Financial Performance - Revenue for the six months ended September 30, 2023, was approximately HK$295.3 million, representing an increase of approximately 9.1% compared to the same period in 2022[10]. - Gross profit for the same period was approximately HK$46.3 million, reflecting an increase of approximately 2.1% compared to the corresponding period in 2022[10]. - Loss attributable to owners of the Company for the period was approximately HK$8.3 million, a decrease of approximately 16.5% compared to the same period in 2022[10]. - Loss per share for the period was HK Cents 0.73, down from HK Cents 0.88 in 2022[10]. - Total comprehensive expense for the period was approximately HK$13.4 million, compared to HK$18.9 million in the same period of 2022[14]. - The consolidated loss before tax for the six months ended September 30, 2023, was HK$7,871,000, compared to a loss of HK$9,500,000 in the same period of 2022, indicating an improvement in overall financial performance[61]. - For the six months ended September 30, 2023, the Group's loss was approximately HK$8.3 million, compared to a loss of HK$9.9 million in 2022, indicating a 16.2% reduction in losses[75]. Revenue Breakdown - Revenue from property management and related services for the six months ended September 30, 2023, was HK$294,420,000, up from HK$269,756,000 in the previous year, reflecting a growth of 9.2%[39]. - Rental income from investment properties increased to HK$891,000 for the six months ended September 30, 2023, compared to HK$699,000 in the same period of 2022, marking a rise of 27.5%[39]. - The Group's revenue from property management services in Hong Kong for the six months ended September 30, 2023, was HK$279,610,000, up from HK$253,235,000 in 2022, reflecting a growth of 10.4%[42]. - Revenue from stand-alone security services contracts was approximately HK$29.3 million for the six months ended September 30, 2023, representing approximately 9.9% of total revenue[110]. - Revenue from property management services contracts in Hong Kong increased by approximately 6.6% to approximately HK$250.3 million for the six months ended September 30, 2023[116]. Expenses and Costs - Administrative expenses decreased by approximately HK$8.0 million during the period[10]. - Other operating expenses decreased by approximately 10.7% to approximately HK$14.5 million for the six months ended September 30, 2023, compared to HK$16.3 million in 2022[123]. - Staff costs for the six months ended September 30, 2023, amounted to approximately HK$254.3 million, an increase from HK$241.2 million in 2022[131]. - The Group's interest expenses on bank borrowings for the three months ended September 30, 2023, were HK$16,000, significantly lower than HK$3 million in the same period of 2022, marking a decrease of 99.5%[69]. Assets and Liabilities - As of September 30, 2023, total assets less current liabilities decreased to HK$273,186, down from HK$287,909 as of March 31, 2023, representing a decline of approximately 5.1%[17]. - Net current assets as of September 30, 2023, were HK$118,617, a decrease from HK$122,968 as of March 31, 2023, indicating a reduction of about 3.6%[17]. - Total equity attributable to owners of the Company decreased to HK$260,435 as of September 30, 2023, from HK$273,817 as of March 31, 2023, a decline of about 4.9%[19]. - Total reportable segment assets as of September 30, 2023, amounted to HK$342,322,000, slightly down from HK$342,753,000 as of March 31, 2023[61]. - Total reportable segment liabilities as of September 30, 2023, were HK$85,836,000, compared to HK$83,721,000 as of March 31, 2023, reflecting an increase in liabilities[61]. Cash Flow - The company reported a net cash used in operating activities of HK$12,503 for the six months ended September 30, 2023, compared to a net cash generated of HK$21,128 in the same period of 2022[26]. - Cash and cash equivalents at the end of the period were HK$57,982, down from HK$79,139 at the beginning of the period, reflecting a decrease of approximately 26.6%[26]. - The company experienced a net decrease in cash and cash equivalents of HK$17,372 during the period, influenced by foreign exchange rate changes amounting to HK$3,785[26]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as of September 30, 2023, except for the absence of a Chief Executive Officer since September 8, 2015[178]. - The company has maintained a code of conduct regarding Directors' securities transactions in compliance with GEM Listing Rules[183]. - The company is committed to ensuring effective management and oversight of its operations despite the absence of a Chief Executive Officer[178]. Market Outlook and Strategy - The property market in Hong Kong is expected to expand, with management confident in increasing market share despite strong competition and rising costs[127]. - The Group faces intense competition in the property management industry, which may pressure service fees and profitability[167][170].
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