Powell Max Limited Announces First Half 2024 Unaudited Financial Results
Rhea-AI Summary
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.
Positive
- Maintained profitability despite challenging market conditions
- Increased investment in sales and marketing to maintain market presence
Negative
- 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
News Market Reaction
On the day this news was published, PMAX gained 1.44%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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?
