Financial Performance - For the six months ended June 30, 2023, the group recorded unaudited revenue of approximately HKD 135.9 million, an increase of approximately HKD 53.7 million or 65.3% compared to HKD 82.2 million for the same period in 2022[6]. - The unaudited loss after tax for the six months ended June 30, 2023, was approximately HKD 1.5 million, a significant improvement from a loss of approximately HKD 13.4 million for the same period in 2022[6]. - The basic and diluted loss per share for the six months ended June 30, 2023, was less than HKD 0.01, compared to HKD 1.01 for the same period in 2022[6]. - The group reported a gross profit of HKD 68.8 million for the six months ended June 30, 2023, representing a gross margin of approximately 50.7%, compared to HKD 48.3 million and a gross margin of 58.8% for the same period in 2022[8]. - The group’s operating loss for the six months ended June 30, 2023, was HKD 0.1 million, a significant improvement from an operating loss of HKD 13.0 million for the same period in 2022[8]. - The company reported a pre-tax profit of HKD 3,535,000, despite significant unallocated corporate expenses of HKD 34,411,000[23]. - The company reported a pre-tax loss of HKD 1,454,000 for the six months ended June 30, 2023, an improvement from a pre-tax loss of HKD 13,351,000 in the same period of 2022[29]. - The company's loss attributable to equity shareholders for the first half of 2023 was approximately HKD 70,000, a significant reduction from a loss of approximately HKD 13.4 million in the first half of 2022, primarily due to growth in gross profit[81]. Revenue Breakdown - Total revenue for the six months ended June 30, 2023, was HKD 85,543,000, with contributions from furniture and home accessories sales at HKD 26,705,000, furniture and home accessories rentals at HKD 8,455,000, and project and hotel services at HKD 50,383,000[23]. - Revenue from furniture and home decor sales was HKD 61,688,000 for the first half of 2023, compared to HKD 35,855,000 for the same period in 2022, marking an increase of 72%[29]. - Revenue from furniture rental business increased by approximately 37.5% to HKD 12.8 million in the first half of 2023, driven by new rental contracts from several embassies in the UAE[73]. - Revenue from external customers in Hong Kong for the three months ended June 30, 2023, was HKD 63,397,000, up from HKD 27,786,000 in the same period of 2022, reflecting a growth of 128%[31]. - The company's project engineering revenue surged approximately 7.4 times to HKD 61.4 million in the first half of 2023, significantly contributing to the second quarter's profit and loss[73]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 110.6 million, a decrease from HKD 116.2 million as of December 31, 2022[9]. - The group’s net asset value increased to HKD 53.3 million as of June 30, 2023, compared to HKD 40.0 million as of December 31, 2022[9]. - The group’s cash and cash equivalents decreased to HKD 10.7 million as of June 30, 2023, from HKD 17.8 million as of December 31, 2022[9]. - The group’s total liabilities decreased to HKD 65.9 million as of June 30, 2023, from HKD 74.5 million as of December 31, 2022[9]. - As of June 30, 2023, trade and other receivables amounted to HKD 50.1 million, up from HKD 48.6 million as of December 31, 2022, with trade receivables increasing to HKD 18.5 million from HKD 16.4 million[82]. Shareholder Information - The company issued 230,700,000 new shares at a price of HKD 0.078 per share, raising approximately HKD 17.6 million net of expenses, with a premium of about 34.48% over the market price[64]. - Following the share consolidation on July 28, 2023, the total number of issued shares was reduced from 1,814,700,000 to 181,470,000[65]. - John Warren MCLENNAN holds 414,500,000 shares, representing 26.17% of the company, while Huang Yongwen holds 257,370,000 shares, representing 16.25%[100]. - The total number of issued shares as of June 30, 2023, was 1,584,000,000[100]. Corporate Governance - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2023[6]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance with the GEM Listing Rules during the six-month period ending June 30, 2023[39]. - The board consists of four executive directors, one non-executive director, and five independent non-executive directors, ensuring a proper balance of power and oversight[116]. - The audit committee is composed of three independent non-executive directors, with Mr. Su Wei Cheng serving as the chairman, ensuring appropriate financial oversight[113]. - The company has complied with the corporate governance code as per GEM Listing Rules, although there is a deviation regarding the dual role of the chairman and CEO held by Mr. McLennan[116]. Future Outlook - The company is focusing on expanding its market presence in furniture and home accessories, alongside enhancing its project and hotel service offerings[14]. - Future outlook includes continued investment in new product development and technology to drive growth in the competitive market[14]. - The company plans to focus on customer needs in various regions and markets, developing products and services accordingly for the remainder of 2023[71].
PACIFIC LEGEND(08547) - 2023 - 中期财报