Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 38,298,000, a significant increase from HKD 15,586,000 in the same period last year, representing a growth of 145.1%[6] - Gross profit for the same period was HKD 18,335,000, compared to HKD 6,630,000 in the previous year, indicating a growth of 176.5%[7] - The company reported a loss before tax of HKD 19,717,000, which is an increase from a loss of HKD 15,600,000 in the prior year, reflecting a deterioration of 26.9%[8] - Total comprehensive loss for the period was HKD 19,784,000, compared to HKD 16,399,000 in the previous year, marking an increase of 20.5%[9] - Basic and diluted loss per share was HKD 1.002, compared to HKD 0.830 in the same period last year, representing a decline of 20.7%[11] - The group reported a loss attributable to owners of the company of HKD 19,710,000 for the six months ended September 30, 2022, compared to a loss of HKD 16,325,000 in the same period of 2021[91] - The net loss after tax for the period was approximately HKD 19,780,000, an increase of 21% from HKD 16,400,000 in the previous year, primarily due to impairment losses on office properties[123] Assets and Liabilities - Non-current assets as of September 30, 2022, totaled HKD 508,202,000, slightly down from HKD 512,378,000 as of March 31, 2022[14] - Current assets increased significantly to HKD 48,064,000 from HKD 23,831,000, showing a growth of 101.0%[15] - Current liabilities rose to HKD 133,193,000 from HKD 98,191,000, indicating an increase of 35.7%[16] - Net assets decreased to HKD 403,356,000 from HKD 423,140,000, reflecting a decline of 4.7%[17] - Trade receivables increased to HKD 14,675,000 as of September 30, 2022, from HKD 4,712,000 as of March 31, 2022, showing a growth of 211.5%[95] - The total borrowings of the group as of September 30, 2022, were approximately HKD 99,200,000, compared to HKD 81,700,000 as of March 31, 2022[127] - The group's cash and bank balances as of September 30, 2022, were approximately HKD 18,900,000, down from HKD 21,400,000 as of March 31, 2022[127] - The net asset value of the group as of September 30, 2022, was HKD 403,400,000, a decrease from HKD 423,100,000 as of March 31, 2022[127] Cash Flow - The net cash used in operating activities was HKD 12,261,000, compared to HKD 5,652,000 in the previous year, representing an increase of 116.6%[28] - Cash and cash equivalents at the end of the period were HKD 18,932,000, a decrease from HKD 21,382,000 at the beginning of the period[34] - The company utilized HKD 5,948,000 in investing activities, compared to HKD 2,860,000 in the previous year, marking an increase of 107.3%[31] - Financing activities generated a net cash inflow of HKD 15,759,000, a significant increase from an outflow of HKD 4,963,000 in the prior year[33] - The net cash outflow from operating activities was primarily due to a significant increase in working capital changes, particularly a decrease in trade and other receivables by HKD 25,186,000[28] Business Segments - The hotel operations segment generated external revenue of HKD 20,889,000, while the building materials trading and renovation segment contributed HKD 17,409,000[56] - Revenue from hotel operations in Hong Kong increased to HKD 20,889,000 for the six months ended September 30, 2022, compared to HKD 15,586,000 in the same period of 2021, representing a growth of 34.8%[76] - The newly reported segment, building materials trading and renovation services, generated revenue of approximately HKD 17,410,000 from April 8, 2022, to September 30, 2022[124] Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[27] - The group is focusing on increasing hotel occupancy rates by targeting long-stay customers and exploring different customer segments[46] - The outlook for the building materials trading and renovation services sector is optimistic due to demand for new residential projects, providing opportunities for business expansion[126] Governance and Compliance - The board believes that the current governance structure, where the chairman also serves as the CEO, does not affect the effective operation of the group[141] - The company confirmed that all directors complied with the standards of the securities trading code during the six months ending September 30, 2022[148] - The audit committee reviewed the unaudited interim financial statements for the six months ending September 30, 2022, and discussed accounting principles and internal controls with management[145] Employee and Shareholder Information - The total number of employees increased to approximately 128 as of September 30, 2022, up from 105 as of March 31, 2022[130] - The major shareholder, Mr. Lun Yau-ki, holds 1,358,055,354 shares, representing approximately 69.06% of the company's equity as of September 30, 2022[132] - The company participates in a mandatory provident fund scheme for all eligible employees[130] - The board has reviewed the compensation policy regularly, referencing market terms for employee remuneration[130] Miscellaneous - The company has no significant foreign exchange risk as its transactions are primarily conducted in HKD[129] - The company did not recommend any interim dividend for the six months ended September 30, 2022, consistent with the previous year[91] - The group received government subsidies amounting to HKD 400,000 during the reporting period, compared to HKD 150,000 in the previous year, reflecting a 166.7% increase[84]
茂盛控股(00022) - 2023 - 中期财报