Plastec Technologies Reports Fiscal 2023 First Half Results, Provides Update on Its Securities Repurchase Plan

Rhea-AI Summary

Plastec Technologies, Ltd. reports unaudited financial results for H1 2023. Working capital remains at $11.1M. Book value per share unchanged. Securities repurchase plan extended. No shares purchased yet.

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported unaudited financial results for the six months ended June 30, 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 June 30, 2023, no change from December 31, 2022.
• Book value per share was $0.86 at June 30, 2023, compared to $0.86 at December 31, 2022.

Update on Securities Repurchase Plan

In August 2022, the Company’s Board of Directors approved an additional extension of its securities repurchase plan through September 25, 2023, allowing the Company to purchase up to $5 million of its securities in both open market and privately negotiated transactions at the discretion of the Company’s management and as market conditions allow. No shares have been purchased by the Company as part of this plan thus far.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “The Company continues to be in a strong financial position as we maintain a lean operating and expense structure. We believe we remain well positioned to pursue compelling business opportunities that may present themselves.”

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 (Unaudited)
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
						For the 6-month period ended June 30,
						2023		2022
						HK$		HK$
Revenues						-		-
Operating expenses, net
Selling, general and administrative expenses						(1,337)		(1,316)
Total operating expenses, net						(1,337)		(1,316)
Loss from operations						(1,337)		(1,316)
Interest income						1,825		115
Income (loss) before income tax expense						488		(1,201)
Income tax expense						(453)		(420)
Net income (loss) attributable to the Company’s						35		(1,621)
shareholders
Other comprehensive income
Foreign currency translation adjustment						-		-
Comprehensive income (loss) attributable to
the Company’s shareholders						35		(1,621)
Net income (loss) per share:
Weighted average number of ordinary shares						12,938,128		12,938,128
Weighted average number of diluted ordinary shares						12,938,128		12,938,128
Basic net income (loss) per share attributable
to the Company’s shareholders						0.003		(0.13)
Diluted net income (loss) per share attributable
to the Company’s shareholders						0.003		(0.13)

 

PLASTEC TECHNOLOGIES, LTD.
CONSOLIDATED BALANCE SHEETS
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
			(Unaudited)		(Audited)
			June 30,		December 31,
			2023		2022
ASSETS
Current assets
Cash and cash equivalents			95,438		95,646
Deposits, prepayment and other receivables			4,097		3,554
Total current assets			99,535		99,200
Property, plant and equipment, net			-		-
Intangible assets			438		438
Total assets			99,973		99,638
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals			622		775
Tax payable			12,386		11,933
Total current liabilities			13,008		12,708
Total liabilities			13,008		12,708
Commitments and contingencies			-		-
Shareholders’ equity
Ordinary shares (US$0.001 par value; 100,000,000			101		101
authorized 12,938,128 and 12,938,128 shares issued and
outstanding as of June 30, 2023 and December 31, 2022,
respectively)
Additional paid-in capital			26,049		26,049
Accumulated other comprehensive income			(30)		(30)
Retained earnings			60,845		60,810
Total shareholders’ equity			86,965		86,930
Total liabilities and shareholders’ equity			99,973		99,638

 

PLASTEC TECHNOLOGIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
				For the 6-month period ended June 30,
					2023		2022
					HK$		HK$
Operating activities
Net income (loss)					35		(1,621)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization					-		-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables					(543)		(162)
Other payables and accruals					(153)		3
Tax payables					453		420
Net cash used in operating activities					(208)		(1,360)
Net decrease in cash and cash equivalents					(208)		(1,360)
Cash and cash equivalents, beginning of period					95,646		98,732
Cash and cash equivalents, end of period					95,438		97,372
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest received, net					1,825		115

 

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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.