Plastec Reports 54% Cash Drop, Plans Major Restructuring

Plastec Technologies Reports Fiscal 2024 Financial Results

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Negative)

Tags

earnings

04/28/2025 - 08:30 AM

HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the 鈥淐ompany鈥�) 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鈥檚 ordinary shares as of December 13, 2024 record date, using the Company鈥檚 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: 鈥榁iewmount Development Limited,鈥� 鈥楽un Ngai Spraying and Silk Print Co. Ltd.,鈥� and 鈥楽un Terrace Industries Ltd.鈥� 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, 鈥淔ollowing the disposal of Sun Line Industrial Limited assets for HKD4.65 million, we made the strategic decision to further streamline and simplify the group鈥檚 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.鈥�

Forward Looking Statements

This press release contains 鈥渇orward-looking statements.鈥� 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 鈥渆xpect,鈥� 鈥渆stimate,鈥� 鈥減roject,鈥� 鈥渂udget,鈥� 鈥渇orecast,鈥� 鈥渁nticipate,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥渟hould,鈥� 鈥渂elieves,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渃ontinue,鈥� and similar expressions are intended to identify such forward-looking statements.

PLASTEC TECHNOLOGIES, LTD. 听 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
									听
听	听	听	Year ended December 31,		听	Year ended December 31,		听	Year ended December 31,
听	听	听	2022		听	2023		听	2024
听	听	听	HK$		听	HK$		听	HK$
听	听	听	听		听	听		听	听
Revenues	听	听	-	听	听	-	听	听	-	听
听	听	听	听		听	听		听	听
Operating expenses, net	听	听	听		听	听		听	听
Selling, general and administrative expenses	听	听	(3,326	)	听	(3,084	)	听	(4,813	)
Other income	听	听	91	听	听	-	听	听	118	听
Total operating expenses, net	听	听	(3,235	)	听	(3,084	)	听	(4,695	)
听	听	听	听		听	听		听	听
Loss from operations	听	听	(3,235	)	听	(3,084	)	听	(4,695	)
听	听	听	听		听	听		听	听
Interest income	听	听	917	听	听	4,065	听	听	4,543	听
(Loss)/profit before income tax expense	听	听	(2,318	)	听	981	听	听	(152	)
听	听	听	听		听	听		听	听
Income tax expense	听	听	(907	)	听	(1,047	)	听	(7,758	)
Net loss attributable to the Company鈥檚 shareholders	听	听	(3,225	)	听	(66	)	听	(7,910	)
Comprehensive loss attributable to the Company鈥檚 shareholders	听	听	(3,225	)	听	(66	)	听	(7,910	)

Net loss per share:	听	听	听	听	听	听	听
听	听	听	听	听	听	听	听
Weighted average number of ordinary shares	听	听	12,938,128	听	12,938,128	听	12,938,128
听	听	听	听	听	听	听	听
Weighted average number of diluted ordinary shares	听	听	12,938,128	听	12,938,128	听	12,938,128
听	听	听	听	听	听	听	听
Basic net loss per share	听	听	HK$(0.25)	听	HK$(0.005)	听	HK$(0.61)
听	听	听	听	听	听	听	听
Diluted net loss per share	听	听	HK$(0.25)	听	HK$(0.005)	听	HK$(0.61)

PLASTEC TECHNOLOGIES, LTD. 听 CONSOLIDATED BALANCE SHEETS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
							听
听	听	听	听	听	December 31,	听	December 31,
听	听	听	听	听	2023	听	2024
听	听	听	听	听	HK$	听	HK$

ASSETS
Current assets	听	听	听	听	听		听	听
Cash and cash equivalents	听	听	听	听	96,303		听	44,171
Deposits, prepayment and other receivables	听	听	听	听	4,269	听	听	-	听
Total current assets	听	听	听	听	100,572	听	听	44,171	听
听	听	听	听	听	听		听	听
Non-current assets	听	听	听	听	听		听	听
Property, plant and equipment, net	听	听	听	听	7	听	听	-	听
Intangible assets	听	听	听	听	438	听	听	-	听
Total non-current assets	听	听	听	听	445	听	听	-	听
听	听	听	听	听	听		听	听
Total assets	听	听	听	听	101,017	听	听	44,171	听

LIABILITIES AND SHAREHOLDERS鈥� EQUITY
Current liabilities	听	听	听	听	听		听	听
Other payables and accruals	听	听	听	听	1,173	听	听	538	听
Tax payable	听	听	听	听	12,980	听	听	-	听
Total current liabilities	听	听	听	听	14,153	听	听	538	听
听	听	听	听	听	听		听	听
Total liabilities	听	听	听	听	14,153	听	听	538	听
听	听	听	听	听	听		听	听
Commitments and contingencies	听	听	听	听	-	听	听	-	听
听	听	听	听	听	听		听	听
Shareholders鈥� equity	听	听	听	听	听		听	听
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)	听	听	听	听	101	听	听	101	听
Additional paid-in capital	听	听	听	听	26,049	听	听	26,049	听
Accumulated other comprehensive income	听	听	听	听	(30	)	听	(30	)
Retained earnings	听	听	听	听	60,744	听	听	17,513	听
Total shareholders鈥� equity	听	听	听	听	86,864	听	听	43,633	听
听	听	听	听	听	听		听	听
Total liabilities and shareholders鈥� equity	听	听	听	听	101,017	听	听	44,171	听

PLASTEC TECHNOLOGIES, LTD. 听 CONSOLIDATED STATEMENTS OF CASH FLOWS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)
								听
听	听	Year ended December 31,		听	Year ended December 31,		听	Year ended December 31,
听	听	2022		听	2023		听	2024
听	听	HK$		听	HK$		听	HK$
听	听	听		听	听		听	听
Operating activities	听	听		听	听		听	听
Net loss	听	(3,225	)	听	(66	)	听	(7,910	)
Changes in operating assets and liabilities:	听	听		听	听		听	听
Deposits, prepayment and other receivables	听	(423	)	听	(715	)	听	4,269	听
Other payables and accruals	听	(345	)	听	398	听	听	(635	)
Tax payables	听	907	听	听	1,047	听	听	(12,980	)
Net cash (used in)/generated from operating activities	听	(3,086	)	听	664	听	听	(17,256	)
听	听	听		听	听		听	听
Investing activity	听	听		听	听		听	听
(Purchase)/Proceeds from disposal of plant and machinery	听	-	听	听	(7	)	听	445	听
Net cash (used in)/generated from investing activity	听	-	听	听	(7	)	听	445	听
听	听	听		听	听		听	听
Financing activity	听	听		听	听		听	听
Dividends paid	听	-	听	听	-	听	听	(35,321	)
Net cash used in financing activity	听	-	听	听	-	听	听	(35,321	)
听	听	听		听	听		听	听
Net (decrease)/increase in cash and cash equivalents	听	(3,086	)	听	657	听	听	(52,132	)
听	听	听		听	听		听	听
Cash and cash equivalents, beginning of year	听	98,732	听	听	95,646	听	听	96,303	听
Cash and cash equivalents, end of year	听	95,646	听	听	96,303	听	听	44,171	听
听	听	听		听	听		听	听
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	听	听		听	听		听	听
Interest income	听	917	听	听	4,065	听	听	4,543	听
Income taxes paid	听	-	听	听	-	听	听	(16,930	)

听

View source version on businesswire.com:

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

[email protected]

INVESTOR RELATIONS:

The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610 / [email protected]

Lena Cati, Senior Vice President

(212) 836-9611 / [email protected]

Source: Plastec Technologies, Ltd.

AG真人官方

Plastec Technologies Reports Fiscal 2024 Financial Results

OTC:PLTYF

PLTYF Rankings

PLTYF Latest News

PLTYF Stock Data

Plastec Technologies Reports Fiscal 2024 Financial Results

OTC:PLTYF

PLTYF Rankings

PLTYF Latest News

PLTYF Stock Data

Related Articles