Financial Performance - The profit attributable to equity holders for the year 2024 is HKD 74.9 million, a significant recovery from a loss of HKD 20.0 million in 2023[136]. - The total comprehensive income attributable to equity holders for the year was HKD 73.3 million, compared to a loss of HKD 17.8 million in the previous year[197]. - Earnings per share improved to HKD 0.121 from a loss of HKD 0.032 in 2023[136]. - The company maintained a consistent dividend of HKD 0.24 per share for both 2024 and 2023[136]. - The total equity decreased by 1% to HKD 6,440.9 million from HKD 6,510.3 million in the previous year[136]. Assets and Liabilities - Non-current assets, including interests in associates, decreased to HKD 295.4 million in 2024 from HKD 358.7 million in 2023, a decline of approximately 17.6%[13]. - The group's total assets less current liabilities amounted to HKD 9,600.4 million in 2024, down from HKD 9,675.9 million in 2023, representing a decrease of about 0.8%[13]. - The group's current assets were reported at HKD 6,369.0 million in 2024, slightly down from HKD 6,414.8 million in 2023, indicating a decrease of about 0.7%[13]. - The group's non-current liabilities increased to HKD 32.5 million in 2024 from HKD 20.4 million in 2023, marking an increase of approximately 59.3%[13]. - As of March 31, 2024, the group's cash net amount after deducting loans was HKD 1,203.8 million, down from HKD 1,296.6 million in the previous year, indicating a decrease of about 7.1%[38]. Governance and Management - The company believes that having the same individual serve as both chairman and CEO enhances decision-making efficiency and responsiveness to market changes[90]. - The company’s governance structure includes clear divisions of responsibility between the board and management, with significant decisions made by the board[82]. - The company has established a remuneration committee that held one meeting during the fiscal year, focusing on compensation policies for directors and senior management[96][100]. - The audit committee held two meetings during the fiscal year ending March 31, 2024, to review financial reporting and risk management systems[87][95]. - All directors participated in continuous professional development during the year, ensuring they remain informed about their responsibilities[78][89]. Risk Management - The group has established policies to manage various risks, which are regularly reviewed and improved to align with market changes and regulatory requirements[44]. - The group is committed to continuous risk assessment to gain comprehensive insights into risks and enhance internal controls and risk management procedures[44]. - The board is responsible for risk management and internal control systems, which are regularly reviewed for effectiveness[120]. - The group has implemented a treasury and financing policy focused on risk management and control, minimizing foreign exchange fluctuation risks[41]. Supplier and Customer Relations - The top five suppliers accounted for about 49% of the group's total procurement, while the largest customer represented approximately 44% of the group's revenue[14]. - The group maintains good relationships with suppliers and customers to achieve both short-term and long-term goals[54]. - As of March 31, 2024, the company had 324 local suppliers and 2 overseas suppliers in its Hong Kong operations[183]. Community Engagement - The company invested HKD 38,10,300 and contributed 95 hours to community investment during the fiscal year[184]. - The company anticipates that recent government initiatives to revitalize the tourism industry will positively impact the local hotel sector[186]. Shareholder Information - The group declared an interim dividend of HKD 0.12 per share, totaling HKD 74.1 million for the year[19]. - The company proposed a final dividend of HKD 0.12 per ordinary share, totaling HKD 74.1 million to be distributed to shareholders registered by September 9, 2024[142]. - The company did not repurchase any shares during the year, nor did it purchase or sell any shares of the company or its subsidiaries[163]. Employee Information - The group employed a total of 149 employees in Hong Kong and the United States as of March 31, 2024, with employee expenses (excluding director remuneration) amounting to HKD 57.7 million for the fiscal year[53]. - The gender ratio of all employees, including senior management, was 2.82:1 as of March 31, 2024, with one female director on the board[59]. Financial Management - The company has a cautious and strict approach to financial management, aiming for long-term sustainable growth and enhanced shareholder value[192]. - The company’s financial resources and core competitiveness are thoroughly considered in its business strategy formulation[192]. - The company has implemented procedures to safeguard assets and ensure the reliability of financial information[117].

Financial Performance - The company reported a profit attributable to equity holders of HKD 74.9 million for the fiscal year ending March 31, 2024, compared to a loss of HKD 20.0 million in the previous year[16]. - Total revenue for the year was HKD 121.7 million, with a gross profit margin of 23.0% compared to 8.6% in the previous year[10]. - Total comprehensive income for the year was HKD 73.3 million, compared to a loss of HKD 17.8 million in the previous year[23]. - The company's share of profits from associates increased to HKD 56.1 million, up from HKD 10.0 million in the previous year[10]. - The company's operating profit for 2024 was HKD 62.3 million, up from HKD 40.9 million in 2023, indicating a year-over-year increase of 52.5%[32]. - Revenue from rental income in 2024 was HKD 121.7 million, compared to HKD 66.3 million in 2023, marking an increase of 83.5%[37]. - The fair value changes of financial investments recorded a loss of HKD 8.7 million in 2024, compared to a loss of HKD 19.7 million in 2023, showing an improvement[32]. - The company’s financial expenses decreased to HKD 1.0 million in 2024 from HKD 1.6 million in 2023, a reduction of 37.5%[37]. - The group reported a net cash position of HKD 1.203 billion as of March 31, 2024, compared to HKD 1.296 billion in the previous year, indicating a decrease of approximately 7.2%[59]. - The group achieved a profit attributable to equity holders of HKD 74.9 million, a significant turnaround from a loss of HKD 20 million in the previous year[63]. Assets and Liabilities - The company’s total assets decreased slightly to HKD 6,369.0 million from HKD 6,414.8 million in the previous year[24]. - The net asset value of the company stood at HKD 6,440.9 million, down from HKD 6,510.3 million in the previous year[24]. - Total assets as of March 31, 2024, amounted to HKD 6,664.4 million, compared to HKD 6,440.9 million in 2023, reflecting a growth of 3.5%[41]. - The company reported total assets of HKD 9,600.4 million and total liabilities of HKD 9,675.9 million as of March 31, 2024[101]. - Current liabilities decreased to HKD 191.0 million from HKD 242.8 million, indicating improved liquidity[24]. - The group maintains a low debt-to-equity ratio of 0.4% as of March 31, 2024, down from 1.4% in the previous year, reflecting prudent financial management[81]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.12 per share, maintaining the total dividend for the year at HKD 0.24 per share[3]. - The company focuses on high-quality property development and management services in Hong Kong, particularly in luxury residential properties, aiming to deliver substantial returns to shareholders[83]. Projects and Developments - The company plans to develop a luxury residential building on Ap Lei Chau, expected to be completed by the end of 2025[53]. - The new project "Repulse Bay 108" is progressing well with marketing activities underway, targeting high-end buyers[53]. - The group is actively developing the French Valley Airport Center project, with phase four construction expected to be completed in Q1 2025[54]. Market Conditions and Strategy - The local property market is expected to improve due to anticipated interest rate cuts and government measures to attract international capital and talent[84]. - The removal of property market control measures is likely to attract high-net-worth individuals from mainland China into the luxury residential market[84]. - The company plans to continue monitoring economic challenges and uncertainties while maintaining a flexible strategy to adapt to changing market conditions[74]. - Recent government initiatives to revitalize the tourism industry are expected to positively impact the local hotel sector[91]. - The Hong Kong economy is expected to maintain growth momentum in the second half of the year due to improved export performance and the recovery of tourism[103]. - The government is actively promoting large-scale events, which are anticipated to bring substantial economic benefits to the local area[103]. Corporate Governance - The company is committed to maintaining high standards of corporate governance in accordance with the Hong Kong Stock Exchange guidelines[86]. - The company's chairman and CEO roles are combined to enhance decision-making efficiency and responsiveness to business opportunities[105]. - The board believes that this arrangement will not compromise the balance of power and authority, supported by a sufficiently experienced and capable board[105]. - The board consists of a sufficient number of independent non-executive directors to ensure the balance of power and authority is maintained[105]. Employee and Operational Insights - Employee expenses for the year reached HKD 57.7 million, highlighting the group's commitment to its workforce as a valuable asset[82]. - The group’s hotel performance has shown strong recovery, driven by an increase in visitor numbers, resulting in higher occupancy rates and room rental prices compared to the previous year[55]. - The group has invested in the Hong Kong Hilton Hotel, which is recognized as a prestigious five-star hotel, enhancing its market position[78].

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 94.2 million, a significant increase from HKD 17.8 million in the same period last year, representing a growth of 429.2%[54] - Gross profit for the period was HKD 18.4 million, up from HKD 1.2 million, indicating a substantial improvement in profitability[41] - The net profit attributable to equity holders was HKD 35.7 million, compared to a loss of HKD 33.1 million in the previous year, marking a turnaround in financial performance[42] - Earnings per share for the period was HKD 5.8 cents, compared to a loss of HKD 5.4 cents per share in the same period last year[42] - Cash flow from operating activities showed a net inflow of HKD 7.9 million, a significant recovery from an outflow of HKD 106.0 million in the previous year[48] - The group recognized a total comprehensive income of HKD 34.9 million for the period, a turnaround from a loss of HKD 32.4 million in the previous year[59] - The company reported a net profit attributable to equity holders of HKD 35.7 million for the six months ended September 30, 2023, compared to a net loss of HKD 33.1 million in the same period of 2022[102] Revenue Sources - The company reported a significant increase in revenue from property sales, which reached HKD 88.2 million, compared to HKD 12.6 million in the prior year[54] - Revenue from the United States reached HKD 89.3 million, up from HKD 13.2 million in the previous year, indicating a growth of 675%[55] - The company’s rental income from other sources was HKD 0.4 million, consistent with the previous year[55] Expenses and Costs - Employee expenses for the first half of the fiscal year ending September 30, 2023, reached HKD 28.7 million, excluding director remuneration[2] - Administrative expenses decreased slightly to HKD 28.1 million from HKD 28.5 million, reflecting cost control measures[41] Assets and Equity - Total assets as of September 30, 2023, were HKD 6,386.4 million, slightly down from HKD 6,414.8 million at the end of the previous reporting period[45] - The total equity as of September 30, 2023, was HKD 6,476.2 million, down from HKD 6,510.3 million at the beginning of the period[45] - The group’s total equity as of September 30, 2023, was HKD 6,476.2 million, compared to HKD 6,569.8 million as of September 30, 2022[59] Debt and Cash Position - As of September 30, 2023, the group's net cash after deducting loans was HKD 1.2577 billion, compared to HKD 1.2966 billion as of March 31, 2023[1] - The capital debt ratio as of March 31, 2023, was 1.4%[1] - The group has a bank loan amounting to HKD 90.9 million, secured by properties valued at approximately HKD 402.4 million[1] Shareholder Information - The shareholding of the chairman and CEO, Chen Bin, amounts to 44.88% of the total shares[5] - The group did not repurchase any shares during the first half of the fiscal year[12] - The group has not purchased or sold any of its shares during the first half of the fiscal year[12] Corporate Governance - The group has complied with the corporate governance code, with some exceptions regarding the roles of the chairman and CEO[13] Future Outlook and Projects - The company is developing the French Valley Airport Center project in California, with the third phase showing strong sales and the fourth phase expected to be completed by the end of 2024[115] - The development of a luxury residential building on Ap Lei Chau is progressing as planned, expected to be completed by 2025[123] - The marketing activities for the new luxury residential project "Repulse Bay 108" are progressing well, with the project featuring eight independent villas[123] Market Conditions and Challenges - The group anticipates that the market atmosphere will improve in the next one to two quarters if the U.S. Federal Reserve stabilizes interest rates[116] - High interest rates are expected to significantly increase the group's interest income due to its net cash financial position[116] - The recent policy report announced the relaxation of property market regulations, which is expected to stimulate residential property transaction volumes[116] - The group is closely monitoring various challenges and risks, maintaining a prudent management approach to respond flexibly to market fluctuations[116] - The company anticipates ongoing challenges in the hotel industry due to inflation and labor shortages, despite a positive outlook for the sector[115] Hotel Performance - The hotel occupancy rate significantly increased in the second and third quarters of 2023, benefiting from the recovery of local demand and improved air capacity[115] - The company’s consolidated hotels, particularly the Sheraton Hotel in Hong Kong, are expected to benefit from the recovery of business and tourism activities[112] Financial Investments - The group’s financial investments recorded a fair value change income of HKD 9.4 million, down from HKD 18.5 million in the previous year[71] - The company’s financial investments at fair value through profit or loss totaled HKD 27.7 million as of September 30, 2023, down from HKD 38.4 million a year earlier[98] - The fair value of financial instruments measured at fair value through profit or loss includes listed equity securities valued at HKD 16.5 million as of September 30, 2023[107] Dividend Information - The company proposed an interim dividend of HKD 0.12 per ordinary share, consistent with the previous year's dividend[42] - The company plans to declare an interim dividend of HKD 0.12 per ordinary share, consistent with the previous year's dividend[75] - The company plans to distribute an interim dividend of HKD 0.12 per share, consistent with the dividend from the same period last year[111]

Financial Performance - The company reported a profit of HKD 35.7 million for the six months ended September 30, 2023, compared to a loss of HKD 33.1 million in the same period last year[2]. - Total revenue for the period was HKD 94.2 million, significantly up from HKD 17.8 million in the previous year, representing a growth of approximately 429%[6]. - Revenue from property sales was HKD 88.2 million, while rental income contributed HKD 1.0 million, indicating strong performance in real estate development[6]. - The company achieved a gross profit margin of approximately 36% for the period, compared to a gross loss margin of 16.6% in the previous year[10]. - The company’s total comprehensive income attributable to equity holders was HKD 34.9 million, compared to a loss of HKD 32.4 million in the prior year[2]. - The company’s earnings per share increased to HKD 5.8 cents, up from HKD 5.4 cents year-on-year[10]. - The group reported a fair value change in financial investments through profit or loss of HKD 9.4 million for the six months ended September 30, 2023, compared to HKD 18.5 million for the same period in 2022[48]. - Earnings per share for the period was HKD 35.7 million, compared to a loss of HKD 33.1 million in the same period last year, with 617,531,425 shares issued[50]. Dividends and Shareholder Returns - The company plans to maintain an interim dividend of HKD 0.12 per share, consistent with the previous year[10]. - The group plans to declare an interim dividend of HKD 0.12 per share, consistent with the same period last year[31]. - The proposed interim dividend is HKD 0.12 per share, consistent with the previous year[51]. Assets and Liabilities - Total assets decreased to HKD 6,659.1 million from HKD 6,773.5 million as of March 31, 2023, reflecting a decline of approximately 1.7%[22]. - The group's total liabilities decreased to HKD 182.9 million from HKD 263.2 million as of March 31, 2023, a reduction of approximately 30.5%[22]. - Non-current assets, including interests in joint ventures, amounted to HKD 272.7 million, down from HKD 358.7 million as of March 31, 2023[34]. - The group’s current assets were HKD 6,386.4 million as of September 30, 2023, slightly down from HKD 6,414.8 million as of March 31, 2023[60]. - The group’s cash and bank deposits decreased to HKD 1,257.7 million from HKD 1,384.6 million as of March 31, 2023[39]. - As of September 30, 2023, the group's net cash after deducting loans was HKD 1.257 billion, compared to HKD 1.296 billion as of March 31, 2023[88]. Customer Base and Revenue Sources - The company has identified four major customers contributing to approximately 10% of total revenue, highlighting a diversified customer base[19]. - Bank interest income increased to HKD 26.7 million from HKD 9.9 million year-on-year, representing a growth of 169.7%[22]. Market Outlook and Strategic Developments - The group is progressing well with the sales preparations for the "Shallow Bay 108" project, which features luxury residences with scenic views[63]. - The hotel occupancy rate significantly increased in the second and third quarters of 2023, following renovations and improvements[64]. - The group expects market conditions to improve in the next one to two quarters if the U.S. Federal Reserve stabilizes interest rates[65]. - The recent government report announced the relaxation of property market control measures, which is expected to stimulate residential property transactions[66]. - The hotel industry outlook is expected to improve steadily due to local demand recovery and increased inbound travelers, despite challenges such as inflation and labor shortages[84]. - The group maintains a strong balance sheet and ample cash reserves to navigate market volatility and economic uncertainties[87]. Corporate Governance and Compliance - The group is committed to maintaining high standards of corporate governance and will continue to review its governance practices[93]. - The group has adopted the standard code for securities transactions by directors, ensuring compliance during the reporting period[75]. Employment and Expenses - The group employed a total of 147 staff in Hong Kong and the U.S., with employee expenses for the first half of the year reaching HKD 28.7 million[89]. - The group’s financial expenses were recorded at HKD 0.6 million, a slight decrease from the previous year[6]. Other Financial Information - The group reported a tax expense of HKD 0.6 million for the current period, up from HKD 0.3 million in the previous year[22]. - The group’s attributable share of income tax from joint ventures was HKD 5.2 million for the six months ended September 30, 2023, up from HKD 0.2 million in 2022[49]. - The group has a bank loan of HKD 88 million, with an effective interest rate of 8.24% as of March 31, 2023[56]. - The group has not repurchased any company shares during the first half of the year[90].

Financial Performance - For the fiscal year ending March 31, 2023, total revenue was HKD 66.3 million, comprising HKD 55.6 million from property development and management, and HKD 10.1 million from other sources[115]. - The company reported a loss attributable to equity holders of HKD 20.0 million, with a pre-tax loss of HKD 19.6 million[115]. - The company reported a loss attributable to equity holders of HKD 20.0 million for 2023, compared to a profit of HKD 2.9 million in 2022[142]. - Earnings per share for 2023 was a loss of HKD 0.032, down from a profit of HKD 0.005 in 2022[142]. - Gross revenue from property sales for 2023 was HKD 55.6 million, down 53.4% from HKD 119.4 million in 2022[114]. - Rental income from properties decreased to HKD 0.6 million in 2023 from HKD 2.9 million in 2022, a decline of 79.3%[114]. - The company generated rental income of HKD 0.6 million, contributing to the overall revenue[115]. - The segment performance showed an operating loss of HKD 28.0 million, highlighting challenges in the property development sector[115]. - The company’s total revenue for 2023 was significantly impacted by a decrease in income from the U.S. market, which fell to HKD 56.7 million from HKD 122.6 million in 2022[145]. Assets and Liabilities - As of March 31, 2023, the total non-current assets, including interests in joint ventures, amounted to HKD 3,503.9 million, compared to HKD 3,505.7 million in 2022[20]. - The group's total assets less current liabilities were HKD 9,675.9 million in 2023, compared to HKD 10,038.0 million in 2022[20]. - The group’s total liabilities were HKD 20.4 million as of March 31, 2023, compared to HKD 130.2 million in 2022[20]. - As of March 31, 2023, total liabilities amounted to HKD 260.3 million, with HKD 140.6 million in accounts payable and other payables, and HKD 91.0 million in loans[42][46]. - The total loans amounted to HKD 880 million in 2023, compared to HKD 911 million in 2022, indicating a decrease[91]. - The total equity was HKD 6,510.3 million in 2023, down from HKD 6,676.3 million in 2022[91]. - Total assets as of March 31, 2023, were HKD 6,773.5 million, while total liabilities were HKD 263.2 million[149]. Financial Ratios and Risk Management - The asset-liability ratio, defined as the ratio of bank borrowings to equity, was maintained at a low level of 1.4% as of March 31, 2023, and March 31, 2022[26]. - The debt-to-equity ratio remained stable at 1.4% for both 2023 and 2022[91]. - The group maintains a cautious liquidity risk management strategy, ensuring sufficient cash and committed credit facilities[39]. - The group’s financial risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[35]. - A 1% increase or decrease in interest rates could result in a pre-tax loss increase or decrease of approximately HKD 600,000[52]. - A 10% change in the fair value of financial investments could lead to a pre-tax loss increase or decrease of approximately HKD 3.7 million[53]. - The company has established policies to manage various financial risks, which are regularly reviewed and improved[63]. Corporate Governance - The board of directors held four meetings and one annual general meeting during the year ending March 31, 2023[81]. - The company has established a mechanism to ensure independent opinions and suggestions are received by the board, promoting transparency in decision-making[120]. - The audit committee held two meetings during the fiscal year, with full attendance from its members, ensuring effective oversight of financial reporting and risk management[135]. - The company encourages continuous professional development for its directors to enhance their knowledge and skills[133]. - The roles of the chairman and CEO are currently held by the same individual, which the board believes enhances decision-making efficiency[134]. - The company has established a nomination committee to ensure a balanced skill set and diversity among board members, with one meeting held during the fiscal year[166]. - The company has confirmed compliance with the standard code for securities trading by all directors during the year[174]. - The company has maintained a clear organizational structure for risk management and internal controls, which has been reviewed for effectiveness[179]. Employee and Director Remuneration - The total employee expenditure (excluding director remuneration) reached HKD 58.2 million for the year ending March 31, 2023[66]. - The group employed a total of 149 employees in Hong Kong and the United States as of March 31, 2023[66]. - Employee expenses, excluding directors' remuneration, were HKD 21.0 million in 2023, slightly down from HKD 21.1 million in 2022[153]. - The total remuneration for directors for the fiscal year ending March 31, 2023, amounted to HKD 10.80 million, compared to HKD 10.13 million for the previous year, reflecting an increase of approximately 6.6%[156]. - The highest-paid employees include three directors, with total remuneration details provided in the report, indicating a consistent structure in compensation for top management[161]. - The remuneration committee held one meeting during the fiscal year, focusing on reviewing the overall compensation policy for directors and senior management[163]. - The company’s remuneration policy aims to attract and retain talented individuals, with director fees set at HKD 200,000 per director for the previous fiscal year[165]. - No retirement or termination benefits were received by directors during the fiscal year, consistent with the previous year[157]. Market and Operational Risks - The group operates in Hong Kong and the United States, facing various economic and market risks that may impact operational performance and financial condition[27]. - The group’s operational performance is influenced by various unique risks associated with real estate development, investment, and related businesses[27]. - The company has assessed existing and potential risks, including environmental and social risks, and has established management objectives to address these risks[178]. Shareholder and Dividend Information - The company maintained a consistent dividend of HKD 0.24 per share for both 2023 and 2022[142]. - The company plans to propose a final dividend of HKD 0.12 per share, maintaining the total dividend for 2023 at HKD 148.2 million, consistent with 2022[192].

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].