended June 30, 2025, the company reported a total equity of THB 324,234,000, a decrease from THB 478,690,000 for the same period in 2024, reflecting a decline of approximately 32.3%[59] - The company experienced a loss of THB 45,732,000 during the six months ended June 30, 2025, compared to a profit of THB 1,201,000 in the same period of 2024[59] Expenses and Costs - Administrative expenses for the first half of 2025 increased by approximately 26.4 million THB to about 50.4 million THB, primarily due to increased depreciation and office expenses[14] - Financial costs for the first half of 2025 were approximately 19.0 million THB, a decrease of about 4.0 million THB from the previous year[15] - The total employee benefits expense for the six months ended June 30, 2025, was 17,925 thousand Thai Baht, a decrease of 25.7% from 24,070 thousand Thai Baht in 2024[71] - The company’s depreciation expense for leased properties and equipment was 1,891 thousand Thai Baht for the six months ended June 30, 2025, compared to 157 thousand Thai Baht in 2024[71] - The labor cost for the company was approximately THB 16.3 million, representing 53.5% of the company's revenue for the six months ended June 30, 2025[33] Assets and Liabilities - The company's net current assets as of June 30, 2025, were approximately 126.2 million THB, down from 184.3 million THB at the end of 2024[17] - Current assets decreased from approximately 844.6 million THB on December 31, 2024, to about 668.8 million THB on June 30, 2025, primarily due to a reduction in trade receivables by approximately 105.4 million THB[18] - Current liabilities decreased to approximately 542.6 million THB on June 30, 2025, from about 660.4 million THB on December 31, 2024, mainly due to a decrease in trade payables by approximately 94.3 million THB[19] - Non-current assets recorded approximately 362.1 million THB on June 30, 2025, down from about 392.3 million THB on December 31, 2024, primarily due to a reduction in right-of-use assets by approximately 41.2 million THB[20] - Non-current liabilities decreased to approximately 164.1 million THB on June 30, 2025, from about 212.2 million THB on December 31, 2024, mainly due to a reduction in non-current lease liabilities by approximately 27.4 million THB[21] - The net balance of bank and other borrowings decreased by approximately 40.4 million THB to about 220.8 million THB on June 30, 2025, primarily due to loan repayments[22] - Shareholders' equity decreased from approximately 364.4 million THB on December 31, 2024, to about 324.2 million THB on June 30, 2025, due to total comprehensive expenses of approximately 43.7 million THB during the first half of 2025[23] Cash Flow and Financing - Cash flows from operating activities increased to THB 38,116,000 for the six months ended June 30, 2025, up from THB 23,736,000 in 2024, representing a growth of approximately 60.5%[60] - The net cash flow from investing activities was negative THB 9,297,000 for the six months ended June 30, 2025, compared to a positive cash flow of THB 333,000 in 2024[60] - The company raised THB 40,334,000 from the issuance of new shares during the six months ended June 30, 2025[59] - The company reported a net increase in cash and cash equivalents of THB 8,957,000 for the six months ended June 30, 2025, compared to an increase of THB 3,487,000 in 2024[61] - As of June 30, 2025, the company had cash and cash equivalents totaling THB 63,960,000, a significant improvement from a negative balance of THB 3,063,000 in the previous year[61] Corporate Governance - The company maintained compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[48] - The audit committee reviewed the financial reporting procedures and internal controls, ensuring compliance with relevant accounting standards[52][53] - The company has established a written guideline for employees regarding securities trading, confirming no violations were found[50] - The board of directors will continue to review the corporate governance framework and make necessary arrangements as deemed appropriate[49] Future Outlook - The company expects to generate approximately 170 million THB in revenue from a new project with PEA in the second half of 2025[7] - The company anticipates that some major projects will be delayed to the second half of 2025, but remains cautiously optimistic about future earnings[7] - The company aims to continue acquiring new projects while delivering on existing ones, maintaining confidence in its long-term prospects[8] Shareholder Information - The company completed a rights issue on September 14, 2023, raising approximately 20.0 million HKD, with net proceeds of about 19.0 million HKD allocated for general working capital[24] - As of June 30, 2025, approximately 85% of the net proceeds from the placement have been used for administrative and operational expenses, and about 6.6% for repaying bank loans[28] - The company did not declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[74] - The company paid dividends of 12,278,000 THB to IAH preferred shareholders in the first half of 2025, up from 10,391,000 THB in the same period of 2024[95] - As of June 30, 2025, the major shareholder Pynk held 12.75% of the company's shares, with 102,000,000 shares owned[42]
佰达国际控股(01949) - 2025 - 中期财报