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].