Financial Performance - For the six months ended September 30, 2023, the group's revenue was approximately HKD 272,686,000, compared to HKD 194,386,000 for the same period in 2022, representing an increase of 40.3%[20] - The group reported a profit of approximately HKD 10,642,000 for the six months ended September 30, 2023, compared to a loss of HKD 9,721,000 for the same period in 2022[21] - Profit attributable to equity holders of the company was approximately HKD 14,047,000 for the six months ended September 30, 2023, compared to a loss of HKD 8,694,000 for the same period in 2022[20] - Basic earnings per share for the period was approximately HKD 0.23 cents, compared to a loss of HKD 0.14 cents per share for the same period in 2022[20] - The gross profit for the six months ended September 30, 2023, was HKD 33,632,000, compared to HKD 11,295,000 for the same period in 2022, indicating a significant improvement in profitability[21] - The group's operating profit for the six months ended September 30, 2023, was HKD 22,307,000, compared to HKD 3,222,000 for the same period in 2022[21] - The company reported a segment profit of HKD 31,200,000 for the six months ended September 30, 2023, compared to HKD 7,106,000 in the previous year, representing an increase of 339.5%[83] - The net profit attributable to equity holders for the period is approximately HKD 14,047,000, compared to approximately HKD 8,694,000 for the same period in 2022, representing an increase of 61.5%[144] Revenue and Business Operations - The revenue from supply chain management services was HKD 272,686,000, with no revenue reported from the marine fishing business[47] - The company continues to focus on the seafood business, with no revenue generated from its fishing operations during the period[100] - The group has established multiple strategic partnerships with other supply chain companies to enhance operations in import and export trade, logistics, customs clearance, and storage services[99] - The group is actively seeking promising investment and business opportunities to expand revenue sources through investments or acquisitions[144] Expenses and Costs - Administrative expenses for the six months ended September 30, 2023, were HKD 28,417,000, compared to HKD 10,105,000 for the same period in 2022, reflecting increased operational costs[21] - Employee costs for the current period totaled approximately HKD 1,618,000, down from approximately HKD 3,118,000 in the same period last year, reflecting a decrease of 48.0%[149] - Administrative expenses increased from approximately HKD 10,105,000 in 2022 to approximately HKD 28,417,000 in the current period, primarily due to salaries and benefits for employees and directors, rent, and depreciation[144] Assets and Liabilities - Total assets less current liabilities as of September 30, 2023, were HKD 559,422,000, compared to HKD 542,998,000 as of March 31, 2023[27] - The net asset value of the company as of September 30, 2023, was HKD 509,456,000, compared to HKD 488,739,000 as of March 31, 2023[26] - The company reported total assets of HKD 283,408,000 as of September 30, 2023, with non-current assets valued at HKD 261,408,000[50] - Total segment assets as of September 30, 2023, amounted to HKD 1,200,108,000, an increase from HKD 936,916,000 as of March 31, 2023[73] - Total segment liabilities as of September 30, 2023, were HKD 690,652,000, compared to HKD 448,177,000 as of March 31, 2023, indicating a significant rise[73] Cash Flow and Financial Position - The company recorded a net cash outflow from operating activities of HKD 7,693,000 for the period, compared to an outflow of HKD 28,810,000 in the previous period[36] - Cash and cash equivalents decreased by HKD 3,692,000, resulting in a closing balance of HKD 437,000 as of September 30, 2023[39] - The company’s bank balance and cash decreased to HKD 437,000 from HKD 4,129,000 in the previous period[49] - The asset-to-liability ratio as of September 30, 2023, was 0.39%, a decrease from 0.58% as of March 31, 2023, indicating improved financial stability[120] Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the period and believes they have been prepared in accordance with appropriate accounting standards and GEM listing rules[168] - As of September 30, 2023, the audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing regulations[179] - The company has confirmed compliance with the corporate governance code as per GEM listing rules during the reporting period[167] - The company has established a set of codes of conduct for securities trading by directors, ensuring adherence to standards throughout the period[166] Dividends and Shareholder Information - The board does not recommend the payment of any interim dividend for the period, consistent with the previous year[20] - Major shareholders hold significant stakes, with Ms. Wei Qing holding approximately 1.12% of the issued share capital[171] - The board does not recommend the distribution of any interim dividends for the current period, consistent with the previous year[156] Risks and Future Outlook - The group faces various financial risks, including interest rate risk, foreign exchange risk, credit risk, and liquidity risk[155] - The company does not plan to make significant investments or capital expenditures in the coming year[150] - The company has no significant impact expected from the adoption of new or revised Hong Kong Financial Reporting Standards in the future[46] - The company had no acquisitions of property, plant, and equipment during the period[91] - The group is actively seeking alternative procedures to update fishing licenses due to difficulties caused by COVID-19 travel restrictions[142]
中国海洋发展(08047) - 2024 - 中期财报