Financial Performance - Total revenue for the six months ended June 30, 2023, was $340,222 thousand, a decrease of 26.4% compared to $462,813 thousand for the same period in 2022[9]. - Gross profit for the same period was $47,155 thousand, down 37.5% from $75,476 thousand in 2022[9]. - Operating profit decreased to $6,060 thousand, a decline of 52.1% from $12,603 thousand in the previous year[9]. - Net profit attributable to the owners of the company was $284 thousand, significantly lower than $6,969 thousand in the prior year, representing a decrease of 95.9%[9]. - The company reported a total comprehensive loss of $2,009 thousand for the period, compared to a total comprehensive income of $4,749 thousand in the previous year[10]. - Profit for the period was $22 thousand, significantly down from $6,560 thousand in the previous year, reflecting a decline of 99.7%[135]. - The group reported a profit of $3.336 million for the six-month period, with a loss of $7.160 million from garments and a profit of $10.496 million from accessories[61]. - The company reported a net profit share from joint ventures and associates of $251,000 for the six months ended June 30, 2023, compared to a loss of $1,706,000 for the same period in 2022, indicating a turnaround in performance[161]. Assets and Liabilities - Total assets as of June 30, 2023, were $521,209 thousand, slightly up from $519,084 thousand at the end of 2022[6]. - Total liabilities increased to $323,568 thousand from $316,663 thousand, marking a rise of 2.8%[6]. - Non-current assets totaled $197,901 thousand, down from $206,632 thousand, reflecting a decrease of 4.0%[4]. - The total liabilities were $316,663,000, with current liabilities totaling $280,000,000[32]. - The company’s total liabilities to related parties decreased significantly, with payables to joint ventures dropping from $678,000 to $5,000[195]. - The company maintained a contingent liability of approximately $21,112,000 related to potential import duties and other taxes as of June 30, 2023, unchanged from December 31, 2022[174]. Cash Flow and Liquidity - Cash and bank balances decreased to $75,832 thousand from $93,952 thousand, a decline of 19.3%[4]. - Cash used in operating activities for the six-month period was $10.749 million, compared to $19.284 million for the same period last year, indicating an improvement[64]. - The group’s cash and bank balances decreased to $75.832 million at the end of the period from $97.701 million at the beginning of the period[64]. - The company’s cash and cash equivalents as of June 30, 2023, were not explicitly stated but are critical for assessing liquidity and operational flexibility[150]. - The company has not experienced significant changes in liquidity risk management policies compared to the previous fiscal year ended December 31, 2022[51]. Earnings Per Share - Basic and diluted earnings per share for the period were $0.03, down from $0.67 in the previous year[8]. - The company reported a basic earnings per share of 0.03 cents for the six months ended June 30, 2023, compared to 0.67 cents for the same period in 2022[118]. Inventory and Receivables - The total inventory as of June 30, 2023, was $92,311 thousand, up 10.5% from $83,328 thousand at the end of 2022[150]. - The net receivables from trade accounts amounted to $85,671 thousand, an increase of 32.3% from $64,722 thousand as of December 31, 2022[150]. - The company’s trade payables as of June 30, 2023, were $66,349,000, an increase from $51,386,000 as of December 31, 2022, representing a rise of approximately 29.2%[167]. Financial Risks and Management - The company faced financial risks including market risk, credit risk, and liquidity risk[37]. - The independent committee concluded that unaccounted items were primarily due to high turnover rates among financial personnel[29]. - The company identified significant unaccounted inventory items related to a business unit in the Philippines, indicating prior period financial misstatements[95]. Tax Provisions and Claims - The company recognized a tax provision of approximately $811,000 (equivalent to HKD 6,323,000) for the tax years 2000/01 to 2021/22 as of June 30, 2023[108]. - The company has provided a tax provision of approximately RMB 10,005,000 (equivalent to $1,533,000) related to a pending tax review as of June 30, 2023[116]. - Current tax expenses for the first half of 2023 were $859,000, a decrease of 40.2% from $1,437,000 in the same period last year[179]. Strategic Initiatives - The company continues to focus on strategic human resource policies to support growth and social responsibility initiatives in the apparel and accessories manufacturing industry[187]. - The group’s main business activities include the manufacturing and trading of garments and accessories, with production facilities located in China, Cambodia, the Philippines, India, and Myanmar[68].
联泰控股(00311) - 2023 - 中期财报