Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 19,312,000, a decrease of 51.6% compared to HKD 39,950,000 in the same period of 2021[5] - Gross profit for the same period was HKD 3,147,000, down 72.7% from HKD 11,547,000 year-on-year[5] - The company reported a loss of HKD 8,855,000 for the six months, compared to a loss of HKD 9,964,000 in the previous year, indicating a 11.1% improvement[5] - Basic and diluted loss per share was HKD 0.64, compared to HKD 0.75 in the prior year[9] - The total comprehensive loss before tax for the period was HKD 8,851,000[44] - The company incurred a pre-tax loss of HKD 9,955 thousand for the six months ended September 30, 2022[46] - The company reported a net loss of approximately HKD 8,855,000 for the six months ended September 30, 2022[32] - The company's loss attributable to owners decreased by approximately HKD 0.8 million or 9.0% to about HKD 8.1 million, primarily due to reduced overall expenses under stricter cost control[190] Assets and Liabilities - Non-current assets decreased from HKD 142,525,000 as of March 31, 2022, to HKD 128,876,000 as of September 30, 2022, a decline of 9.6%[13] - Current assets also decreased from HKD 128,927,000 to HKD 104,766,000, representing a 18.7% decline[13] - Total liabilities decreased from HKD 163,048,000 to HKD 135,859,000, a reduction of 16.7%[13] - Total assets amounted to HKD 233,642 thousand, down from HKD 271,452 thousand as of March 31, 2022[49] - Total liabilities increased to HKD 136,841 thousand from HKD 166,017 thousand as of March 31, 2022[51] - As of September 30, 2022, total assets minus current liabilities amounted to HKD 97,783,000, down from HKD 108,404,000 in the previous period[17] - The company’s accumulated losses reached HKD 934,669,000, reflecting a decrease of 8,867,000 during the reporting period[19] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2022, was a loss of HKD 6,148,000, compared to a gain of HKD 3,324,000 in the previous year[23] - The net cash generated from investing activities was HKD 17,092,000, a significant improvement from a cash outflow of HKD 29,594,000 in the prior year[25] - The company reported a net increase in cash and cash equivalents of HKD 2,289,000 for the six months ended September 30, 2022, compared to an increase of HKD 9,739,000 in the previous year[25] - The company had a cash balance of HKD 9,738,000 at the end of the reporting period, down from HKD 13,924,000 a year earlier[25] Segment Performance - Revenue from external customers for the building intelligence segment was HKD 3,975,000, while the control systems segment generated HKD 14,666,000, and the data center segment contributed HKD 671,000, totaling HKD 19,312,000[44] - The adjusted EBIT for the building intelligence segment was a loss of HKD 3,393,000, while the control systems segment achieved a profit of HKD 1,339,000, and the data center segment reported a loss of HKD 1,695,000, resulting in a total adjusted EBIT loss of HKD 3,749,000[44] - The control systems segment's revenue decreased to HKD 14.7 million from HKD 26.4 million compared to the previous period, representing a decline of approximately 44.5%[135] - The building intelligence segment recorded an operating loss of HKD 3.4 million compared to a loss of HKD 5.5 million in the previous period, showing an improvement in loss margin[138] - The data center business generated revenue of HKD 0.7 million but incurred a loss of HKD 1.7 million during the period[141] Cost Management - Research and development expenses for the period were HKD 1,504,000, down 23.9% from HKD 1,975,000 in the previous year[5] - The company has implemented cost control measures and accelerated the collection of receivables to improve cash flow and financial condition[34] - Administrative and other operating expenses decreased by approximately HKD 3.0 million or 16.9% to about HKD 14.8 million due to reduced expenses during the lockdown period in China and stricter cost control measures implemented by the company[185] - Sales and distribution expenses decreased by approximately HKD 1.9 million or 65.5% to about HKD 1.0 million, consistent with the decrease in sales during the period[184] Credit and Receivables - The company recognized a reversal of expected credit loss of HKD 3,058,000, compared to a provision of HKD 1,429,000 in the previous year[5] - The expected credit loss provisions for trade receivables were HKD (748), compared to HKD 864 in the previous year, indicating an improvement[71] - The company maintains internal control policies and conducts credit assessments before granting loans to minimize credit and default risks[167] - The company has a significant overdue receivable balance of HKD 16,881,000 related to the sale of protective masks, which has been fully provided for[107] Future Outlook - The company expects a negative impact on the financial performance of the control systems and building intelligence segments due to ongoing lockdowns, particularly until March 31, 2023[146] - The company believes that if the COVID-19 situation improves, the rental and advertising business of Iogo Workshop will recover and financial performance will gradually improve[145] - The company anticipates stable organic growth in the medium term once the pandemic situation stabilizes and lockdowns are lifted[146] - The company plans to explore new business and investment opportunities, including potential mergers and acquisitions, to diversify and expand its operations for long-term benefits[152]
协同通信(01613) - 2023 - 中期财报