Revenue Performance - Revenue from oil and related product trading decreased significantly from approximately 262.4 million MYR for the six months ended December 31, 2022, to about 5.3 million MYR for the current period[16]. - The group's revenue decreased from approximately 302.0 million MYR to about 64.7 million MYR, a decline of approximately 78.6%[43]. - Revenue from oil and related products trading in China dropped by 98.0%, from approximately 262.4 million MYR to about 5.3 million MYR[31]. - Total revenue for the six months ended December 31, 2023, was 64,699 thousand, compared to 301,962 thousand for the same period in 2022, indicating a significant decrease[171]. - Total revenue from external customers reached 64.699 million MYR, with significant contributions from Malaysia (31.754 million MYR) and China (32.945 million MYR) for the six months ending December 31, 2023[193]. Profitability and Loss - The gross profit from oil and related products trading in China fell to approximately 0.01 million MYR, down from 7.9 million MYR, resulting in a gross profit margin of 0.3% compared to 3.0% in the previous year[32]. - The gross profit for civil and structural engineering in Malaysia decreased from approximately 2.7 million MYR to 1.8 million MYR, a decline of about 33.1%[28]. - The gross profit margin for civil and structural engineering in Malaysia dropped from approximately 11.7% to 5.8%[28]. - The group reported a net loss of 10.566 million MYR for the period, with a basic and diluted loss per share of 1.01 sen[198]. - The total comprehensive loss for the period was (9,882) thousand MYR, compared to a total comprehensive income of 860 thousand MYR in the previous year[151]. Project and Contract Performance - The construction and structural engineering services revenue increased by 3.0 million MYR for the period ended June 30, 2023, compared to no revenue in the previous year[18]. - Two projects nearing completion contributed approximately 5.9 million MYR and 8.8 million MYR to revenue, respectively, during the current period[21]. - The company is currently engaged in several ongoing projects, including two that are expected to complete soon, contributing to the revenue growth[21]. - Revenue from civil engineering projects increased from approximately 21.3 million MYR to about 28.8 million MYR, representing a growth of approximately 35.2%[46]. - The revenue decrease from ongoing projects (approximately 10.8 million MYR) and completed projects (totaling approximately 3.3 million MYR) offset the increase in revenue[47]. Financial Position and Assets - The company's total assets as of December 31, 2023, were 16,723 thousand MYR, down from 18,552 thousand MYR as of June 30, 2023[154]. - The company's current liabilities increased to 63,104 thousand MYR from 52,007 thousand MYR, indicating a rise of approximately 21.5%[154]. - The company's cash and cash equivalents decreased from 45,928 thousand to 35,581 thousand, a decline of approximately 22.5%[155]. - The net asset value of the company decreased from 144,466 thousand to 134,584 thousand, representing a reduction of about 6.5%[157]. - The company's total liabilities decreased from 1,229 thousand to 671 thousand, a decline of approximately 45.5%[157]. Corporate Governance and Compliance - The company has adhered to all applicable corporate governance codes during the reporting period[98]. - The company has no taxable profits for the periods ending December 31, 2023, and December 31, 2022, thus no provision for Hong Kong profits tax has been made[84]. - The company did not recognize any taxable profits for its subsidiary in Hainan, resulting in no provisions for corporate income tax[129]. - The company has no provision for Hong Kong profits tax due to the absence of taxable profits for the period[116]. Strategic Plans and Market Conditions - The company has taken a cautious approach due to a soft market and the need for substantial capital for international oil trading and new business development[16]. - The group plans to strengthen working capital management to enhance operational capabilities in oil trading as market conditions improve[23]. - The group aims to solidify its position in existing renovation engineering projects and improve technical standards to ensure stable revenue[24]. - The group plans to continue exploring and developing collaborations with large enterprises with state-owned backgrounds to enhance resilience in the oil and related products trading business[53]. - The group anticipates challenges in the fiscal year 2023/2024 due to intense competition in available contract engineering in Malaysia[52]. Credit and Receivables Management - Trade receivables as of December 31, 2023, were HKD 44,894,000, compared to HKD 57,656,000 as of June 30, 2023, reflecting a decrease[105]. - The company made a provision for expected credit losses on trade receivables amounting to MYR 1,479,000 during the reporting period, compared to MYR 576,000 in the previous year[108]. - The expected credit loss allowance for trade receivables and contract assets is 12,063,000 MYR for receivables aged 1 to 90 days[120]. - The company faces credit loss and overdue payment risks related to factoring receivables, with a current interest rate of 4% on outstanding amounts[108]. - The net allowance for expected credit losses on contract assets is 508,000 MYR for the current period, compared to a net reversal of 506,000 MYR in 2022[112].
TBKS HLDGS(01960) - 2024 - 中期业绩