HONG KONG, 16 August 2024–(BUSINESS WIRE)–Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today announced its unaudited financial results for the six-month period ended June 30, 2024.
Financial tables/amounts at the end of this publication are in Hong Kong dollars (HK$), while all other amounts are presented in U.S. dollars ($), based on an exchange rate of $1.0: HK$7.8.
Balance sheet highlights as of June 30, 2024
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$12.2 million in cash and cash equivalents, compared to $12.3 million at December 31, 2023
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$11.0 million in working capital, compared to $11.1 million at December 31, 2023.
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Book value per share was $0.86, compared to $0.86 at December 31, 2023.
Management comments
Mr. Kin Sun Sze-To, Chairman of the Company, said: “While we continue to operate with a lean corporate structure and minimal operational expenditure, our strong balance sheet means we are well positioned to act quickly and capitalize on new opportunities that may arise.”
Forward-looking statements
This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Actual results may differ from expectations, estimates and projections, and you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements.
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PLASTEC TECHNOLOGIES, LTD. |
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CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Hong Kong dollars in thousands, except for number of shares, per share data and unless otherwise stated) |
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For the 6-month Period until 30 June |
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2024 |
2023 |
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HK$ |
HK$ |
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revenue |
– |
– |
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Operating expenses, net |
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Selling and administrative overheads |
(1,937 |
) |
(1,337 |
) |
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Total operating expenses, net |
(1,937 |
) |
(1,337 |
) |
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Loss from operating activities |
(1,937 |
) |
(1,337 |
) |
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Interest income |
2,525 |
1,825 |
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Earnings before income tax expense |
588 |
488 |
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Income tax expense |
(524 |
) |
(435 |
) |
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Net profit attributable to shareholders of the Company |
64 |
35 |
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Other comprehensive income |
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Currency translation differences |
– |
– |
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Total profit attributable to the Company’s shareholders |
64 |
35 |
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Net earnings per share: |
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Weighted average number of common shares |
12,938,128 |
12,938,128 |
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Weighted average number of diluted common shares |
12,938,128 |
12,938,128 |
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Basic net earnings per share attributable to the Company’s shareholders |
HK$0.005 |
HK$0.003 |
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Diluted net earnings per share attributable to shareholders of the Company |
HK$0.005 |
HK$0.003 |
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PLASTEC TECHNOLOGIES, LTD. |
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CONSOLIDATED BALANCE SHEET (Hong Kong dollars in thousands, except for number of shares, per share data and unless otherwise stated) |
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(Unverified) |
(Verified) |
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30 June |
31 December |
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2024 |
2023 |
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HK$ |
HK$ |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
95,072 |
96,303 |
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Deposits, advance payments and other claims |
5,045 |
4,296 |
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Total current assets |
100,117 |
100,572 |
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Property, plant and equipment, net |
315 |
7 |
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Intangible assets |
438 |
438 |
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Total assets |
100,870 |
101,017 |
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LIABILITIES AND EQUITY |
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Short-term liabilities |
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Other liabilities and provisions |
438 |
1,173 |
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Taxable |
13,504 |
12,980 |
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Total current liabilities |
13,942 |
14,153 |
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Total liabilities |
13,942 |
14,153 |
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Commitments and contingent liabilities |
– |
– |
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Equity capital |
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Common Stock ($0.001 par value; 100,000,000 shares authorized; 12,938,128 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) |
101 |
101 |
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Capital reserve |
26,049 |
26,049 |
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Accumulated other comprehensive income |
(30 |
) |
(30 |
) |
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Retained earnings |
60,808 |
60,744 |
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Total equity |
86,928 |
86,864 |
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Total liabilities and equity |
100,870 |
101,017 |
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PLASTEC TECHNOLOGIES, LTD. |
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CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) (Hong Kong dollars in thousands, except for number of shares, per share data and unless otherwise stated) |
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For the 6-month Period until 30 June |
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2024 |
2023 |
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HK$ |
HK$ |
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Operational activity |
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Net income |
64 |
35 |
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Adjustments to reconcile net profit with net cash flow from operating activities: |
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Depreciation and amortization |
36 |
– |
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Changes in operating assets and liabilities: |
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Deposits, advance payments and other claims |
(749 |
) |
(543 |
) |
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Other liabilities and provisions |
(735 |
) |
(153 |
) |
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Tax liabilities |
524 |
453 |
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Net cash flow from operating activities |
(860 |
) |
(208 |
) |
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Net decrease in liquid assets |
(860 |
) |
(208 |
) |
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Investment activity |
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Purchase of equipment and machinery |
(371 |
) |
– |
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Net cash flow used for investments Activities |
(371 |
) |
– |
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Net decrease in liquid assets |
(1,231 |
) |
(208 |
) |
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Cash and cash equivalents, beginning of period |
96,303 |
95,646 |
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Cash and cash equivalents, end of period |
95,072 |
95,438 |
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SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION: |
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Interest received, net |
2,525 |
1,825 |
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View original version on businesswire.com: https://www.businesswire.com/news/home/20240816582045/en/
Contacts
Plastec Technologies, Ltd.
HL Ning, Chief Financial Officer
[email protected]
INVESTOR RELATIONSHIPS:
The Equity Group Inc.
Alice Zhang, Associate
(212) 836-9610
[email protected]
