Plastec Technologies Reports Fiscal 2024 First Half Results

Rhea-AI Summary

Plastec Technologies, (OTCBB: PLTYF) has reported its unaudited financial results for the first half of fiscal 2024, ending June 30. The company maintains a strong balance sheet with $12.2 million in cash and cash equivalents, slightly down from $12.3 million at the end of 2023. Working capital stood at $11.0 million, compared to $11.1 million on December 31, 2023. The book value per share remained stable at $0.86.

Chairman Kin Sun Sze-To emphasized the company's lean corporate structure and minimal operations, highlighting their readiness to capitalize on new opportunities due to their strong financial position. The company's financial stability suggests a cautious approach while maintaining flexibility for potential future ventures.

Positive

• Maintained strong cash position of $12.2 million
• Stable book value per share at $0.86
• Lean corporate structure minimizing operational costs

Negative

• Slight decrease in cash and cash equivalents from $12.3 million to $12.2 million
• Minimal operations indicating current business activity

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported unaudited financial results for the six months period ended June 30, 2024.

Financial tables/amounts at the end of this release are in Hong Kong dollars (HK$), while all other amounts are presented in U.S. dollars ($) based on a conversion rate of $1.0: HK$7.8.

Balance Sheet Highlights at June 30, 2024

• $12.2 million in cash and cash equivalents, compared to $12.3 million at December 31, 2023
• $11.0 million in working capital, compared to $11.1 million at December 31, 2023.
• 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, stated, “While we continued to operate under a lean corporate structure with minimal operations, due to our strong balance sheet we believe we are well-positioned to act quickly on taking advantage of 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 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,
		2024			2023
		HK$			HK$
Revenues		-			-
Operating expenses, net
Selling, general and administrative expenses		(1,937	)		(1,337	)
Total operating expenses, net		(1,937	)		(1,337	)
Loss from operations		(1,937	)		(1,337	)
Interest income		2,525			1,825
Income before income tax expense		588			488
Income tax expense		(524	)		(435	)
Net Income attributable to the Company’s shareholders		64			35
Other comprehensive income
Foreign currency translation adjustment		-			-
Comprehensive Income attributable to the Company’s shareholders		64			35
Net income 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 per share attributable to the Company’s shareholders		HK$0.005			HK$0.003
Diluted net income per share attributable to the Company’s shareholders		HK$0.005			HK$0.003

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,
		2024			2023
		HK$			HK$
ASSETS
Current assets
Cash and cash equivalents		95,072			96,303
Deposits, prepayment and other receivables		5,045			4,296
Total current assets		100,117			100,572
Property, plant and equipment, net		315			7
Intangible assets		438			438
Total assets		100,870			101,017
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Other payables and accruals		438			1,173
Tax payable		13,504			12,980
Total current liabilities		13,942			14,153
Total liabilities		13,942			14,153
Commitments and contingencies		-			-
Shareholders’ equity
Ordinary shares (US$0.001 par value; 100,000,000 authorized 12,938,128 and 12,938,128 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)		101			101
Additional paid-in capital		26,049			26,049
Accumulated other comprehensive income		(30	)		(30	)
Retained earnings		60,808			60,744
Total shareholders’ equity		86,928			86,864
Total liabilities and shareholders’ equity		100,870			101,017

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,
		2024			2023
		HK$			HK$
Operating activities
Net Income		64			35
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		36			-
Changes in operating assets and liabilities:
Deposits, prepayment and other receivables		(749	)		(543	)
Other payables and accruals		(735	)		(153	)
Tax payables		524			453
Net cash used in operating activities		(860	)		(208	)
Net decrease in cash and cash equivalents		(860	)		(208	)
Investing activities
Purchase of plant and machinery		(371	)		-
Net cash used in investing activities		(371	)		-
Net decrease in cash and cash equivalents		(1,231	)		(208	)
Cash and cash equivalents, beginning of period		96,303			95,646
Cash and cash equivalents, end of period		95,072			95,438
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:
Interest received, net		2,525			1,825

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240816582045/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 was Plastec Technologies' (PLTYF) cash position as of June 30, 2024?

Plastec Technologies (PLTYF) reported $12.2 million in cash and cash equivalents as of June 30, 2024.

How did Plastec Technologies' (PLTYF) working capital change in the first half of 2024?

Plastec Technologies' (PLTYF) working capital slightly decreased from $11.1 million on December 31, 2023, to $11.0 million on June 30, 2024.

What was Plastec Technologies' (PLTYF) book value per share on June 30, 2024?

Plastec Technologies' (PLTYF) book value per share remained stable at $0.86 as of June 30, 2024.

How did Plastec Technologies (PLTYF) describe its operational strategy in the first half of 2024?

Plastec Technologies (PLTYF) reported operating under a lean corporate structure with minimal operations, while maintaining readiness to act on new opportunities.