Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 5,180,000, a decrease of 72.4% compared to HKD 18,725,000 for the same period in 2023[1] - The gross profit for the same period was HKD 3,179,000, down from HKD 6,732,000, reflecting a significant decline in profitability[1] - The company recorded a profit before tax of HKD 9,349,000, compared to HKD 28,170,000 in the previous year, indicating a decrease of 66.8%[1] - The net profit for the period was HKD 8,121,000, a decline of 71.0% from HKD 28,060,000 in the prior year[1] - The total comprehensive loss for the period was HKD 31,957,000, an improvement from a loss of HKD 48,742,000 in the same period last year[1] - The basic and diluted earnings per share for the period were HKD 0.20, a decrease from HKD 0.71 in the same period last year[1] - The profit attributable to the company's owners for the same period was approximately HKD 8,120,000, down from HKD 28,060,000 year-on-year, primarily due to reduced foreign exchange gains from financial liabilities and decreased revenue[44] Assets and Liabilities - Non-current assets totaled HKD 1,299,237,000 as of June 30, 2024, down from HKD 1,328,839,000 at the end of 2023[3] - Current assets increased to HKD 901,464,000 from HKD 890,248,000, showing a growth of 1.4%[3] - The total liabilities amounted to HKD 1,233,363,000, compared to HKD 1,215,939,000 at the end of 2023, indicating a slight increase in liabilities[4] - The company's equity attributable to owners was HKD 810,013,000, down from HKD 841,970,000 at the end of the previous year[4] - Trade receivables as of June 30, 2024, amounted to HKD 1,447 million, an increase from HKD 1,049 million as of December 31, 2023, representing a 37.9% growth[28] - The aging analysis of trade receivables shows that overdue amounts over 90 days increased to HKD 1,182 million from HKD 861 million, a rise of 37.2%[28] - The total current liabilities as of June 30, 2024, were approximately HKD 1,233,360,000, up from HKD 1,215,940,000 on December 31, 2023[54] Cash Flow and Financing - The net cash flow from operating activities was HKD (7,641,000), a decline from HKD 4,964,000 in the previous year, indicating a significant cash outflow[7] - The financing activities generated a net cash inflow of HKD 8,080,000, down from HKD 11,491,000 in the previous year, primarily due to repayments of loans and lease liabilities[9] - Cash and cash equivalents at the end of the period stood at HKD 10,260,000, a decrease from HKD 1,716,000 at the end of June 2023[9] - The company reported a net foreign exchange loss of HKD (19,079,000), compared to a loss of HKD (26,380,000) in the prior year, reflecting improved currency conditions[7] Investment and Projects - The company has received a pre-sale permit for the first phase of the Jinliwan project, which has a total construction area of approximately 430,000 square meters[45] - The company has paid approximately RMB 92,490,000 as consideration for the acquisition of a 99.99% stake in Tangshan Caofeidian, with a remaining payment of RMB 12,000,000 contingent on the seller settling personal income tax[47] - The Honghaiwan project is planned to be developed into a tourism and entertainment complex with a total construction area of approximately 720,000 square meters[51] - The company is actively discussing the overall planning of the Tanghai County project with local government authorities due to its designation as a nature reserve[47] - The company has established a sales center and exhibition hall for the first phase of the Jinliwan project, which is set to open soon[45] Corporate Governance and Compliance - The company has not reported any significant changes in accounting policies that would materially affect its financial performance or position[12] - The company operates a single reportable segment focused on property development and investment in China, with no independent financial data available for separate reporting[14] - The company’s interim financial statements have not been audited but have been reviewed by the audit committee, ensuring compliance with relevant regulations[11] - The company has adopted and fully complied with the corporate governance code as per the listing rules during the six months ending June 30, 2024[66] - The company has established an audit committee consisting of three independent non-executive directors to review the unaudited interim results for the six months ending June 30, 2024[68] Employee and Management - The total remuneration for key management personnel for the six months ended June 30, 2024, was HKD 867 million, up from HKD 668 million for the same period in 2023, a rise of 30%[38] - The group employed 76 staff members as of June 30, 2024, an increase from 62 staff members on December 31, 2023[58] - Employee costs for the six months ended June 30, 2024, were approximately HKD 8,690,000, compared to HKD 7,540,000 for the same period in 2023[58] Risk Management - Financial risk management policies have not undergone significant changes since January 1, 2024, indicating stability in the company's approach to managing foreign currency, credit, and liquidity risks[41]
大中华控股(00021) - 2024 - 中期财报