Financial Performance - Revenue for the six months ended June 30, 2023, was HK$25,425,000, representing a 52% increase from HK$16,737,000 in the same period of 2022[13]. - Gross profit for the same period was HK$10,846,000, up 41% from HK$7,689,000 year-on-year[13]. - Loss before income tax increased to HK$22,240,000, compared to a loss of HK$14,870,000 in the prior year, reflecting a 49% increase in losses[13]. - Total comprehensive income for the period was a loss of HK$21,629,000, compared to a loss of HK$14,252,000 in the previous year[16]. - Basic and diluted loss per share attributable to owners of the Company was HK(6.85) cents, compared to HK(4.55) cents in the same period last year[16]. - The company reported a loss for the period amounting to HK$22,324,000 for the six months ended June 30, 2023[26]. - The Group reported a loss before income tax of HK$22,240,000 for the first half of 2023, compared to a loss of HK$14,870,000 in the same period of 2022[56]. - The Group delivered a net loss of HK$22,240,000, which is a 50% increase from the net loss of HK$14,870,000 in the corresponding period last year[109]. - The increase in net loss was mainly attributed to a fair value loss of HK$4,745,000 on financial assets at fair value through profit or loss and a fair value loss of HK$4,700,000 on investment properties[109]. Assets and Liabilities - As of June 30, 2023, total assets less current liabilities decreased to HK$278,644,000 from HK$300,791,000 as of December 31, 2022, representing a decline of approximately 7.36%[22]. - Net current liabilities increased to HK$79,733,000 as of June 30, 2023, compared to HK$61,499,000 as of December 31, 2022, indicating a rise of approximately 29.6%[22]. - The company's net assets decreased to HK$259,299,000 as of June 30, 2023, down from HK$280,928,000 at the end of 2022, reflecting a decline of about 7.7%[22]. - Cash and bank balances fell to HK$9,304,000 as of June 30, 2023, from HK$15,088,000 as of December 31, 2022, a decrease of approximately 38.5%[22]. - Total equity attributable to the owners of the company decreased to HK$258,935,000 as of June 30, 2023, down from HK$280,648,000 at the end of 2022, a decline of approximately 7.7%[22]. - Financial assets at fair value through profit or loss decreased to HK$52,450,000 as of June 30, 2023, from HK$58,940,000 as of December 31, 2022, a decrease of about 11%[22]. - The Group's consolidated total assets were HK$506,608,000 as of June 30, 2023, down from HK$530,725,000 at the end of 2022[60]. - The carrying amount of specified non-current assets as of June 30, 2023, was HK$355,677,000, slightly down from HK$356,834,000 as of December 31, 2022[69]. Segment Performance - Segment revenue for Hair Styling increased to HK$8,849,000 in 2023 from HK$6,650,000 in 2022, representing a growth of 33%[56]. - Hospitality Services segment revenue rose to HK$13,505,000 in 2023, up from HK$6,562,000 in 2022, marking a 105% increase[56]. - The Property Investments segment reported a loss of HK$7,478,000 in 2023, compared to a loss of HK$2,292,000 in 2022[56]. - The hair styling business reported a turnover of HK$8,849,000, representing a 33% increase year-on-year, with service income up 36% and product sales down 14%[115]. - The hospitality service segment achieved a turnover of HK$13,505,000, a 106% increase compared to the previous year, while segment profit decreased by 16% to HK$1,532,000[120]. Cash Flow and Financing - For the six months ended June 30, 2023, the net cash used in operating activities was HK$7,019,000, compared to HK$5,403,000 for the same period in 2022, indicating an increase in cash outflow[34]. - The net cash generated from investing activities was HK$13,491,000 for the six months ended June 30, 2023, contrasting with a cash outflow of HK$39,000 in the same period of 2022[34]. - The net cash used in financing activities increased to HK$12,256,000 in the first half of 2023 from HK$6,598,000 in the prior year[34]. - Total finance costs recognized in profit or loss for the six months ended June 30, 2023, amounted to HK$5,232,000, up from HK$1,633,000 in 2022, indicating a rise of 220%[74]. Market and Economic Outlook - The Macau property market is expected to remain subdued in the second half of 2023 due to interest rate hikes and a weakening global economy[114]. - The Group anticipates overall growth to pick up in the second half of 2023, driven by an increase in leisure visitors alongside essential travel[169]. - The economic outlook remains challenged by high inflation, interest rate hikes, and geopolitical tensions, impacting global economic recovery[164]. - The International Monetary Fund slightly raised the global economic growth forecast for 2023 from 2.8% to 3%, indicating that China is expected to be a key driver of global economic growth[164]. Corporate Governance and Shareholding - The company has complied with the Code on Corporate Governance Practices during the review period, with some deviations noted[198]. - Mr. TSANG Chiu Mo Samuel serves as both Executive Chairman and Chief Executive Officer, which is a deviation from the recommended separation of roles[199]. - As of June 30, 2023, ST (79) Investment Limited holds 88,275,577 shares, representing 27.07% of the total shareholding[187]. - The company maintains a register of substantial shareholders as required under Section 336 of the SFO[185].
世纪建业(00079) - 2023 - 中期财报