Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 85,686,000, a significant increase of 64.8% compared to HKD 51,977,000 in the same period of 2022[2] - Gross profit for the same period was HKD 4,526,000, recovering from a loss of HKD 1,338,000 in 2022[2] - Operating profit surged to HKD 572,401,000, compared to an operating loss of HKD 44,192,000 in the previous year[2] - The net profit attributable to the owners of the company was HKD 575,354,000, a turnaround from a loss of HKD 48,571,000 in 2022[3] - Total comprehensive income for the period amounted to HKD 557,985,000, compared to a loss of HKD 473,540,000 in the same period last year[5] - The company reported a basic and diluted earnings per share of HKD 14.26, recovering from a loss of HKD 31.72 in the previous year[3] - The company achieved a profit before tax of HKD 572,354,000 for the six months ended September 30, 2023, compared to a loss of HKD 48,571,000 in the same period of 2022[22] - Basic earnings per share for the period were HKD 14.26, a recovery from a loss of HKD 31.72 per share in the previous year[32] - The company reported a significant increase in trade receivables aged 0-30 days, which rose to HKD 19,541,000 from HKD 5,056,000, marking an increase of 286%[45] Cash Flow and Liquidity - Cash and cash equivalents increased significantly to HKD 33,290,000 from HKD 2,392,000 as of March 31, 2023[7] - For the six months ended September 30, 2023, the company reported a net cash outflow from operating activities of HKD 18,498,000, compared to a cash inflow of HKD 18,180,000 in the same period last year[12] - The company generated a net cash inflow from financing activities of HKD 49,396,000, contrasting with a cash outflow of HKD 18,521,000 in the previous year[12] - The cash and cash equivalents increased to HKD 33,290,000 at the end of the period, up from HKD 2,392,000 at the beginning of the period[12] - Cash and deposits amounted to HKD 33 million, with net bank borrowings of HKD 124 million as of September 30, 2023[69] Assets and Liabilities - Current liabilities increased to HKD 387,157,000, compared to HKD 252,216,000 as of March 31, 2023[8] - As of September 30, 2023, the company's total liabilities amounted to approximately HKD 414,000,000, with net liabilities of about HKD 145,000,000, reflecting a significant reduction due to the cancellation of consolidated accounts for discontinued operations[19] - The total liabilities as of September 30, 2023, were HKD 1,794,403,000, with a net debt of HKD 1,794,403,000 after eliminating intercompany receivables[39] - The bank borrowings increased to HKD 157,328,000 as of September 30, 2023, compared to HKD 68,318,000 as of March 31, 2023, reflecting a growth of 130%[50] - The total accounts payable and other payables reached HKD 141,514,000 as of September 30, 2023, up from HKD 96,040,000 as of March 31, 2023, indicating a rise of 47%[47] Strategic Initiatives - The company has implemented various cost-cutting measures to streamline core business activities, which are expected to significantly reduce daily maintenance costs[17] - The company plans to focus on overseas strategic markets while closing operations in underperforming regions, with related applications currently in progress[17] - The company has engaged in discussions with shareholders regarding the extension of shareholder loans, which are crucial for ongoing operations[17] - The company has introduced an OEM/ODM production model, which has positively impacted operational efficiency[17] - The group plans to reduce fixed operating costs across all functions and seek partnerships to share financial burdens[70] - The company aims to explore various commercially viable and profitable opportunities based on past performance[70] Dividends and Shareholder Information - The company did not declare any dividends for the period[3] - The company did not recommend an interim dividend for the six months ended September 30, 2023, consistent with the previous year[34] - The company has a shareholder loan balance of HKD 85,553,000, which is expected to be repaid within one year[51] Compliance and Governance - The company has complied with all applicable code provisions in the Corporate Governance Code as of September 30, 2023[79] - All directors confirmed compliance with the standards of the Model Code for Securities Transactions by Directors as of September 30, 2023[80] - The Audit Committee has reviewed the accounting principles and practices adopted by the group for the six months ended September 30, 2023[81] - The interim report is available for viewing on the Hong Kong Stock Exchange and the company's website[82] - The board consists of two executive directors, one non-executive director, and five independent non-executive directors as of the report date[83] Other Income and Expenses - The company reported a total other income of HKD 613,382,000 for the six months ended September 30, 2023, compared to HKD 5,014,000 in the previous year, showing a substantial increase[24] - Research and development expenses amounted to HKD 12,345,000, reflecting the company's commitment to innovation despite previous losses[22] - Rental income from investment properties decreased to HKD 463,000 from HKD 2,128,000 year-on-year, indicating a decline of approximately 78.2%[24] - The company recorded a loss of HKD 465,691,000 during the period, contributing to a total comprehensive expense of HKD 473,540,000[10] - As of September 30, 2023, the group had total losses of HKD 145 million and a loss per share of HKD 1.82, down from HKD 795 million and HKD 52.22 respectively as of March 31, 2023[69]
ALCO HOLD-NEW(00328) - 2024 - 中期财报