Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported unaudited financial results for the six months ended June 30, 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 June 30, 2023, no change from December 31, 2022.
- Book value per share was $0.86 at June 30, 2023, compared to $0.86 at December 31, 2022.
Update on Securities Repurchase Plan
In August 2022, the Company’s Board of Directors approved an additional extension of its securities repurchase plan through September 25, 2023, allowing the Company to purchase up to $5 million of its securities in both open market and privately negotiated transactions at the discretion of the Company’s management and as market conditions allow. No shares have been purchased by the Company as part of this plan thus far.
Management Comments
Mr. Kin Sun Sze-To, Chairman of the Company, stated, “The Company continues to be in a strong financial position as we maintain a lean operating and expense structure. We believe we remain well positioned to pursue compelling business opportunities that may present themselves.”
Forward Looking Statements
This press release contains “forward-looking statements.” These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.
PLASTEC TECHNOLOGIES, LTD. |
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) |
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(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated) |
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For the 6-month period ended June 30, |
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2023 |
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2022 |
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HK$ |
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HK$ |
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Revenues |
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- |
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- |
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Operating expenses, net |
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Selling, general and administrative expenses |
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(1,337) |
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(1,316) |
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Total operating expenses, net |
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(1,337) |
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(1,316) |
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Loss from operations |
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(1,337) |
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(1,316) |
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Interest income |
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1,825 |
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115 |
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Income (loss) before income tax expense |
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488 |
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(1,201) |
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Income tax expense |
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(453) |
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(420) |
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Net income (loss) attributable to the Company’s |
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35 |
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(1,621) |
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shareholders |
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Other comprehensive income |
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Foreign currency translation adjustment |
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- |
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- |
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Comprehensive income (loss) attributable to |
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the Company’s shareholders |
35 |
(1,621) |
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Net income (loss) per share: |
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Weighted average number of ordinary shares |
12,938,128 |
12,938,128 |
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Weighted average number of diluted ordinary shares |
12,938,128 |
12,938,128 |
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Basic net income (loss) per share attributable |
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to the Company’s shareholders |
0.003 |
(0.13) |
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Diluted net income (loss) per share attributable |
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| to the Company’s shareholders | 0.003 |
(0.13) |
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PLASTEC TECHNOLOGIES, LTD. |
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CONSOLIDATED BALANCE SHEETS |
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(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated) |
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(Unaudited) |
(Audited) |
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June 30, |
December 31, |
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2023 |
2022 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
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95,438 |
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95,646 |
Deposits, prepayment and other receivables |
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4,097 |
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3,554 |
Total current assets |
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99,535 |
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99,200 |
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Property, plant and equipment, net |
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- |
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- |
Intangible assets |
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438 |
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438 |
Total assets |
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99,973 |
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99,638 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Other payables and accruals |
622 |
775 |
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Tax payable |
12,386 |
11,933 |
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Total current liabilities |
13,008 |
12,708 |
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Total liabilities |
13,008 |
12,708 |
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Commitments and contingencies |
- |
- |
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Shareholders’ equity |
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Ordinary shares (US$0.001 par value; 100,000,000 |
101 |
101 |
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authorized 12,938,128 and 12,938,128 shares issued and |
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outstanding as of June 30, 2023 and December 31, 2022, |
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respectively) |
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Additional paid-in capital |
26,049 |
26,049 |
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| Accumulated other comprehensive income | (30) |
(30) |
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| Retained earnings | 60,845 |
60,810 |
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| Total shareholders’ equity | 86,965 |
86,930 |
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| Total liabilities and shareholders’ equity | 99,973 |
99,638 |
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PLASTEC TECHNOLOGIES, LTD. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
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(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated) |
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For the 6-month period ended June 30, |
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2023 |
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2022 |
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HK$ |
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HK$ |
Operating activities |
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Net income (loss) |
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35 |
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(1,621) |
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Adjustments to reconcile net income (loss) to net cash |
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provided by operating activities: |
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Depreciation and amortization |
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- |
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- |
Changes in operating assets and liabilities: |
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Deposits, prepayment and other receivables |
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(543) |
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(162) |
Other payables and accruals |
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(153) |
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3 |
Tax payables |
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453 |
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420 |
Net cash used in operating activities |
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(208) |
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(1,360) |
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Net decrease in cash and cash equivalents |
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(208) |
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(1,360) |
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Cash and cash equivalents, beginning of period |
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95,646 |
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98,732 |
Cash and cash equivalents, end of period |
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95,438 |
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97,372 |
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SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION: |
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Interest received, net |
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1,825 |
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115 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230901324890/en/
Contacts
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
