11 / 55
Interim Report 2016
二零一六年中期報告
9
Management Discussion and Analysis
(Continued)
管理層討論及分析
（續）
China Review
The overall performance of our PRC associates for the first half of the year was
disappointing as expected since the disposal of our Guofurui stake last year.
While Nanfang has a good recovery in terms of its business after resolving its
historical legal problems last year, U-Link has increased its loss due to its current
phase of heavy investments into expanding the business.
Given the cyclical nature of this type of investments into China, we have become
more cautious in our future endeavor in China as a whole.
Financial Review
During the review period, the Group’s revenue came to HK$106.4 million, a
decline of 3.3% over the same period last year. The GETS revenue rose from
HK$80.7 million to HK$81.2 million by about 0.6% or HK$0.5 million year-
on-year. Our Commercial Services recorded a revenue of HK$4.0 million,
drop 21.6% over the same period last year due to the delay in the project
acceptance by customers to the third quarter of 2016. The revenue of our
Security Solutions segment recorded a drop in revenue from HK$14.8 million
in the first half of 2015 to HK$11.6 million for the same period this year by
about 21.6%. The revenue drop of this segment was due to the slowdown of the
momentum of the e-cheque project in the banking industry.
The Group’s interest income increased 23.4% from HK$7.7 million for the
first half of 2015 to HK$9.5 million for the period under review by HK$1.8
million. The increase was due to the investment in corporate bonds with the
cash proceeds from the disposal of our stake in Guofurui, our PRC associate, in
December 2015.
The Group’s operating expenses before depreciation increased by HK$0.7
million or 0.9% from HK$74.2 million in 2015 to HK$74.9 million during the
period under review. Staff costs increased from HK$48.8 million to HK$50.8
million, up by HK$2.0 million or 4.1% as compared to the same period last
year. The amount of cost of purchases dropped HK$2.0 million from HK$9.1
million for the first half of 2015 to HK$7.1 million for the same period this year
due to the slowdown of e-cheque projects in banking industry and the delay in
the user acceptance of the Commercial Services projects. The other operating
costs at HK$17.1 million incurred during the period under review were higher
than the amount at HK$16.3 million for the same period last year by HK$0.8
million. Depreciation charges for the period amounted to HK$3.3 million,
HK$0.6 million lower than last year.
中國回顧
自去年出售我們所持國富瑞的股權後，如我們所料我們的中
國聯營公司今年上半年的整體表現令人失望。儘管南方於去
年解決了過往的法律問題後，業務已見起息，但因上海匯通
仍處於擴充業務階段需要巨額投資，致使虧損進一步擴大。
鑒於在中國所作此類投資有其周期性，我們日後於中國整體
投資將更為審慎。
財務回顧
回顧期內，本集團收益為港幣
106,400,000
元，較去年
同期減少
3.3%
。
GETS
收益由港幣
80,700,000
元按年增
加約
0.6%
或港幣
500,000
元至港幣
81,200,000
元。我們
的商業服務錄得收益港幣
4,000,000
元，較去年同期下跌
21.6%
，乃因客戶項目延期至二零一六年第三季驗收所致。
保安方案分部收益錄得收益下跌，由二零一五年上半年港
幣
14,800,000
元下跌約
21.6%
至今年同期港幣
11,600,000
元。此分部收益下跌乃由於銀行業發展電子支票項目動力放
緩所致。
本集團利息收入由二零一五年上半年港幣
7,700,000
元
上升
23.4%
至回顧期內的港幣
9,500,000
元，增幅港幣
1,800,000
元，乃由於我們以於二零一五年十二月出售我們
所持國富瑞（我們的中國聯營公司）的股權收取的現金所得款
項對企業債券作出投資。
回顧期內，本集團扣除折舊前的經營開支由二零一五年
港幣
74,200,000
元增加港幣
700,000
元或
0.9%
至港幣
74,900,000
元。僱員成本由港幣
48,800,000
元增加至
港幣
50,800,000
元，較去年同期上升港幣
2,000,000
元
或
4.1%
。由於銀行業電子支票項目放緩，加上用家驗收
商業服務項目延期，故採購成本金額由二零一五年上半
年港幣
9,100,000
元下跌港幣
2,000,000
元至今年同期
港幣
7,100,000
元。回顧期內產生的其他經營成本港幣
17,100,000
元較去年同期港幣
16,300,000
元高出港幣
800,000
元。期內折舊開支為港幣
3,300,000
元，較去年減
少港幣
600,000
元。