Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 126,715, a decrease of 22.6% compared to HKD 163,698 for the same period in 2021[7] - Gross profit increased to HKD 13,033, up 3.3% from HKD 12,619 in the previous year[7] - The company reported a profit before tax of HKD 1,059, down 48.0% from HKD 2,037 in the prior year[7] - Total comprehensive income for the period was HKD 1,019, compared to HKD 1,497 in the same period last year, reflecting a decline of 31.9%[7] - Basic and diluted earnings per share were HKD 0.13, down from HKD 0.19 in the previous year, representing a decrease of 31.6%[7] - The company reported a current tax expense of HKD 40,000 for the six months ended September 30, 2022, significantly lower than HKD 540,000 for the same period in 2021, reflecting a decrease of approximately 92.6%[36] - The group recorded a net profit of approximately HKD 1.0 million for the six months ended September 30, 2022, down from approximately HKD 1.5 million in the same period of 2021, attributed to the economic downturn caused by sporadic COVID-19 outbreaks[62] Assets and Liabilities - Non-current assets amounted to HKD 48,656 as of September 30, 2022, compared to HKD 51,143 as of March 31, 2022[9] - Current assets totaled HKD 159,026, a decrease from HKD 169,920 as of March 31, 2022[9] - Current liabilities were HKD 88,549, down from HKD 110,724 in the previous period, indicating improved liquidity[9] - Total equity increased to HKD 107,851 from HKD 106,832 as of March 31, 2022, showing a slight growth in shareholder value[9] - The company's non-current assets located in Hong Kong were approximately HKD 48,359,000 as of September 30, 2022, a decrease from HKD 50,846,000 as of March 31, 2022[25] - Trade receivables as of September 30, 2022, totaled HKD 34,892,000, a decrease from HKD 53,873,000 as of March 31, 2022, indicating a reduction of about 35.2%[45] - The company's bank borrowings as of September 30, 2022, were HKD 30,470,000, an increase from HKD 24,385,000 as of March 31, 2022, representing an increase of approximately 25.5%[52] - The total amount of other payables and accrued expenses as of September 30, 2022, was HKD 26,677,000, slightly up from HKD 26,350,000 as of March 31, 2022, indicating a marginal increase of about 1.2%[50] - The group’s total debt was approximately HKD 99.8 million as of September 30, 2022, down from about HKD 114.2 million as of March 31, 2022[71] - The capital debt ratio was approximately 92.6% as of September 30, 2022, compared to about 106.9% as of March 31, 2022[72] Cash Flow - For the six months ended September 30, 2022, the net cash used in operating activities was HKD (5,132) thousand, a decrease from HKD 13,260 thousand in the same period of 2021[14] - The net cash used in investing activities was HKD (2,543) thousand, compared to HKD (6,221) thousand in the previous year, indicating a reduction in investment outflows[14] - Financing activities generated a net cash inflow of HKD 6,842 thousand, a significant improvement from the net cash outflow of HKD (12,518) thousand in the prior year[14] - The total cash and cash equivalents decreased by HKD 833 thousand, compared to a decrease of HKD 5,479 thousand in the same period of 2021[14] Revenue Sources - Revenue from major customers for the six months ended September 30, 2022, included HKD 70,149 thousand from Customer A and HKD 33,272 thousand from Customer B, down from HKD 88,643 thousand and HKD 39,465 thousand respectively in 2021[27] - Direct costs for the six months ended September 30, 2022, were approximately HKD 113.7 million, a decrease of about 24.8% from approximately HKD 151.1 million in the same period of 2021, consistent with the revenue decline[66] - Gross profit for the six months ended September 30, 2022, was approximately HKD 13.0 million, with a gross profit margin of about 10.3%, compared to a gross profit of approximately HKD 12.6 million and a margin of about 7.7% in the same period of 2021[67] Employee Costs - Total employee costs for the six months ended September 30, 2022, amounted to HKD 26,502,000, down from HKD 30,448,000 in the previous year, indicating a reduction of about 13.8%[40] - As of September 30, 2022, the total employee cost for the six months was approximately HKD 26.5 million, a decrease from HKD 30.4 million for the same period in 2021[82] - The company had 113 full-time employees in Hong Kong as of September 30, 2022, down from 172 employees as of March 31, 2022[82] - Administrative expenses increased by approximately 20.4% to about HKD 13.6 million for the six months ended September 30, 2022, primarily due to employee costs related to bonuses and salary increases[68] Corporate Governance - The company is committed to maintaining high standards of corporate governance, which it believes is essential for enhancing shareholder value and protecting the interests of stakeholders[106] - The company has established an audit committee to review financial information, internal controls, and risk management systems, ensuring transparency and accountability[108] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2022, and believes they comply with applicable accounting standards and listing rules[108] Dividends and Shareholder Information - The company did not recommend an interim dividend for the six months ended September 30, 2022, consistent with no dividend declared for the same period in 2021[37] - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2022, consistent with the previous year[83] - As of September 30, 2022, major shareholders included Mr. Li Jianming with a 57.86% stake and Mr. Chen Shaohong with a 7.14% stake[91] Future Outlook - The company plans to focus on new product development and market expansion strategies to enhance future performance[7] - The company is currently evaluating the potential impact of new and revised Hong Kong Financial Reporting Standards on its financial performance and position[22] - There were no significant capital commitments related to the acquisition of property and equipment as of September 30, 2022[80] - The company did not report any significant acquisitions or expansions during the reporting period[84] - There have been no significant events affecting the company since September 30, 2022, up to the date of this report[109]
凌锐控股(00784) - 2023 - 中期财报