(Incorporated in Bermuda with limited liability)

INTERIM REPORT

中期報告

2023/24

Financial Highlights

For the six months

ended 30 September

2023

2022

Change

(Unaudited)

(Unaudited)

RESULTS HIGHLIGHTS (HK$'000)

Revenue

1,002,400

1,321,680

-24%

Profit before tax

63,722

92,177

-31%

Profit attributable to equity holders

of the Company

50,501

75,104

-33%

Total assets

3,925,071

3,962,299

-1%

Shareholders' equity

2,935,393

2,933,529

0%

Issued share capital

63,053

63,053

0%

Net current assets

1,926,849

1,869,375

3%

PER SHARE DATA

Basic earnings per share (HK cents)

8.0

11.9

-33%

Cash dividends per share (HK cents)

3.0

4.5

-33%

Net assets per share (HK dollars)

4.7

4.7

0%

KEY FINANCIAL RATIOS

Return on average shareholders' equity (%)

1.7

2.4

-29%

Return on average total assets (%)

1.3

1.8

-28%

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

1

Corporate Information

Directors

Executive Directors

Ms. Lai Yuen CHIANG (Chairman and Chief Executive Officer)

Mr. Stephen Hau Leung CHUNG

Independent Non-executive Directors

Mr. Bernard Charnwut CHAN

Mr. Harry Chi HUI (appointed with effect from 1 July 2023)

Mr. Anish LALVANI

Mr. Michael Tze Hau LEE

Mr. Johnson Chin Kwang TAN

Audit Committee

Mr. Anish LALVANI (Chairman)

Mr. Bernard Charnwut CHAN

Mr. Harry Chi HUI (appointed with effect from 1 July 2023)

Mr. Michael Tze Hau LEE

Mr. Johnson Chin Kwang TAN

Remuneration Committee

Mr. Bernard Charnwut CHAN (Chairman)

Mr. Anish LALVANI

Mr. Michael Tze Hau LEE

Mr. Johnson Chin Kwang TAN

Ms. Lai Yuen CHIANG

Nomination Committee

Mr. Johnson Chin Kwang TAN (Chairman)

Mr. Bernard Charnwut CHAN

Mr. Anish LALVANI

Mr. Michael Tze Hau LEE

Corporate Governance

Mr. Michael Tze Hau LEE (Chairman)

Committee

Mr. Bernard Charnwut CHAN

Mr. Harry Chi HUI (appointed with effect from 1 July 2023)

Mr. Anish LALVANI

Mr. Johnson Chin Kwang TAN

Company Secretary

Mr. Chi Ngai CHAN

Authorized Representatives

Ms. Lai Yuen CHIANG

Mr. Chi Ngai CHAN

2

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

Auditor

Ernst & Young

Registered Public Interest Entity Auditor

Principal Bankers

China Construction Bank (Asia) Corporation Limited

Hang Seng Bank Limited

Industrial and Commercial Bank of China (Asia) Limited

The Hongkong and Shanghai Banking Corporation Limited

Principal Share Registrar

MUFG Fund Services (Bermuda) Limited

4th Floor North

Cedar House

41 Cedar Avenue

Hamilton HM 12

Bermuda

Branch Share Registrar

Tricor Tengis Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

Registered Office

Victoria Place

5th Floor, 31 Victoria Street

Hamilton HM 10

Bermuda

Head Office & Principal

Unit 2001, 20th Floor

Place of Business

Citicorp Centre

18 Whitfield Road

Hong Kong

Corporate Communications &

Company Secretary

Investor Relations

Tel: (852) 2665 3888

Fax: (852) 2664 8202

E-mail:comm@chenhsong.com

Website: www.chenhsong.com

Stock Code

00057

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

3

Interim Results

The board of directors (the "Board") of Chen Hsong Holdings Limited (the "Company") announces that the unaudited consolidated profit attributable to equity holders of the Company for the six months ended 30 September 2023 amounted to HK$50,501,000, as compared with the profit attributable to equity holders of HK$75,104,000 for the corresponding period of last year. Basic earnings per share for the six months ended 30 September 2023 was HK8.0 cents, as compared with the basic earnings per share of HK11.9 cents for the corresponding period of last year. These unaudited interim results have been reviewed by the Company's Audit Committee.

Condensed Consolidated Income Statement

For the six months ended 30 September 2023

Six months ended

30 September

2023

2022

(Unaudited)

(Unaudited)

Notes

HK$'000

HK$'000

REVENUE

2

1,002,400

1,321,680

Cost of sales

(755,902)

(1,012,808)

Gross profit

246,498

308,872

Other income and gains, net

61,377

39,960

Selling and distribution expenses

(120,670)

(146,024)

Administrative expenses

(75,179)

(73,092)

Other operating expenses, net

(47,719)

(36,772)

Finance costs

(639)

(493)

Share of profits less losses of associates

54

(274)

PROFIT BEFORE TAX

3

63,722

92,177

Income tax expense

4

(13,223)

(17,854)

PROFIT FOR THE PERIOD

50,499

74,323

ATTRIBUTABLE TO:

50,501

Equity holders of the Company

75,104

Non-controlling interests

(2)

(781)

50,499

74,323

EARNINGS PER SHARE ATTRIBUTABLE TO

EQUITY HOLDERS OF THE COMPANY

6

8.0

Basic (HK cents)

11.9

Diluted (HK cents)

8.0

11.9

4

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

Condensed Consolidated Statement of

Comprehensive Income

For the six months ended 30 September 2023

Six months ended

30 September

2023

2022

(Unaudited)

(Unaudited)

HK$'000

HK$'000

PROFIT FOR THE PERIOD

50,499

74,323

OTHER COMPREHENSIVE INCOME/(EXPENSE)

Other comprehensive expense

that may be reclassified to the income statement in

subsequent periods:

Exchange differences:

Exchange differences on translation of

(118,185)

foreign operations

(276,701)

Share of other comprehensive expense

(1,344)

of associates

(3,291)

Net other comprehensive expense that may

be reclassified to the income statement in

(119,529)

subsequent periods

(279,992)

Other comprehensive income that will not

be reclassified to the income statement

in subsequent periods:

123

Actuarial gains on defined benefit obligations

109

OTHER COMPREHENSIVE EXPENSE

FOR THE PERIOD

(119,406)

(279,883)

TOTAL COMPREHENSIVE EXPENSE

FOR THE PERIOD

(68,907)

(205,560)

ATTRIBUTABLE TO:

(68,203)

Equity holders of the Company

(203,124)

Non-controlling interests

(704)

(2,436)

(68,907)

(205,560)

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

5

Condensed Consolidated Statement of

Financial Position

As at 30 September 2023

30 September

31 March

2023

2023

(Unaudited)

(Audited)

Notes

HK$'000

HK$'000

NON-CURRENT ASSETS

550,899

Property, plant and equipment

7

585,382

Investment properties

317,568

332,866

Right-of-use assets

58,862

40,362

Goodwill

51,905

51,905

Intangible assets

3,016

3,579

Investments in associates

24,372

25,663

Deferred tax assets

34,637

37,014

Deposits for purchases of items of property,

8,017

plant and equipment

15,248

Trade and bills receivables

8

69,512

82,200

Finance lease receivables

9

399

202

Defined benefit assets

3,128

2,611

Pledged bank deposits

655

1,353

Total non-current assets

1,122,970

1,178,385

CURRENT ASSETS

692,376

Inventories

791,763

Trade and bills receivables

8

1,255,150

1,397,251

Deposits, prepayments and other receivables

111,346

111,344

Finance lease receivables

9

2,540

1,414

Pledged bank deposits

32,461

24,490

Cash and bank balances

708,228

644,662

Total current assets

2,802,101

2,970,924

CURRENT LIABILITIES

577,837

Trade and bills payables

10

623,367

Other payables, accruals and contract liabilities

253,894

314,905

Lease liabilities

3,308

2,862

Tax payable

40,213

39,386

Total current liabilities

875,252

980,520

NET CURRENT ASSETS

1,926,849

1,990,404

TOTAL ASSETS LESS CURRENT LIABILITIES

3,049,819

3,168,789

6

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

Condensed Consolidated Statement of

Financial Position (continued)

As at 30 September 2023

30 September

31 March

2023

2023

(Unaudited)

(Audited)

Notes

HK$'000

HK$'000

NON-CURRENT LIABILITIES

Other payables and accruals

5,260

6,364

Lease liabilities

15,384

17,064

Deferred tax liabilities

75,445

77,180

Total non-current liabilities

96,089

100,608

NET ASSETS

2,953,730

3,068,181

EQUITY

Equity attributable to equity holders

of the Company

Issued share capital

11

63,053

63,053

Reserves

2,872,340

2,986,087

2,935,393

3,049,140

Non-controlling interests

18,337

19,041

TOTAL EQUITY

2,953,730

3,068,181

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

7

Condensed Consolidated Statement of

Changes in Equity

For the six months ended 30 September 2023

2023

Attributable to equity holders of the Company

Issued

Share

Capital

share

premium

redemption

Capital

Statutory

capital

account

reserve

reserve

reserve

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Notes

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

At 1 April 2023

63,053

509,580

295

57,030

149,641

Profit/(loss) for the period

-

-

-

-

-

Other comprehensive

income/(expense) for

the period:

Exchange differences on

translation of foreign

operations

-

-

-

-

-

Share of other

comprehensive

expense of

associates

-

-

-

-

-

Actuarial gains on

defined benefit

obligations

-

-

-

-

-

Total comprehensive

income/(expense) for

the period

-

-

-

-

-

Equity-settled share option

arrangements

12

-

-

-

485

-

Transfer to retained

earnings

-

-

-

242

-

Final dividend for the year

ended 31 March 2023

5

-

-

-

-

-

At 30 September 2023

63,053

509,580*

295*

57,757*

149,641*

* These reserve accounts comprise the consolidated reserves of HK$2,872,340,000 (31 March 2023: HK$2,986,087,000) in the condensed consolidated statement of financial position as at 30 September 2023.

8

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

2023

Attributable to equity holders of the Company

Asset

Exchange

Non-

General

revaluation

fluctuation

Retained

controlling

Total

reserve

reserve

reserve

profits

Total

interests

equity

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

2,351

81,231

162,954

2,023,005

3,049,140

19,041

3,068,181

-

-

-

50,501

50,501

(2)

50,499

-

-

(117,483)

-

(117,483)

(702)

(118,185)

-

-

(1,344)

-

(1,344)

-

(1,344)

-

-

-

123

123

-

123

-

-

(118,827)

50,624

(68,203)

(704)

(68,907)

-

-

-

-

485

-

485

-

-

-

(242)

-

-

-

-

-

-

(46,029)

(46,029)

-

(46,029)

2,351*

81,231*

44,127*

2,027,358*

2,935,393

18,337

2,953,730

CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24

9

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Chen Hsong Holdings Limited published this content on 08 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2023 13:04:16 UTC.