Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 208,198,000, a decrease of 11.9% compared to HKD 236,976,000 in the same period last year[4]. - Customer contract revenue decreased to HKD 20,691,000, down 45.9% from HKD 38,238,000 year-on-year[4]. - The company reported a net profit of HKD 42,784,000, a decline of 66.8% from HKD 128,782,000 in the previous year[4]. - The total comprehensive income for the period was HKD (10,372,000), compared to HKD 382,362,000 in the same period last year[6]. - Basic earnings per share for the period were HKD 0.24, down from HKD 1.07 in the previous year[8]. - The segment performance showed a profit of HKD 85,284,000 for the six months ended September 30, 2022, compared to HKD 177,097,000 for the same period in 2021, indicating a decrease of about 52%[26]. - The company reported a pre-tax profit of HKD 57,740,000 for the six months ended September 30, 2022, compared to HKD 165,780,000 for the same period in 2021, reflecting a decline of approximately 65%[26]. - Profit attributable to the company's owners for the same period was approximately HKD 23 million, down from HKD 103.1 million in the previous year, primarily due to increased impairment losses on receivables and loans[87]. - Earnings per share decreased to HKD 0.24, compared to HKD 1.07 in the previous year[87]. Assets and Liabilities - Non-current assets as of September 30, 2022, totaled HKD 1,585,450,000, a slight decrease from HKD 1,607,031,000 at the end of March 2022[10]. - Current assets increased to HKD 6,011,563,000 from HKD 5,830,812,000 at the end of March 2022[10]. - The total assets as of September 30, 2022, amounted to HKD 7,597,013,000, a decrease from HKD 7,871,061,000 as of March 31, 2022[28]. - The total liabilities decreased to HKD 727,173,000 from HKD 922,298,000 at the end of March 2022[12]. - The total liabilities as of September 30, 2022, were HKD 731,205,000, down from HKD 926,308,000 as of March 31, 2022[28]. - The company's total equity as of September 30, 2022, was not explicitly stated but can be inferred from the total assets and liabilities[28]. - The group's equity attributable to owners as of September 30, 2022, was approximately HKD 5,673,100,000, a decrease of about HKD 78,400,000 or 1.4% from March 31, 2022[106]. - The group's net current assets decreased to approximately HKD 5,284,400,000 as of September 30, 2022, compared to HKD 5,341,700,000 as of March 31, 2022[108]. Cash Flow - Net cash generated from operating activities for the six months ended September 30, 2022, was HKD 155,204,000, a decrease from HKD 889,108,000 in the previous year[16]. - Net cash used in investment activities was HKD 206,544,000, compared to a net cash used of HKD 90,545,000 in the previous year[16]. - Net cash used in financing activities was HKD 72,873,000, a decrease from net cash generated of HKD 28,274,000 in the previous year[16]. - The total cash and cash equivalents at the end of the period was HKD 2,123,910,000, up from HKD 1,485,539,000 in the previous year[16]. - Cash and cash equivalents increased to approximately HKD 2,123,900,000 as of September 30, 2022, from HKD 1,835,200,000 as of March 31, 2022, mainly due to cash inflow from the sale of a wholly-owned subsidiary[108]. Impairment and Provisions - The impairment loss on receivables increased to HKD 56,544,000, compared to HKD 46,904,000 in the previous year[4]. - The provision for losses on accounts receivable increased to HKD 390,641,000 as of September 30, 2022, compared to HKD 334,097,000 as of March 31, 2022[43]. - The impairment provision for loans decreased from HKD 48,024,000 at the beginning of the period to HKD 15,563,000 by September 30, 2022, reflecting a significant reduction in provisions[56]. - The company believes that the impairment provision for debts is sufficient given the credit risk concentration[54]. Dividends - The company declared a dividend of HKD 96,628,000, consistent with the previous year[8]. - The proposed interim dividend is HKD 0.5 per share, consistent with the previous year, with total dividends paid amounting to HKD 96,628,000[36]. - The company declared an interim dividend of HKD 0.005 per share for the six months ended September 30, 2022[85]. Business Operations - The company’s main business includes lending, property development, and investment in financial instruments[18]. - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards[20]. - The company’s operations are primarily conducted in HKD, minimizing significant foreign exchange risk, with limited exposure to other currencies[73]. - The company maintains a rigorous credit assessment policy for both secured and unsecured loans, considering various factors such as repayment ability and market conditions[58][60]. - The company has no overdue or impaired loans as of the reporting date, indicating strong credit quality among borrowers[57]. - The company faced liquidity risk due to timing differences in settlements with clearing houses and clients, which is monitored closely by the treasury and settlement departments[77]. Corporate Governance - The company has adhered to the corporate governance code, with a change in CEO from Hong Han-man to Gan Cheng-cho on June 1, 2022[130]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2022[131]. - All directors confirmed compliance with the required standards of the securities trading code throughout the review period[133]. - The company aims to enhance shareholder value through the new share option plan, which is designed to attract and retain contributors to the group's growth[122]. - The company has maintained a balanced power structure within the board, ensuring effective governance despite the dual role of the chairman and CEO[130]. Market and Investment - The company is exploring opportunities in the auction market, particularly focusing on Chinese art, to establish Hong Kong as an Asian art center[105]. - Management plans to continue seeking quality investment properties in Asia and Europe to enhance the investment portfolio and ensure stable rental income[103].
结好控股(00064) - 2023 - 中期财报