Financial Performance - Revenue for the six months ended September 30, 2023, was HK$110,582,000, a decrease of 2.5% from HK$113,536,000 in the same period of 2022[4] - Gross profit for the period was HK$22,931,000, slightly up from HK$22,839,000, indicating a stable gross margin[4] - The loss before tax was HK$7,418,000 compared to a profit of HK$10,544,000 in the previous year, reflecting a significant decline in profitability[4] - The profit attributable to equity holders of the Company was a loss of HK$7,160,000, down from a profit of HK$9,415,000 in the prior year[4] - Earnings per share for the period was a loss of HK$2.76, compared to earnings of HK$3.63 per share in the same period last year[4] - Total comprehensive loss for the period was HK$28,758,000, compared to a loss of HK$27,048,000 in the previous year[6] - The Company reported a loss for the period of HK$7,160,000, compared to a profit of HK$9,415,000 in the previous period[18] - Total comprehensive loss for the period amounted to HK$28,894,000, which includes losses from associates and exchange differences[18] - The retained profits decreased to HK$452,846,000 from HK$460,006,000 as of April 1, 2023[18] - The share of other comprehensive loss of associates, net of tax, was HK$18,249,000 for the period[18] - The exchange differences on translation of foreign operations resulted in a loss of HK$4,039,000[18] Assets and Liabilities - Non-current assets decreased to HK$472,578,000 as of September 30, 2023, from HK$503,021,000 as of March 31, 2023[9] - Current assets decreased to HK$142,888,000 from HK$150,540,000 during the same period[9] - Total liabilities decreased to HK$9,265,000 for non-current liabilities, down from HK$14,613,000[12] - The net assets of the Company were HK$555,410,000 as of September 30, 2023, compared to HK$584,168,000 as of March 31, 2023[12] - As of September 30, 2023, the total equity attributable to equity holders of the Company is HK$547,732,000, a decrease from HK$576,626,000 as of April 1, 2023[18] - The consolidated reserves as of September 30, 2023, are HK$430,637,000, down from HK$459,531,000 as of March 31, 2023[19] - Total cash generated from operations was a net outflow of HK$5,698,000, a significant decrease from the inflow of HK$17,112,000 in the prior year[22] - Cash and cash equivalents at the end of the period totaled HK$79,827,000, down from HK$84,674,000 at the end of the previous period[22] - Cash and bank balances decreased to HK$39,167,000 from HK$56,980,000, reflecting a decline of 31.3%[22] - Time deposits with original maturity of less than three months increased to HK$40,660,000, up from HK$27,694,000, representing a growth of 46.7%[22] Segment Performance - For the six months ended September 30, 2023, total segment revenue was HK$110,582,000, with trading segment contributing HK$81,726,000, catering segment HK$27,310,000, and others segment HK$1,546,000[41] - The trading segment reported a loss of HK$3,652,000, while the catering segment incurred a loss of HK$3,159,000, resulting in a total segment loss of HK$5,910,000[41] - The catering segment's revenue decreased by 5.2% compared to the previous year, from HK$29,851,000 to HK$27,310,000[44] - Revenue from the frozen meats trading business was HK$81,726,000, representing a decrease of HK$217,000 or 0.3% compared to the previous year[112] - The catering business generated revenue of HK$27,310,000, a decrease of HK$2,541,000 or 8.5% compared to the corresponding period last year[126] Cash Flow and Financing - Net cash flows from investing activities showed an inflow of HK$8,181,000, contrasting with an outflow of HK$9,827,000 in the previous period[22] - New bank and trust receipt loans amounted to HK$63,312,000, an increase of 56.0% compared to HK$40,587,000 in the same period last year[22] - The net decrease in cash and cash equivalents was HK$1,474,000, an improvement from a decrease of HK$7,323,000 in the prior year[22] - The group had banking facilities of HK$200,753,000, with 12% utilized, and a gearing ratio of 5%[135] Corporate Governance - The Company has complied with the Corporate Governance Code during the six months ended September 30, 2023[165] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the review period[166] - The Company emphasizes transparency, accountability, and independence in its corporate governance practices[165] - The Company established a Code for Securities Transactions by Relevant Employees, with no incidents of non-compliance noted during the review period[167] - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2023[173] Future Outlook - The Company continues to monitor market conditions for potential strategic adjustments and future growth opportunities[21] - The company plans to continue focusing on its trading and catering segments while exploring opportunities in communication and advertising design[38] - The Group is actively monitoring financial risks, including currency fluctuations and commodity price volatility, to ensure proper business operations[131] - The Company is committed to delivering high-quality products and services while navigating the evolving market landscape[131]
香港食品投资(00060) - 2024 - 中期财报