Financial Performance - For the six months ended June 30, 2023, the group's revenue decreased by approximately 39.5% to about HKD 21.4 million, compared to HKD 35.5 million for the same period last year[5]. - The gross profit for the period fell to approximately HKD 5.7 million, down from HKD 7.1 million in the previous year[5]. - The loss attributable to owners of the company was approximately HKD 1.5 million, compared to a loss of HKD 2.2 million in the same period last year[5]. - The company reported a net loss of HKD 1,468,000 for the six months ended June 30, 2023, compared to a net loss of HKD 2,235,000 for the same period in 2022, representing a 34.3% improvement in losses year-over-year[13]. - Total comprehensive loss for the six months ended June 30, 2023, was HKD 1,708,000, compared to HKD 2,336,000 for the same period in 2022, indicating a 26.8% reduction in comprehensive losses[13]. - The company reported a basic loss per share of HKD 0.15 for the six months ended June 30, 2023, compared to HKD 0.23 for the same period in 2022, indicating a 34.8% improvement[33]. Dividend and Equity - The board of directors did not recommend the payment of an interim dividend for this period, whereas an interim dividend of HKD 0.05 per share was declared in the previous year[5]. - The total equity attributable to owners of the company decreased to HKD 69.6 million from HKD 72.2 million at the end of the previous year[11]. - The company did not pay any dividends during the six months ended June 30, 2023, compared to HKD 3,000,000 in dividends paid in the same period of 2022[15]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to HKD 74.0 million, a decrease from HKD 80.4 million as of December 31, 2022[11]. - Cash and cash equivalents increased to HKD 55.2 million from HKD 25.1 million at the end of the previous year[11]. - Trade and other receivables rose to HKD 7.4 million from HKD 4.0 million as of December 31, 2022[11]. - The total trade and other payables rose to HKD 3,632 thousand, up from HKD 2,511 thousand as of December 31, 2022[14]. - Trade payables increased significantly to HKD 2,633 thousand from HKD 1,137 thousand year-on-year[14]. - As of June 30, 2023, total equity amounted to HKD 69,593,000, a decrease from HKD 121,393,000 as of June 30, 2022[13]. Cash Flow - Cash and cash equivalents increased by HKD 30,195,000 during the six months ended June 30, 2023, compared to a decrease of HKD 13,037,000 in the same period of 2022[15]. - The company generated a net cash outflow of HKD 8,013,000 from operating activities for the six months ended June 30, 2023, compared to HKD 6,510,000 for the same period in 2022, reflecting a 23.0% increase in cash outflow[15]. - Investment activities resulted in a net cash inflow of HKD 39,375,000 for the six months ended June 30, 2023, compared to a net cash outflow of HKD 364,000 in the same period of 2022[15]. Operational Highlights - The company has one operating segment, which is the provision of interior design, project management services, and interior decoration works[23]. - The company focuses on interior design and contracting services primarily for commercial spaces in Hong Kong[56]. - The decrease in revenue was primarily driven by a reduction in design and renovation projects for elderly homes and medical centers[56]. - The group plans to strengthen its market responsiveness and continue its business expansion plans to capitalize on the growing demand for design and renovation projects[59]. - The group will continue to invest more resources in large projects to further develop its interior design and renovation business[59]. Employee and Management - As of June 30, 2023, the group had 14 employees, an increase from 12 employees as of December 31, 2022[79]. - The management's remuneration for the six months ended June 30, 2023, was HKD 3,951 thousand, down from HKD 5,537 thousand in the previous year[51]. Governance and Compliance - The company has complied with the corporate governance code, except for a deviation from the principle that the roles of chairman and CEO should be separated[93]. - The audit committee, consisting of three members, reviewed the unaudited consolidated interim financial results and confirmed compliance with applicable accounting standards and GEM listing rules[97]. - The company has established a code of conduct for directors regarding securities trading, ensuring compliance during the reporting period[96].
K W NELSON GP(08411) - 2023 - 中期财报