Interim Report 2019

31 合豐集團控股有限公司 二零一九年中期報告 MANAGEMENT DISCUSSION AND ANALYSIS (continued) 管理層討論及分析 （續） FINANCIAL REVIEW (continued) Operating results (continued) Se l l i ng a nd d i s t r i bu t i on c o s t s f e l l 13 . 4%, decreasing from HK$25.4 million to HK$22.0 million. The fall was attributed to the decrease in transportation cost which was in line with decrease in revenue in the first half of 2019. Administrative expenses rose from HK$43.0 million to HK$44.1 million. The increase of 2.6% was predominantly due to the share based payment in the first half of 2019. Other expenses decreased from HK$9.6 million to HK$9.2 million. It was mainly due to a fall in China duties and charges in the first half of 2019. The rise in finance costs from HK$1.8 to HK$2.9 million, was owing to the increase in interest rates and average bank borrowing level in the first half of 2019. EBITDA (earnings before interest, tax, depreciation and amortization) decreased HK$20.6 million, from HK$71.0 million to HK$50.4 million. Profit for the period fell 18.5 million, from HK$20.2 million to HK$1.7 million, representing a decrease of 91.6%. Basic earnings per share decreased from 2.54 HK cents to 0.21 HK cents. Liquidity, financial and capital resources At 30th June, 2019, the Group’s total cash and cash equivalents were HK$285.7 million (31st December, 2018: HK$219.4 million) which was mostly denominated in Renminbi. The surge was primarily due to selling of a substantial level of inventories in the first half of 2019. 財務回顧 （續） 經營業績 （續） 銷售及分銷成本由 25,400,000 港元 減少 13.4% 至 22,000,000 港元。減少 乃由於運輸成本減少所致，這與二零 一九年上半年收益下跌的情況相符。 行政開支由 43,000,000 港元增加至 44,100,000 港元。出現 2.6% 的增幅， 主要由於二零一九年上半年有股份基 礎給付所致。 其他開支由 9,600,000 港元減少至 9,200,000 港元。這主要由於二零一九 上半年中國稅項下降所致。 財務成本由 1,800,000 港元增加至 2,900,000 港元，乃由於二零一九年上 半年的利率及平均銀行借貸水平上升 所致。 息稅折舊攤銷前盈利（未計利息、 稅 項 、 折 舊 及 攤 銷 前 盈 利 ）由 71,000,000 港元減少 20,600,000 港 元至 50,400,000 港元。期間利潤由 20,200,000 港元減少 18,500,000 港元 至 1,700,000 港元，減幅為 91.6% 。每 股基本盈利由 2.54 港仙減少至 0.21 港 仙。 流動資金、財務及資本資源 於二零一九年六月三十日，本集團之 現金及現金等值總額為 285,700,000 港元（二零一八年十二月三十一日： 219,400,000 港元），大部分以人民幣 列值。飇升主要由於二零一九年上半 年出售大量存貨。