Financial Performance - Revenue for the six months ended April 30, 2022, was $14,138,000, a decrease of 24.5% compared to $18,581,000 for the same period in 2021[3] - Gross profit increased to $3,310,000, up 7.4% from $3,081,000 in the previous year[3] - Operating profit for the period was $416,000, compared to $214,000 in the same period last year, reflecting a significant improvement[4] - The net profit attributable to equity holders was $125,000, a turnaround from a loss of $114,000 in the previous year[4] - Total revenue for the six months ended April 30, 2022, was $14,138,000, a decline of 24.5% compared to $18,581,000 in the prior year[13] - The company reported a total segment profit of $672,000 for the six months ended April 30, 2022, compared to a profit of $200,000 in the same period of 2021[17] - The company reported a net profit of approximately $125,000 for the six months ended April 30, 2022, compared to a loss of $114,000 in the same period of 2021[24] - The basic earnings per share (EPS) for the current period is $0.0005, while the diluted EPS is $0.0003, reflecting a significant improvement from the previous year's loss per share[25][26] Assets and Liabilities - Total assets as of April 30, 2022, were $36,364,000, an increase from $28,412,000 as of October 31, 2021[6] - Current liabilities increased to $22,124,000 from $17,213,000, indicating a rise in short-term financial obligations[6] - Cash and bank balances rose significantly to $3,158,000 from $1,426,000, enhancing liquidity[6] - The company’s net asset value decreased slightly to $18,934,000 from $19,196,000, reflecting changes in reserves[6] - Trade receivables increased to $11,459,000 as of April 30, 2022, from $11,032,000 as of October 31, 2021, with a provision for impairment losses of $4,102,000[31] - Total trade and other payables decreased to $4,588,000 as of April 30, 2022, from $6,068,000 as of October 31, 2021[36] - The company secured new bank borrowings of approximately $11,247,000 during the reporting period[38] - The company entered into a subscription agreement for convertible bonds amounting to HKD 25,000,000 (approximately $3,222,000) with a conversion price of HKD 1.00 per share[39] Revenue Breakdown - Revenue from bus body and kit sales decreased to $9,808,000 in the six months ended April 30, 2022, down 38.5% from $15,948,000 in the same period of 2021[13] - Revenue from parts sales and related services increased to $4,330,000, up 64.5% from $2,633,000 year-over-year[13] - Revenue from city buses amounted to $5.17 million, representing 36.6% of total revenue, while long-distance buses generated $1.13 million, accounting for 8.0%[60] - The revenue from the Malaysian market for bus body sales was USD 2.92 million, down from USD 4.19 million in the previous year[51] Cost and Expenses - The cost of inventory for the six months ended April 30, 2022, was $10,828,000, down 30.3% from $15,500,000 in the previous year[19] - Employee costs decreased to $1,799,000 in the six months ended April 30, 2022, from $1,910,000 in the same period of 2021, reflecting a reduction of 5.8%[19] - The company incurred financial costs of $255,000 for the six months ended April 30, 2022, down from $321,000 in the same period of 2021[19] - The company maintained sales and distribution expenses at similar levels to the previous year, attributed to reduced business travel due to COVID-19 measures[64] Corporate Governance - The board believes that good corporate governance is essential for maintaining the company's success and has adhered to the applicable corporate governance code provisions, except for the separation of the roles of Chairman and CEO[96] - The audit committee, composed of three independent non-executive directors, reviewed the company's unaudited interim results for the six months ended April 30, 2022[99] - The board consists of both executive and independent non-executive directors, ensuring a balance of power and authority[96] - The company will continue to review its corporate governance structure and make necessary adjustments as needed[97] Market and Operations - The company aims to expand its market presence in regions such as the United States while maintaining its market position in Asia[54] - The demand for aluminum buses is expected to continue driving business growth due to their compliance with environmental standards and better energy efficiency[47] - The company has implemented measures to mitigate the impact of COVID-19 on operations, particularly in Malaysia[54] - The company aims to participate in electric vehicle projects and tenders, leveraging its experience in manufacturing electric buses[56] - The company is exploring opportunities to expand trade activities into the Chinese film and related intellectual property markets to diversify revenue sources[57] Capital Expenditures and Investments - The company purchased property, machinery, and equipment at a cost of approximately $116,000 during the six months ended April 30, 2022, compared to $89,000 in the same period of 2021[29] - The company has contracted but not yet recognized significant capital expenditures totaling approximately $3.72 million, including investments in joint ventures and land acquisition[76] - The company signed a purchase agreement for industrial land in Malaysia for a total price of MYR 16,915,864 (approximately USD 4,008,000), with a deposit of MYR 1,691,586.40 (approximately USD 401,000) paid[22] Employee and Workforce - The total number of full-time employees decreased to 273 as of April 30, 2022, from 313 as of October 31, 2021[83] Dividends - The company did not declare an interim dividend for the six months ended April 30, 2022, compared to no interim dividend declared in the same period of 2021[21] - The board did not recommend an interim dividend for the six months ended April 30, 2022, compared to no dividend for the same period in the previous year[82]
彭顺国际(06163) - 2022 Q2 - 季度业绩