Financial Position - For the six months ended 30 September 2023, total assets less current liabilities amounted to HK$1,854,398,000, an increase from HK$1,779,616,000 as of 31 March 2023, reflecting a growth of approximately 4.2%[7] - Net current assets as of 30 September 2023 were HK$371,559,000, compared to HK$207,432,000 as of 31 March 2023, indicating a significant increase of approximately 78.8%[7] - Total equity attributable to owners of the Company increased to HK$974,697,000 from HK$869,114,000, marking a growth of approximately 12.1%[10] - Non-current assets totaled HK$1,482,839,000 as of 30 September 2023, a slight decrease from HK$1,572,184,000 as of 31 March 2023, indicating a decline of about 5.7%[7] - Current liabilities increased to HK$66,188,000 from HK$54,764,000, representing an increase of approximately 20.9%[7] - The Group's total liabilities as of 30 September 2023 amounted to HK$807,290,000, a decrease from HK$825,662,000 as of 31 March 2023, indicating a reduction of approximately 2.0%[117] - The current ratio improved to 2.59 as of 30 September 2023, up from 1.95 as of 31 March 2023[144] - Consolidated total assets as of September 30, 2023, amounted to HK$2,088,381,000, an increase from HK$1,998,801,000 as of March 31, 2023, representing a growth of approximately 4.4%[84] Cash Flow and Liquidity - Cash and bank balances decreased to HK$363,710,000 from HK$605,542,000, representing a decline of approximately 40%[7] - The balance of cash and cash equivalents as of September 30, 2023, was HK$261,056,000[15] - Cash and cash equivalents at the end of the period were HK$363,710,000, significantly up from HK$54,197,000 in the previous year[30] - The Group's cash and bank balances as of September 30, 2023, were HK$64,248,000, compared to HK$61,543,000 as of March 31, 2023[84] - The Group's bank borrowings amounted to approximately HK$162 million, down from HK$175 million, while other borrowings were approximately HK$10 million, compared to HK$11 million[144] Revenue and Profitability - Revenue for the six months ended September 30, 2023, was HK$156,110,000, representing an increase of 86% compared to HK$84,037,000 in the same period of 2022[28] - Gross profit for the same period was HK$76,320,000, a decrease of 7% from HK$82,202,000 in 2022[28] - Profit for the period was HK$33,009,000, down 65% from HK$95,320,000 in the previous year[28] - The company reported a profit for the period of HK$18,424,000, compared to a profit of HK$76,885,000 in the previous period[15] - Total comprehensive income for the period was HK$ (41,219,000), reflecting a decrease from HK$ 76,885,000 in the prior period[15] - Reportable segment profit for the six months ended 30 September 2023 was HK$54,869,000, compared to HK$63,114,000 for the same period in 2022, indicating a decrease of 13%[78] Expenses - Administrative expenses rose to HK$19,070,000 from HK$13,914,000, reflecting a 37% increase[28] - Total comprehensive expenses for the period amounted to HK$38,850,000, compared to HK$29,243,000 in 2022[29] - The Group's income tax expenses for the six months ended 30 September 2023 were HK$10,867,000, compared to HK$11,961,000 in the same period of 2022, representing a decrease of about 9.1%[106] Share Capital and Equity - The company issued new shares amounting to HK$ 149,760,000 during the reporting period[15] - The Group issued 360,000,000 shares at HK$0.416 per share on 30 August 2023[62] - The weighted average number of ordinary shares increased to 783,514,000 for the six months ended 30 September 2023, compared to 720,563,000 in the previous year, reflecting an increase of about 8.7%[110] - The Group's capital commitments contracted but not provided for were approximately HK$108 million as of 30 September 2023, down from HK$113 million[144] Legal and Regulatory Matters - The Group is taking legal advice to regain control over QHFSMI and IMFSMI following a PRC Court's final decision[41] - The Group's legal proceedings against Ms. Leung aim to recover the exploration license lost for QHFSMI, with ongoing efforts to enforce the court's judgment[41] - The Group's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with all values rounded to the nearest thousand Hong Kong dollars[35] Market and Operational Insights - The geographical revenue breakdown shows that HK$156,099,000 was generated from the PRC and HK$11,000 from Hong Kong, highlighting the dominance of the PRC market[44] - The Group is currently reviewing its position regarding QHFSMI and IMFSMI, including the potential disposal of the holding company to limit losses if recovery efforts are deemed unfeasible[41] - The Group's financial performance is influenced by stable rental income from various parties leasing Port and Storage Facilities[186] Employee and Management Information - The Group employed 66 full-time employees as of September 30, 2023, an increase from 58 employees as of March 31, 2023[189] - The Group's key management personnel remuneration for the six months ended 30 September 2023 included short-term benefits of HK$1,840,000, up from HK$1,371,000 in the previous year[184] Currency and Exchange Rate Risks - The depreciation of Renminbi against HK$ negatively impacted the profit for the period compared to the same period in 2022[186] - The Group's policy is to operate in local currencies to minimize currency risks, and no derivative contracts were entered into during the period to hedge exchange rate risks[189]
能源国际投资(00353) - 2024 - 中期财报