Financial Performance - The turnover for the six months ended March 31, 2024, was HK$48,513,038, a decrease of 19.5% compared to HK$60,228,181 for the same period in 2023[9]. - The operating profit for the period was HK$21,414,362, a significant recovery from an operating loss of HK$58,389,855 in the previous year[9]. - Profit before tax for the period was HK$18,179,019, compared to a loss before tax of HK$59,761,225 in the same period last year[9]. - The net profit attributable to equity holders of the Company for the period was HK$18,384,344, a turnaround from a loss of HK$59,761,225 in the previous year[9]. - Basic and diluted earnings per share for the period were HK$4.38, compared to a loss of HK$14.22 per share in the same period last year[9]. - For the six months ended March 31, 2024, the profit for the period was HK$18,384,344, compared to a loss of HK$59,761,225 for the same period in 2023[13]. - The Group's profit before tax for the six months ended 31 March 2024 was HK$18,384,344, a recovery from a loss of HK$59,761,225 in the same period of 2023[40][45]. - Basic earnings per share for the period were HK$0.0438, compared to a loss per share of HK$0.1426 in the same period of 2023[40][45]. Assets and Liabilities - Total assets less current liabilities as of March 31, 2024, were HK$358,196,120, an increase from HK$338,772,704 as of September 30, 2023[11]. - Net assets as of March 31, 2024, were HK$338,235,191, up from HK$319,850,847 as of September 30, 2023[11]. - The net asset value per share increased to HK$0.81 from HK$0.76 as of September 30, 2023[11]. - Current assets increased to HK$285,598,748 from HK$257,946,667 as of September 30, 2023[11]. - Total equity increased to HK$338,235,191 as of March 31, 2024, compared to HK$409,149,258 at the same date in 2023, reflecting a decline in accumulated losses[13]. - The net asset value (NAV) of the Group increased to approximately HK$338.2 million as of 31 March 2024, representing a growth of approximately 5.7% from HK$319.9 million as of 30 September 2023[78]. - The net asset value per share decreased from HK$0.8646 to HK$0.81 due to the aforementioned expected credit loss[65][77]. Cash Flow and Investments - Net cash used in operating activities decreased to HK$17,979,171 from HK$29,149,284 in the previous year, indicating improved operational efficiency[16]. - Net cash from investing activities was HK$17,948,000, a significant decrease from HK$68,731,741 in the prior year, reflecting changes in investment strategy[16]. - Cash and cash equivalents at March 31, 2024, were HK$33,043,996, down from HK$56,275,112 a year earlier, indicating a reduction in liquidity[16]. - The company reported a net increase in cash and cash equivalents of HK$31,171 for the period, contrasting with a significant increase of HK$39,582,457 in the previous year[16]. - The Group's bank balances as of March 31, 2024, slightly decreased to approximately HK$33.0 million from approximately HK$33.1 million as of September 30, 2023[93]. - The Group's margin payables and overdrafts totaled approximately HK$44.9 million, with interest rates ranging from 8% to 13.38% per annum[122]. Investment Performance - For the six months ended 31 March 2024, the Group reported a net realised loss on financial assets of HK$623,723, a significant improvement compared to a loss of HK$4,564,583 in the same period of 2023[29]. - The net unrealised gain on financial assets was HK$42,024,823, contrasting with a loss of HK$63,790,160 in the previous year, indicating a recovery in asset valuations[29]. - The performance of the Group's listed investments improved from a net loss of approximately HK$68.3 million in the prior period to a profit of approximately HK$41.4 million for the Period[75]. - The Group recorded an unrealized gain of approximately HK$58.4 million from its investment in Japan Kyosei during the period[108][112]. - The Group's listed investments generated a net realised loss of approximately HK$0.6 million, with a realised gain of approximately HK$0.7 million offset by a realised loss of approximately HK$1.3 million[80]. - Bond interest income recorded during the period was approximately HK$6.8 million[91]. Corporate Governance and Compliance - The Audit Committee, comprising two independent non-executive directors, reviewed the unaudited interim results for the six months ended March 31, 2024[138]. - The company confirmed full compliance with the Model Code for Securities Transactions by Directors during the reporting period[139]. - The company complied with the Corporate Governance Code, except for the separation of roles between the chairman and chief executive[140]. - Following the retirement of Mr. Lee Ming Gin, the company currently has only two independent non-executive directors, which is below the minimum required[145]. - The company is actively seeking a suitable candidate to fill the vacancy of independent non-executive director[146]. - The company believes its corporate governance structure ensures effective oversight of management despite the noted deviations from the CG Code[140]. Employee and Management Compensation - Compensation for key management personnel during the Period amounted to approximately HK$2.04 million, a decrease from HK$2.39 million in the previous year[71]. - As of March 31, 2024, the Group had 14 employees, with total staff costs (excluding directors' remuneration) amounting to approximately HK$1.4 million[118]. Market Conditions and Future Outlook - The Group plans to adopt cautious measures to manage its investment portfolio due to the unpredictable global political environment[92]. - Japan Kyosei's annual report indicated that the domestic property industry in China is experiencing significant turbulence due to a credit crisis, diminishing demand, and cash flow issues, leading to an unprecedented difficult situation[102]. - The Board of Japan Kyosei plans to explore cooperation opportunities in real estate development in Japan, aiming to enhance profitability and shareholder returns[104][107].
首都创投(02324) - 2024 - 中期财报