Revenue and Income Growth - Revenue increased by approximately 163.7% from approximately HK$73.7 million for the six months ended September 30, 2023 to approximately HK$194.2 million (US$25.0 million) for the six months ended September 30, 2024[2] - Net income increased by approximately 636.4% from approximately HK$3.3 million for the six months ended September 30, 2023 to approximately HK$24.3 million (US$3.1 million) for the six months ended September 30, 2024[3] - Total revenue for the six months ended September 30, 2024, increased to HK$194,219,677, representing a 163% growth compared to HK$73,663,071 in the same period of 2023[23] - Gross profit for the same period rose to HK$53,644,468, up 109% from HK$25,582,089 in 2023[23] - Net income attributable to the company's ordinary shareholders for the six months ended September 30, 2024, was HK$24,387,079, a significant increase from HK$3,835,251 in 2023[23] - Net income for the six months ended September 30, 2024, increased to HK$24,259,840, compared to HK$3,294,312 in the same period of 2023, representing a significant growth of approximately 638%[25] Expenses and Costs - Cost of service increased by approximately 192.4% from approximately HK$48.1 million for the six months ended September 30, 2023 to approximately HK$140.6 million (US$18.1 million) for the six months ended September 30, 2024[8] - Operating expenses increased by approximately 77.2% from approximately HK$13.9 million for the six months ended September 30, 2023 to approximately HK$24.7 million (US$3.2 million) for the six months ended September 30, 2024[10] - Operating expenses for the six months ended September 30, 2024, totaled HK$24,659,999, compared to HK$13,919,134 in 2023, reflecting increased investment in operations[23] Earnings Per Share - Basic and diluted EPS were approximately HK$0.40 (US$0.05) per ordinary share for the six months ended September 30, 2024, compared to HK$0.05 per ordinary share for the same period in 2023[14] - The company reported a basic and diluted earnings per ordinary share of HK$0.40 for the six months ended September 30, 2024, compared to HK$0.05 in 2023[23] Tax and Other Income - Income tax expense decreased by approximately 21.0% from approximately HK$6.6 million for the six months ended September 30, 2023 to approximately HK$5.2 million (US$0.7 million) for the six months ended September 30, 2024[12] - Other income, net, was approximately HK$0.5 million (US$62,000) for the six months ended September 30, 2024, compared to other expenses, net, of approximately HK$1.8 million for the same period in 2023[11] Assets and Liabilities - Total current assets as of September 30, 2024, reached HK$315,093,957, up from HK$187,448,122 as of March 31, 2024[20] - Total liabilities increased to HK$187,852,436 as of September 30, 2024, compared to HK$144,765,155 as of March 31, 2024[20] - The company’s total assets as of September 30, 2024, amounted to HK$368,376,995, up from HK$242,824,451 as of March 31, 2024[20] - The company’s retained earnings increased to HK$114,274,817 as of September 30, 2024, from HK$89,887,738 as of March 31, 2024[24] Cash Flow and Financing - Cash and cash equivalents as of September 30, 2024, were HK$30,476,559, significantly higher than HK$6,390,861 as of March 31, 2024[20] - Net cash used in operating activities increased to HK$54,199,463 in 2024 from HK$23,167,353 in 2023, reflecting a rise of approximately 134%[25] - Cash and cash equivalents at the end of the period increased to HK$30,240,859 in 2024 from HK$20,062,436 in 2023, showing a growth of about 50%[26] - Total cash, cash equivalents, and restricted cash at the end of the period reached HK$48,662,658 in 2024, compared to HK$22,062,436 in 2023, marking an increase of approximately 120%[26] - Proceeds from initial public offering (IPO) in 2024 amounted to HK$58,205,423, contributing significantly to financing activities[25] - Net cash generated from financing activities in 2024 was HK$80,395,308, a substantial increase from HK$10,344,681 in 2023, representing a growth of approximately 676%[25] Investments and Projects - The automated cold storage facility, co-invested with an international private equity-backed fund manager, was completed in December 2024 and is expected to significantly advance the development of cold chain logistics in Hong Kong[5] - The upgrade of the Airport Island smart logistics center is expected to finish by the end of Q3 2025, with its contract amount representing approximately 91.7% of the company's revenue for the fiscal year ended March 31, 2024[5] - The company is developing and upgrading three major smart logistics projects in Hong Kong, leveraging its market-leading Property + Logistics Technology (PLT) solutions[6] Impairments and Allowances - The allowance for doubtful accounts/expected credit loss rose to HK$9,647,473 in 2024 from HK$2,332,210 in 2023, indicating an increase of about 314%[25] - The company reported a significant impairment loss on goodwill of HK$1,500,000 in 2023, which was not present in 2024[25] - The acquisition of a subsidiary in 2023 cost HK$1,500,000, indicating ongoing investment in growth strategies[25] - Interest received increased to HK$363,996 in 2024 from HK$14 in 2023, reflecting a substantial rise in interest income[25]
Reitar Logtech Holdings Limited(RITR) - 2025 Q3 - Quarterly Report