Financial Performance - Revenue for the six months ended 30 September 2022 was HK$697,224,000, a decrease of 48.9% compared to HK$1,364,779,000 in the same period of 2021[15]. - Gross profit for the period was HK$88,448,000, down 47.5% from HK$168,658,000 in the previous year[15]. - The loss attributable to equity holders of the Company for the period was HK$155,607,000, compared to a profit of HK$76,274,000 in the same period of 2021[15]. - The Company reported a total comprehensive loss for the period of HK$326,410,000, compared to a total comprehensive income of HK$82,682,000 in the same period of 2021[20]. - Basic and diluted loss per share attributable to equity holders of the Company was HK(35.45) cents, compared to earnings of HK17.38 cents in the previous year[15]. - The company reported a loss for the period of HK$155,607,000 for the six months ended 30 September 2022, compared to a profit of HK$76,274,000 for the same period in 2021[26]. - Total comprehensive loss for the period was HK$326,410,000, compared to a total comprehensive income of HK$82,632,000 for the same period in 2021, indicating a significant decline[26]. Assets and Liabilities - Total assets as of 30 September 2022 were HK$2,410,861,000, a decrease from HK$2,918,083,000 as of 31 March 2022[22]. - Current assets decreased to HK$1,329,711,000 from HK$1,677,566,000 in the previous period[22]. - The Company’s non-current assets totaled HK$1,081,150,000, down from HK$1,240,517,000 as of 31 March 2022[22]. - Total equity decreased to HK$1,263,500,000 as of 30 September 2022, down from HK$1,589,910,000 as of 31 March 2022, representing a decline of approximately 20.5%[24]. - Total liabilities decreased to HK$1,147,361,000 as of 30 September 2022, down from HK$1,328,173,000 as of 31 March 2022, a reduction of about 13.6%[24]. - Total current liabilities decreased to HK$994,648,000 as of 30 September 2022, down from HK$1,151,842,000 as of 31 March 2022, representing a decline of about 13.7%[24]. - Deferred tax liabilities decreased to HK$28,459,000 as of 30 September 2022 from HK$40,075,000 as of 31 March 2022, a reduction of approximately 29.0%[24]. Cash Flow - Cash flows from operating activities for the six months ended 30 September 2022 were HK$62,106,000, compared to HK$69,498,000 for the same period in 2021, indicating a decrease of approximately 10.3%[29]. - Net cash outflow from investing activities was HK$21,518,000 for the six months ended 30 September 2022, compared to HK$34,943,000 in the previous year, showing an improvement of about 38.5%[29]. - Cash and cash equivalents at the end of the period increased to HK$265,022,000 from HK$323,019,000 year-over-year, reflecting a decrease of approximately 17.9%[29]. Segment Performance - The Group has three reportable operating segments: electrical and electronic products, motors, and real estate development[44]. - Revenue from electrical and electronic products was HK$321,231,000, down from HK$823,910,000, indicating a decrease of about 60.0%[57]. - The segment results showed a loss of HK$142,189,000, compared to a profit of HK$94,008,000 in the previous year, reflecting a significant downturn[57]. - The Motors Business Segment contributed HK$384,987,000, accounting for 55.2% of the Group's consolidated turnover for the Period (1H FY2022: HK$562,896,000, 41.2%) [115]. - The Real Estate Development Business Segment recorded HK$1,318,000, representing 0.2% of the Group's consolidated turnover for the Period (1H FY2022: Nil) [115]. Impairment and Provisions - The Company recognized provisions of HK$175,695,000 and HK$12,224,000 to write down properties under development and completed properties held for sale, respectively[20]. - The Group recognized an aggregate impairment loss of HK$189,648,000 for its real estate development projects, turning interim results from profit to loss[109]. - The impairment loss for the period reached HK$175,695,000, including HK$112,177,000 due to the decision to suspend and stop the development of certain phases of the Mong Suri Garden project[86]. - The Group's impairment loss included HK$112,177,000 related to the shelved phases of The Jardin Montsouris, reflecting a significant impact on the financial results[85]. Market Conditions and Strategy - The current global macroeconomic environment has led to a softening of demand for goods and services, impacting the Company's manufacturing business[109]. - The sluggish real estate market in China continues to impact sales and market sentiment negatively[124]. - The Group plans to continue expanding its customer portfolio by targeting growing sectors and increasing resources in the healthcare business[142]. - The Group aims to maintain good relationships with existing customers to ensure stable cash flow while exploring new opportunities[142]. - The Group will adopt stringent cost control and streamline its structure to maintain margin levels in the second half of the financial year[141]. Shareholder Information - As of September 30, 2022, the total number of issued ordinary shares of the company is 438,960,000[190]. - Mr. Cheng Chor Kit holds 26,634,000 personal shares and has a total shareholding of 283,254,000, representing approximately 64.52% of the company[184]. - Padora Global Inc, through its subsidiary Resplendent Global Limited, indirectly holds 252,920,000 shares of the company, with Mr. Cheng Chor Kit owning 52.0% of Padora[191].
广和通(00638) - 2023 - 中期财报