Financial Performance - The group recorded revenue of approximately HKD 132.6 million for the six months ended January 31, 2024, an increase of about 0.8% compared to approximately HKD 131.6 million for the same period in 2023[3] - The total profit and comprehensive income increased by approximately 57.4% to about HKD 8.5 million for the six months ended January 31, 2024, compared to approximately HKD 5.4 million for the same period in 2023[3] - Earnings per share for the six months ended January 31, 2024, was approximately HKD 0.85, up from HKD 0.54 for the same period in 2023[3] - The group reported a profit of HKD 10,142,000 for the six months ended January 31, 2024, compared to HKD 6,580,000 for the same period in 2023, marking a 54% increase[20] - Profit and total comprehensive income for the period increased by approximately 57.4% from about HKD 5.4 million to approximately HKD 8.5 million, with a net profit margin rising from about 4.1% to approximately 6.4%[54] Revenue Breakdown - Heavy equipment sales and parts generated revenue of HKD 73,675,000, up 17.5% from HKD 62,686,000 in the previous year[17] - The rental of heavy equipment saw a decline in revenue to HKD 38,057,000, down 18% from HKD 46,453,000 year-on-year[17] - Maintenance and ancillary services revenue increased significantly to HKD 9,483,000, up 60% from HKD 5,917,000 in the prior year[17] - Revenue for the current period increased by approximately 0.8% from about HKD 131.6 million to about HKD 132.6 million, driven by an increase in heavy equipment and parts sales by approximately HKD 11.0 million[45] Cost and Expenses - Gross profit for the six months ended January 31, 2024, was approximately HKD 32.4 million, compared to HKD 29.8 million for the same period in 2023, reflecting an increase in gross margin[5] - The group reported a decrease in the cost of revenue to HKD 100.2 million for the six months ended January 31, 2024, from HKD 101.8 million for the same period in 2023[5] - Administrative and other operating expenses decreased by approximately HKD 1.0 million or about 4.5% to approximately HKD 22.2 million, mainly due to reduced depreciation and marketing expenses[51] - Financing costs decreased by approximately HKD 0.1 million or about 16.7% to approximately HKD 0.5 million, attributed to a reduction in average bank borrowings compared to the same period last year[52] Assets and Liabilities - The group’s total assets increased to HKD 340.6 million as of January 31, 2024, compared to HKD 308.9 million as of July 31, 2023[7] - Current liabilities increased to HKD 41.8 million as of January 31, 2024, from HKD 32.8 million as of July 31, 2023[7] - The net asset value of the group was HKD 445.2 million as of January 31, 2024, compared to HKD 441.6 million as of July 31, 2023[7] - Trade and lease receivables decreased from HKD 106.6 million as of July 31, 2023, to HKD 100.6 million as of January 31, 2024, after accounting for impairment losses[32] - The group’s trade payables as of January 31, 2024, amounted to approximately HKD 8.8 million, down from HKD 10.5 million as of July 31, 2023[36] Dividends and Shareholder Returns - The group declared a dividend of HKD 5 million during the period, compared to HKD 10 million in the previous period[8] - The company has decided not to declare any interim dividend for the six months ended January 31, 2024, consistent with the previous year[27] - The board decided not to declare any interim dividend for the six months ended January 31, 2024, consistent with the previous period[63] Accounting and Compliance - The group plans to adopt new accounting guidelines by July 31, 2024, which may impact future financial statements, although the full effect is not yet estimable[15] - The group has begun implementing changes to its accounting policies to align with new guidelines from the Hong Kong Institute of Certified Public Accountants[15] - The interim results for the period have not been reviewed by external auditors but have been reviewed by the audit committee, which consists of three independent non-executive directors[71] - The board is not aware of any significant events affecting the group that occurred after the end of the period and up to the date of this announcement[70] Future Outlook and Strategy - The group expects an average annual investment of over HKD 90 billion in public works projects over the next few years, driven by government infrastructure initiatives[43] - The group plans to diversify its supplier base and procure various technological safety systems and smart products to enhance sustainability and competitiveness[43] Employment and Workforce - The group employed 107 full-time employees as of January 31, 2024, down from 133 on July 31, 2023, with total employee costs of approximately HKD 28.6 million[62] Other Income - The group’s total other income and gains amounted to HKD 866,000 for the six months ended January 31, 2024, compared to HKD 692,000 in the previous year, indicating a 25.1% increase[17] - Other income and net gains rose from approximately HKD 0.7 million to about HKD 0.9 million, an increase of approximately 28.6%, primarily due to increased net gains from the sale of properties, plants, and equipment[49]
德利机械(02102) - 2024 - 中期业绩