Financial Performance - The company reported revenue of approximately $215.5 million for the six months ended June 30, 2023, compared to $108.7 million in the same period last year, reflecting a growth of 98.5%[21]. - The gross profit for the period was $6.3 million, up from $3.4 million in the previous year, indicating an increase of 85.0%[6]. - The company achieved a profit before tax of $3.2 million, significantly higher than the $0.4 million reported in the same period last year, marking an increase of 804.2%[6]. - The net profit for the period was $2.9 million, compared to $0.2 million in the previous year, representing a growth of 1433.3%[6]. - The company reported a basic and diluted earnings per share of $0.07, compared to $0.01 in the previous year, reflecting a significant increase[14]. - The company reported a revenue of approximately $215.5 million for the period, an increase of about 98% compared to $108.7 million in the same period last year[43]. - The net profit for the period was approximately $2.9 million, a significant increase from $0.2 million in the same period last year[28]. - The company reported a profit of $240 thousand for the six months ended June 30, 2023, compared to a loss of $130,698 thousand in the same period of 2022, indicating a significant turnaround[95]. - The company experienced a significant increase in pre-tax profit to $3,193 thousand for the six months ended June 30, 2023, compared to $355 thousand in the same period of 2022, reflecting a growth of over 800%[98]. - The company reported an increase in total comprehensive income for the period to $196 thousand, compared to $29,481 thousand for the same period in 2022, showing a decrease in overall performance[95]. Sales and Production - Iron ore sales volume increased by approximately 125% year-on-year, with the company selling about 1.8 million tons of iron ore during the reporting period[28]. - The total sales volume of iron ore was about 1.8 million tons, up from approximately 0.8 million tons in the previous year, with an average iron grade of about 65%[46]. - The average iron ore grade improved to approximately 65% during the reporting period, compared to about 63% in the same period last year[35]. - The company's revenue from iron ore sales was $201,457 thousand, while transportation services contributed $16,241 thousand for the six months ended June 30, 2023[171]. Market and Strategic Outlook - The company plans to optimize its resource business and respond to fluctuations in iron ore shipping prices, while also seeking new supply opportunities for iron ore and other commodities[2]. - The company aims to establish long-term business relationships with suitable suppliers to further diversify its product supply[2]. - The company is exploring suitable merger and acquisition opportunities to address challenges faced in its resource business[2]. - The company anticipates that the iron ore market prices will remain sensitive and volatile, which may pose challenges in executing hedging strategies[1]. - The iron ore market is expected to face downward pressure in the latter half of 2023 due to weak demand from Chinese steel producers[80]. Financial Position - As of June 30, 2023, total assets increased to approximately $69.9 million from $60.9 million as of December 31, 2022[49]. - The company's total liabilities rose to approximately $39.1 million from $32.9 million as of December 31, 2022, primarily due to trade payables[57]. - The company’s cash and cash equivalents amounted to approximately $10.3 million as of June 30, 2023[49]. - The current ratio improved to 1.5 as of June 30, 2023, compared to 1.4 as of December 31, 2022[42]. - The group’s cash and cash equivalents were approximately $10.3 million as of June 30, 2023, down from $11.5 million on December 31, 2022, representing about 15% of total assets[69]. - The net current assets of the group were approximately $18.5 million as of June 30, 2023, compared to $14.0 million on December 31, 2022[90]. - As of June 30, 2023, the company's net assets increased to $30,825 thousand from $27,978 thousand as of December 31, 2022, representing an increase of approximately 6.2%[92]. - The company’s non-current liabilities decreased to $71 thousand as of June 30, 2023, from $176 thousand as of December 31, 2022, indicating a reduction of approximately 59.9%[92]. - The company’s total liabilities decreased significantly, reflecting improved financial health and reduced debt levels[92]. Hedging and Risk Management - The company incurred a net loss of approximately $4.9 million from hedging transactions during the reporting period, compared to a net gain of $1.8 million in the same period last year[38]. - The company continues to utilize hedging tools to manage operational risks associated with its resource business[52]. - The company has entered into more iron ore futures or swap contracts to manage market price fluctuations, resulting in an increase in deposits held at a brokerage firm by approximately $6.8 million[49]. - The company has implemented strict monitoring of overdue receivables, with management regularly reviewing outstanding balances[189]. Corporate Governance and Compliance - The company has adopted all applicable code provisions of the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[152]. - The audit committee reviewed the unaudited interim results and had no objections to the accounting treatments adopted by the group[157]. - The company is listed on the Hong Kong Stock Exchange with the stock code 1231, and the trading unit is 2,000 shares[148]. - The company has engaged Ernst & Young as its auditor, ensuring compliance with the Financial Reporting Council Ordinance[148]. Shareholder Information - Major shareholders include 麥少嫻 with 1,149,744,000 shares, representing 28.74% of total issued shares[130]. - 首鋼集團有限公司 holds 1,098,570,000 shares, accounting for 27.46% of total issued shares[130]. - Fast Fortune Holdings Limited owns 360,000,000 shares, which is 9.00% of total issued shares[130]. - Cheng Yu Tung Family (Holdings) Limited has 620,000,000 shares, representing 15.50% of total issued shares[130]. - 周大福控股有限公司 holds 620,000,000 shares, also accounting for 15.50% of total issued shares[130]. - 新世界發展有限公司 owns 620,000,000 shares, which is 15.50% of total issued shares[130]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[137]. - The report indicates that no other individuals have significant interests in shares or related shares as of June 30, 2023[140].
新矿资源(01231) - 2023 - 中期财报