Financial Performance - The total comprehensive income for the six months ended December 31, 2023, was HKD 2,345,000, compared to HKD 49,412,000 for the same period in 2022, reflecting a significant decrease [4]. - The company's profit for the period was HKD 13,209,000, down from HKD 42,289,000 year-over-year [4]. - Revenue for the six months ended December 31, 2023, was HKD 375,845 thousand, a 2% increase from HKD 365,102 thousand for the same period in 2022 [46]. - The adjusted profit before tax for the group was HKD 49,920 thousand, compared to HKD 42,289 thousand for the same period in 2022, reflecting a significant increase [44]. - The company reported a decrease in profit attributable to equity holders from HKD 42.5 million in the 2022/23 interim period to HKD 15.7 million in the 2023/24 interim period, a decline of 63.1%, mainly due to increased service costs and depreciation expenses related to new imaging centers [94]. - The net profit for the period was HKD 13,209,000, a significant decrease of 68.8% compared to HKD 42,289,000 in the previous year [133]. - The basic and diluted earnings per share were HKD 1.96, down 63.9% from HKD 5.43 in the same period last year [132]. - The company's operating profit before interest, tax, depreciation, and amortization (EBITDA) was HKD 75,554,000, a decrease of 25.8% from HKD 101,820,000 in 2022 [132]. Assets and Liabilities - Non-current assets totaled HKD 624,856,000 as of December 31, 2023, slightly down from HKD 625,730,000 as of June 30, 2023 [6]. - Current assets increased to HKD 523,862,000 from HKD 495,524,000, indicating a growth of approximately 5.5% [6]. - The total liabilities increased to HKD 721,029,000 from HKD 740,547,000, showing a decrease of about 2.3% [7]. - The equity attributable to the owners of the company decreased to HKD 720,218,000 from HKD 739,736,000, reflecting a decline of about 2.8% [9]. - Trade receivables as of December 31, 2023, amounted to HKD 116.3 million, a slight decrease from HKD 121.1 million as of June 30, 2023 [81]. - The group had a net current asset value of HKD 206.4 million as of December 31, 2023, compared to HKD 224.4 million on June 30, 2023 [147]. - As of December 31, 2023, the group's right-of-use assets amounted to HKD 119.4 million, an increase from HKD 107.9 million as of June 30, 2023 [177]. Cash Flow and Investments - Cash and cash equivalents rose to HKD 317,237,000 from HKD 290,495,000, representing an increase of approximately 9.2% [6]. - The total cash, bank balances, and deposits as of December 31, 2023, were HKD 317,237,000, an increase of 9.2% from HKD 290,495,000 as of June 30, 2023 [132]. - The company has no significant interest rate risk as it has no bank borrowings or outstanding bank loans [136]. - The company confirmed compliance with the corporate governance code during the six months ended December 31, 2023 [182]. - The group did not engage in any significant acquisitions or disposals of subsidiaries during the 2023/24 interim period [161]. Revenue Sources - The company reported external sales of HKD 365,102 thousand, with the Hong Kong and Macau corporate healthcare solutions segment contributing HKD 128,371 thousand [44]. - Revenue for the clinical healthcare services (before inter-segment offsets) increased by 2.8% from HKD 18.8 million in the 2022/23 interim period to HKD 19.3 million in the 2023/24 interim period, with operating profit rising by 2.8% from HKD 6.1 million to HKD 6.3 million, attributed to improved operational efficiency and effective cost control [73]. - Revenue from clinical healthcare services in Hong Kong and Macau increased by 6.5% from HKD 281.3 million in 2022/23 to HKD 299.4 million in 2023/24, with approximately HKD 90.1 million coming from medical imaging and laboratory services [100]. - Revenue from mainland China clinical healthcare services grew by 11.6% from HKD 14.5 million in 2022/23 to HKD 16.2 million in 2023/24, indicating strong demand for quality healthcare [106]. Operational Efficiency - The company has completed a strategic expansion phase and is now concentrating on improving operational efficiency and financial performance [67]. - The company has merged several service points in the same region to reduce rent and operational expenses, thereby improving operational efficiency [96]. - The EBITDA for some newly opened centers reached breakeven during the 2023/24 interim period, indicating a positive trend in operational stability [72]. - The company is focusing on enhancing the interaction within its service network to create a patient-centered service experience [67]. Expenses and Costs - The total administrative expenses increased to HKD 209 thousand from HKD 189 thousand, indicating a rise in operational costs [31]. - Employee benefits expenses increased by 11.5% from HKD 90.2 million in the 2022/23 interim period to HKD 100.6 million in the 2023/24 interim period, primarily due to the expansion of the operational team related to two new medical and imaging centers launched in February and May 2023 [196]. - Cost of consumed inventory rose by 43.4% from HKD 20.0 million in the 2022/23 interim period to HKD 28.6 million in the 2023/24 interim period, mainly due to increased usage of pharmaceuticals and medical consumables related to oncology services [197]. - Depreciation and amortization increased by 14.5% from HKD 49.9 million in the 2022/23 interim period to HKD 57.1 million in the 2023/24 interim period, primarily related to capital expenditures from the previous fiscal year [198]. Future Outlook - The company maintains a long-term optimistic outlook despite operational challenges, anticipating strong demand for comprehensive medical services, advanced medical imaging, detailed health checks, and various auxiliary medical services due to increasing public health awareness and an aging population in Hong Kong [74]. - The company plans to strengthen specialty medical services, particularly in oncology, cardiology, and orthopedics, to enhance internal collaboration and resource efficiency [114]. - The company expects continued growth in the employee medical benefits and personal medical expenditure management market, driven by the government's voluntary health insurance scheme [103].
联合医务(00722) - 2024 - 中期业绩