Financial Performance - Revenue for the six months ended January 31, 2024, was HKD 48,916,000, an increase of 16.5% compared to HKD 42,000,000 for the same period last year[3]. - Gross profit for the same period was HKD 40,064,000, representing a gross margin of approximately 81.8%[3]. - The company reported a loss attributable to owners of HKD 13,980,000, significantly improved from a loss of HKD 79,747,000 in the previous year[3][4]. - Total revenue for the six months ended January 31, 2024, was HKD 53,887,000, an increase of 12.5% compared to HKD 47,782,000 for the same period in 2023[16]. - Revenue from the apparel and related accessories business was HKD 27,379,000, up from HKD 24,066,000, representing a growth of 9.6%[16]. - The property investment and leasing business generated revenue of HKD 26,508,000, compared to HKD 23,716,000, reflecting an increase of 11.9%[16]. - The adjusted loss before tax for the group was HKD 33,271,000, a significant improvement from a loss of HKD 79,747,000 in the previous year[16]. - The group reported a pre-tax loss of HKD 8,215,000 for the six months ended January 31, 2024, compared to HKD 8,623,000 for the same period in 2023, reflecting a decrease of approximately 4.7%[20]. - The group reported a loss of HKD 7,867,000 from the fair value of investment properties, compared to a loss of HKD 69,707,000 in the previous year[16]. Assets and Liabilities - The total assets as of January 31, 2024, were HKD 2,053,489,000, a slight decrease from HKD 2,071,315,000 as of July 31, 2023[6][7]. - Non-current assets increased to HKD 1,958,348,000 from HKD 1,956,663,000 year-over-year[6]. - Current liabilities decreased to HKD 253,594,000 from HKD 272,549,000, indicating improved liquidity[6]. - The company’s cash and cash equivalents were HKD 207,023,000, down from HKD 229,445,000[6]. - The group’s bank borrowings amounted to HKD 740,039,000 as of January 31, 2024, down from HKD 750,501,000 as of July 31, 2023, indicating a decrease of about 1.8%[26]. - The total outstanding borrowings amounted to HKD 746 million as of January 31, 2024, slightly decreased from HKD 754 million on July 31, 2023[59]. - The company's capital-to-debt ratio remained stable at 51% as of January 31, 2024, consistent with the previous year[62]. Operational Strategy - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[9]. - The company plans to continue focusing on operational efficiency and exploring new market opportunities to drive future growth[16]. - The group aims to enhance operational efficiency and implement strict cost control measures in response to the challenging retail environment[46]. - The focus will be on improving store profitability and exploring partnerships with various wholesalers to expand market share[47]. - The group is committed to strengthening the product portfolio of the "CROCO" brand to attract and satisfy customer preferences[47]. - The strategy includes a proactive repositioning of investment properties to optimize performance and capitalize on market trends[50]. - The group intends to reduce reliance on debt financing in light of rising funding costs and global economic uncertainties[50]. Income and Expenses - Financing costs rose to HKD 24,693,000 from HKD 16,765,000, marking an increase of 47.4%[19]. - The net other income for the six months was HKD 1,156,000, down from HKD 10,435,000 in the previous year[18]. - Direct operating expenses from investment properties generating rental income decreased to HKD 1,732,000 from HKD 2,044,000, a reduction of about 15.3% year-over-year[20]. - The overall comprehensive expenses totaled HKD 15 million, slightly down from HKD 16 million in 2023[36]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange, with a noted deviation regarding the separation of roles between the Chairman and the CEO[69]. - Lin Wei Shan has served as both the Chairman and CEO since January 2021, leading the board and overseeing the company's long-term strategic direction[70]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the period[71]. - The board of directors includes two executive directors and three independent non-executive directors, ensuring a diverse governance structure[72]. Employee and Shareholder Information - As of January 31, 2024, the total number of employees in the group is 110, an increase from 108 on July 31, 2023[65]. - The company has not issued any stock options under the 2015 plan as of January 31, 2024, with no options unexercised[66]. - The group did not declare any interim dividend for the six months ended January 31, 2024, consistent with the previous year[23].
鳄鱼恤(00122) - 2024 - 中期业绩