Financial Performance - The company reported a loss attributable to equity holders of HKD 20 million for the fiscal year ending March 31, 2023, compared to a profit of HKD 2.9 million in the previous year[1]. - Revenue decreased to HKD 66.3 million from HKD 131.9 million year-over-year, resulting in a gross loss of HKD 57.7 million[4]. - The company recorded an increase in interest income during the year, although no investment income was recognized compared to HKD 50.1 million in the prior year[1]. - The company reported a significant decrease in operating loss, with a loss of HKD 28 million compared to a loss of HKD 13 million in the previous year[4]. - The net profit attributable to equity holders was HKD 2.9 million, compared to a profit of HKD 20 million in the previous year[44]. - The group reported a total revenue of HKD 119.4 million for the year ended March 31, 2023, with a segment loss of HKD 13.0 million[28]. Dividends and Shareholder Returns - The total dividend for the year is proposed to be HKD 0.24 per share, consistent with the previous year's dividend[2]. - The group has proposed a final dividend of HKD 0.12 per share, consistent with the previous year[45]. Assets and Liabilities - The net assets as of March 31, 2023, were HKD 6,510.3 million, down from HKD 6,676.3 million in the previous year[15]. - The company had total assets of HKD 6,414.8 million, a decrease from HKD 6,700.7 million year-over-year[15]. - Non-current assets, including interests in joint ventures, increased to HKD 3,503.9 million in 2023 from HKD 3,505.7 million in 2022[68]. - Current assets decreased to HKD 6,414.8 million in 2023 from HKD 6,700.7 million in 2022, with a net current asset value of HKD 6,172.0 million[68]. - The company's asset-liability ratio was maintained at a low level, recorded at 1.4% as of March 31, 2023, and March 31, 2022[71]. - As of March 31, 2023, the company's net cash after deducting loans was HKD 1.296 billion, down from HKD 1.638 billion the previous year[90]. - The total value of the company's properties used as collateral for loans is HKD 402.4 million, with all loans denominated in USD[90]. Market and Development Projects - The group plans to develop a luxury residential building on Ap Lei Chau, with construction work on the foundation and basement already completed[48]. - The "Shallow Water Bay 108" project is progressing well, with marketing activities underway for this high-end residential development[48]. - The French Valley Airport Center project is in phased development, with strong sales in Phase 3 and construction for Phase 4 expected to begin in Q4 2023, aiming for completion by the end of 2024[49]. - The residential market in Hong Kong has begun to recover, with notable transactions in high-end areas reflecting renewed interest from buyers in both Hong Kong and mainland China[59]. Financial Management and Strategy - The company maintained a strong cash position with a low debt-to-asset ratio, indicating overall financial stability despite the reported losses[1]. - The company expects interest rates to remain stable until at least next year, which will significantly increase interest income due to its net cash position[76]. - The company plans to adopt flexible strategies to address market volatility while maintaining a strong balance sheet and sufficient cash reserves for stable development[77]. - The company is committed to a cautious financial management approach, considering market opportunities and core competitiveness in its business strategy[75]. Corporate Governance and Employee Matters - The group is committed to maintaining high standards of corporate governance and will continue to review its governance practices[64]. - The group’s employee expenses (excluding director remuneration) reached HKD 58.2 million for the year ending March 31, 2023, with a total of 149 employees in Hong Kong and the U.S.[55]. Other Financial Metrics - The effective tax rate for the year was maintained at 16.5%, in line with the previous year[33]. - The group has recognized a fair value loss of HKD 19.7 million on financial investments during the reporting period[33]. - The group’s financial expenses were recorded at HKD 3.1 million, reflecting the cost of financing activities[28]. - The company’s cash flow is supported by existing cash, internally generated cash, and bank borrowings as needed[70]. - The net asset value per share, based on market valuation of hotel properties, was HKD 15.64 in 2023 compared to HKD 16.04 in 2022[68]. - The company did not repurchase any shares during the year and did not buy or sell any shares of the company[78]. - The hotel renovation project was completed in March 2023, positioning the company to seize new market opportunities in the post-pandemic era[89].

Financial Performance - The group reported a revenue of HKD 17.8 million for the six months ended September 30, 2022, compared to HKD 90.1 million for the same period in 2021, representing a decrease of approximately 80.3%[3] - The net loss attributable to equity holders for the period was HKD 33.1 million, a significant decline from a profit of HKD 39.3 million in the previous year[3] - The total comprehensive loss for the period was HKD 32.4 million, compared to a comprehensive income of HKD 39.7 million in the prior year[4] - Revenue for the six months ended September 30, 2022, was HKD 17.8 million, a decrease of 80.3% compared to HKD 90.1 million for the same period in 2021[10] - Gross income from property sales was HKD 12.6 million, down 84.9% from HKD 83.3 million in the previous year[10] - The company reported a loss attributable to equity holders of HKD 33.1 million for the six months ended September 30, 2022, compared to a profit of HKD 39.3 million in the same period last year[22] Assets and Liabilities - The group's total assets decreased to HKD 6,516.5 million as of September 30, 2022, down from HKD 6,700.7 million as of March 31, 2022, reflecting a decline of approximately 2.7%[5] - The group's non-current assets amounted to HKD 354.8 million, a slight increase from HKD 274.2 million in the previous year[5] - The total equity as of September 30, 2022, was HKD 6,569.8 million, down from HKD 6,676.3 million as of March 31, 2022, reflecting a decrease of approximately 1.6%[5] - Total assets as of September 30, 2022, amounted to HKD 6,871.3 million, a slight decrease from HKD 6,974.9 million as of March 31, 2022[16] - The net asset value as of September 30, 2022, was HKD 6,569.8 million, compared to HKD 6,676.3 million as of March 31, 2022[16] - Total assets less current liabilities and non-current liabilities were HKD 9,782 million as of September 30, 2022, compared to HKD 10,038 million as of March 31, 2022[45] Cash Flow and Financial Position - Cash and cash equivalents decreased to HKD 1,425.0 million from HKD 1,839.2 million, indicating a reduction of about 22.5%[7] - The net cash outflow from operating activities was HKD 106.0 million, compared to HKD 6.5 million in the same period last year, indicating a significant increase in cash outflow[7] - The group experienced a net cash outflow from financing activities of HKD 59.2 million, compared to HKD 139.4 million in the previous year, showing an improvement in cash flow management[7] - The group has a net cash position of HKD 1.39 billion as of September 30, 2022, down from HKD 1.63 billion on March 31, 2022[49] - The capital debt ratio as of September 30, 2022, is 1.7%, an increase from 1.4% on March 31, 2022[49] - The cash position remains strong, with a low debt-to-equity ratio, indicating overall financial stability[42] Dividends and Shareholder Returns - The group proposed an interim dividend of HKD 0.12 per share, consistent with the previous year's dividend[4] - The company declared an interim dividend of HKD 0.12 per share, consistent with the same period last year[40] - The company did not repurchase any shares during the first half of the year[57] Market and Project Developments - The group is preparing for the sale of the new luxury residential project "Repulse Bay 108," with marketing activities progressing well[46] - The French Valley Airport Center project in California has sold most units in the first and second phases, with the third phase expected to complete construction by October 2022[46] - The group anticipates that the luxury residential market in Hong Kong will remain supported due to tight supply and pent-up demand[48] - The Sheraton Hotel, in which the group holds a 35% interest, has seen improved occupancy rates since June 2022 due to the easing of social distancing measures[47] - The group is undergoing renovations at the Sheraton Hotel to enhance competitiveness and revenue potential, expected to complete in January 2023[47] Governance and Management - The audit committee reviewed the group's accounting principles and internal controls, including the unaudited interim financial statements[58] - The company has adhered to the corporate governance code, with the exception of the roles of Chairman and CEO not being separated[59] - The board believes that having the same person serve as both Chairman and CEO enhances decision-making efficiency[59] - Each director is required to retire at least once every three years, but the current arrangement is deemed beneficial for the company's long-term strategy[61] - The company has adopted the standard code for regulating directors' securities transactions, confirming compliance from all directors during the period[62] Employee and Operational Insights - The group employs 157 staff members, with employee expenses reaching HKD 28.4 million for the first half of the fiscal year[50] - The company incurred a cost of property sales amounting to HKD 8.2 million, down from HKD 67.5 million in the previous year[19] - Interest income increased to HKD 10.4 million from HKD 3.6 million year-on-year[18] - Accounts receivable and other receivables increased to HKD 16.5 million as of September 30, 2022, from HKD 9.7 million as of March 31, 2022[23] - Accounts payable and other payables decreased slightly to HKD 152.5 million as of September 30, 2022, from HKD 154.9 million as of March 31, 2022[26] - The group has pledged properties worth approximately HKD 425 million as collateral for bank loans totaling HKD 131.8 million[49] - The company recognized a tax expense of HKD 0.3 million for the current period, compared to HKD 0.1 million in the previous year[21] - The fair value loss on financial investments was HKD 18.5 million, while the previous year's fair value gain was HKD 55 million[42] - The fair value of financial investments at the end of the period was HKD 38.4 million, down from HKD 77.9 million a year earlier[38]

Financial Performance - The company reported a profit attributable to equity holders of HKD 2.9 million for 2022, a significant recovery from a loss of HKD 28.2 million in 2021[2]. - Total revenue for the year was HKD 131.9 million, an increase from HKD 73.8 million in the previous year, representing an increase of approximately 78.7%[109]. - Earnings per share improved to HKD 0.005 from a loss of HKD 0.046 in 2021[2]. - The gross profit margin slightly decreased to 2.3% from 4.5% year-on-year, indicating challenges in cost management despite increased revenue[109]. - The company reported financial expenses of HKD 3.1 million for the year ending March 31, 2022, down from HKD 9.9 million in 2021, reflecting a decrease of approximately 68.7%[181]. - The company’s share of post-tax results from joint ventures was HKD 19.4 million in 2022, compared to HKD 9.5 million in 2021, representing an increase of approximately 104.2%[181]. - The company reported other income of HKD 57.9 million in 2022, compared to HKD 31.7 million in 2021, marking an increase of approximately 82.1%[185]. Dividends - The company maintained its dividend at HKD 0.24 per share, consistent with the previous year[2]. - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million, and proposed a final dividend of HKD 0.12 per share, also totaling HKD 74.1 million[10]. - The company plans to distribute a final dividend of HKD 0.02 per share, maintaining the same total dividend of HKD 0.24 per share as the previous year[109]. Assets and Liabilities - Total equity decreased by 2% to HKD 6,676.3 million from HKD 6,822.9 million in the previous year[2]. - The group's total assets less current liabilities were HKD 10,038.0 million, compared to HKD 10,086.7 million in the previous year[26]. - The group's current assets were reported at HKD 6,700.7 million, down from HKD 6,885.7 million in 2021[26]. - The group's total liabilities as of March 31, 2022, amounted to HKD 299.4 million, with accounts payable and other payables at HKD 152.3 million and loans at HKD 94.5 million[167]. - The company's total liabilities increased from HKD 52.5 million in 2021 to HKD 130.2 million in 2022, an increase of approximately 147.6%[111]. Cash Flow and Liquidity - The group’s liquidity is supported by existing cash, internally generated cash, and bank borrowings as needed[29]. - As of March 31, 2022, the group's net cash after deducting loans was HKD 1.638 billion, down from HKD 1.905 billion the previous year[30]. - Cash and cash equivalents decreased from HKD 1,980.4 million at the beginning of the year to HKD 1,652.3 million at the end of the year, a decline of approximately 16.5%[115]. - Net cash flow from operating activities showed a net outflow of HKD 110.3 million in 2022, compared to a much larger outflow of HKD 1,376.2 million in 2021[115]. Risk Management - The group has implemented risk management policies that are regularly reviewed and improved to align with market changes and regulatory requirements[34]. - The group maintains a focus on managing foreign exchange and interest rate risks, minimizing exposure to currency fluctuations[31]. - The group’s financial risk management includes maintaining sufficient cash and committed credit facilities to ensure liquidity[165]. Corporate Governance - The board of directors held four meetings and one annual general meeting during the fiscal year, with all directors confirming compliance with the securities trading standards[44]. - The board has adopted a diversity policy aiming for a balanced representation across various factors, including gender, age, and professional experience[45]. - The company has established a clear division of responsibilities between the board and management, with significant decisions made by the board[47]. - The chairman and CEO roles are currently held by the same individual, which the board believes enhances decision-making efficiency[50]. Employee and Social Responsibility - The group employs a total of 150 staff in Hong Kong and the United States, with employee expenses (excluding director remuneration) amounting to HKD 57.1 million for the fiscal year ending March 31, 2022[36]. - The group has made charitable donations totaling HKD 11,000 during the fiscal year[39]. - The group actively promotes workplace mental health, conducting workshops and providing monthly mental health information to employees[92]. - The group has established a corporate social responsibility policy to monitor and manage resource consumption, including electricity and water[88]. Environmental Initiatives - The environmental, social, and governance (ESG) report covers the fiscal year from April 1, 2021, to March 31, 2022, focusing on property development and management in Hong Kong[75]. - The group has implemented measures to reduce greenhouse gas emissions primarily caused by electricity consumption[80]. - The group has registered for green building certification for the residential development project in Ap Lei Chau, aiming for a gold rating[87]. - The group has adopted water-saving measures and improved faucet facilities to reduce water consumption[83]. Financial Reporting and Compliance - Directors are responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards[67]. - The audit committee's responsibilities include reviewing financial reporting processes and risk management systems, ensuring compliance with internal controls[54]. - The group recognizes government grants at fair value when it is reasonably assured that the grant will be received and all attached conditions will be complied with[161].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 90.1 million, a significant increase from HKD 16.8 million in the same period last year, representing a growth of 436.7%[2] - Gross profit for the same period was HKD 8.5 million, compared to HKD 0.2 million, indicating a substantial improvement in profitability[2] - Operating profit for the six months was HKD 37.5 million, a turnaround from an operating loss of HKD 6.7 million in the previous year[2] - Net profit attributable to equity holders was HKD 39.3 million, compared to a loss of HKD 10.6 million in the prior period, marking a significant recovery[2] - Basic and diluted earnings per share were HKD 6.4 cents, compared to a loss of HKD 1.7 cents per share in the previous year[2] - The gross income from property sales was HKD 83.3 million, compared to HKD 9.8 million in the previous year, indicating an increase of 749%[13] - The total revenue from property rental was HKD 2.1 million, up from HKD 1.4 million in the previous year, marking a growth of 50%[13] - The group reported a net profit attributable to equity holders of HKD 39.3 million for the six months ended September 30, 2021, compared to a net loss of HKD 10.6 million in the same period of 2020[37] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 6,836.4 million, slightly down from HKD 6,885.7 million as of March 31, 2021[5] - Total assets as of September 30, 2021, amounted to HKD 7,091.5 million, while total liabilities were HKD 303.0 million, resulting in net assets of HKD 6,788.5 million[18] - The company reported a total equity of HKD 6,788.5 million as of September 30, 2021, down from HKD 6,822.9 million at the end of the previous fiscal year[5] - Total loans as of September 30, 2021, were HKD 83.3 million, a decrease from HKD 141.9 million as of March 31, 2021[28] - The group’s non-current assets, including interests in associates, were valued at HKD 255.1 million as of September 30, 2021, down from HKD 282.7 million as of March 31, 2021[40] Cash Flow - Cash and cash equivalents decreased to HKD 1,839.2 million from HKD 2,093.5 million year-over-year[10] - The net cash outflow from operating activities was HKD 6.5 million, a significant improvement from HKD 1,376.8 million in the prior year[10] - The group has a net cash position of HKD 1.831 billion as of September 30, 2021, down from HKD 1.905 billion on March 31, 2021[44] Dividends - The company proposed an interim dividend of HKD 0.12 per share, consistent with the previous year[4] - The group declared an interim dividend of HKD 0.12 per share, consistent with the dividend declared in the same period last year[35] Investments and Financial Performance - Interest income for the six months ended September 30, 2021, was HKD 3.6 million, down from HKD 21.4 million in the same period of 2020, a decrease of 83%[20] - The fair value changes of financial investments recorded a gain of HKD 55.0 million, compared to a gain of HKD 1.8 million in the previous year, reflecting a substantial increase[20] - The fair value gain on financial investments recognized in profit or loss amounted to HKD 55 million, primarily due to the IPO of one of the investment portfolio companies[37] - The fair value of financial investments classified as Level 3 increased to HKD 77.9 million as of September 30, 2021, from HKD 24.2 million as of March 31, 2021[31] Projects and Development - The group is developing a luxury residential building in Ap Lei Chau, with foundation work having commenced in June 2021[41] - The "Repulse Bay 108" project is progressing well in sales preparation, targeting high-end buyers with its unique architectural design[41] - The French Valley Airport Center project in California is being developed in phases, with strong sales performance in the first two phases due to improved market conditions[41] - The group expects strong demand for luxury residential properties in Hong Kong due to limited supply and an influx of new high-net-worth individuals[43] - The group plans to increase land and housing supply to improve local economic development[43] Corporate Governance and Compliance - The company has reviewed its accounting principles and internal controls, discussing risk management and financial reporting matters[52] - The company has complied with the corporate governance code, except for the roles of Chairman and CEO being held by the same individual, which the board believes enhances decision-making efficiency[53] - Non-executive directors do not have a specified term but must retire and seek re-election at the annual general meeting according to company bylaws[54] - The company has adopted the standard code for securities transactions by directors, confirming compliance from all directors during the reporting period[55] Employee Information - The group has 158 employees, with employee expenses reaching HKD 29.3 million for the first half of the year[45] Market Outlook - The group anticipates a gradual recovery in the hotel sector as international travel restrictions ease[42] - The group has not repurchased any shares during the first half of the year[51]

Financial Performance - The company reported a loss attributable to equity holders of HKD 28.2 million for the year 2021, compared to a profit of HKD 124.7 million in 2020, representing a significant decline[1]. - Earnings per share for 2021 was HKD (0.05), down from HKD 0.20 in 2020, indicating a substantial drop in profitability[1]. - The group reported a current asset net value of HKD 6,592.7 million in 2021, down from HKD 7,007.3 million in 2020[31]. - The group recorded a loss attributable to equity holders of HKD 282 million, a significant decline from a profit of HKD 1.247 billion in the previous year, mainly due to reduced interest income and a 92% decrease in the performance of a major associate, Consolidated Hotels Limited[93]. - The company’s total comprehensive loss for the year was HKD 25.2 million in 2021, compared to a total comprehensive income of HKD 125.8 million in 2020[106]. - The company reported a total equity of HKD 6,822.9 million in 2021, down from HKD 6,996.3 million in 2020, reflecting a decrease of approximately 2.48%[104]. - The company’s total liabilities totaled HKD 472.4 million as of March 31, 2021, compared to HKD 345.5 million in 2020, indicating an increase of 36.8%[169]. Dividends - The company maintained its dividend at HKD 0.24 per share, consistent with the previous year[1]. - The financial summary indicates no change in dividend distribution despite the loss reported[1]. - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million, on January 5, 2021[15]. - The board proposed a final dividend of HKD 0.12 per share, also totaling HKD 74.1 million, for shareholders registered on September 7, 2021[15]. - The total dividend for the year is HKD 0.24 per share, consistent with the previous year's dividend[94]. Assets and Liabilities - Total equity decreased by 2% to HKD 6,822.9 million from HKD 6,996.3 million in the previous year[1]. - The group's total assets less current liabilities were HKD 10,086.7 million in 2021, compared to HKD 10,374.7 million in 2020[31]. - The total assets as of March 31, 2021, amounted to HKD 7,468.7 million, up from HKD 7,168.4 million in 2020[169]. - Current liabilities increased from HKD 191.5 million in 2020 to HKD 293.0 million in 2021, representing an increase of about 53.0%[103]. - Non-current liabilities decreased from HKD 280.9 million in 2020 to HKD 52.5 million in 2021, a significant reduction of approximately 81.3%[103]. Cash Flow and Liquidity - As of March 31, 2021, the group's net cash after deducting loans was HKD 1.907 billion, down from HKD 3.392 billion the previous year[35]. - Cash and cash equivalents decreased from HKD 3,542.6 million at the beginning of the year to HKD 1,980.4 million at the end of the year, a reduction of approximately 44.0%[107]. - The group’s liquidity is supported by existing cash, internally generated cash, and bank borrowings as needed[34]. - The group maintains a strong cash position and a very low debt-to-asset ratio, indicating overall financial stability despite the operational challenges faced during the year[93]. Environmental Initiatives - The group has implemented measures to reduce greenhouse gas emissions, primarily from electricity consumption, and has adopted a climate change policy as of March 2021[75]. - The total greenhouse gas emissions decreased from 14,052.36 tons CO2 equivalent in 2020 to 8,854.54 tons in 2021, representing a reduction of approximately 37.5%[91]. - The total electricity consumption decreased from 23,428.58 MWh in 2020 to 17,785.34 MWh in 2021, a reduction of about 24.1%[91]. - The group promotes water conservation and has adopted measures to reduce water usage, recognizing water as a precious resource[78]. - The group has committed to sustainable development principles and compliance with applicable environmental laws and regulations[74]. Employee Welfare and Development - The group employs a total of 168 staff in Hong Kong and the United States, with employee expenses (excluding director remuneration) amounting to HKD 59.6 million for the fiscal year ending March 31, 2021[41]. - The group provides attractive compensation and benefits, including medical insurance and a mandatory provident fund plan, to retain talent[81]. - The group has been recognized as a "Good Employer" by the Labour Department for its commitment to employee welfare[81]. - The group invests in employee training and development, providing resources for continuous professional development and onboarding training for new hires[84]. Governance and Risk Management - The board of directors consists of a balanced mix of executive and non-executive members, ensuring diverse skills and experiences relevant to the group's operations[48]. - The company has established policies to manage various financial risks, which are regularly reviewed to align with market changes and regulatory requirements[39]. - The group’s financial risk management focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[152]. - The group maintains a conservative level of debt-to-equity ratio to monitor its capital structure, with total equity reported at HKD 6,822.9 million in 2021[157]. Revenue and Sales Performance - The group's revenue increased by 72% to HKD 738 million for the fiscal year ending March 31, 2021, compared to HKD 430 million in the previous year, primarily due to growth in property sales[93]. - The total revenue for the fiscal year ending March 31, 2021, was HKD 738 million, an increase from HKD 430 million in the previous year, representing a growth of 71.4%[101]. - The gross revenue from property sales was HKD 59.0 million in 2021, compared to HKD 30.6 million in 2020, indicating an increase of 93.5%[164]. - The company’s revenue from the United States was HKD 62.8 million in 2021, significantly higher than HKD 32.1 million in 2020, marking an increase of 95.5%[167].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 16.8 million, a decrease of 29.6% compared to HKD 23.9 million for the same period in 2019[2] - Gross profit for the same period was HKD 0.2 million, down from HKD 2.3 million, indicating a significant decline in profitability[2] - The company reported a loss attributable to equity holders of HKD 10.6 million, compared to a profit of HKD 70.4 million in the previous year, marking a substantial year-over-year decline[2] - Operating loss for the period was HKD 6.7 million, compared to an operating profit of HKD 10.0 million in the prior year[2] - The company reported a net loss attributable to equity holders of HKD 10.6 million for the six months ended September 30, 2020, compared to a net profit of HKD 70.4 million in the same period last year, reflecting a significant impact from the COVID-19 pandemic[35] - The company’s operating loss for the six months ended September 30, 2020, was HKD 27.7 million, compared to an operating profit of HKD 10.0 million in the same period of 2019[12] Cash Flow and Assets - Net cash outflow from operating activities was HKD 1,376.8 million, significantly higher than HKD 71.7 million in the same period last year[8] - Total assets as of September 30, 2020, were HKD 7,040.0 million, a decrease from HKD 7,198.8 million as of March 31, 2020[5] - Cash and cash equivalents decreased to HKD 2,093.5 million from HKD 3,599.7 million at the end of the previous period[8] - The company’s net asset value decreased to HKD 6,911.6 million from HKD 6,996.3 million[5] - As of September 30, 2020, total loans amounted to HKD 197.3 million, down from HKD 218.9 million as of March 31, 2020, with a current interest rate of 3.46%[27][26] - As of September 30, 2020, the group's net cash after deducting loans was HKD 1.96 billion, down from HKD 3.39 billion as of March 31, 2020[42] Revenue Sources - Gross income from property sales was HKD 9.8 million, down 44.3% from HKD 17.6 million in the previous year[11] - Property rental gross income increased to HKD 1.4 million from HKD 0.4 million, representing a 250% increase year-over-year[11] - Property sales decreased by approximately 30% due to weak market sentiment, contributing to the decline in revenue[35] Financial Expenses - The company experienced a significant increase in financial expenses, reporting HKD 5.4 million compared to HKD 3.6 million in the previous year[2] - The financial expenses for the period were HKD 5.4 million, consistent with the previous year[12] Dividends - Proposed interim dividend remained unchanged at HKD 0.12 per share, totaling HKD 74.1 million[4] - The company declared an interim dividend of HKD 0.12 per share, consistent with the previous year's dividend[33] Strategic Developments - The company plans to commence construction on a luxury residential building in Ap Lei Chau in Q2 2021, with site surveys completed[38] - Marketing activities for the "Shan Shui Bay 108" luxury residential project are progressing smoothly, aiming to attract buyers with its premium location and design[38] - The French Valley Airport Center project in California is being developed in phases, with positive market response for the first two phases already underway[38] Industry Impact and Outlook - The group anticipates structural changes in the hotel industry post-pandemic, driven by new business strategies and effective health measures[39] - The group is closely monitoring the impact of geopolitical tensions and the pandemic on its operations, maintaining a cautious management approach[41] - The group expects the low-interest environment in Hong Kong to persist, supporting economic recovery efforts[40] - The group is optimistic about the economic recovery in 2021, contingent on the effectiveness and distribution of COVID-19 vaccines[40] Corporate Governance - The company has adhered to the corporate governance code as per the Stock Exchange's listing rules, with exceptions regarding the roles of the Chairman and CEO being held by the same individual[50] - Non-executive directors do not have a specified term but must retire and seek re-election at the annual general meeting[50] - Each director is required to retire at least once every three years, although the Chairman and CEO are exempt from this rule[51] Employment and Expenses - The group employed a total of 171 staff in Hong Kong and the United States, with employee expenses reaching HKD 29.8 million for the first half of the fiscal year[43] Shareholder Actions - The group has not repurchased any shares during the first half of the fiscal year[48]

Financial Performance - The company's profit attributable to equity holders decreased by 46% to HKD 124.7 million in 2020 from HKD 231.6 million in 2019[2]. - Earnings per share fell by 46% to HKD 0.20 in 2020 from HKD 0.38 in 2019[2]. - Total revenue for the year was HKD 430 million, down from HKD 368.4 million in the previous year[96]. - The group's operating profit for the year was HKD 21.1 million, a decrease of 72.5% from HKD 76.8 million in 2019[100]. - The group reported a net profit attributable to equity holders of HKD 124.7 million, down 46.2% from HKD 231.6 million in the previous year[100]. - Basic and diluted earnings per share decreased to HKD 0.20 from HKD 0.38, representing a decline of 47.4%[100]. - The group’s other income and gains increased to HKD 85.0 million from HKD 72.1 million, showing a growth of 17.5%[100]. - The group’s total revenue for the year 2020 was HKD 43.0 million, a significant decrease of 88.4% compared to HKD 368.4 million in 2019[166]. - The gross income from property sales was HKD 30.6 million in 2020, down from HKD 356.7 million in 2019, indicating a decline of 91.4%[166]. Dividends - The company declared a dividend of HKD 148.2 million, a decrease of 31% from HKD 216.1 million in the previous year[2]. - The dividend per share also decreased by 31% to HKD 0.24 in 2020 from HKD 0.35 in 2019[2]. - The group declared a final dividend of HKD 74.1 million, significantly lower than HKD 142.0 million in 2019, reflecting a reduction in shareholder returns[103]. - The proposed final dividend for 2020 is HKD 0.12 per share, unchanged from the previous year, while total dividends decreased from HKD 216.1 million in 2019 to HKD 148.2 million in 2020[191]. Assets and Liabilities - The total equity of the company slightly declined by 1% to HKD 6,996.3 million in 2020 compared to HKD 7,086.6 million in 2019[2]. - The group's total assets less current liabilities amounted to HKD 10,374.7 million, a decrease from HKD 10,568.7 million in 2019[32]. - The group's total current assets were HKD 7,198.8 million, down from HKD 7,412.8 million in the previous year[32]. - The group’s total liabilities included current liabilities of HKD 191.5 million, significantly reduced from HKD 536.8 million in the previous year[32]. - The group’s total non-current liabilities were HKD 280.9 million, compared to HKD 3.5 million in 2019[32]. - The group maintained a strong balance sheet with total assets of HKD 7,198.8 million, slightly down from HKD 7,412.8 million in 2019[102]. - The total liabilities increased to HKD 540.3 million in 2020 from HKD 472.4 million in 2019, representing a rise of approximately 14.4%[171]. Cash Flow - Operating cash flow for the year ended March 31, 2020, showed a net cash outflow of HKD 129.8 million, a significant decrease from a net inflow of HKD 505.9 million in 2019, representing a decline of approximately 125.6%[106]. - Cash and cash equivalents stood at HKD 3,611.4 million, compared to HKD 3,817.9 million in the previous year[102]. - Cash and cash equivalents decreased by HKD 209.9 million, ending the year at HKD 3,542.6 million, down from HKD 3,752.5 million in 2019, a decline of about 5.6%[106]. - Financing activities resulted in a net cash outflow of HKD 289.7 million, compared to a net outflow of HKD 156.0 million in 2019, reflecting an increase in outflow of approximately 85.5%[106]. Corporate Governance - The board of directors held four meetings and one annual general meeting during the year ended March 31, 2020[50]. - The company has adopted a board diversity policy to enhance the diversity of its board members[51]. - The company has established a remuneration committee consisting of one non-executive director and two independent non-executive directors, which held one meeting during the year ending March 31, 2020[58]. - The company has a nomination committee that includes the chairman and two independent non-executive directors, which also held one meeting during the year ending March 31, 2020[59]. - The company has adopted a director nomination policy to ensure a balanced skill set and experience on the board[60]. - The company has a clear division of responsibilities between the board and management, with significant decisions made by the board[55]. - The roles of chairman and CEO are currently held by the same individual, which the board believes enhances decision-making efficiency[55]. Environmental and Social Responsibility - The group has implemented measures to reduce electricity consumption, aiming to decrease indirect greenhouse gas emissions, which are primarily caused by electricity usage[78]. - The group actively participates in various recycling programs, such as the waste electrical and electronic equipment recycling program, to promote waste reduction and sustainable development[79]. - The group has adopted water-saving guidelines and improved faucet facilities to reduce water usage, recognizing water as a precious resource[81]. - The group has committed to sustainable development by incorporating green building designs in its property development projects, such as "Shallow Water Bay 108," which has over 50% of its area covered in greenery[82]. - The group has established a corporate social responsibility policy to engage in business activities that benefit society and promote sustainable development[83]. - The group prioritizes the use of energy-efficient electronic devices with energy labels issued by the Electrical and Mechanical Services Department during procurement[80]. - The group has taken steps to enhance employee awareness of environmental protection and sustainable development through initiatives like Earth Hour[80]. - The group has committed to complying with all applicable laws and regulations regarding corporate social responsibility matters[83]. Employee Relations - The company emphasizes that human resources are one of its most valuable assets and is committed to creating an engaging work environment[84]. - The company provides attractive compensation and employee benefits, including medical insurance and a mandatory provident fund plan[84]. - The company has implemented an equal opportunity policy to support a diverse and inclusive work environment, free from discrimination[85]. - The company prioritizes employee health and safety, providing appropriate protective equipment and training, especially during the COVID-19 pandemic[87]. - The company encourages continuous professional development and offers educational subsidies to eligible employees[88]. Risk Management - The company maintains a treasury and financing policy focused on risk management and control, minimizing foreign exchange fluctuation risks[37]. - The company has established policies to manage various financial risks, which are regularly reviewed and improved[40]. - The group has a policy to ensure that customers for property sales and rentals have appropriate credit histories, managing credit risk proactively[154]. - The group aims to maintain sufficient liquidity through committed credit facilities to manage cash flow risks effectively[155]. Accounting and Financial Reporting - The company has adopted new accounting standards effective for the fiscal year 2019/2020, which may impact future financial reporting[110]. - The group adopted Hong Kong Financial Reporting Standard No. 16, recognizing lease liabilities for previously classified operating leases, measured at the present value of remaining lease payments[112]. - The group recognizes its share of profits or losses from associates in the consolidated income statement, with adjustments made for other comprehensive income changes[117]. - The company assesses expected credit losses for debt instruments measured at amortized cost and fair value through other comprehensive income, using a forward-looking approach[128]. - The company recognizes impairment losses for receivables based on expected losses, grouped by credit risk characteristics and aging[128].

Financial Performance - For the six months ended September 30, 2019, the company reported a revenue of HKD 362.4 million, a decrease of 21.6% compared to HKD 462.4 million for the same period in 2018[3] - The gross profit for the same period was HKD 2.3 million, down from HKD 61.3 million, indicating a significant decline in profitability[3] - Operating profit decreased to HKD 10.0 million, a drop of 84.6% from HKD 64.8 million in the previous year[3] - The net profit attributable to equity holders was HKD 70.4 million, down 43.8% from HKD 125.3 million in the prior period[4] - Cash flow from operating activities showed a net outflow of HKD 75.9 million, compared to an inflow of HKD 774.3 million in the same period last year[7] - The company's financial performance was impacted by increased administrative expenses, which rose to HKD 40.4 million from HKD 32.3 million year-on-year[3] - The group reported a total revenue of HKD 23.9 million for the six months ended September 30, 2019, a decrease of 93.4% compared to HKD 362.4 million for the same period in 2018[12] - The gross revenue from property sales was HKD 17.6 million for the six months ended September 30, 2019, down from HKD 356.7 million in the previous year, representing a decline of 95.1%[12] - The group’s operating profit for the six months ended September 30, 2019, was HKD 36.9 million, compared to HKD 64.8 million for the same period in 2018, a decline of 43.1%[14] - The company's profit attributable to equity holders for the six months ended September 30, 2019, was HKD 70.4 million, a significant decrease from HKD 125.3 million in the same period of 2018[35] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 7,330.2 million, compared to HKD 7,090.1 million as of March 31, 2019[5] - The company's net assets decreased to HKD 7,014.7 million from HKD 7,086.6 million in the previous period[5] - The company reported a cash balance of HKD 3,660.7 million as of September 30, 2019, down from HKD 4,028.9 million at the end of the previous period[7] - The total assets of the group as of September 30, 2019, amounted to HKD 7,543.4 million, compared to HKD 7,626.9 million as of March 31, 2019, indicating a slight decrease of 1.1%[15] - The group’s total liabilities as of September 30, 2019, were HKD 528.7 million, compared to HKD 540.3 million as of March 31, 2019, showing a decrease of 2.9%[15] - Total loans as of September 30, 2019, amounted to HKD 247.5 million, down from HKD 289.9 million as of March 31, 2019[23][25] - The group’s net cash after deducting loans as of September 30, 2019, was HKD 3.41 billion, down from HKD 3.52 billion as of March 31, 2019[40] - The capital debt ratio as of September 30, 2019, was 3.5%, compared to 4.1% as of March 31, 2019[40] Dividends and Shareholder Returns - The company proposed an interim dividend of HKD 0.12 per share, unchanged from the previous year[3] - The company declared an interim dividend of HKD 0.12 per share, consistent with the previous year's dividend[34] Employee and Administrative Expenses - Employee expenses for the first half of the year ending September 30, 2019, reached HKD 32.1 million, excluding director remuneration[41] - The group maintains a strong balance sheet and ample cash reserves to withstand market fluctuations and seize opportunities[39] Projects and Future Outlook - The company is progressing with the sales preparation for the luxury residential project "Repulse Bay 108," which features eight independent houses and clubhouse facilities[37] - The French Valley Airport Center project in California is being developed in phases, with the first two phases completed and sales commenced[37] - The group expects that recent government housing policy measures may help improve the overall atmosphere in the local property market[39] - The group is confident in the potential returns from the shallow bay project despite the current market challenges[39] Compliance and Governance - The company has adopted the standards set out in Appendix 10 of the Listing Rules to regulate directors' securities transactions[50] - All directors have confirmed compliance with the standard code during the reporting period[50] - The chairman expressed gratitude for the diligence and loyalty of the company's staff[50] Other Financial Metrics - The effective tax rate for the group remained at 16.5% for the period, consistent with the previous year[18] - Non-current assets, including interests in associates, were valued at HKD 3,488.4 million as of September 30, 2019, compared to HKD 3,478.6 million as of March 31, 2019[36] - The net asset value per share, based on the market valuation of hotel properties, was HKD 17.01 as of September 30, 2019, slightly down from HKD 17.11 as of March 31, 2019[36] Shareholder Actions - The group has not repurchased any shares during the first half of the year[46] - The group has not granted any share options to directors or executives during the first half of the year[43]

Financial Performance - The profit attributable to equity holders for 2019 was HKD 231.6 million, a decrease of 35% compared to HKD 354.7 million in 2018[2]. - Earnings per share for 2019 was HKD 0.38, down 33% from HKD 0.57 in 2018[2]. - Total revenue for the year was HKD 368.4 million, down from HKD 1,103.6 million in the previous year, reflecting a significant drop in property sales[108]. - The group's gross profit was HKD 61.9 million, compared to HKD 232.5 million in 2018, indicating a decline in profitability[108]. - The company's profit for the year ended March 31, 2019, was HKD 231.6 million, a decrease of 34.6% from HKD 354.7 million in 2018[109]. - Total comprehensive income attributable to equity holders for the year was HKD 227.3 million, down from HKD 335.7 million in the previous year, reflecting a decline of 32.3%[112]. - The company's total assets decreased to HKD 7,090.1 million in 2019 from HKD 7,337.6 million in 2018, representing a reduction of 3.4%[111]. - The company reported other income of HKD 72.1 million in 2019, compared to HKD 46.8 million in 2018, indicating a growth of 53.6%[174]. - Operating profit for 2019 was HKD 234.8 million, down from HKD 386.3 million in 2018, a decline of 39.1%[175]. - The company’s total liabilities as of March 31, 2019, were HKD 744.5 million, compared to HKD 540.3 million in 2018, an increase of 37.8%[173]. Assets and Liabilities - As of March 31, 2019, the group's non-current assets, including interests in associates, were valued at HKD 214.1 million, with a revaluation surplus of HKD 3,478.6 million, leading to a total asset value of HKD 3,692.7 million[39]. - The group's current assets were reported at HKD 7,412.8 million, with a net current asset value of HKD 6,876.0 million[39]. - The total assets less current liabilities amounted to HKD 10,568.7 million, with non-current liabilities of HKD 3.5 million, resulting in a net asset value of HKD 10,565.2 million[39]. - The company's total assets as of March 31, 2019, amounted to HKD 7,819.9 million, an increase from HKD 7,626.9 million in 2018[173]. - The company's net assets increased to HKD 392.0 million in 2019 from HKD 327.4 million in 2018, marking a growth of around 19.7%[200]. - The company's total liabilities increased to HKD 401.7 million in 2019 from HKD 375.6 million in 2018, showing a rise of about 6.0%[200]. Dividends - The company maintained a consistent dividend of HKD 0.35 per share for both 2018 and 2019[2]. - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million, and proposed a final dividend of HKD 0.23 per share, amounting to HKD 142 million for shareholders registered on September 9, 2019[21]. - The board has proposed a final dividend of HKD 0.23 per share, bringing the total dividend for the year to HKD 0.35 per share[100]. - The proposed final dividend for 2019 is HKD 142.0 million, consistent with the previous year's proposed dividend[192]. Governance and Management - The board of directors confirmed the independence of all independent non-executive directors in accordance with the listing rules[28]. - The board of directors held four meetings and one annual general meeting during the fiscal year, demonstrating active governance[57]. - The company has established a remuneration committee consisting of one non-executive director and two independent non-executive directors, which held one meeting during the fiscal year ending March 31, 2019[64]. - The company has a nomination committee that includes the chairman and two independent non-executive directors, which also held one meeting during the fiscal year ending March 31, 2019[66]. - The roles of the chairman and CEO are not separated, which the board believes enhances decision-making efficiency[62]. - All directors participated in continuous professional development during the year, ensuring they are updated on their responsibilities[61]. Environmental and Social Responsibility - The group has implemented measures to reduce greenhouse gas emissions, primarily from electricity consumption, and is committed to ongoing performance review and improvement[85]. - The group has actively reduced waste generation and managed waste in an environmentally friendly manner, with no significant incidents reported regarding emissions or waste production this year[86]. - The group has focused on achieving high energy efficiency by upgrading lighting systems and encouraging employees to minimize unnecessary electricity usage[87]. - The group has adopted water-saving measures and promoted the importance of water conservation among employees, contractors, and customers[88]. - The group has established a corporate social responsibility policy to ensure compliance with applicable laws and regulations while promoting sustainable development and community welfare[90]. - The group is committed to providing a safe and healthy work environment for all employees and encourages their growth alongside the company[90]. Risk Management - The group has established policies to manage various financial risks, which are regularly reviewed to align with market changes and regulatory requirements[46]. - The group’s liquidity risk management focuses on maintaining sufficient cash and committed credit facilities to ensure financial flexibility[158]. - The group experienced a credit risk exposure primarily from mortgage loans and accounts receivable, with policies in place to ensure clients have appropriate credit histories[157]. - The group's overall risk management plan aims to minimize potential adverse impacts on financial performance due to unpredictable financial market conditions[155]. Employee Information - Employee expenses for the fiscal year ending March 31, 2019, amounted to HKD 64.9 million, with a total workforce of 195 employees in Hong Kong and the United States[49]. - The total remuneration for directors for the year ended March 31, 2019, amounted to HKD 9.42 million, compared to HKD 6.61 million for the previous year, reflecting an increase of approximately 42%[179]. - The highest-paid employees, excluding directors, received a total remuneration of HKD 3.1 million in 2019, down from HKD 3.3 million in 2018, indicating a decrease of about 6%[185]. - The company provides various employee benefits, including medical allowances and mandatory provident fund plans, to enhance employee satisfaction[91]. Accounting Policies - The group applies acquisition accounting for business combinations, measuring identifiable assets and liabilities at fair value on the acquisition date[123]. - The group recognizes its share of profits or losses from associates in the consolidated income statement, with adjustments made for other comprehensive income changes[127]. - The group must perform impairment tests on subsidiary investments if dividends exceed total comprehensive income during the declaration period[125]. - The group recognizes goodwill for the excess of the purchase price over the fair value of identifiable net assets acquired in associate investments[125]. - The group assesses expected credit losses for debt instruments measured at amortized cost and fair value through other comprehensive income, using a forward-looking approach[138].