Financial Performance - For the six months ended September 30, 2022, the company reported revenue of HKD 181,461,000, an increase of 1.1% from HKD 178,828,000 in the same period last year[4] - The gross profit for the same period was HKD 17,779,000, down 29.5% from HKD 25,142,000 year-on-year[4] - The operating profit increased significantly to HKD 38,895,000, compared to HKD 12,142,000 in the previous year, marking a growth of 220.5%[4] - Profit attributable to equity holders for the period was HKD 27,088,000, a substantial increase from HKD 3,695,000 in the prior year, representing a growth of 632.5%[4] - Basic and diluted earnings per share were both HKD 0.0996, compared to HKD 0.0136 in the same period last year, reflecting a significant increase[4] Assets and Liabilities - The total assets as of September 30, 2022, were HKD 249,019,000, compared to HKD 285,132,000 as of March 31, 2022[10] - The net asset value increased to HKD 64,770,000 from HKD 45,839,000, indicating a growth of 41.2%[10] - The company reported total payables of HKD 38,906,000 as of September 30, 2022, compared to HKD 35,114,000 as of March 31, 2022[59] - The bank borrowings as of September 30, 2022, totaled HKD 201,526,000, with approximately HKD 141,226,000 utilized, down from HKD 205,391,000 and HKD 152,091,000 respectively as of March 31, 2022[66] Cash Flow and Financing - The net cash inflow from operating activities for the six months ended September 30, 2022, was HKD 74,441,000, compared to HKD 52,914,000 for the same period in 2021, representing an increase of approximately 40.9%[14] - The cash and cash equivalents increased by HKD 15,675,000 during the period, contrasting with a decrease of HKD 9,225,000 in the previous year[14] - The company’s financing costs decreased to HKD 2,620,000 from HKD 3,332,000, a reduction of 36.5%[4] - The total cash outflow from financing activities was HKD 53,303,000, slightly reduced from HKD 57,305,000 in the previous year[14] Government Subsidies and Other Income - Government subsidies received amounted to HKD 37,409,000 for the six months ended September 30, 2022, significantly up from HKD 3,347,000 in the same period of 2021[33] - Other income totaled HKD 4,466,000, an increase from HKD 3,779,000 year-on-year[32] - The company received government subsidies of HKD 30,000 related to the disposal of property, plant, and equipment during the period[14] Operational Highlights - Passenger volume for the group's public minibus service decreased by approximately 5.0% to about 25,585,000 passengers, down from 26,944,000 passengers in the previous year[81] - The group adjusted service schedules in response to changes in passenger demand, resulting in a total mileage reduction of approximately 6.5% to about 16.6 million kilometers[81] - The group replaced 23 old public minibuses with new 19-seat minibuses during the period, increasing the number of 19-seat minibuses in operation to 269[82] Dividends and Shareholder Information - The company paid dividends of HKD 8,157,000 during the period, a decrease from HKD 19,034,000 in the previous year, reflecting a reduction of approximately 57.2%[14] - The group did not declare any interim dividend for the six months ended September 30, 2022, consistent with the previous year[80] - The company declared a special dividend of HKD 0.03 per ordinary share, totaling HKD 8,157,000, compared to a final dividend of HKD 0.07 per share amounting to HKD 19,034,000 in the previous year[44] Challenges and Future Outlook - The group expects fuel costs to continue negatively impacting profitability due to rising prices, with inflation posing a major risk to the global economy[113] - The group anticipates receiving approximately HKD 8 million in subsidies from the Hong Kong government in the second half of the fiscal year, in addition to HKD 37.4 million received in the first half[114] - The group plans to rationalize routes and service schedules to mitigate rising costs and will continue to submit fare increase applications to the Transport Department[114] - The group faces challenges in recruiting drivers due to tightening local labor supply as Hong Kong gradually returns to normal[113] Corporate Governance - The company has complied with the Corporate Governance Code as per the Listing Rules during the six months ending September 30, 2022[131] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information on November 24, 2022[132] - The executive directors include the chairman and CEO, with independent non-executive directors providing oversight[132]
进智公共交通(00077) - 2023 - 中期财报