Financial Performance - For the six months ended September 30, 2023, the revenue was HKD 15,886,000, a decrease of 3.1% compared to HKD 16,263,000 in the same period of 2022[5] - The gross profit for the six months was HKD 1,931,000, down 44.4% from HKD 3,473,000 in the previous year[5] - The net loss for the six months was HKD 3,693,000, compared to a loss of HKD 3,173,000 in the same period of 2022, representing an increase in loss of 16.4%[5] - The basic and diluted loss per share for the six months was HKD 0.41, compared to HKD 0.36 in the previous year[7] - Total revenue for the six months ended September 30, 2023, was HKD 14,263,000, a decrease of 53.0% from HKD 30,327,000 in the same period of 2022[23] - The company recorded a loss of HKD (3,693,000) for the six months ended September 30, 2023, compared to a loss of HKD (3,173,000) in the same period of 2022, reflecting a worsening performance[25] - The sales of consumer goods for the six months ended September 30, 2023, were HKD 12,964,000, down 41.0% from HKD 21,920,000 in the same period of 2022[23] - The group recorded a revenue of HKD 14,300,000 for the six months ended September 30, 2023, a decrease of 52.8% compared to HKD 30,300,000 in the same period last year[46] - The overall gross profit decreased by 45.7% to HKD 1,900,000 from HKD 3,500,000 in the previous year[46] - The group reported a net loss of HKD 3,700,000 for the six months ended September 30, 2023, compared to a net loss of HKD 3,200,000 in the same period last year[47] Assets and Liabilities - Total assets as of September 30, 2023, were HKD 79,722,000, slightly up from HKD 79,525,000 as of March 31, 2023[8] - Current liabilities increased to HKD 35,740,000 from HKD 32,045,000, indicating a rise of 11.8%[10] - Cash and cash equivalents decreased to HKD 5,692,000 from HKD 6,319,000, a decline of 9.9%[8] - The company’s total equity as of September 30, 2023, was HKD 37,837,000, down from HKD 41,530,000 as of March 31, 2023, reflecting a decrease of 9.0%[10] - The debt-to-equity ratio increased to 14.6 from 13.1 due to an increase in accrued expenses and other payables[57] - The current ratio was approximately 2.2, down from 2.5, attributed to the increase in accrued expenses and other payables[57] Cash Flow - For the six months ended September 30, 2023, the company reported a net cash outflow from operating activities of HKD (432,000) compared to HKD (18,720,000) for the same period in 2022, indicating a significant improvement[17] - The financing activities resulted in a net cash outflow of HKD (195,000) for the six months ended September 30, 2023, compared to a net inflow of HKD 11,022,000 in the same period of 2022[17] - The company had cash and cash equivalents of HKD 5,692,000 at the end of the reporting period, a decrease from HKD 6,319,000 at the beginning of the period[17] Inventory and Expenses - The company reported a decrease in inventory to HKD 3,399,000 from HKD 3,625,000, a reduction of 6.2%[8] - The cost of inventory recognized as an expense for the six months ended September 30, 2023, was HKD 12,332,000, down 54.2% from HKD 26,854,000 in the same period of 2022[29] - The cost of goods sold was HKD 12,300,000, down from HKD 26,900,000 year-on-year, reflecting the decrease in revenue[46] Business Segments - The company continues to focus on its core business segments, including natural resources and commodity trading, consumer goods trading, lending, and securities investment[21] - The consumer goods and fashion apparel segment generated revenue of HKD 13,000,000, down from HKD 21,900,000 year-on-year[50] - The lending business recorded revenue of HKD 1,300,000, an increase from HKD 1,200,000 in the previous year[52] Shareholder Information - The weighted average number of shares for calculating basic and diluted loss per share was 890,723,000 shares for both the three and six months ended September 30, 2023[31] - As of September 30, 2023, there are 71,901,900 unexercised share options granted under the share option scheme, with an exercise price of HKD 0.211[69] - The company has not issued, exercised, cancelled, or lapsed any other share options during the six months ending September 30, 2023[70] - As of September 30, 2023, Ms. Lin Su holds a total of 9,980,190 shares, representing approximately 1.34% of the company's total equity[73] - No directors or their associates were granted or exercised any rights to benefit from purchasing the company's shares or bonds during the six months ending September 30, 2023[75] - There were no significant shareholders holding 10% or more of the company's shares that required disclosure under the Securities and Futures Ordinance as of September 30, 2023[76] Corporate Governance - The board of directors has adopted a code of conduct regarding securities trading, with no known violations during the six months ending September 30, 2023[81] - The company has complied with the Corporate Governance Code throughout the review period, with some exceptions regarding the notice period for board meetings[82] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2023[85] - The board will continue to monitor and review corporate governance principles and practices to ensure compliance[83] Future Plans and Risks - The company plans to continue developing its existing business through organic growth or acquisitions, while also seeking other investment opportunities to diversify its operations[68] - The company maintains a conservative inventory policy and continuously assesses the financial status of customers to mitigate credit risk[64] - The company has not established any foreign currency hedging arrangements, but will monitor foreign currency risks closely[63] - The company will continue to monitor the payment situation of the seller regarding the refundable deposit and provide updates to its shareholders as necessary[58] Other Information - The company did not recommend any dividend payment for the six months ended September 30, 2023, consistent with the previous year[44] - There were no significant subsequent events after September 30, 2023, up to the date of this interim report[42] - The company has not engaged in any significant acquisitions or disposals during the six months ending September 30, 2023[60] - There are no significant contingent liabilities or asset pledges as of September 30, 2023[65] - The company did not engage in any related party transactions that required disclosure in this report[77] - During the six months ending September 30, 2023, the company or its subsidiaries did not purchase, sell, or redeem any of its listed securities[78] - The report was issued by the executive director, Ms. Lin Su, on November 14, 2023[86]
富誉控股(08269) - 2024 - 中期财报