Financial Performance - The company reported a revenue of HKD 281,289,000 for the six months ended September 30, 2023, representing a 29% increase from HKD 217,866,000 in the same period of 2022[3]. - Gross profit for the same period was HKD 133,766,000, up 28% from HKD 104,398,000 year-over-year[3]. - The company incurred a net loss of HKD 864,000, an improvement from a loss of HKD 1,118,000 in the previous year[3]. - Total comprehensive loss for the period was HKD 8,020,000, compared to a loss of HKD 7,987,000 in the prior year[3]. - The company reported a total revenue of HKD 281,289,000 for the six months ended September 30, 2023, representing an increase of 29% compared to HKD 217,866,000 for the same period in 2022[26]. - Gross profit amounted to HKD 133,766,000, up 28.1% from HKD 104,398,000 year-on-year, driven primarily by increased sales in cosmetics[54]. - The adjusted loss for the first half of the fiscal year 2023/2024 was HKD 864,000, a significant reduction of 94.7% compared to an adjusted loss of HKD 16,228,000 in the previous year[55]. - The cosmetics segment generated revenue of HKD 202,850,000, a 43.2% increase from HKD 141,623,000 in the previous year, while the segment loss narrowed to HKD 823,000 from HKD 2,490,000[57]. - The fashion segment reported revenue of HKD 78,439,000, a 2.9% increase from HKD 76,243,000, with a profit of HKD 6,898,000, up 13.5% from HKD 6,078,000[58]. Assets and Liabilities - Non-current assets increased to HKD 661,631,000 as of September 30, 2023, from HKD 596,771,000 as of March 31, 2023[4]. - Current liabilities rose to HKD 558,355,000, up from HKD 507,676,000 at the end of the previous fiscal year[5]. - The total equity as of September 30, 2023, was HKD 179,686,000, down from HKD 200,210,000 as of March 31, 2023[5]. - The company reported a net exchange loss of HKD 2,884,000 for the six months ended September 30, 2023, compared to a loss of HKD 4,720,000 for the same period in 2022, reflecting improved currency management[34]. - The group's outstanding bank borrowings amounted to HKD 394,379,000, an increase from HKD 383,818,000 as of March 31, 2023[64]. - The current ratio decreased to 0.31 from 0.35 as of March 31, 2023, while the debt ratio increased to 2.19 from 1.92[64]. - The group's total assets pledged for bank financing facilities were valued at HKD 505,661,000 as of September 30, 2023, slightly down from HKD 508,156,000 on March 31, 2023[67]. - The group provided guarantees of HKD 837,922,000 for bank financing facilities as of September 30, 2023, up from HKD 702,809,000 on March 31, 2023[68]. Cash Flow - The company’s cash and cash equivalents decreased to HKD 15,039,000 from HKD 38,097,000[4]. - The net cash generated from operating activities for the six months ended September 30, 2023, was HKD 32,780,000, a decrease of 28.3% compared to HKD 45,680,000 in the same period of 2022[9]. - The net cash used in investing activities was HKD (4,086,000), compared to HKD (746,000) in the previous year, indicating increased investment outflows[9]. - The net cash used in financing activities increased to HKD (51,851,000) from HKD (45,066,000), reflecting higher financing costs[9]. - The cash and cash equivalents at the end of the reporting period were HKD 15,039,000, up from HKD 9,745,000 a year earlier[9]. Operational Highlights - The company declared a dividend of HKD 12,590,000 during the period[7]. - The company plans to continue optimizing its retail network by closing underperforming stores and opening new locations in favorable positions with reasonable rents[60]. - From October 1 to November 26, 2023, the cosmetics business recorded over 60% revenue growth compared to the same period last year, indicating strong momentum[60]. - The company aims to enhance its online presence through partnerships with major e-commerce platforms like Tmall International and JD.com to expand its customer base[60]. - The group aims to achieve a break-even point by focusing on core retail categories and optimizing its retail network[63]. - The group plans to continue negotiating reasonable rents and actively control inventory levels to manage costs and expenditures[63]. Employee and Governance - The group employed approximately 880 staff as of September 30, 2023, a decrease from about 910 staff on March 31, 2023[69]. - The company has adopted the standard code of conduct for directors regarding securities trading as per Appendix 10 of the Listing Rules, confirming compliance for the six months ending September 30, 2023[80]. - The unaudited performance for the six months ending September 30, 2023, has been reviewed by the audit committee, which consists of three independent non-executive directors[81]. - The company expresses gratitude to all employees for their loyal service and contributions, as well as to shareholders, customers, suppliers, and business partners for their ongoing support[82].
威高国际(01173) - 2024 - 中期财报