Financial Performance - Revenue for the first half of 2025 increased by approximately HK$2.4 million or 4.7% to approximately HK$52.4 million compared to HK$50.0 million in the first half of 2024[16]. - Loss before tax for the first half of 2025 was HK$5.1 million, an increase of 82.3% from HK$2.8 million in the first half of 2024[14]. - Loss for the period increased to HK$4.96 million in the first half of 2025 from HK$2.94 million in the first half of 2024, representing a 68.5% increase[14]. - Basic and diluted loss per share for the first half of 2025 was HK$0.45, up from HK$0.27 in the first half of 2024, marking a 68.5% increase[14]. - Total comprehensive expense for the period was HK$1,824,000, an improvement from HK$3,360,000 in the same period last year[74]. - Loss for the period attributable to owners of the Company was HK$4,958,000 in 2025, compared to HK$2,943,000 in 2024, indicating an increase in loss of about 68%[131]. Revenue Breakdown - Revenue from Hotel Operation accounted for approximately 56.8% of total revenue, increasing by approximately HK$2.6 million or 9.7% from approximately HK$27.1 million in 1H2024 to approximately HK$29.7 million in 1H2025[44]. - Revenue from Properties Management accounted for approximately 36.7% of total revenue, increasing by approximately HK$0.3 million or 1.5% from approximately HK$18.9 million in 1H2024 to approximately HK$19.2 million in 1H2025[45]. - Revenue from Catering Management decreased by approximately HK$0.5 million or 13.6% from approximately HK$4.0 million in 1H2024 to approximately HK$3.4 million in 1H2025, primarily due to a decrease in the total number of customers[46]. - Hotel operations revenue increased by approximately 9.7% to about HKD 29,700,000 in 1H2025, compared to HKD 27,100,000 in 1H2024, contributing approximately 56.8% to total revenue[47]. - Property management revenue rose by approximately 1.5% to about HKD 19,200,000 in 1H2025, up from HKD 18,900,000 in 1H2024, accounting for approximately 36.7% of total revenue[48]. - Catering management revenue decreased by approximately 13.6% to about HKD 3,400,000 in 1H2025, down from HKD 4,000,000 in 1H2024, representing about 6.6% of total revenue[49]. Expenses and Costs - Gross profit decreased by approximately HK$2.4 million from HK$13.5 million in the first half of 2024 to HK$11.1 million in the first half of 2025, primarily due to higher direct costs[17]. - Administrative expenses rose by approximately HK$0.6 million or 4.3% from HK$14.9 million in the first half of 2024 to HK$15.6 million in the first half of 2025[18]. - Staff costs increased by approximately HK$3.7 million or 16.4% from approximately HK$22.7 million in 1H2024 to approximately HK$26.4 million in 1H2025, mainly due to business expansion in Hotel Operation and Properties Management[36]. - Total depreciation expenses rose to HK$2,204,000 in 2025 from HK$1,858,000 in 2024, marking an increase of approximately 18.5%[125]. - The total legal and professional fees incurred were HK$2,688,000 in 2025, up from HK$2,239,000 in 2024, representing an increase of about 20%[125]. Assets and Liabilities - Total assets as of June 30, 2025, were HK$111.3 million, a 1.2% increase from HK$110.0 million at the end of 2024[14]. - Total liabilities increased by 2.1% to HK$148.8 million as of June 30, 2025, compared to HK$145.7 million at the end of 2024[14]. - The Group's net current liabilities rose by approximately HK$6.0 million from approximately HK$118.0 million as of December 31, 2024, to approximately HK$124.0 million as of June 30, 2025, with the current ratio decreasing from approximately 0.15 times to approximately 0.13 times[21]. - Non-current assets increased to HK$93,337,000 as of June 30, 2025, up from HK$89,564,000 at the end of 2024[76]. - Current liabilities rose to HK$141,885,000, compared to HK$138,369,000 at the end of 2024, indicating a 3.6% increase[76]. - Net liabilities stood at HK$37,502,000 as of June 30, 2025, worsening from HK$35,678,000 at the end of 2024[77]. Cash Flow - As of June 30, 2025, bank balances and cash amounted to approximately HK$7.4 million, down from approximately HK$10.2 million as of December 31, 2024[22]. - The net cash used in operating activities for the six months ended June 30, 2025, was HK$3,196,000, compared to HK$964,000 in the same period of 2024[91]. - The net cash used in investing activities for the same period was HK$1,607,000, an increase from HK$849,000 in 2024[91]. - Financing activities generated a net cash inflow of HK$743,000 for the six months ended June 30, 2025, down from HK$1,549,000 in 2024[91]. - Cash and cash equivalents decreased to HK$7,388,000 from HK$10,189,000, reflecting a decline of 27.5%[76]. Compliance and Governance - The company has maintained the required amount of public float as per the Listing Rules during the six months ended June 30, 2025[62]. - The company has complied with the Corporate Governance Code during the six months ended June 30, 2025[63]. - All directors have complied with the Model Code for Securities Transactions during the period ended June 30, 2025[64]. - The audit committee confirmed compliance with applicable accounting principles and adequate disclosures for the financial statements[70]. Strategic Outlook - The overall outlook for the hotel business in Canada and property management in the PRC remains stable despite potential economic challenges[50]. - The management team is implementing measures to reduce operating losses and improve financial results while exploring new business opportunities[51]. - The company continues to adopt the going concern basis of accounting, indicating confidence in its operational sustainability for the foreseeable future[97].
时代环球集团(02310) - 2025 - 中期财报