Financial Performance - For the six months ended June 30, 2023, rental income was HKD 465,000, a decrease of 50% compared to HKD 930,000 for the same period in 2022[4]. - The company recorded a profit attributable to owners of approximately HKD 13,608,000 for the six months ended June 30, 2023, compared to HKD 11,464,000 for the same period in 2022, representing an increase of about 19%[38]. - Total revenue for the six months ended June 30, 2023, was HKD 94,851,000, up from HKD 72,609,000 in the same period of 2022, marking a growth of approximately 30.5%[39]. - Interest income from financial lending operations was approximately HKD 93.5 million, an increase of about HKD 22.7 million compared to HKD 70.8 million for the same period in 2022[40]. - The company reported a total of HKD 40,766,000 in expected credit losses for the six months ended June 30, 2023, compared to HKD 21,286,000 for the same period in 2022, reflecting a significant increase of 91.5%[194]. Assets and Liabilities - As of June 30, 2023, total receivables amounted to HKD 642,853,000, an increase of 9.8% from HKD 585,240,000 as of December 31, 2022[12]. - The company’s total assets as of June 30, 2023, amounted to HKD 1,284,229,000, compared to HKD 943,200,000 as of December 31, 2022[182]. - The group’s total liabilities stood at HKD 186,819,000, slightly up from HKD 178,599,000, indicating an increase of about 4.25%[125]. - The group’s non-current assets amounted to HKD 1,008,882,000, up from HKD 947,416,000, indicating an increase of about 6.67%[124]. - The total equity of the group reached HKD 1,097,410,000, compared to HKD 1,092,107,000 at the end of 2022, reflecting a slight increase of 0.48%[124]. Cash Flow - For the six months ended June 30, 2023, the net cash used in operating activities was HKD (30,576) thousand, compared to HKD 26,478 thousand for the same period in 2022, indicating a significant decline in cash flow from operations[150]. - The total cash and cash equivalents decreased to HKD 133,941 thousand as of June 30, 2023, from HKD 202,898 thousand at the end of the same period in 2022, representing a decline of approximately 34%[150]. - Cash and cash equivalents decreased to HKD 9,001,000 as of June 30, 2023, down from HKD 29,877,000 as of December 31, 2022, a decline of 69.9%[189]. Investment and Property - The net value of properties held for sale was maintained, with management actively promoting these properties at reasonable prices[7]. - The company’s investment properties were valued at HKD 160,000,000 as of December 31, 2022, and are leased under operating leases[7]. - The company is actively seeking investment opportunities in the property market in Guangdong Province, despite facing competitive challenges[57]. - The group did not record any property sales transactions approved by the government during the six months ended June 30, 2023, resulting in no residential units sold[65]. Management and Governance - The company’s management compensation for the six months ended June 30, 2023, was HKD 3,289,000, a decrease of 16.3% from HKD 3,929,000 for the same period in 2022[5]. - The remuneration policy for employees is based on performance, qualifications, and capabilities, with no involvement from directors in determining their own compensation[104]. - The company has revised its articles to ensure that all directors, except the chairman and managing director, must retire at least once every three years[95]. Customer and Market Activity - The number of registered users for X Wallet increased from 83,902 as of December 31, 2022, to 94,981 as of June 30, 2023, representing a growth of approximately 13.5%[43]. - Active customers for X Wallet rose from 10,969 to 12,380 during the same period, indicating an increase of about 12.8%[43]. - The company plans to launch a new product, X Pay, in the second half of 2023, which will enhance its financial service offerings[56]. Risk Management - The company has established a system to identify and review overdue loan accounts, with management closely monitoring the overall status of unpaid loans[102]. - The company will actively review its loan portfolio and risk control measures, aiming to enhance risk pricing models and promote the X Wallet and X Pay brands[105]. - The company will implement strict loan application requirements to minimize default risks in the future[105]. Compliance and Reporting - The interim financial information was prepared in accordance with Hong Kong Accounting Standards, ensuring compliance and accuracy in financial reporting[152]. - The company’s interim financial data was approved for publication by the board on August 25, 2023, indicating timely reporting practices[152].
TERMBRAY IND(00093) - 2023 - 中期财报