Plastec Technologies Reports Fiscal 2024 First Half Results

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