Plastec Technologies Reports Fiscal 2023 Financial Results
HONG KONG--(BUSINESS WIRE)--April 15, 2024--
Plastec Technologies, Ltd. (OTCBB: PLTYF) (the "Company") today reported audited financial results for the fiscal 2023 year ended December 31, 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 December 31, 2023, compared to
$11.1 million at December 31, 2022.
-- Book value per share was $0.86 at December 31, 2023, compared to $0.86
at December 31, 2022.
Management Comments
Mr. Kin Sun Sze-To, Chairman of the Company, stated, "During 2023, we maintained lean operations, which enabled the Company to sustain its cash position. We continue to explore potential business opportunities."
Forward Looking Statements
This press release contains "forward-looking statements." These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements.
PLASTEC TECHNOLOGIES, LTD. CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (Hong Kong dollars in thousands, except
number of shares, per share data and unless otherwise stated)
Year ended
December Year ended Year ended
31, December 31, December 31,
2021 2022 2023
------------ ------------- ---------------
HK$ HK$ HK$
Revenues - - -
Operating
expenses, net
Selling, general
and
administrative
expenses (2,273) (3,326) (3,084)
Other income - 91 -
----------- ------------ ------------
Total operating
expenses, net (2,273) (3,235) (3,084)
----------- ------------ ------------
Loss from operations (2,273) (3,235) (3,084)
Interest income 112 917 4,065
----------- ------------ ------------
(Loss)/profit before
income tax expense (2,161) (2,318) 981
Income tax expense (840) (907) (1,047)
----------- ------------ ------------
Net loss
attributable to the
Company's
shareholders (3,001) (3,225) (66)
----------- ------------ ------------
Comprehensive loss
attributable to the
Company's
shareholders (3,001) (3,225) (66)
=========== ============ ============
Net loss per share:
Weighted average number
of ordinary shares 12,938,128 12,938,128 12,938,128
========== ========== ==========
Weighted average number
of diluted ordinary
shares 12,938,128 12,938,128 12,938,128
========== ========== ==========
Basic net loss per share HK$(0.23 ) HK$(0.25 ) HK$(0.005 )
========== ========== ==========
Diluted net loss per HK$(0.23 ) HK$(0.25 ) HK$(0.005 )
share
========== ========== ==========
PLASTEC TECHNOLOGIES, LTD. CONSOLIDATED BALANCE SHEETS (Hong Kong
dollars in thousands, except number of shares, per share data and
unless otherwise stated)
December 31, December 31,
2022 2023
-------------- -------------
HK$ HK$
ASSETS
Current assets
Cash and cash equivalents 95,646 96,303
Deposits, prepayment and other
receivables 3,554 4,269
-------------- -------------
Total current assets 99,200 100,572
Property, plant and equipment,
net - 7
Intangible assets 438 438
-------------- -------------
Total assets 99,638 101,017
============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Other payables and accruals 775 1,173
Tax payable 11,933 12,980
------ -------
Total current liabilities 12,708 14,153
Total liabilities 12,708 14,153
------ -------
Commitments and contingencies - -
Shareholders' equity
Ordinary shares (U.S.$0.001 par value;
100,000,000 authorized, 12,938,128 and
12,938,128 shares issued and
outstanding as of December 31 2022 and
2023, respectively) 101 101
Additional paid-in capital 26,049 26,049
Accumulated other comprehensive income (30) (30)
Retained earnings 60,810 60,744
------ -------
Total shareholders' equity 86,930 86,864
------ -------
Total liabilities and shareholders' equity 99,638 101,017
====== =======
PLASTEC TECHNOLOGIES, LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Hong
Kong dollars in thousands, except number of shares, per share data and
unless otherwise stated)
Year ended Year ended Year ended
December 31, December 31, December 31,
2021 2022 2023
--------------- --------------- ---------------
HK$ HK$ HK$
Operating activities
Net loss (3,001) (3,225) (66)
Adjustments to
reconcile net loss
to net cash used in
operating
activities:
Amortisation 60 - -
Changes in operating
assets and
liabilities:
Deposits,
prepayment and
other
receivables (681) (423) (715)
Other payables
and accruals (449) (345) 398
Tax payables 840 907 1,047
---------- --- ---------- --- ---------- ---
Net cash (used
in)/generated from
operating
activities (3,231) (3,086) 664
---------- ---------- ---------- ---
Investing activity
Purchase of
plant and
machinery - - (7)
---------- --- ---------- --- ----------
Net cash used in
investing activity - - (7)
---------- --- ---------- --- ----------
Financing activity
Dividends paid (80,734) - -
---------- ---------- --- ---------- ---
Net cash used in
financing activity (80,734) - -
---------- ---------- --- ---------- ---
Net
(decrease)/increase
in cash and cash
equivalents (83,965) (3,086) 657
Cash and cash
equivalents,
beginning of year 182,697 98,732 95,646
---------- --- ---------- --- ---------- ---
Cash and cash
equivalents, end of
year 98,732 95,646 96,303
========== === ========== === ========== ===
SUPPLEMENTAL
DISCLOSURE OF CASH
FLOW INFORMATION:
Interest income 112 917 4,065
Income taxes - - -
paid
========== === ========== === ========== ===
View source version on businesswire.com: https://www.businesswire.com/news/home/20240415291978/en/
CONTACT: 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
(END) Dow Jones Newswires
April 15, 2024 08:30 ET (12:30 GMT)
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