Revenue and Profitability - Revenue for the six months ended September 30, 2025, was HK$20,343,000, representing a 19.5% increase from HK$16,980,000 in the same period of 2024[10] - Gross profit decreased to HK$2,137,000, down 22.2% from HK$2,746,000 year-over-year[10] - Loss from operations for the period was HK$19,750,000, an improvement from a loss of HK$23,547,000 in the previous year[10] - Loss before taxation was HK$23,049,000, compared to a loss of HK$25,129,000 in the prior period, indicating a reduction in losses[10] - Total comprehensive loss for the period was HK$29,624,000, compared to HK$21,243,000 in the same period last year, reflecting increased losses[10] - For the six months ended September 30, 2025, the loss attributable to owners of the company was HK$22,798,000, a decrease from HK$24,573,000 in the same period of 2024, representing a 7.2% improvement[12] - The total comprehensive loss for the period attributable to owners of the company was HK$29,378,000, compared to HK$20,971,000 in the previous year, indicating a 40.5% increase in losses[12] - Basic loss per share from continuing operations was HK$6.5, slightly improved from HK$7.1 in the prior year[12] Expenses and Cost Management - Selling and distribution costs decreased to HK$3,931,000 from HK$5,692,000, showing a reduction in expenses[10] - Administrative expenses were reduced to HK$10,360,000 from HK$19,517,000, highlighting cost-cutting measures[10] - The company continues to focus on improving operational efficiency and reducing costs in response to market conditions[10] Financial Position and Assets - Non-current assets decreased significantly from HK$123,240,000 as of March 31, 2025, to HK$37,047,000 as of September 30, 2025, reflecting a 69.9% decline[14] - Current liabilities increased sharply from HK$199,510,000 to HK$226,408,000, marking a 13.5% rise[14] - The company reported net current liabilities of HK$126,060,000, an improvement from HK$173,173,000 in the previous period, indicating a 27.2% reduction[14] - The company's cash and cash equivalents increased to HK$11,919,000 from HK$10,701,000, showing an increase of 11.4%[14] - The total assets classified as held for sale amounted to HK$76,230,000 as of September 30, 2025, compared to nil in the previous period[14] - The company's share capital decreased significantly from HK$435,252,000 to HK$2,720,000, indicating a substantial reduction in equity[14] - The capital deficiency increased to HK$94,321,000 from HK$65,134,000, reflecting a worsening financial position[14] Cash Flow and Liquidity - Net cash used in operating activities for the six months ended September 30, 2025, was HK$673,000, compared to HK$1,136,000 in the same period of 2024, indicating a reduction in cash outflow[19] - The company reported a decrease in trade and other receivables by HK$1,162,000 for the six months ended September 30, 2025, compared to an increase of HK$32,326,000 in 2024[19] - The Group's cash and bank balances as stated in the condensed consolidated statement of financial position were HK$11,919,000[1] - The Group is undertaking plans to improve liquidity and financial position, including seeking legal opinions regarding potential cash flow impacts[35] Discontinued Operations - The business of property investment was discontinued in the current period, focusing on milk products and services[25] - For the six months ended September 30, 2025, the company reported a loss of HK$161,000 from discontinued operations, compared to a profit of HK$459,000 in the same period of 2024[112] - The total revenue from discontinued operations was HK$0 for the six months ended September 30, 2025, with other net gains and losses amounting to a loss of HK$44,000[110] Segment Performance - Revenue from the Milk Products Business for the six months ended 30 September 2025 was HK$6,217,000, while the Services Business generated HK$14,126,000, totaling HK$20,343,000[78] - The adjusted EBITDA for the Milk Products Business was a loss of HK$11,098,000, while the Services Business reported a profit of HK$7,850,000, resulting in a consolidated adjusted EBITDA loss of HK$3,248,000[78] - The reportable segment loss (adjusted EBITDA) for the milk products business was HK$18,065,000, while the services business reported a profit of HK$764,000, resulting in a total adjusted EBITDA loss of HK$17,301,000[83] Financial Liabilities and Borrowings - The Group's financial liabilities measured at amortized cost total HK$37,918,000 as of September 30, 2025, up from HK$36,917,000 as of March 31, 2025[180] - Other borrowings increased from HK$41,081,000 on March 31, 2025, to HK$47,651,000 on September 30, 2025, reflecting a rise of 15.5%[187] - The group has secured its borrowings with debentures and mortgages over its properties and assets[188] Legal and Arbitration Matters - The arbitration notices filed by The Infant Food Company Pty Limited claim outstanding trade payables of approximately AUD5,653,000 and losses and damages of AUD34,200,000[197] - The Arbitration Awards mandated Willis Trading and Alice Trading to settle trade payables of approximately AUD5,653,000 and additional losses and damages of approximately AUD24,636,000 (equivalent to HK$125,220,000)[198][199] Asset Valuation and Impairment - The fair value of the investment property located in Australia was revalued to HK$43,518,000 as of September 30, 2025, using Level 3 inputs[145] - The investment property was sold for AUD 9,100,000, with the sale expected to be completed within eight weeks of the contract date[138] - The company has not recognized any impairment losses against the carrying amount of goodwill for the current period[164]
阿尔法企业(00948) - 2026 - 中期财报