Financial Performance - The Group's revenue for the six months ended September 30, 2023, was approximately HK$93.4 million, an increase of approximately HK$18.7 million or 25.0% compared to HK$74.7 million for the same period in 2022[20]. - The gross profit for the Reporting Period was approximately HK$17.1 million, slightly down from approximately HK$17.9 million in 2022[20]. - The net loss for the Reporting Period amounted to approximately HK$3.2 million, compared to a net loss of approximately HK$0.8 million in 2022[21]. - The Board does not recommend a payment of an interim dividend for the Reporting Period, consistent with the previous year[21]. - The Group's financial performance indicates a significant revenue growth despite an increase in net loss, highlighting potential challenges in cost management[20][21]. - Revenue for the six months ended September 30, 2023, was HK$93,426,000, an increase of 25% compared to HK$74,692,000 for the same period in 2022[26]. - Gross profit decreased to HK$17,116,000, down 4% from HK$17,852,000 year-over-year[26]. - Loss before tax for the period was HK$3,135,000, compared to a loss of HK$717,000 in the previous year, representing a significant increase in losses[26]. - Loss attributable to owners of the company was HK$3,248,000, compared to HK$767,000 in the same period last year, indicating a rise in net losses[26]. - Basic and diluted loss per share for the period was HK(0.81) cents, compared to HK(0.19) cents in the prior year, reflecting a worsening financial position[26]. Assets and Liabilities - Trade receivables increased to HK$36,852,000 from HK$29,000,000, showing a growth of 27%[28]. - Contract assets rose significantly to HK$63,728,000, up from HK$43,952,000, marking a 45% increase[28]. - Total current assets amounted to HK$186,378,000, slightly up from HK$185,473,000 as of March 31, 2023[30]. - Total liabilities increased to HK$56,807,000 from HK$53,596,000, indicating a rise in financial obligations[30]. - Net assets decreased to HK$146,690,000 from HK$149,644,000, reflecting a decline in the company's equity position[30]. - The company’s total equity as of September 30, 2023, was HK$146,690,000, down from HK$180,813,000 a year earlier[32]. - The Group had approximately HK$75.1 million in bank balances and cash as of 30 September 2023, down from approximately HK$101.0 million as of 31 March 2023[152][156]. - The outstanding borrowings as of 30 September 2023 were HK$6.0 million, with a gearing ratio of 4.1%[153][157]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2023, was HK$29,559,000, a decline from the net cash generated of HK$11,780,000 in the previous year[36]. - The company raised a new bank loan of HK$6,000,000 during the reporting period, contributing to a net cash flow from financing activities of HK$3,048,000[36]. - Cash and cash equivalents at the end of the period decreased to HK$51,364,000 from HK$70,519,000 at the end of the same period in 2022[36]. - The Group obtained a new bank loan amounting to HK$6,000,000 during the current period, with an interest rate of Hong Kong Interbank Offered Rate plus 1.75% per annum[96]. Revenue Segments - Revenue from Mobile Ticketing and Digital Payment Solutions increased significantly to HK$25,881,000, up 239% from HK$7,615,000 in the previous year[53]. - The Group's revenue from Transportation Mission Critical System Solutions decreased to HK$5,331,000, down 68% from HK$16,585,000 in the previous year[53]. - Digital Fabrication and Maintenance Services revenue increased to HK$12,351,000, a rise of 6% from HK$11,619,000 in 2022[53]. - Sales of Products, Parts, and Components dropped significantly to HK$375,000, down 90% from HK$3,887,000 in the previous year[53]. - Revenue from the M&E Technology Solutions and Engineering Services segment was approximately HK$49.5 million, an increase from HK$35.0 million in 2022[122]. Operational Efficiency and Management - The Group is focusing on enhancing its market presence and exploring new product development to drive future growth[20]. - The management is committed to addressing the factors contributing to the net loss and aims to improve profitability in the upcoming periods[21]. - The financial results reflect the Group's ongoing efforts to adapt to market conditions and enhance operational efficiency[20]. - The Group's strategic initiatives may include market expansion and potential partnerships to leverage growth opportunities[20]. Employee and Administrative Expenses - Total employee benefit expenses decreased to HK$34,123,000 in 2023 from HK$35,233,000 in 2022, reflecting a reduction of approximately 3.1%[68]. - Administrative expenses decreased slightly from approximately HK$21.7 million to approximately HK$21.4 million[141][147]. Corporate Governance and Compliance - The Company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[181][184]. - The Audit Committee reviewed the unaudited condensed consolidated results for the reporting period and confirmed compliance with applicable accounting standards[183][186]. - The Group's financial risk management is conducted by the finance department under Board-approved policies, focusing on market, interest rate, credit, and liquidity risks[164]. Shareholding and Interests - As of September 30, 2023, Mr. KM Luk holds 157,000,000 shares, representing approximately 38.77% of the company's shareholding[195]. - Mr. KL Luk has an interest in 138,000,000 shares through a controlled corporation, accounting for about 34.08% of the company's shareholding[195]. - Mr. Luk Yin Cheung holds 139,000,000 shares, which is approximately 34.32% of the company's shareholding[195]. - The total number of issued shares as of September 30, 2023, is 404,960,000[199].
高萌科技(08065) - 2024 - 中期财报