Financial Performance - For the three months ended June 30, 2023, the group's revenue was HKD 29,191,000, a decrease of 6.6% compared to HKD 31,277,000 for the same period in 2022[9] - The gross profit for the six months ended June 30, 2023, was HKD 6,092,000, representing an increase of 14.9% from HKD 5,303,000 in the previous year[9] - Operating profit for the three months ended June 30, 2023, was HKD 510,000, up 36.4% from HKD 374,000 in the same period last year[9] - The net profit for the six months ended June 30, 2023, was HKD 105,000, a decrease of 38.6% compared to HKD 171,000 for the same period in 2022[11] - The group’s net profit for the six months ended June 30, 2023, was approximately HKD 17 million, a decrease from approximately HKD 171 million for the same period in 2022, reflecting a significant decline in profitability[46] - Revenue for the six months ended June 30, 2023, was HKD 43,419,000, down 10.5% from HKD 48,399,000 in the prior year[24] - Other income for the six months ended June 30, 2023, totaled HKD 207,000, a decrease of 54.8% compared to HKD 458,000 for the same period in 2022[25] - The company reported a net loss attributable to equity holders of HKD 185,000 for the three months ended June 30, 2023, compared to a profit of HKD 85,000 in the same period last year[32] - Basic loss per share for the three months ended June 30, 2023, was HKD (0.04), compared to earnings of HKD 0.08 per share in the prior year[32] Assets and Liabilities - The total assets as of June 30, 2023, amounted to HKD 125,532,000, an increase of 19.0% from HKD 105,504,000 at the end of 2022[12] - Total liabilities increased to HKD 63,908,000 as of June 30, 2023, up from HKD 43,897,000 at the end of 2022, representing a 45.6% increase[13] - The company’s borrowings increased to HKD 17,704,000 in current liabilities as of June 30, 2023, compared to HKD 11,698,000 at the end of 2022, marking a 51.5% increase[13] - Total borrowings rose to HKD 24,362,000 as of June 30, 2023, from HKD 15,192,000 as of December 31, 2022, reflecting increased leverage[41] - The total debt (including borrowings and lease liabilities) as of June 30, 2023, was approximately HKD 25.9 million, an increase from HKD 17.2 million as of December 31, 2022[57] Cash Flow and Liquidity - Cash and bank balances decreased to HKD 2,737,000 from HKD 4,147,000 at the end of 2022, indicating a liquidity contraction[12] - Cash and cash equivalents decreased to HKD 2,738,000 at the end of June 2023, down from HKD 4,352,000 at the beginning of the period[15] - The net cash generated from operating activities for the six months ended June 30, 2023, was HKD 888,000, compared to a net cash outflow of HKD 169,000 for the same period in 2022[15] - The company’s financing activities generated a net cash inflow of HKD 8,008,000 for the six months ended June 30, 2023, compared to a net cash outflow of HKD 883,000 for the same period in 2022[15] Expenses and Costs - Total expenses for the six months ended June 30, 2023, were HKD 5,347,000, slightly up from HKD 5,038,000 in the same period of 2022[27] - Financing costs for the six months ended June 30, 2023, increased to HKD 625,000 from HKD 247,000 in the previous year[27] - The total employee costs for the six months ended June 30, 2023, were approximately HKD 11.7 million, compared to HKD 8.4 million for the same period in 2022[67] Shareholder and Governance - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[35] - The board did not recommend the payment of an interim dividend for the six months ended June 30, 2023[68] - As of June 30, 2023, the major shareholder, Kaihao, holds 51,000,000 shares, representing 44.35% of the total equity[74] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the six months ending June 30, 2023[75] - There were no competitive businesses or conflicts of interest involving directors or major shareholders during the six months ending June 30, 2023[76] - The company has adopted the GEM Listing Rules for securities trading by directors, and all directors confirmed compliance during the six months ending June 30, 2023[78] - The company has adhered to all applicable corporate governance codes as per the GEM Listing Rules during the six months ending June 30, 2023[80] - The Audit Committee, consisting of independent non-executive directors, reviewed the financial reporting process and internal controls for the six months ending June 30, 2023[82] Future Plans and Market Strategy - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[9] - The group plans to expand its property agency business beyond Hong Kong, targeting markets including Japan, the Middle East, and mainland China[47] - The group aims to enhance operational efficiency and profitability while actively seeking potential opportunities to expand revenue sources and increase shareholder value[47] Other Financial Metrics - The company incurred a loss of HKD 46,000 in retained earnings for the six months ended June 30, 2023, compared to a profit of HKD 171,000 for the same period in 2022[14] - The company reported a total equity of HKD 61,624,000 as of June 30, 2023, slightly up from HKD 61,607,000 at the beginning of the year[14] - The company's equity attributable to owners was HKD 61,193,000, slightly down from HKD 61,284,000 in the previous year[12] - Deferred tax liabilities as of June 30, 2023, amounted to HKD 1,014,000, reflecting changes in tax provisions and losses[37] - The aging analysis of trade receivables shows that HKD 3,727,000 was overdue as of June 30, 2023, down from HKD 4,369,000 as of December 31, 2022, indicating improved collection efforts[12] - Trade receivables increased to HKD 16,703,000 as of June 30, 2023, compared to HKD 7,287,000 as of December 31, 2022, indicating a significant rise in outstanding payments[12] - Trade payables increased to HKD 22,487,000 as of June 30, 2023, compared to HKD 10,052,000 as of December 31, 2022, indicating higher obligations to suppliers[42] - The capital debt ratio as of June 30, 2023, was approximately 42.0%, up from 28.0% as of December 31, 2022[57] - The company invested HKD 10,410,000 in property, plant, and equipment during the six months ended June 30, 2023[15] - The company invested approximately HKD 10.4 million in property, plant, and equipment during the six months ended June 30, 2023, compared to no investment in the same period last year[36] - The group recorded a profit attributable to owners of the company of approximately HKD 17,000 for the six months ended June 30, 2023, compared to a profit of approximately HKD 171,000 for the same period in 2022[53] - The gross profit margin for the six months ended June 30, 2023, was approximately 14%, up by about 3 percentage points from approximately 11% for the same period in 2022[51] - The group's administrative and other operating expenses increased from approximately HKD 5 million for the six months ended June 30, 2022, to approximately HKD 5.3 million for the same period in 2023[52]
基地锦标集团(08460) - 2023 - 中期财报