Financial Performance - For the six months ended September 30, 2023, the company reported revenue of $27,930,000, a significant increase of 63.3% compared to $17,086,000 for the same period in 2022[11] - The gross profit for the same period was $150,000, down from $511,000, indicating a decline in profitability despite increased revenue[11] - The operating loss for the six months was $548,000, compared to a loss of $204,000 in the previous year, reflecting increased operational challenges[11] - The net loss for the period was $553,000, compared to a net loss of $214,000 in the prior year, showing a worsening financial position[11] - The cost of goods sold for the six months ended September 30, 2023, was $27,780,000, compared to $16,575,000 for the same period in 2022, representing a 67.5% increase[33] - The company reported a pre-tax loss of $553,000 for the six months ended September 30, 2023, compared to a loss of $214,000 for the same period in 2022[38] - Basic loss per share for the six months ended September 30, 2023, was $0.00108, compared to $0.00042 for the same period in 2022[38] - The basic and diluted loss per share for the period was 0.11 cents, compared to 0.04 cents in the previous year, indicating a higher loss per share[11] - Other income for the six months ended September 30, 2023, was $3,000, a significant decrease from $25,000 for the same period in 2022[32] - The group recorded a net loss attributable to shareholders that increased by approximately 158.11% compared to the same period last year, mainly due to the decrease in gross profit[52] Cash and Liquidity - Cash and cash equivalents decreased to $4,437,000 from $7,695,000, indicating a cash outflow of $3,258,000 during the period[16] - As of September 30, 2023, the group's cash and bank balances totaled approximately $4.44 million, down from $7.70 million as of March 31, 2023[55] Trade and Receivables - Trade receivables decreased to $8,393,000 from $11,455,000, suggesting improved collection efforts or reduced sales on credit[13] - As of September 30, 2023, trade receivables amounted to $8,267,000, a decrease from $9,853,000 as of March 31, 2023[41] Liabilities and Equity - Current liabilities decreased to $5,176,000 from $10,895,000, indicating a reduction in short-term obligations[13] - The company's total equity as of September 30, 2023, was $7,670,000, down from $8,223,000 at the end of the previous reporting period[13] - Total liabilities as of September 30, 2023, included trade payables of $4,684,000, down from $9,830,000 as of March 31, 2023[45] - The debt-to-equity ratio as of September 30, 2023, was approximately 67.55%, a significant improvement from 133.10% as of March 31, 2023[55] Corporate Governance - The company has adopted the standard code of conduct for securities trading as per Appendix 10 of the listing rules, and all directors confirmed compliance for the six months ending September 30, 2023[82] - The company has been in compliance with the corporate governance code, except for the separation of roles between the Chairman and CEO, which is currently held by Robert Lai[79] - The audit committee reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters, with no objections raised regarding the interim financial statements[83] - The company will regularly review the effectiveness of its governance structure to ensure it remains suitable for current circumstances[79] - The company is currently in compliance with the minimum number of independent non-executive directors and audit committee members as per listing rules following the appointment of a new independent director on December 1, 2023[78] Shareholder Information - The company did not declare any interim dividend for the six months ended September 30, 2023, consistent with the previous year[37] - The board of directors did not recommend any interim dividend for the six months ended September 30, 2023, consistent with the same period last year[58] - The total number of shares issued by the company as of the adoption date is 340,616,934, with a maximum of 34,061,693 shares (10%) available for issuance under the share option plan[63] - The total number of shares available for issuance under the share option plan is 32,561,693, which represents 6.35% of the total shares issued as of the mid-term report date[63] - The exercise price for share options must be at least the higher of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[63] - As of September 30, 2023, Reignwood International Holdings Company Limited holds 337,465,038 shares, representing 65.76% of the issued share capital[70] Employee Information - The company had a total of 5 full-time employees as of September 30, 2023, down from 7 employees as of March 31, 2023[76] - The company provides competitive salaries and additional benefits, including a share option plan and performance-based bonuses[76] Business Operations - The company operates in a single business segment, which is coal and other commodity trading[28] - The total sales volume of coal sold to mainland China was approximately 0.33 million tons, up from approximately 0.24 million tons in the same period last year[51] - The group's revenue from coal and other commodity trading for the six months ended September 30, 2023, was approximately $27.93 million, an increase of 63.43% or $10.83 million compared to approximately $17.10 million in the same period last year[51] - The group's selling and administrative expenses were approximately $0.71 million, a slight decrease from $0.74 million in the same period last year, primarily due to a reduction in employee costs[52] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2023[75] - The company has not adopted any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial statements[24] - The group has not experienced any bad debts in its coal and other trading business to date[55] - The company plans to continuously review its current business strategies and asset structure to mitigate various risks and uncertainties arising from the challenging global environment[54] - The company has purchased directors and officers insurance effective from April 6, 2023, after the resumption of trading, to cover potential legal claims against its directors and senior officers[82]
安域亚洲(00645) - 2024 - 中期财报