Latest news with #PlastecTechnologies
Business Wire
2 hours ago
- Business
- Business Wire
Plastec Technologies Reports Unaudited First Half 2025 Financial Results
HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. (OTCBB: PLTYF) (the 'Company') today reported unaudited financial results for the six months ended June 30, 2025. Balance Sheet Highlights at June 30, 2025* $5.5 million in cash and cash equivalents, compared to $5.7 million at December 31, 2024. $5.4 million in working capital, compared to $5.6 million at December 31, 2024. Book value per share of $0.42, compared to $0.43 at December 31, 2024. * Balance Sheet highlights amounts are presented in U.S. dollars ($) 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 As announced in April 2025, the Company has applied for the liquidation of its BVI-incorporated subsidiaries: Viewmount Development Limited, Sun Ngai Spraying and Silk Print Co. Ltd., and Sun Terrace Industries Ltd. While the liquidation of these assets is still ongoing, once completed, Plastec Technologies, Ltd., will no longer have any subsidiaries. Management Comments Mr. Kin Sun Sze-To, Chairman of the Company, stated, 'We continued to maintain a lean corporate structure throughout the period. We are actively working to finalize the application process and complete the liquidation of non-core assets, an effort which reflects our commitment to monetizing assets that no longer align with our long-term strategic direction. At the same time, our clean balance sheet remains a key strength, providing us with the financial flexibility and resilience needed to pursue new opportunities as they arise.' 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. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated) (Unaudited) June 30, (Audited) December 31, 2025 2024 HK$ HK$ Expand ASSETS Current assets Cash and cash equivalents 42,798 44,171 Deposits, prepayment and other receivables 225 - Total current assets 43,023 44,171 Total assets 43,023 44,171 Expand LIABILITIES AND SHAREHOLDERS' EQUITY Current liability Other payables and accruals 572 538 Total current liability 572 538 Total liability 572 538 Commitments and contingencies - - Shareholders' equity Ordinary shares (US$0.001 par value; 100,000,000 authorized 12,938,128 and 12,938,128 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 101 101 Additional paid-in capital 26,049 26,049 Accumulated other comprehensive income (30) (30) Retained earnings 16,331 17,513 Total shareholders' equity 42,451 43,633 Total liability and shareholders' equity 43,023 44,171 Expand
Business Wire
28-04-2025
- Business
- Business Wire
Plastec Technologies Reports Fiscal 2024 Financial Results
HONG KONG--(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 $12.2 million. The Company also announced that it is currently in the process of applying for the liquidation of its BVI-incorporated subsidiaries: 'Viewmount Development Limited,' 'Sun Ngai Spraying and Silk Print Co. Ltd.,' and 'Sun Terrace Industries Ltd.' After the completion of liquidation, there will be no subsidiaries under Plastec Technologies, Ltd. Management Comments Mr. Kin Sun Sze-To, Chairman of the Company, stated, 'Following the disposal of Sun Line Industrial Limited assets announced in November 2024 for HKD4.65 million, we made the strategic decision to further streamline and simplify the group's organizational structure, given the limited operations at the three remaining subsidiaries. The streamlined structure gives us the ability to act quickly on any new opportunities that may arise in the future.' Forward Looking Statements This press release contains 'forward-looking statements.' These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'continue,' and similar expressions are intended to identify such forward-looking statements. PLASTEC TECHNOLOGIES, LTD. CONSOLIDATED BALANCE SHEETS (Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated) December 31, December 31, 2023 2024 HK$ HK$ Expand 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 Expand LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Other payables and accruals 1,173 538 Tax payable - 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 Expand
