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北方矿业(00433) - 2023 - 中期业绩
NORTH MININGNORTH MINING(HK:00433)2023-08-31 12:02

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 746,078,000, representing a 46% increase from HKD 510,635,000 in the same period of 2022[1] - The net loss for the period was HKD (156,043,000), compared to a loss of HKD (146,134,000) in the previous year, indicating a worsening financial position[2] - Total comprehensive income for the period was HKD 14,041,000, up from HKD 4,375,000 in the same period last year, showing improvement in overall financial performance[3] - Basic and diluted loss per share was HKD 0.12, slightly improving from HKD 0.45 in the previous year[5] - The company reported a loss before tax for the first half of 2023, with specific figures not disclosed in the provided content[46] - The company incurred a loss before tax of 156,043 thousand HKD for the current period, compared to a loss of 101,131 thousand HKD in the previous year, reflecting a worsening financial performance[62] - The group recorded a loss of approximately HKD 156,043,000 for the six months ended June 30, 2023, compared to a loss of HKD 146,134,000 for the same period in 2022, representing an increase in loss of about 6.78%[77] - The group’s basic loss per share for the six months ended June 30, 2023, was based on a loss attributable to shareholders of approximately HKD 98,598,000, compared to a loss of HKD 104,144,000 for the same period in 2022[71] Assets and Liabilities - Total assets decreased to HKD 1,923,048,000 from HKD 2,017,000,000, indicating a decline in the company's asset base[8] - Total liabilities increased to HKD 3,571,128,000 from HKD 3,523,078,000, reflecting a rise in the company's debt levels[11] - The total assets of the company as of June 30, 2023, amounted to HKD 2,017,000,000, while total liabilities were HKD 3,523,078,000, indicating a significant leverage situation[45] - The total current liabilities amounted to HKD 3,312,276,000 as of June 30, 2023, compared to HKD 3,261,215,000 in 2022[88] - As of June 30, 2023, the group reported a shareholder deficit of approximately HKD 1,648,080,000 and current liabilities exceeding current assets by about HKD 2,912,261,000[34] Inventory and Costs - Cost of sales increased to HKD (690,592,000) from HKD (445,478,000), reflecting a significant rise in operational costs[1] - The company reported a significant increase in inventory, which rose to HKD 214,658,000 from HKD 271,949,000, indicating changes in stock management[7] - The company recorded a loss of HKD 57,828,000 in obsolete inventory provisions for the first half of 2023, compared to HKD 43,881,000 in the same period of 2022[45] - The group’s employee costs, including salaries and wages, decreased to HKD 25,993,000 for the six months ended June 30, 2023, from HKD 29,585,000 in the same period of 2022[77] - The group’s depreciation of property, plant, and equipment increased to HKD 48,622,000 for the six months ended June 30, 2023, compared to HKD 28,020,000 for the same period in 2022[77] Business Operations and Strategy - The company operates primarily in investment holding, mining, and chemical trading sectors, focusing on resource exploration and development[13] - The company is engaged in restructuring activities, including a capital reduction and potential financing of up to HKD 21,500,000 to address accumulated losses[17] - The company plans to implement a share consolidation, merging every 20 shares with a par value of HKD 0.016 into 1 share with a par value of HKD 0.32[35] - The company aims to issue 11,086,710,827 new shares to creditors as part of a debt restructuring plan, pending court approval[36] - The company is exploring new product development and market expansion strategies to enhance its competitive position in the industry[57] - The group aims to enhance resilience by developing and expanding its two core businesses and establishing protective measures in the supply chain to address shortages and rising business costs[83] - The group plans to continue investing in safety and environmental protection while strictly controlling costs and improving production efficiency to cope with intense market competition[85] - The group plans to further invest and upgrade mining operational machinery to enhance production efficiency and safety[105] Governance and Compliance - The company has adhered to the corporate governance code principles, except for certain provisions related to the composition of the board[116] - The company believes it has taken sufficient measures to comply with governance rules as of June 30, 2023[138] - The company has not been able to comply with listing rules due to the absence of independent non-executive directors and a compensation committee chair[140] - Trading of the company's shares has been suspended since April 1, 2021, and will continue until further notice[148] Legal and Restructuring - The company was ordered to be wound up by the Hong Kong High Court on May 16, 2022, and a provisional liquidator was appointed[113] - The company submitted a resumption proposal to the stock exchange on September 27, 2022, outlining actions to meet resumption conditions, including capital restructuring and funding injection[114] - The resumption proposal has received shareholder approval, and the arrangement plan has been approved by the majority of creditors required by law[115] - The joint and individual liquidators were appointed as of mid-2022, limiting the availability of financial data for the group[145] - The company has been ordered to undergo liquidation by the Hong Kong High Court on July 18, 2022[132] Revenue Generation - The company generated sales of HKD 746,078,000 from chemical products in the first half of 2023, compared to HKD 394,515,000 in the same period of 2022, representing an increase of approximately 89%[41] - The group’s mining business did not contribute any revenue during the review period due to the need for a safety license renewal[101] - The company has not recognized any income from sales of by-products in the current period, which may impact overall revenue generation strategies[59] - The company has recognized other income of 6,745 thousand HKD, which may contribute positively to its financial position[63]