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Plastec Technologies Reports Fiscal 2024 Financial Results

via Business Wire

Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported audited financial results for the fiscal year ended December 31, 2024.

Balance Sheet Highlights at December 31, 2024*

  • $5.7 million in cash and cash equivalents, compared to $12.3 million at December 31, 2023, primarily as a result of a special one-time dividend issued in December 2024.
  • $5.6 million in working capital, compared to $11.1 million at December 31, 2023.
  • Book value per share was $0.43, compared to $0.86 at December 31, 2023.

* Balance Sheet highlights are amounts are presented in U.S. dollars ($) based on a conversion rate of $1.0: HK$7.8, while financial tables/amounts at the end of this release are in Hong Kong dollars (HK$).

Recent Developments

On December 20, 2024, the Company distributed a special one-time cash dividend of $0.35 per share to the holders of the Company’s ordinary shares as of December 13, 2024 record date, using the Company’s available cash and cash equivalents position which at June 30, 2024 was $12.2 million.

The Company also announced that it is currently in the process of applying for the liquidation of its BVI-incorporated subsidiaries: ‘Viewmount Development Limited,’ ‘Sun Ngai Spraying and Silk Print Co. Ltd.,’ and ‘Sun Terrace Industries Ltd.’ After the completion of liquidation, there will be no subsidiaries under Plastec Technologies, Ltd.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “Following the disposal of Sun Line Industrial Limited assets announced in November 2024 for HKD4.65 million, we made the strategic decision to further streamline and simplify the group’s organizational structure, given the limited operations at the three remaining subsidiaries. The streamlined structure gives us the ability to act quickly on any new opportunities that may arise in the future.”

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 31,

 

Year ended December 31,

 

Year ended December 31,

 

 

 

2022

 

2023

 

2024

 

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

 

Revenues

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

Operating expenses, net

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

(3,326

)

 

(3,084

)

 

(4,813

)

Other income

 

 

91

 

 

-

 

 

118

 

Total operating expenses, net

 

 

(3,235

)

 

(3,084

)

 

(4,695

)

 

 

 

 

 

 

 

 

Loss from operations

 

 

(3,235

)

 

(3,084

)

 

(4,695

)

 

 

 

 

 

 

 

 

Interest income

 

 

917

 

 

4,065

 

 

4,543

 

(Loss)/profit before income tax expense

 

 

(2,318

)

 

981

 

 

(152

)

 

 

 

 

 

 

 

 

Income tax expense

 

 

(907

)

 

(1,047

)

 

(7,758

)

Net loss attributable to the Company’s shareholders

 

 

(3,225

)

 

(66

)

 

(7,910

)

Comprehensive loss attributable to the Company’s shareholders

 

 

(3,225

)

 

(66

)

 

(7,910

)

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$(0.25)

 

HK$(0.005)

 

HK$(0.61)

 

 

 

 

 

 

 

 

Diluted net loss per share

 

 

HK$(0.25)

 

HK$(0.005)

 

HK$(0.61)

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,

 

 

 

 

 

2023

 

2024

 

 

 

 

 

HK$

 

HK$

ASSETS

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

96,303

 

44,171

Deposits, prepayment and other receivables

 

 

 

 

4,269

 

 

-

 

Total current assets

 

 

 

 

100,572

 

 

44,171

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

 

 

7

 

 

-

 

Intangible assets

 

 

 

 

438

 

 

-

 

Total non-current assets

 

 

 

 

445

 

 

-

 

 

 

 

 

 

 

 

 

Total assets

 

 

 

 

101,017

 

 

44,171

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

 

 

 

 

 

 

 

Other payables and accruals

 

 

 

 

1,173

 

 

538

 

Tax payable

 

 

 

 

12,980

 

 

-

 

Total current liabilities

 

 

 

 

14,153

 

 

538

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

14,153

 

 

538

 

 

 

 

 

 

 

 

 

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, 2023 and 2024, respectively)

 

 

 

 

101

 

 

101

 

Additional paid-in capital

 

 

 

 

26,049

 

 

26,049

 

Accumulated other comprehensive income

 

 

 

 

(30

)

 

(30

)

Retained earnings

 

 

 

 

60,744

 

 

17,513

 

Total shareholders’ equity

 

 

 

 

86,864

 

 

43,633

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

 

 

 

101,017

 

 

44,171

 

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 December 31,

 

Year ended December 31,

 

Year ended December 31,

 

 

2022

 

2023

 

2024

 

 

HK$

 

HK$

 

HK$

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

 

Net loss

 

(3,225

)

 

(66

)

 

(7,910

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Deposits, prepayment and other receivables

 

(423

)

 

(715

)

 

4,269

 

Other payables and accruals

 

(345

)

 

398

 

 

(635

)

Tax payables

 

907

 

 

1,047

 

 

(12,980

)

Net cash (used in)/generated from operating activities

 

(3,086

)

 

664

 

 

(17,256

)

 

 

 

 

 

 

 

Investing activity

 

 

 

 

 

 

(Purchase)/Proceeds from disposal of plant and machinery

 

-

 

 

(7

)

 

445

 

Net cash (used in)/generated from investing activity

 

-

 

 

(7

)

 

445

 

 

 

 

 

 

 

 

Financing activity

 

 

 

 

 

 

Dividends paid

 

-

 

 

-

 

 

(35,321

)

Net cash used in financing activity

 

-

 

 

-

 

 

(35,321

)

 

 

 

 

 

 

 

Net (decrease)/increase in cash and cash equivalents

 

(3,086

)

 

657

 

 

(52,132

)

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

98,732

 

 

95,646

 

 

96,303

 

Cash and cash equivalents, end of year

 

95,646

 

 

96,303

 

 

44,171

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Interest income

 

917

 

 

4,065

 

 

4,543

 

Income taxes paid

 

-

 

 

-

 

 

(16,930

)

 

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