Plastec Technologies Reports Fiscal 2023 Financial Results

Rhea-AI Summary

Plastec Technologies, (PLTYF) reported fiscal 2023 financial results with $11.1 million in working capital, a book value per share of $0.86, and a focus on exploring new business opportunities.

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal 2023 year ended December 31, 2023. See financial tables at the end of this release in Hong Kong dollars (HKD). All other amounts in this press release are presented in U.S. dollars (USD) with a conversion rate of US$1.0: HK$7.8.

Current Balance Sheet Highlights

• $11.1 million in working capital at December 31, 2023, compared to $11.1 million at December 31, 2022.
• Book value per share was $0.86 at December 31, 2023, compared to $0.86 at December 31, 2022.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “During 2023, we maintained lean operations, which enabled the Company to sustain its cash position. We continue to explore potential business opportunities.”

Forward Looking Statements

This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, 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,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.

PLASTEC TECHNOLOGIES, LTD.   CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
			Year ended December 31,			Year ended December 31,			Year ended December 31,
			2021			2022			2023
			HK$			HK$			HK$
Revenues			-			-			-
Operating expenses, net
Selling, general and administrative expenses			(2,273	)		(3,326	)		(3,084	)
Other income			-			91			-
Total operating expenses, net			(2,273	)		(3,235	)		(3,084	)
Loss from operations			(2,273	)		(3,235	)		(3,084	)
Interest income			112			917			4,065
(Loss)/profit before income tax expense			(2,161	)		(2,318	)		981
Income tax expense			(840	)		(907	)		(1,047	)
Net loss attributable to the Company’s shareholders			(3,001	)		(3,225	)		(66	)
Comprehensive loss attributable to the Company’s shareholders			(3,001	)		(3,225	)		(66	)

Net loss per share:
Weighted average number of ordinary shares			12,938,128			12,938,128			12,938,128
Weighted average number of diluted ordinary shares			12,938,128			12,938,128			12,938,128
Basic net loss per share			HK$(0.23	)		HK$(0.25	)		HK$(0.005	)
Diluted net loss per share			HK$(0.23	)		HK$(0.25	)		HK$(0.005	)

PLASTEC TECHNOLOGIES, LTD.   CONSOLIDATED BALANCE SHEETS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
					December 31,			December 31,
					2022			2023
					HK$			HK$
ASSETS
Current assets
Cash and cash equivalents					95,646			96,303
Deposits, prepayment and other receivables					3,554			4,269
Total current assets					99,200			100,572
Property, plant and equipment, net					-			7
Intangible assets					438			438
Total assets					99,638			101,017

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals					775			1,173
Tax payable					11,933			12,980
Total current liabilities					12,708			14,153
Total liabilities					12,708			14,153
Commitments and contingencies					-			-
Shareholders’ equity
Ordinary shares (U.S.$0.001 par value; 100,000,000 authorized, 12,938,128 and 12,938,128 shares issued and outstanding as of December 31 2022 and 2023, respectively)					101			101
Additional paid-in capital					26,049			26,049
Accumulated other comprehensive income					(30	)		(30	)
Retained earnings					60,810			60,744
Total shareholders’ equity					86,930			86,864
Total liabilities and shareholders’ equity					99,638			101,017

PLASTEC TECHNOLOGIES, LTD.   CONSOLIDATED STATEMENTS OF CASH FLOWS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
		Year ended December 31,			Year ended December 31,			Year ended December 31,
		2021			2022			2023
		HK$			HK$			HK$
Operating activities
Net loss		(3,001	)		(3,225	)		(66	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortisation		60			-			-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables		(681	)		(423	)		(715	)
Other payables and accruals		(449	)		(345	)		398
Tax payables		840			907			1,047
Net cash (used in)/generated from operating activities		(3,231	)		(3,086	)		664
Investing activity
Purchase of plant and machinery		-			-			(7	)
Net cash used in investing activity		-			-			(7	)
Financing activity
Dividends paid		(80,734	)		-			-
Net cash used in financing activity		(80,734	)		-			-
Net (decrease)/increase in cash and cash equivalents		(83,965	)		(3,086	)		657
Cash and cash equivalents, beginning of year		182,697			98,732			95,646
Cash and cash equivalents, end of year		98,732			95,646			96,303
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest income		112			917			4,065
Income taxes paid		-			-			-

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240415291978/en/

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

ning@plastec.com.hk

INVESTOR RELATIONS:

The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

azhang@equityny.com

Source: Plastec Technologies, Ltd.

FAQ

What are Plastec Technologies' (PLTYF) working capital figures for December 31, 2023?

Plastec Technologies reported $11.1 million in working capital at December 31, 2023.

What is the book value per share for Plastec Technologies (PLTYF) as of December 31, 2023?

The book value per share for Plastec Technologies was $0.86 at December 31, 2023.

Who is the Chairman of Plastec Technologies (PLTYF) and what did he mention in the press release?

Mr. Kin Sun Sze-To, Chairman of Plastec Technologies, stated that the company maintained lean operations in 2023 to sustain its cash position and is exploring potential business opportunities.

What currency were the financial results presented in and what was the conversion rate?

The financial results were presented in U.S. dollars (USD) with a conversion rate of US$1.0: HK$7.8.

What year did the fiscal 2023 financial results cover for Plastec Technologies (PLTYF)?

The fiscal 2023 financial results covered the year ended December 31, 2023 for Plastec Technologies.