Financial Performance - For the six months ended September 30, 2023, the group's revenue was approximately HKD 6,448,000, a decrease of about 17% compared to HKD 7,814,000 for the same period in 2022[7]. - The profit attributable to the owners of the company for the same period was approximately HKD 660,000, down from HKD 1,907,000 in 2022[7]. - Total revenue for the six months ended September 30, 2023, was HKD 6,448,000, a decrease of 17.5% compared to HKD 7,814,000 for the same period in 2022[29]. - The company's pre-tax profit for the six months ended September 30, 2023, was HKD 660,000, down from HKD 1,907,000 for the same period in 2022, reflecting a decline of 65.3%[45]. - Basic earnings per share for the six months ended September 30, 2023, were HKD 0.0007, compared to HKD 0.0021 for the same period in 2022[45]. Revenue Breakdown - Revenue from the sale of smart card systems, RFID systems, and IT services decreased by 22% to approximately HKD 1,694,000, compared to HKD 2,177,000 in the same period last year[14]. - Maintenance revenue also decreased by 15% to approximately HKD 4,646,000, down from HKD 5,465,000 in the previous year[14]. - Service revenue decreased to HKD 1,694,000 from HKD 2,177,000, representing a decline of 22.2% year-on-year[40]. - Maintenance service income fell to HKD 4,646,000 from HKD 5,465,000, a decrease of 15%[40]. Cost Management - Administrative expenses were reduced by 10% to approximately HKD 3,902,000, compared to HKD 4,338,000 in the same period last year[14]. - Employee costs for the six months ended September 30, 2023, were approximately HKD 3,700,000, down 24.5% from HKD 4,900,000 for the same period in 2022[23]. - R&D costs increased by 73% to approximately HKD 767,000, up from HKD 443,000 in the previous year[14]. Financial Position - The current ratio as of September 30, 2023, was 5.29, compared to 5.12 on March 31, 2023[16]. - The group maintained a debt-to-equity ratio of zero as of September 30, 2023[18]. - Total assets less current liabilities as of September 30, 2023, were HKD 18,219,000, a decrease from HKD 22,545,000 as of March 31, 2023[31]. - Cash and cash equivalents as of September 30, 2023, were HKD 16,025,000, down from HKD 21,188,000 at the beginning of the period[33]. - The net cash used in operating activities for the six months ended September 30, 2023, was HKD 479,000, compared to HKD 1,428,000 generated in the same period of 2022[33]. - Trade receivables as of September 30, 2023, were HKD 1,479,000, down from HKD 1,636,000 as of March 31, 2023[47]. - Trade payables increased to HKD 304,000 as of September 30, 2023, from HKD 279,000 as of March 31, 2023[49]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ending September 30, 2023, ensuring compliance with applicable accounting standards and GEM listing rules[59]. - The company has adopted a code of conduct for securities trading by directors, which complies with GEM listing rules[64]. - The board of directors is committed to maintaining corporate governance standards and has not identified any conflicts of interest among directors as of September 30, 2023[58]. - The chairman and CEO roles are currently held by Mr. Liu Han Guang, who has been in this position since the company's establishment[62]. - The company will continue to review its corporate governance structure to assess the need for separating the roles of chairman and CEO[62]. Shareholder Information - As of September 30, 2023, Rax-Comm holds 241,102,348 shares, representing 26.05% of the issued shares[53]. - Mr. Wen Wei Hung holds 48,142,254 shares, accounting for 5.20% of the issued shares[53]. - The company did not repurchase any shares during the reporting period, with zero shares repurchased in the six months ending September 30, 2022[57]. - The company did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[44].
ITE HOLDINGS(08092) - 2024 - 中期财报