Powell Max Limited Announces First Half 2024 Unaudited Financial Results
Powell Max (Nasdaq: PMAX), a Hong Kong-based financial communications services provider, has released its unaudited financial results for the first half of 2024. The company reported a revenue decrease of 11.0% to HK$22.7 million (US$2.9 million) compared to the same period in 2023. Net income fell to HK$0.8 million (US$98,456) from HK$3.6 million in the previous year.
The revenue decline was attributed to reduced capital market activities in Hong Kong, leading to postponed public offerings and transactions. General and administrative expenses increased by 12.7% to HK$6.2 million, while selling and distribution expenses rose by 38.5% to HK$3.0 million. These increases were due to expanded staff numbers and increased marketing efforts. Basic and diluted EPS for the period was HK$0.062 (US$0.008), down from HK$0.285 in the first half of 2023.
Powell Max (Nasdaq: PMAX), un fornitore di servizi di comunicazione finanziaria con sede a Hong Kong, ha pubblicato i risultati finanziari non auditati per il primo semestre del 2024. L'azienda ha registrato un calo dei ricavi dell'11,0% a HK$22,7 milioni (US$2,9 milioni) rispetto allo stesso periodo del 2023. Il reddito netto è sceso a HK$0,8 milioni (US$98.456) rispetto ai HK$3,6 milioni dell'anno precedente.
Il calo dei ricavi è stato attribuito alla riduzione delle attività nei mercati dei capitali a Hong Kong, che ha portato a ritardi nelle offerte pubbliche e nelle transazioni. Le spese generali e amministrative sono aumentate del 12,7% a HK$6,2 milioni, mentre le spese di vendita e distribuzione sono aumentate del 38,5% a HK$3,0 milioni. Questi aumenti sono stati causati dall'espansione del personale e da sforzi di marketing intensificati. Il risultato base e diluito per azione (EPS) per il periodo è stato di HK$0,062 (US$0,008), in calo rispetto ai HK$0,285 nel primo semestre del 2023.
Powell Max (Nasdaq: PMAX), un proveedor de servicios de comunicación financiera con sede en Hong Kong, ha publicado sus resultados financieros no auditados para la primera mitad de 2024. La compañía reportó una disminución de ingresos del 11.0% a HK$22.7 millones (US$2.9 millones) en comparación con el mismo período de 2023. El ingreso neto cayó a HK$0.8 millones (US$98,456) desde HK$3.6 millones en el año anterior.
La disminución de ingresos se atribuyó a la reducción de actividades en el mercado de capitales en Hong Kong, lo que llevó a un aplazamiento de ofertas públicas y transacciones. Los gastos generales y administrativos aumentaron un 12.7% a HK$6.2 millones, mientras que los gastos de venta y distribución aumentaron un 38.5% a HK$3.0 millones. Estos aumentos se debieron a un incremento en el número de empleados y esfuerzos de marketing intensificados. El EPS básico y diluido para el período fue de HK$0.062 (US$0.008), en comparación con HK$0.285 en la primera mitad de 2023.
파웰 맥스 (Nasdaq: PMAX), 홍콩에 본사를 둔 금융 커뮤니케이션 서비스 제공업체가 2024년 상반기 비감사 재무 결과를 발표했습니다. 회사는 2023년 같은 기간과 비교하여 수익이 11.0% 감소한 HK$22.7백만 (US$2.9백만)을 보고했습니다. 순이익은 지난해의 HK$3.6백만에서 HK$0.8백만 (US$98,456)으로 감소했습니다.
수익 감소는 홍콩의 자본 시장 활동 감소로 인한 것으로, 공개 제안 및 거래가 연기되었습니다. 일반 및 관리 비용은 12.7% 증가하여 HK$6.2백만에 달했고, 판매 및 배급 비용은 38.5% 증가하여 HK$3.0백만에 달했습니다. 이러한 증가는 직원 수 증가와 마케팅 노력 증가로 인한 것입니다. 기본 및 희석 EPS는 HK$0.062 (US$0.008)로, 2023년 상반기의 HK$0.285에서 감소했습니다.
Powell Max (Nasdaq: PMAX), un fournisseur de services de communication financière basé à Hong Kong, a publié ses résultats financiers non audités pour le premier semestre de 2024. L'entreprise a enregistré une diminution de 11,0% des revenus à 22,7 millions HK$ (2,9 millions US$) par rapport à la même période en 2023. Le revenu net a chuté à 0,8 million HK$ (98 456 US$) contre 3,6 millions HK$ l'année précédente.
La baisse des revenus est attribuée à la réduction des activités sur les marchés des capitaux à Hong Kong, entraînant le report d'offres publiques et de transactions. Les frais généraux et administratifs ont augmenté de 12,7% pour atteindre 6,2 millions HK$, tandis que les frais de vente et de distribution ont grimpé de 38,5% à 3,0 millions HK$. Ces augmentations sont dues à l'augmentation du nombre de personnel et à des efforts de marketing accrus. Le bénéfice par action de base et dilué (EPS) pour la période était de 0,062 HK$ (0,008 US$), contre 0,285 HK$ au premier semestre 2023.
Powell Max (Nasdaq: PMAX), ein in Hongkong ansässiger Anbieter von Finanzkommunikationsdiensten, hat seine ungeprüften Finanzzahlen für das erste Halbjahr 2024 veröffentlicht. Das Unternehmen berichtete von einem Rückgang der Einnahmen um 11,0% auf HK$22,7 Millionen (US$2,9 Millionen) im Vergleich zum gleichen Zeitraum 2023. Der Nettogewinn fiel auf HK$0,8 Millionen (US$98.456) von HK$3,6 Millionen im Vorjahr.
Der Rückgang der Einnahmen wurde auf reduzierte Aktivitäten auf den Kapitalmärkten in Hongkong zurückgeführt, was zu verschobenen öffentlichen Angeboten und Transaktionen führte. Die allgemeinen und administrativen Ausgaben stiegen um 12,7% auf HK$6,2 Millionen, während die Vertriebs- und Vertriebskosten um 38,5% auf HK$3,0 Millionen anstiegen. Diese Erhöhungen waren auf die gestiegene Mitarbeiterzahl und intensivere Marketingbemühungen zurückzuführen. Der Basis- und verwässerte Gewinn pro Aktie (EPS) für den Zeitraum betrug HK$0,062 (US$0,008), im Vergleich zu HK$0,285 im ersten Halbjahr 2023.
- Maintained profitability despite challenging market conditions
- Increased investment in sales and marketing to maintain market presence
- Revenue decreased by 11.0% to HK$22.7 million (US$2.9 million)
- Net income declined by 77.8% to HK$0.8 million (US$98,456)
- General and administrative expenses increased by 12.7% to HK$6.2 million
- Selling and distribution expenses rose by 38.5% to HK$3.0 million
- Basic and diluted EPS decreased from HK$0.285 to HK$0.062
Insights
Powell Max 's first half 2024 results reveal significant challenges. The 11.0% revenue decline to
The company faces increased operational costs, with general and administrative expenses up
Investors should note the company's proactive approach to challenging market conditions, but also be cautious about the sustainability of increased expenses in a revenue-declining environment. The market's reaction to these results may be negative, potentially impacting the stock price in the short term.
HONG KONG, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced its unaudited financial results for the six months ended June 30, 2024.
Overview:
| ● | Revenue was HK | |
| ● | Net income was HK | |
Six Month Financial Results Ended June 30, 2024
Revenue. Revenue decreased by
General and administrative expenses. General and administrative expenses increased by
Selling and distribution expenses. Selling and distribution expenses increased by
Net income. Net income decreased by HK
Basic and diluted EPS. Basic EPS was HK
About Powell Max Limited
Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.
Exchange Rate Information
The Company is a holding company with operations conducted in Hong Kong through JAN Financial Press Limited (“JAN Financial”), its sole operating subsidiary. JAN Financial’s reporting currency is Hong Kong dollars. The Hong Kong dollar is pegged to the U.S. dollar at a range of HK
Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Rounding Amounts and Percentages
Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.
For investor and media inquiries, please contact:
Company Info:
Powell Max Limited
Investor Relations
ir@janfp.com
(852) 2158 2888
POWELL MAX LIMITED AND ITS SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As of December 31, 2023 | As of June 30, 2024 (unaudited) | |||||||||||
| HK$ | HK$ | US$ | ||||||||||
| ASSETS | ||||||||||||
| Non-current assets | ||||||||||||
| Property, plant and equipment | 5,819,230 | 3,777,893 | 483,830 | |||||||||
| Total non-current assets | 5,819,230 | 3,777,893 | 483,830 | |||||||||
| Current assets | ||||||||||||
| Trade and other receivables | 12,547,210 | 16,040,646 | 2,054,307 | |||||||||
| Deferred IPO expense1 | 962,822 | 6,734,370 | 862,464 | |||||||||
| Cash and bank balances | 3,660,213 | 2,075,667 | 265,828 | |||||||||
| Total current assets | 17,170,245 | 24,850,683 | 3,182,599 | |||||||||
| Total assets | 22,989,475 | 28,628,576 | 3,666,429 | |||||||||
| LIABILITIES AND EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | 27,376,032 | 35,332,530 | 4,524,996 | |||||||||
| Contract liabilities | 1,524,761 | 612,761 | 78,476 | |||||||||
| Bank borrowings | 4,767,829 | 4,311,625 | 552,185 | |||||||||
| Lease liabilities | 3,361,230 | 2,765,854 | 354,220 | |||||||||
| Total current liabilities | 37,029,852 | 43,022,770 | 5,509,877 | |||||||||
| Non-current liabilities | ||||||||||||
| Trade and other payables | 150,000 | 150,000 | 19,210 | |||||||||
| Lease liabilities | 1,122,591 | - | - | |||||||||
| Total non-current liabilities | 1,272,591 | 150,000 | 19,210 | |||||||||
| Total liabilities | 38,302,443 | 43,172,770 | 5,529,087 | |||||||||
| Equity attributable to owners of the Company | ||||||||||||
| Share capital | 9,750 | 9,750 | 1,249 | |||||||||
| Accumulated losses | (15,680,728 | ) | (14,899,592 | ) | (1,908,174 | ) | ||||||
| Reserve | 358,010 | 345,648 | 44,267 | |||||||||
| Total equity | (15,312,968 | ) | (14,544,194 | ) | (1,862,658 | ) | ||||||
| Total liabilities and equity | 22,989,475 | 28,628,576 | 3,666,429 | |||||||||
| 1 | Prior to our initial public offering, we had recorded certain legal, accounting and other third party fees that are directly associated with our initial public offering as deferred IPO expense. Nasdaq Capital Market and would be charged against the gross proceeds of the offering as a reduction of share capital.. As at June 30, 2024, the Company has not completed its IPO on Nasdaq Capital Market. |
POWELL MAX LIMITED AND ITS SUBSIDIARY
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
| Six months ended June 30, | ||||||||||||
| 2023 (unaudited) | 2024 (unaudited) | |||||||||||
| HK$ | HK$ | US$ | ||||||||||
| Revenue | 25,236,693 | 22,732,219 | 2,911,289 | |||||||||
| Cost of sales | (13,985,762 | ) | (12,549,020 | ) | (1,607,139 | ) | ||||||
| Gross profit | 11,250,931 | 10,183,199 | 1,304,150 | |||||||||
| Other income | 2,929 | 26,247 | 3,361 | |||||||||
| General and administrative expenses | (5,438,461 | ) | (6,228,824 | ) | (797,718 | ) | ||||||
| Selling and distribution expenses | (1,848,224 | ) | (3,005,905 | ) | (384,963 | ) | ||||||
| Profit from operations | 3,967,175 | 974,717 | 124,830 | |||||||||
| Finance costs | (300,428 | ) | (193,581 | ) | (24,791 | ) | ||||||
| Profit before income tax | 3,666,747 | 781,136 | 100,039 | |||||||||
| Income tax expense | - | - | - | |||||||||
| Profit for the period | 3,666,747 | 781,136 | 100,039 | |||||||||
| Other comprehensive income: | ||||||||||||
| Exchange differences on translation of foreign operations | (98,157 | ) | (12,362 | ) | (1,583 | ) | ||||||
| Total comprehensive income for the period | 3,568,590 | 768,774 | 98,456 | |||||||||
| Earnings per share attributable to owners of the Company | ||||||||||||
| Basic and diluted | 0.285 | 0.062 | 0.008 | |||||||||
| Weighted average number of ordinary shares | ||||||||||||
| Basic and diluted | 12,500,000 | 12,500,000 | 12,500,000 | |||||||||
FAQ
What was Powell Max 's (PMAX) revenue for the first half of 2024?
How did Powell Max's (PMAX) net income change in the first half of 2024 compared to 2023?
What factors contributed to Powell Max's (PMAX) revenue decline in the first half of 2024?
How did Powell Max (PMAX) respond to the challenging market conditions in the first half of 2024?
