Financial Performance - Revenue for the six months ended March 31, 2025, was HKD 81,947,000, representing an increase of 2.6% compared to HKD 79,888,000 for the same period in 2024[4] - Gross profit for the period was HKD 62,514,000, up from HKD 61,664,000, indicating a slight growth in profitability[4] - The company reported a loss before tax of HKD 132,776,000, compared to a profit of HKD 27,787,000 in the previous year, reflecting a significant decline in performance[4] - Total comprehensive loss attributable to shareholders was HKD 133,629,000, compared to a profit of HKD 20,128,000 in the prior period[4] - The group's pre-tax loss for the six months ended March 31, 2025, was HKD 132,776,000, compared to a pre-tax profit of HKD 27,787,000 for the same period in 2024, indicating a significant decline[10] - The group reported a net loss of HKD 14.15 million for the six months ended March 31, 2025, compared to a net profit of HKD 18.96 million in the same period of 2024[24] Investment Properties - The fair value loss on investment properties was HKD 192,319,000, a substantial increase from HKD 29,895,000 in the previous year, indicating market challenges[4] - The fair value of investment properties decreased by HKD 192,319,000 during the period, impacting the overall financial performance[10][16] - As of March 31, 2025, the net book value of investment properties was HKD 6,614,050,000, down from HKD 6,805,150,000 as of October 1, 2024[16] - The fair value loss on investment properties for the period was HKD 192.32 million, significantly higher than the HKD 29.90 million loss in 2024[24] Cash and Liquidity - Cash and bank deposits increased to HKD 287,320,000 from HKD 265,149,000, showing improved liquidity[5] - As of March 31, 2025, the group had cash and bank deposits totaling HKD 287.30 million, up from HKD 265.10 million on September 30, 2024[26] Shareholder Value - The company's equity decreased to HKD 6,920,468,000 from HKD 7,099,097,000, reflecting a decline in shareholder value[5] - The group declared an interim dividend of HKD 1.7 per share for 2025, down from HKD 1.8 per share in 2024, totaling HKD 42,500,000 compared to HKD 45,000,000 in the previous year[13][22] Operational Efficiency - Administrative expenses decreased to HKD 6,995,000 from HKD 7,664,000, suggesting cost control measures were implemented[4] - Core operating profit from leasing business increased by 3% to HKD 59.54 million, with revenue also rising by 3% to HKD 81.95 million[24] Trade Receivables and Payables - Trade receivables as of March 31, 2025, amounted to HKD 3,972,000, a decrease from HKD 4,304,000 as of September 30, 2024[19] - The group had no provisions for losses on trade receivables as of March 31, 2025, consistent with the previous year[20] - Trade payables as of March 31, 2025, totaled HKD 1,018,000, down from HKD 1,596,000 as of September 30, 2024[21] Workforce and Governance - The group maintained a workforce of 14 employees, with compensation levels kept at reasonable market rates[27] - The audit committee reviewed the unaudited interim financial information on May 26, 2025, with no significant issues raised[30] - The company has complied with the corporate governance code throughout the financial period[31] Property Rental Income - For the six months ended March 31, 2025, rental income from property investment was HKD 71,239,000, an increase of 2.4% compared to HKD 69,578,000 for the same period in 2024[10] Other Activities - The group did not engage in any acquisitions or disposals of subsidiaries during the period[28] - There were no share buybacks or sales by the company or its subsidiaries during the six months ended March 31, 2025[29] Occupancy Rates - The occupancy rates for the group's investment properties were approximately 92.0% and 86.0% for the Central Wan Bang Building and the Jin Li Commercial Building, respectively, compared to 91.6% and 85.0% in 2024[25]

Group 1 - The core point of the article is that the company, 上期能源, has imposed regulatory measures on a specific account group due to exceeding the trading volume limit on the EC 2508 futures contract [1] - The account group, identified as 杨× (00292754), reached the threshold for the first time on May 12, 2025, leading to a restriction on opening new positions for five trading days [1] - This action reflects the company's commitment to maintaining market integrity and adhering to trading regulations [1]

Financial Performance - The group reported a loss of HKD 156.4 million for the fiscal year ending September 30, 2024, compared to a loss of HKD 129.1 million in 2023, primarily due to a fair value loss on investment properties of HKD 264.9 million[1]. - The fair value loss on investment properties increased from HKD 221.1 million in 2023 to HKD 264.9 million in 2024[1]. - The group's revenue increased by 2.4% compared to the previous year, reflecting a recovery in social order in 2023[2]. - The Group reported a loss before taxation of HKD 138,498,000 in 2024, compared to a loss of HKD 112,746,000 in 2023, indicating a deterioration of 22.9%[121]. - Loss for the year attributable to equity holders was HKD 156,357,000, up from HKD 129,165,000, indicating an increase of about 21.1%[198]. - Total comprehensive loss attributable to equity holders was HKD 166,236,000, compared to HKD 145,644,000 in the previous year, reflecting an increase of approximately 14.1%[198]. - Basic and diluted loss per share for the year was (5.17), compared to (6.25) in 2023, showing an improvement in loss per share[198]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 1.8 per share, maintaining the total annual dividend at HKD 3.6 per share, consistent with 2023[1]. - The management emphasized a cautious operational approach to maintain close contact with tenants and aim for ideal returns for shareholders[3]. Environmental, Social, and Governance (ESG) Initiatives - The group is committed to enhancing its ESG strategies and aligning activities with established sustainability goals[14]. - The group has implemented energy-saving measures, including high-efficiency water-cooled chillers and LED lighting systems, to reduce greenhouse gas emissions[26]. - Water conservation initiatives have been introduced, such as installing water-saving faucets and promoting water-saving concepts to tenants[28]. - The group actively engages with stakeholders to address ESG concerns and improve operational practices[14]. - Total greenhouse gas (GHG) emissions increased to 3,179 tonnes CO2 equivalent in 2023/24 from 3,099 tonnes in 2022/23, representing a rise of approximately 2.6%[36]. - Total electricity consumption rose to 3,869,618 kWh in 2023/24, up from 3,741,775 kWh in 2022/23, indicating an increase of about 3.4%[36]. - Total water consumption increased significantly to 14,726 m³ in 2023/24, compared to 10,790 m³ in 2022/23, reflecting a rise of approximately 36.5%[36]. - The Group has implemented emergency plans to manage climate risks from extreme weather events, aiming to reduce operational disruptions and potential financial losses[32]. - The Group has fully implemented LED lighting to reduce energy consumption and promote cost savings, contributing to environmental sustainability efforts[32]. - The Group's compliance with environmental laws and regulations has been maintained, with no significant non-compliance issues reported[30]. - The Group's site selection focuses on urban areas, minimizing its impact on the natural environment while enhancing employees' environmental awareness[30]. - The Group has upgraded air conditioning systems to improve energy efficiency, significantly reducing energy consumption[32]. - The Group regularly reviews climate change impacts and has identified relevant climate risk categories to mitigate future risks[33]. - The Group's commitment to sustainable procurement includes minimizing risks associated with environmental, social, and governance practices in its supply chain[59]. Employee Engagement and Development - The Group provides competitive remuneration and a range of benefits, including medical allowance and transportation subsidies, to attract and retain talent[1]. - Employee satisfaction with the working environment is high, resulting in low staff turnover during the reporting period[1]. - The Group encourages professional development by providing study subsidies and flexible work arrangements, supporting employees in attending training workshops[53]. - Flexible work arrangements are made available to support employees in maintaining work-life balance[45]. - The Group's long-term human capital development plan includes diversifying the employee training curriculum[55]. - Average training hours for female employees increased from 6.5 to 11.5 hours, a rise of 76.9%[93]. - Average training hours for male employees increased significantly from 1 to 23 hours, a rise of 2200%[93]. - Average training hours for management increased from 25 to 40 hours, a rise of 60%[93]. - The Group reported no work-related fatalities or injuries during the reporting period[93]. - The Group actively promotes employee health through strict preventive measures and active disinfection protocols[1]. - The Group strictly prohibits the use of child and forced labor in its operations and expects suppliers to adhere to the same standards[57]. Customer Satisfaction and Service Quality - The Group maintains a 100% tenant satisfaction rate through its "Report and Resolve" management approach, demonstrating a commitment to tenant engagement and service quality[69]. - Daily site inspections and frequent tenant communications are conducted to uphold high service standards, with feedback and complaints escalated and addressed promptly[64]. - There were no complaints related to products and services during the reporting period, indicating high customer satisfaction[110]. Financial Instruments and Valuation - The fair value of financial instruments traded in active markets is based on quoted market prices, with no instruments included in level 1 as of September 30, 2024 and 2023[48]. - The Group has not transferred any financial assets between different levels of the fair value hierarchy for the year ended September 30, 2024[48]. - The fair value of financial assets at fair value through other comprehensive income was HKD 62,748,000 for 2024, down from HKD 72,627,000 in 2023, indicating a decrease of approximately 13%[143]. - The Group's financial instruments measured at fair value include Level 3 financial assets, which are significant for valuation purposes[143]. - The valuation technique for unlisted financial assets is based on adjusted net asset methods, considering market values of related properties[143]. - The fair value of investment properties is determined by independent valuers using market value assessments, reflecting the importance of accurate valuation methods[146]. - The management engaged an independent external valuer to perform a valuation of the investment properties, using the direct comparison approach[168]. - The audit identified the valuation of investment properties as a key audit matter due to significant judgment and estimation uncertainty involved[174]. - The methodologies used in preparing the valuations of the investment properties were found to be appropriate, and the key assumptions were supported by available evidence[174]. Audit and Compliance - The Group's financial statements were prepared in accordance with HKFRSs and reflect a true and fair view of the Group's financial position as of September 30, 2024[155]. - The Audit Committee is responsible for overseeing the Group's financial reporting process[179]. - The directors are responsible for assessing the Group's ability to continue as a going concern and for disclosing relevant matters[185]. - The independent auditor's report confirmed that sufficient and appropriate audit evidence was obtained to provide a basis for the opinion on the consolidated financial statements[162]. - The company has no reports of significant misstatements in the financial statements as per the auditor's assessment[187]. - The auditor's responsibilities include obtaining reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[190]. - The audit aims to evaluate the appropriateness of accounting policies and the reasonableness of estimates made by the directors[192]. - The overall presentation and structure of the consolidated financial statements will be evaluated to ensure fair representation of underlying transactions[192]. - The audit will include communication with the Audit Committee regarding significant audit findings and deficiencies in internal control[195]. - The engagement partner for the audit is Chan Ka Yee from PricewaterhouseCoopers[197].

Financial Performance - For the fiscal year ending September 30, 2024, the company reported total revenue of HKD 161,666,000, an increase from HKD 157,894,000 in the previous year, representing a growth of approximately 1.8%[4] - The company recorded a gross profit of HKD 124,929,000 for the year, compared to HKD 116,929,000 in the prior year, indicating an increase of about 6.8%[4] - The pre-tax loss for the year was HKD 138,498,000, compared to a pre-tax loss of HKD 112,746,000 in the previous year, reflecting a deterioration of approximately 22.9%[4] - The total comprehensive loss attributable to shareholders for the year was HKD 166,236,000, compared to HKD 145,644,000 in the previous year, marking an increase of about 14.1%[2] - The company reported a loss attributable to shareholders of HKD 156,357,000 for 2024, compared to a loss of HKD 129,165,000 in 2023, representing an increase in loss of approximately 21.1%[20] - The company's loss attributable to shareholders for the year ended September 30, 2024, was HKD 156.4 million, compared to a loss of HKD 129.1 million in 2023, primarily due to a fair value loss on investment properties[29] - The fair value loss on investment properties for the year was HKD 264.9 million, compared to HKD 221.1 million in 2023, indicating a significant increase in losses[29] Assets and Liabilities - The company's total assets as of September 30, 2024, were HKD 7,105,494,000, a decrease from HKD 7,373,162,000 in the previous year, representing a decline of approximately 3.6%[7] - Non-current assets decreased from HKD 7,166,608,000 to HKD 6,897,816,000, indicating a reduction of about 3.8%[6] - The company's net current assets increased slightly from HKD 206,554,000 to HKD 207,678,000, showing a growth of approximately 0.5%[7] - The total equity of the company as of September 30, 2024, was HKD 7,099,097,000, down from HKD 7,355,333,000, reflecting a decrease of about 3.5%[7] - Trade receivables decreased to HKD 4,304,000 in 2024 from HKD 4,554,000 in 2023, indicating a reduction of about 5.5%[24] - Trade payables slightly decreased to HKD 1,596,000 in 2024 from HKD 1,843,000 in 2023, a decline of approximately 13.4%[27] Revenue Sources - Rental income from property investment for 2024 was HKD 140,959,000, a slight increase from HKD 139,159,000 in 2023[15] - Property management fee income rose to HKD 20,707,000 in 2024 from HKD 18,735,000 in 2023, reflecting a growth of approximately 10.4%[15] - Interest income increased to HKD 8,982,000 in 2024 from HKD 7,609,000 in 2023, marking a growth of approximately 18.0%[16] - Operating profit from leasing business increased from HKD 108.4 million to HKD 126.4 million, representing a growth of 16.6% year-over-year[29] Investment Properties - The fair value change of investment properties resulted in a pre-tax loss of HKD 126,420,000 for 2024, compared to a loss of HKD 108,380,000 in 2023[15] - The net asset value of investment properties decreased to HKD 6,805,150,000 in 2024 from HKD 7,064,000,000 in 2023, reflecting a decline of approximately 3.7%[22] - The occupancy rates for the investment properties, Central Plaza and Kingly Commercial Building, were approximately 92% and 85% respectively as of September 30, 2024, compared to 93% and 85% in 2023[30] Dividends and Shareholder Returns - The company reported a total of HKD 90,000,000 in interim and proposed final dividends for both 2024 and 2023, maintaining the same dividend per share of HKD 1.80[19] Corporate Governance and Operations - The company has adopted new accounting standards that did not have a significant impact on its performance and financial position[10] - The board identified property investment in Hong Kong as the sole operating segment of the company[14] - The company did not engage in any acquisitions or disposals of subsidiaries or investments accounted for using the equity method during the year[33] - There were no significant capital investments or future development plans announced by the company for the year[33] - The company maintained a workforce of 14 employees, with compensation levels kept reasonable and based on performance evaluations[32] - The audit committee reviewed the risk management framework and internal control systems for the year ended September 30, 2024[36]

[CORPORATE INFORMATION](index=2&type=section&id=CORPORATE%20INFORMATION) [BOARD OF DIRECTORS](index=2&type=section&id=BOARD%20OF%20DIRECTORS) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Chung Yin Shu as Chairman and Mr. Tsang On Yip as Executive Director, supported by audit, remuneration, and nomination committees - The Board of Directors consists of executive, non-executive, and independent non-executive directors, with **Mr. Chung Yin Shu** serving as Chairman[14](index=14&type=chunk) - The Board is identified as the primary operating decision-maker, assessing performance and allocating resources by reviewing internal reports[13](index=13&type=chunk)[25](index=25&type=chunk) [COMMITTEES](index=2&type=section&id=COMMITTEES) The company has an Audit Committee, Remuneration Committee, and Nomination Committee, all chaired by Mr. Yuen Sik Ming, ensuring a robust corporate governance structure - The Audit Committee, Remuneration Committee, and Nomination Committee are all chaired by **Mr. Yuen Sik Ming**[14](index=14&type=chunk) [OTHER CORPORATE INFORMATION](index=3&type=section&id=OTHER%20CORPORATE%20INFORMATION) The report details the company's auditor (PricewaterhouseCoopers), legal advisors, principal bankers, share registrar, registered office, stock code (00158), and official website - The company's auditor is **PricewaterhouseCoopers**, and the share registrar and transfer office is **Hong Kong Central Share Registrar Limited**[131](index=131&type=chunk) - The company's stock code is **00158**, with its registered office at **Manning House, 33 Queen's Road Central, Hong Kong**[129](index=129&type=chunk)[131](index=131&type=chunk) [FINANCIAL STATEMENTS](index=4&type=section&id=FINANCIAL%20STATEMENTS) [CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) For the six months ended March 31, 2024, the company's net profit significantly increased to HK$18.961 million, primarily due to a smaller decrease in investment property fair value compared to the prior period, with basic and diluted earnings per share at HK$0.76 Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | For the six months ended March 31, 2024 (HK$'000) | For the six months ended March 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Revenue | 79,888 | 77,689 | | Operating Costs | (18,224) | (23,810) | | Gross Profit | 61,664 | 53,879 | | Other Income | 3,682 | 4,996 | | Administrative Expenses | (7,664) | (10,104) | | Decrease in Fair Value of Investment Properties | (29,895) | (41,000) | | Profit Before Taxation | 27,787 | 7,771 | | Income Tax Expense | (8,826) | (7,284) | | Profit for the Period Attributable to Shareholders | 18,961 | 487 | | Fair Value Gain on Financial Assets at Fair Value Through Other Comprehensive Income | 1,167 | 6,643 | | Total Comprehensive Income Attributable to Shareholders | 20,128 | 7,130 | | Basic and Diluted Earnings Per Share | HK$0.76 | HK$0.02 | - Net profit for the period was **HK$18.961 million**, a significant increase from **HK$0.487 million** in the prior year, primarily due to a smaller decrease in the fair value of investment properties[143](index=143&type=chunk) [CONDENSED CONSOLIDATED BALANCE SHEET](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of March 31, 2024, the company's total assets less current liabilities were HK$7.347 billion, with net assets at HK$7.330 billion, and investment properties remaining the primary component of non-current assets at HK$7.039 billion Key Data from Condensed Consolidated Balance Sheet | Metric | March 31, 2024 (HK$'000) | September 30, 2023 (HK$'000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 133 | 155 | | Investment Properties | 7,039,000 | 7,064,000 | | Advances to an Investee Company | 29,605 | 29,605 | | Deferred Rental Receivables | 148 | 221 | | **Current Assets** | | | | Trade and Other Receivables, Deposits and Prepayments | 7,815 | 11,094 | | Cash and Bank Balances | 242,435 | 254,113 | | **Current Liabilities** | | | | Trade and Other Payables, Accruals and Deposits Received | 38,636 | 40,378 | | Current Taxation Payable | 7,028 | 18,275 | | **Non-current Liabilities** | | | | Long Service Payment Provision | 14,015 | 15,363 | | Deferred Tax Liabilities | 2,790 | 2,466 | | **Total Equity** | 7,330,461 | 7,355,333 | - Investment properties remain the primary component of non-current assets, totaling **HK$7.039 billion** as of March 31, 2024, a slight decrease from **HK$7.064 billion** on September 30, 2023[16](index=16&type=chunk) - Cash and bank balances decreased from **HK$254 million** to **HK$242 million**, while current taxation payable within current liabilities significantly reduced[16](index=16&type=chunk) [CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) For the six months ended March 31, 2024, the company's total equity slightly decreased from HK$7.355 billion at the beginning of the period to HK$7.330 billion at the end, primarily due to dividend payments, though profit for the period and fair value gains on financial assets contributed positively Key Data from Condensed Consolidated Statement of Changes in Equity | Metric | For the six months ended March 31, 2024 (HK$'000) | For the six months ended March 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Total Equity at Beginning of Period | 7,355,333 | 7,590,977 | | Profit for the Period Attributable to Shareholders | 18,961 | 487 | | Fair Value Gain on Financial Assets at Fair Value Through Other Comprehensive Income | 1,167 | 6,643 | | Final Dividend Paid for 2023 | (45,000) | – | | Final Dividend Paid for 2022 | – | (45,000) | | Total Equity at End of Period | 7,330,461 | 7,553,107 | - Total equity at period-end was **HK$7.330 billion**, a slight decrease from **HK$7.355 billion** at the beginning of the period, primarily due to the payment of a **HK$45 million** final dividend for 2023[64](index=64&type=chunk) - Profit for the period attributable to shareholders was **HK$18.961 million**, and fair value gains on financial assets at fair value through other comprehensive income were **HK$1.167 million**, contributing to equity[64](index=64&type=chunk) [CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended March 31, 2024, the company's cash and bank balances decreased by HK$11.678 million, primarily due to cash outflows from financing activities (dividend payments), despite positive cash flow from operating activities Key Data from Condensed Consolidated Statement of Cash Flows | Metric | For the six months ended March 31, 2024 (HK$'000) | For the six months ended March 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 38,217 | 41,910 | | Net Cash Used in Investing Activities | (4,895) | (862) | | Net Cash Used in Financing Activities | (45,000) | (45,000) | | Net Decrease in Cash and Bank Balances | (11,678) | (3,952) | | Cash and Bank Balances at Beginning of Period | 254,113 | 244,429 | | Cash and Bank Balances at End of Period | 242,435 | 240,477 | - Net cash from operating activities was **HK$38.217 million**, net cash used in investing activities was **HK$4.895 million**, and net cash used in financing activities was **HK$45 million**[146](index=146&type=chunk) - Cash and bank balances at period-end were **HK$242 million**, a decrease from **HK$254 million** at the beginning of the period[146](index=146&type=chunk) [NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION](index=9&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) [1. BASIS OF PREPARATION](index=9&type=section&id=1.%20BASIS%20OF%20PREPARATION) The interim financial information is prepared in accordance with HKAS 34, using consistent accounting policies and methods as the 2023 annual financial statements, with the adoption of certain HKICPA amendments that have no significant impact on the Group's performance or financial position - The interim financial information is prepared in accordance with **HKAS 34 "Interim Financial Reporting"**[147](index=147&type=chunk) - Accounting policies and methods are consistent with the 2023 annual financial statements, with the adoption of amendments to existing standards issued by the **HKICPA**[20](index=20&type=chunk)[147](index=147&type=chunk) - The adoption of these amendments has **no significant impact** on the Group's performance or financial position[20](index=20&type=chunk) [2. PRINCIPAL ACTIVITIES](index=12&type=section&id=2.%20PRINCIPAL%20ACTIVITIES) The principal activity of the company and its subsidiaries is property investment in Hong Kong - The principal activity of the company and its subsidiaries is **property investment in Hong Kong**[47](index=47&type=chunk) [3. FINANCIAL RISK MANAGEMENT AND FAIR VALUE ESTIMATION](index=12&type=section&id=3.%20FINANCIAL%20RISK%20MANAGEMENT%20AND%20FAIR%20VALUE%20ESTIMATION) The Group is exposed to credit and liquidity risks, with unchanged risk management policies since the last year-end; fair value estimation for financial instruments uses valuation techniques, classifying financial assets at fair value through other comprehensive income as Level 3, determined by unobservable inputs - The Group's activities are exposed to **credit risk** and **liquidity risk**, with no changes in risk management policies and procedures since the last year-end date[47](index=47&type=chunk) - Fair values of financial instruments not traded in an active market are determined using **valuation techniques**, maximizing the use of observable market data[23](index=23&type=chunk) - Financial assets at fair value through other comprehensive income are classified as **Level 3**, with fair values determined by **unobservable inputs**, primarily referencing market valuations of golf course facilities and related commercial and residential properties[23](index=23&type=chunk)[24](index=24&type=chunk) [4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS](index=15&type=section&id=4.%20CRITICAL%20ACCOUNTING%20ESTIMATES%20AND%20JUDGEMENTS) The company continuously evaluates estimates and judgments based on past experience and other factors, including reasonable expectations of future events, with no significant changes in estimates and assumptions applied in preparing the interim financial information compared to the 2023 annual financial statements - Estimates and judgments are continuously evaluated based on past experience and other factors, including **reasonable expectations of future events**[24](index=24&type=chunk)[50](index=50&type=chunk) - There are **no significant changes** in the estimates and assumptions applied in preparing the unaudited condensed consolidated interim financial information compared to the 2023 annual financial statements[12](index=12&type=chunk)[139](index=139&type=chunk) [5. SEGMENT INFORMATION](index=16&type=section&id=5.%20SEGMENT%20INFORMATION) The Board considers property investment in Hong Kong as the company's sole operating segment, with revenue primarily derived from rental and service fee income from Hong Kong investment properties - The Board considers **property investment in Hong Kong** as the Group's **single operating segment**[140](index=140&type=chunk)[151](index=151&type=chunk) - Revenue (i.e., turnover) comprises **rental and service fee income** from Hong Kong investment properties[53](index=53&type=chunk)[152](index=152&type=chunk) [6. PROFIT BEFORE TAXATION](index=16&type=section&id=6.%20PROFIT%20BEFORE%20TAXATION) For the six months ended March 31, 2024, the company's profit before taxation significantly increased to HK$27.787 million from HK$7.771 million in the prior period, primarily due to higher rental and property management fee income and a smaller decrease in investment property fair value Profit Before Taxation Contribution | Metric | For the six months ended March 31, 2024 (HK$'000) | For the six months ended March 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Rental Income | 69,578 | 68,767 | | Property Management Fee Income | 10,310 | 8,922 | | Total Revenue | 79,888 | 77,689 | | Property Investment - Leasing Business | 57,682 | 48,771 | | Decrease in Fair Value of Investment Properties | (29,895) | (41,000) | | Profit Before Taxation | 27,787 | 7,771 | - Profit before taxation significantly increased from **HK$7.771 million** in the prior year to **HK$27.787 million**[26](index=26&type=chunk) - Both rental income and property management fee income increased, and the decrease in fair value of investment properties reduced from **HK$41 million** to **HK$29.895 million**[26](index=26&type=chunk) [7. INCOME TAX EXPENSES](index=17&type=section&id=7.%20INCOME%20TAX%20EXPENSES) For the six months ended March 31, 2024, Hong Kong profits tax expense was HK$8.826 million, calculated under a two-tiered profits tax rate where the first HK$2 million of assessable profits is taxed at 8.25%, and the remainder at 16.5% Income Tax Expense | Metric | For the six months ended March 31, 2024 (HK$'000) | For the six months ended March 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Current Income Tax - Hong Kong Profits Tax | 8,826 | 7,284 | - Hong Kong profits tax is calculated under a **two-tiered profits tax rate**, with the first **HK$2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[55](index=55&type=chunk)[154](index=154&type=chunk) [8. DIVIDENDS](index=18&type=section&id=8.%20DIVIDENDS) The Board has declared an interim dividend of HK$1.8 per share, consistent with last year, to be paid in cash; during the period, the company paid a HK$45 million final dividend for 2023 Dividend Declaration and Payment | Metric | For the six months ended March 31, 2024 (HK$'000) | For the six months ended March 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Interim dividend declared of HK$1.8 per share | 45,000 | 45,000 | | Final dividend paid for 2023 | 45,000 | 45,000 | - The Board declared an interim dividend of **HK$1.8 per share** on May 24, 2024, consistent with 2023, to be paid in cash[30](index=30&type=chunk) - During the period, the company paid a **HK$45 million** final dividend for 2023[30](index=30&type=chunk) [9. EARNINGS PER SHARE](index=18&type=section&id=9.%20EARNINGS%20PER%20SHARE) For the six months ended March 31, 2024, the company's basic and diluted earnings per share significantly increased to HK$0.76 from HK$0.02 in the prior period, primarily due to higher profit attributable to shareholders Earnings Per Share | Metric | For the six months ended March 31, 2024 | For the six months ended March 31, 2023 | | :--- | :--- | :--- | | Basic Earnings Per Share | HK$0.76 | HK$0.02 | | Diluted Earnings Per Share | HK$0.76 | HK$0.02 | - Basic earnings per share are calculated based on **HK$18.961 million** profit attributable to shareholders for the period and **25 million** issued shares[30](index=30&type=chunk) - Diluted earnings per share are the same as basic earnings per share, as there were **no dilutive potential ordinary shares** outstanding during the period[30](index=30&type=chunk) [10. INVESTMENT PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT](index=19&type=section&id=10.%20INVESTMENT%20PROPERTIES%20AND%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) As of March 31, 2024, the net book value of investment properties was HK$7.039 billion, a slight decrease from September 30, 2023, primarily due to a HK$29.895 million fair value reduction; all investment properties are revalued by independent professional valuers on an open market value basis and classified as Level 3 in the fair value hierarchy Net Book Value of Investment Properties and Property, Plant and Equipment | Metric | March 31, 2024 (HK$'000) | September 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Net Book Value of Investment Properties | 7,039,000 | 7,064,000 | | Net Book Value of Property, Plant and Equipment | 133 | 155 | | Decrease in Fair Value | (29,895) | (180,126) | | Additions | 4,895 | 2,426 | | Depreciation | (22) | (720) | - The net book value of investment properties decreased from **HK$7.064 billion** on September 30, 2023, to **HK$7.039 billion** on March 31, 2024, primarily due to a **HK$29.895 million** decrease in fair value[58](index=58&type=chunk) - All investment properties are revalued by independent professional valuers on an **open market value basis** and classified as **Level 3** in the fair value hierarchy, primarily using the direct comparison approach for valuation[159](index=159&type=chunk) [11. FINANCIAL ASSET AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME AND ADVANCES TO AN INVESTEE COMPANY](index=21&type=section&id=11.%20FINANCIAL%20ASSET%20AT%20FAIR%20VALUE%20THROUGH%20OTHER%20COMPREHENSIVE%20INCOME%20AND%20ADVANCES%20TO%20AN%20INVESTEE%20COMPANY) As of March 31, 2024, financial assets at fair value through other comprehensive income totaled HK$73.794 million, a slight increase from September 30, 2023, mainly due to a HK$1.167 million fair value gain; this asset represents a 14.29% equity interest in Manyuen Investment Limited, primarily involved in the Foshan Country Club project Financial Assets and Advances to an Investee Company | Metric | March 31, 2024 (HK$'000) | September 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Financial Assets at Fair Value Through Other Comprehensive Income | 73,794 | 72,627 | | Advances to an Investee Company | 29,605 | 29,605 | | Fair Value Change | 1,167 | - | - Financial assets at fair value through other comprehensive income amounted to **HK$73.794 million**, an increase of **HK$1.167 million** from the previous period, representing a **14.29% equity interest** in Manyuen Investment Limited[33](index=33&type=chunk)[60](index=60&type=chunk) - Advances to an investee company totaled **HK$29.605 million**, which are **unsecured, interest-free, and without fixed repayment terms**[33](index=33&type=chunk)[34](index=34&type=chunk)[68](index=68&type=chunk) [12. DEBTORS, OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS](index=22&type=section&id=12.%20DEBTORS,%20OTHER%20RECEIVABLES,%20DEPOSITS%20AND%20PREPAYMENTS) As of March 31, 2024, total trade and other receivables, deposits, and prepayments were HK$7.815 million, a decrease from HK$11.094 million on September 30, 2023; trade receivables primarily consist of rental and service fee income, with no loss allowance recognized Ageing Analysis of Trade Receivables | Ageing | March 31, 2024 (HK$'000) | September 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Within 30 days | 800 | 2,283 | | 31 to 60 days | 732 | 969 | | 61 to 90 days | 559 | 550 | | Over 90 days | 696 | 752 | | Total | 2,787 | 4,554 | - Trade receivables primarily consist of **rental and service fee income**, totaling **HK$2.787 million** as of March 31, 2024, a decrease from the previous period[42](index=42&type=chunk)[120](index=120&type=chunk) - Deferred rental receivables decreased from **HK$3.373 million** to **HK$1.73 million**, with **HK$0.148 million** classified as non-current assets[42](index=42&type=chunk) [13. CASH AND BANK BALANCES](index=23&type=section&id=13.%20CASH%20AND%20BANK%20BALANCES) As of March 31, 2024, the company's total cash and bank balances were HK$242 million, comprising HK$45.106 million in cash and bank and HK$197 million in time deposits, a slight decrease from September 30, 2023 Cash and Bank Balances | Metric | March 31, 2024 (HK$'000) | September 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Cash at bank and in hand | 45,106 | 56,762 | | Time deposits | 197,329 | 197,351 | | Total | 242,435 | 254,113 | - Total cash and bank balances amounted to **HK$242 million**, a decrease from **HK$254 million** at the previous period-end[123](index=123&type=chunk) - The carrying amounts of cash and bank balances do not differ significantly from their fair values[93](index=93&type=chunk) [14. CREDITORS, ACCRUALS AND DEPOSITS](index=23&type=section&id=14.%20CREDITORS,%20ACCRUALS%20AND%20DEPOSITS) As of March 31, 2024, total trade and other payables, accruals, and deposits received were HK$38.636 million, a decrease from HK$40.378 million on September 30, 2023; trade payables are primarily concentrated within 30 days Ageing Analysis of Trade Payables | Ageing | March 31, 2024 (HK$'000) | September 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Within 30 days | 1,398 | 1,843 | | Over 90 days | 68 | – | | Total | 1,466 | 1,843 | - Total trade payables amounted to **HK$1.466 million**, with the majority (**HK$1.398 million**) due within 30 days[125](index=125&type=chunk) - The carrying amounts of trade and other payables, accruals, and deposits received do not differ significantly from their fair values[125](index=125&type=chunk) [15. RELATED PARTY TRANSACTIONS](index=24&type=section&id=15.%20RELATED%20PARTY%20TRANSACTIONS) During the period, the company engaged in property leasing and staff meal expense transactions with related parties, receiving HK$2.339 million in rental and service fee income and incurring HK$0.096 million in staff meal expenses; additionally, a HK$5.564 million receivable from an equity-accounted investment was impaired - During the period, the Group leased several investment properties to related companies at mutually agreed prices and terms, receiving total rental and service fee income of **HK$2.339 million** (2023: HK$2.32 million)[101](index=101&type=chunk)[103](index=103&type=chunk) - The Group incurred **HK$0.096 million** in staff meal expenses with a related company, Fu Hop Properties Limited, under mutually agreed terms[102](index=102&type=chunk)[103](index=103&type=chunk) - As of March 31, 2024, a receivable of **HK$5.564 million** from an equity-accounted investment was subject to an impairment provision[105](index=105&type=chunk)[106](index=106&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=25&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [BUSINESS REVIEW](index=25&type=section&id=BUSINESS%20REVIEW) The company's rental properties in Central, Hong Kong (Manning House and Kin Lee Commercial Building) maintained good occupancy rates of 91.6% and 85% respectively; Group revenue grew 3% to HK$79.89 million, and the Group's Guangfo New World project's golf club is fully operational, selling development properties - Rental properties at **Manning House** and **Kin Lee Commercial Building** in Central achieved occupancy rates of **91.6%** and **85%** respectively[82](index=82&type=chunk)[111](index=111&type=chunk) - Group revenue for the period increased by **3%** compared to the prior year, reaching **HK$79.89 million**[83](index=83&type=chunk)[84](index=84&type=chunk) - The Group's **Guangfo New World project**'s golf club is fully operational and selling development properties, indicating ongoing development[83](index=83&type=chunk)[84](index=84&type=chunk) [GROUP RESULTS](index=26&type=section&id=GROUP%20RESULTS) For the six months ended March 31, 2024, Group net profit increased to HK$18.96 million (2023: HK$0.5 million), mainly due to reduced fair value losses on investment properties; core operating profit from leasing, excluding fair value changes, grew 18% to HK$48.86 million, with rental income up 3% to HK$79.90 million - The Group's net profit for the six months ended March 31, 2024, was **HK$18.96 million**, a significant increase from **HK$0.5 million** in the corresponding period of 2023[87](index=87&type=chunk) - The increase in profit primarily resulted from a smaller decrease in the fair value of investment properties during the period, with a loss of **HK$29.90 million** compared to **HK$41 million** in the prior period of 2023[87](index=87&type=chunk) - Excluding the impact of fair value changes in investment properties, core operating profit from leasing business increased by **18%** to **HK$48.86 million** compared to the prior period of 2023, with rental income increasing by **3%** to **HK$79.90 million**[87](index=87&type=chunk) [SIGNIFICANT INVESTMENTS](index=26&type=section&id=SIGNIFICANT%20INVESTMENTS) As of March 31, 2024, the Group's investment properties in Manning House and Kin Lee Commercial Building maintained stable occupancy rates of 91.6% and 85.0% respectively - As of March 31, 2024, the occupancy rates for the Group's investment properties in **Manning House** and **Kin Lee Commercial Building** were approximately **91.6%** and **85.0%** respectively[87](index=87&type=chunk) [LIQUIDITY AND FINANCIAL RESOURCES](index=26&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) The Group's working capital primarily derives from rental income; as of March 31, 2024, total cash and bank balances were HK$242.4 million, with no borrowings or overdrafts during the period - The Group's working capital is derived from **rental income**[87](index=87&type=chunk) - As of March 31, 2024, cash and bank balances totaled **HK$242.4 million** (September 30, 2023: HK$254.1 million)[87](index=87&type=chunk) - During the period, the Group did **not undertake any borrowings or overdrafts**[87](index=87&type=chunk) [EMPLOYEES AND REMUNERATION POLICIES](index=27&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) The Group has 15 employees, values human resources, and maintains market-competitive remuneration levels - The Group has **15 employees**, values human resources, and maintains **market-competitive remuneration levels**[115](index=115&type=chunk)[116](index=116&type=chunk) [MATERIAL ACQUISITIONS, DISPOSALS AND FUTURE DEVELOPMENTS](index=27&type=section&id=MATERIAL%20ACQUISITIONS,%20DISPOSALS%20AND%20FUTURE%20DEVELOPMENTS) During the period, the Group did not undertake any acquisitions or disposals of subsidiaries or equity-accounted investments, nor did it have other material capital investments or future development plans - During the period, the Group did **not undertake any acquisitions or disposals** of subsidiaries or equity-accounted investments[43](index=43&type=chunk)[72](index=72&type=chunk) - The Group has **no other material capital investments or future development plans**[43](index=43&type=chunk)[72](index=72&type=chunk) [INTERIM DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS](index=25&type=section&id=INTERIM%20DIVIDEND%20AND%20CLOSURE%20OF%20REGISTER%20OF%20MEMBERS) The Board has declared an interim dividend of HK$1.8 per share, payable around July 8, 2024; to receive the dividend, shareholders must complete transfer procedures by 4:30 p.m. on June 21, 2024, with share transfer registration suspended from June 24 to 26, 2024 - The Board declared an interim dividend of **HK$1.8 per share** on May 24, 2024, to be paid in cash around **July 8, 2024**[108](index=108&type=chunk)[112](index=112&type=chunk) - Share transfer registration will be suspended from **June 24 to 26, 2024**, requiring shareholders to complete transfers by **4:30 p.m. on June 21, 2024** to receive the dividend[111](index=111&type=chunk)[113](index=113&type=chunk) [CORPORATE GOVERNANCE AND OTHER INFORMATION](index=28&type=section&id=CORPORATE%20GOVERNANCE%20AND%20OTHER%20INFORMATION) [DIRECTORS' INTERESTS](index=28&type=section&id=DIRECTORS'%20INTERESTS) As of March 31, 2024, directors held interests in company shares, with the estate of the late Mr. Chung Ming Fai deemed to hold a 48.01% share interest, and Mr. Chung Yin Shu and Mr. Chung Kin Shu deemed to hold this interest as estate executors Directors' Aggregate Long Positions in Shares and Underlying Shares of the Company | Name of Director | Personal Interests (shares) | Corporate Interests (shares) | Total (shares) | Approximate Percentage of Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | | Mr. Chung Yin Shu | 1,875 | – | 1,875 | 0.01 | | Estate of the late Mr. Chung Ming Fai | 12,000,500 | 1,000 | 12,001,500 | 48.01 | - The estate of the late Mr. Chung Ming Fai is deemed to hold an interest in **12,001,500 shares**, representing **48.01%** of the total issued shares of the company[78](index=78&type=chunk)[99](index=99&type=chunk) - **Mr. Chung Yin Shu** and **Mr. Chung Kin Shu**, as executors of the estate of the late Mr. Chung Ming Fai, are deemed to hold the aforementioned share interests[78](index=78&type=chunk)[99](index=99&type=chunk) [SUBSTANTIAL SHAREHOLDERS' INTERESTS](index=29&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS) As of March 31, 2024, substantial shareholders, excluding directors, include Cheng Yu Tung Family (Holdings) Limited, Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited, Chow Tai Fook Enterprises Limited, and New World Development Company Limited, all holding company shares, with Chow Tai Fook Enterprises Limited holding a 26.93% interest Substantial Shareholders' Aggregate Long Positions in Shares and Underlying Shares of the Company | Name of Substantial Shareholder | Beneficial Interests (shares) | Corporate Interests (shares) | Total (shares) | Approximate Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | | Cheng Yu Tung Family (Holdings) Limited | – | 6,731,250 | 6,731,250 | 26.93 | | Cheng Yu Tung Family (Holdings II) Limited | – | 6,731,250 | 6,731,250 | 26.93 | | Chow Tai Fook Capital Limited | – | 6,731,250 | 6,731,250 | 26.93 | | Chow Tai Fook (Holding) Limited | – | 6,731,250 | 6,731,250 | 26.93 | | Chow Tai Fook Enterprises Limited | 2,981,250 | 3,750,000 | 6,731,250 | 26.93 | | New World Development Company Limited | – | 3,750,000 | 3,750,000 | 15.00 | | Kin Kiu Enterprises, Limited | 3,750,000 | – | 3,750,000 | 15.00 | - **Cheng Yu Tung Family (Holdings) Limited**, **Chow Tai Fook Capital Limited**, **Chow Tai Fook (Holding) Limited**, and **Chow Tai Fook Enterprises Limited** are all deemed to hold a **26.93%** interest in the company's shares[179](index=179&type=chunk)[180](index=180&type=chunk) - **New World Development Company Limited** and **Kin Kiu Enterprises, Limited** each hold a **15.00%** interest in the company's shares[179](index=179&type=chunk) [PURCHASE, SALE OR REDEMPTION OF SHARES](index=31&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20SHARES) For the six months ended March 31, 2024, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's shares - For the six months ended March 31, 2024, neither the company nor its subsidiaries **purchased, sold, or redeemed any of the company's shares**[165](index=165&type=chunk) [AUDIT COMMITTEE](index=31&type=section&id=AUDIT%20COMMITTEE) The Audit Committee reviewed the unaudited condensed interim financial information, met with management and external auditors, whose review was conducted in accordance with HKSAE 2410 issued by the HKICPA - The Audit Committee reviewed the unaudited condensed interim financial information and met with management and external auditors on **May 22, 2024**[165](index=165&type=chunk) - The external auditors' review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410** issued by the **HKICPA**[165](index=165&type=chunk) [CORPORATE GOVERNANCE CODE](index=31&type=section&id=CORPORATE%20GOVERNANCE%20CODE) The company fully complied with the Corporate Governance Code provisions in Appendix C1 Part 2 of the Listing Rules during the financial period and adopted the Model Code in Appendix C3 as its code of conduct for securities transactions - The company has consistently complied with the code provisions set out in **Part 2 of Appendix C1 Corporate Governance Code** of the Listing Rules during the financial period[165](index=165&type=chunk) - The company has adopted the **Model Code** set out in **Appendix C3** of the Listing Rules as its own code of conduct for securities transactions, with all directors confirming compliance with the relevant requirements[167](index=167&type=chunk)[168](index=168&type=chunk)[182](index=182&type=chunk) [CHANGES IN DIRECTORS' INFORMATION](index=32&type=section&id=CHANGES%20IN%20DIRECTORS'%20INFORMATION) Changes in directors' information occurred since the 2023 annual report date: Mr. Wong Kai Tung resigned as an independent non-executive director and committee member on March 1, 2024, while Ms. Ling Kit Sum was appointed to the Remuneration and Nomination Committees on the same day, and as an independent non-executive director of Anning Holdings Limited on January 19, 2024 - **Mr. Wong Kai Tung** resigned as an independent non-executive director on **March 1, 2024**, and ceased to be a member of the Audit, Remuneration, and Nomination Committees[169](index=169&type=chunk) - **Ms. Ling Kit Sum** was appointed as a member of the Remuneration and Nomination Committees on **March 1, 2024**, and as an independent non-executive director of Anning Holdings Limited on **January 19, 2024**[169](index=169&type=chunk) [REQUIREMENT IN CONNECTION WITH PUBLICATION OF NON-STATUTORY ACCOUNTS](index=33&type=section&id=REQUIREMENT%20IN%20CONNECTION%20WITH%20PUBLICATION%20OF%20NON-STATUTORY%20ACCOUNTS) The financial information for the year ended September 30, 2023, included in the interim report, does not constitute part of the company's statutory annual consolidated financial statements but is derived from them; the company has delivered these statements to the Registrar of Companies as required, and the auditor's report was unqualified - The financial information for the year ended September 30, 2023, included in the interim report, does **not constitute part of the company's statutory annual consolidated financial statements** but is extracted from them[171](index=171&type=chunk)[173](index=173&type=chunk) - The company has delivered the financial statements for the year ended September 30, 2023, to the Registrar of Companies in accordance with **Sections 662(3) and Part 3 of Schedule 6 to the Hong Kong Companies Ordinance**[171](index=171&type=chunk)[173](index=173&type=chunk) - The company's auditors issued an **unqualified opinion report** on these financial statements, with **no emphasis of matter or statements made under specific terms**[172](index=172&type=chunk)[173](index=173&type=chunk)

Financial Performance - The total comprehensive income attributable to shareholders for the year amounted to HKD 20,128 million, with a fair value gain on financial assets of HKD 1,167 million [2]. - The basic and diluted loss per share for the period was HKD 0.76, compared to HKD 0.02 in the previous period [2]. - The net profit for the six months ending March 31, 2024, was HKD 18.96 million, a significant increase from HKD 0.487 million in the same period of 2023 [28]. - The company achieved a profit before tax of HKD 27,787,000, significantly higher than HKD 7,771,000 in the prior year, marking a 257% increase [60]. - Net profit attributable to shareholders for the period was HKD 18,961,000, compared to HKD 487,000 in the previous year [60]. Assets and Liabilities - As of March 31, 2024, non-current assets included investment properties valued at HKD 7,039 million, slightly down from HKD 7,064 million as of September 30, 2023 [3]. - Cash and bank deposits decreased to HKD 242,435 million from HKD 254,113 million [3]. - Current liabilities, including accounts payable and accrued expenses, totaled HKD 38,636 million, compared to HKD 40,378 million in the previous period [3]. - The net assets of the group as of March 31, 2024, were HKD 7,330,461 million, a slight decrease from HKD 7,355,333 million [3]. - Trade receivables as of March 31, 2024, were HKD 1.47 million, a decrease from HKD 1.84 million in the previous period [33]. Revenue and Income - Interest income for the six months ended March 31, 2024, was HKD 3,592 million, down from HKD 3,769 million in the prior period [9]. - The total revenue from property investment, including rental income and property management fees, was HKD 79.89 million, compared to HKD 77.69 million in 2023 [49]. - For the six months ended March 31, 2024, the company reported revenue of HKD 79,888,000, an increase of 2.8% from HKD 77,689,000 in the same period of 2023 [60]. - Gross profit for the same period was HKD 61,664,000, up from HKD 53,879,000, reflecting a gross margin improvement [60]. Dividends - The group declared an interim dividend of HKD 1.80 per share, totaling HKD 45 million, consistent with the previous year [11]. - The company declared an interim dividend of HKD 1.80 per share, totaling HKD 45,000,000, consistent with the previous year [51]. Operational Efficiency - The company reported a decrease in operating costs to HKD 18,224,000 from HKD 23,810,000, contributing to higher profitability [60]. - Trade receivables decreased to HKD 2,787,000 as of March 31, 2024, down from HKD 4,554,000 as of September 30, 2023, indicating improved collection efficiency [55]. Investment Properties - Rental income increased by 3% to HKD 79.90 million, compared to HKD 77.70 million in 2023 [35]. - The core operating profit from leasing business rose by 18% to HKD 48.86 million, up from HKD 41.50 million in the previous year [35]. - The fair value loss on investment properties for the current period was HKD 29.90 million, an improvement from HKD 41.00 million in the same period last year [35]. - The fair value loss on investment properties was HKD 29,895,000, reduced from HKD 41,000,000 in the previous period, indicating better asset performance [60]. - The occupancy rates for the investment properties were 91.6% and 85.0% for the Central Wan Bang Building and the Jin Li Commercial Building, respectively [36]. Company Strategy - The company plans to continue focusing on its core leasing business and improving the performance of its investment properties [35]. - The group did not engage in any acquisitions or disposals of subsidiaries during the period [23]. - There were no significant capital investments or future development plans announced by the group [23]. Taxation - The effective tax rate for the group was calculated based on a two-tier system, with profits up to HKD 2,000,000 taxed at 8.25% and profits above that taxed at 16.5% [68].

Company Structure and Governance - As of September 30, 2023, the company holds a 100% equity stake in Iau On Company Limited, primarily engaged in property investment[18] - The company has a 50% equity stake in Chuen King Enterprises Limited, which is currently inactive, suggesting potential for future strategic decisions[18] - The board of directors includes key executives such as Mr. Chung Yin Shu, Frederick (Chairman) and Mr. Tsang On Yip, Patrick, indicating strong leadership[19] - The company has established a remuneration committee and nomination committee to oversee executive compensation and board member selection, enhancing governance practices[19] - The Company appointed two new Independent Non-Executive Directors on 31 May 2023[49] - The late Mr. Chung Ming Fai served as an Executive Director until his passing on 4 May 2023[33] - The Board consists of 8 Directors, including 2 Executive Directors, 2 Non-Executive Directors, and 4 Independent Non-Executive Directors[159] - The Board consists of 4 Independent Non-Executive Directors, ensuring strong independent views and input are available[172] - Non-Executive Directors serve to provide independent judgment on the Group's development, performance, and risk management[167] - The Company has fully complied with all applicable code provisions of the Corporate Governance Code throughout the year ended September 30, 2023[154] Financial Performance - The company reported a consolidated comprehensive income statement reflecting significant financial performance, although specific figures were not detailed in the provided content[7] - The Group's performance for the year is outlined in the comprehensive income statement on page 68 of the report[31] - The financial results for the year ended September 30, 2023, are included in the report, highlighting key performance metrics[31] - The Directors' Business Review includes a comprehensive analysis of the Group's performance for the fiscal year[31] - The Group's financial results for the year ended 30 September 2023 are detailed in the consolidated statement of comprehensive income[52] - The Group's performance and financial position over the last five fiscal years are summarized in the annual report[56] Dividends and Reserves - The Group's interim dividend of HK$1.80 per share was paid in July 2023, totaling HK$45,000,000, with a final dividend of HK$1.80 per share also recommended, amounting to HK$45,000,000[26] - As of September 30, 2023, the distributable reserves of the Company were HK$207,055,000, compared to HK$209,150,000 in 2022[32] - The company declared an interim dividend of HK$1.80 per share, totaling HK$45,000,000 in July 2023, and is recommending a final dividend of HK$1.80 per share, also amounting to HK$45,000,000[54] Audit and Compliance - The auditor for the company is PricewaterhouseCoopers, ensuring compliance and accuracy in financial reporting[20] - The consolidated financial statements have been audited by PricewaterhouseCoopers, who are eligible for re-appointment at the forthcoming AGM[152] - The Audit Committee has reviewed the financial reporting process and internal controls for the year[152] - The independent auditor has issued an unqualified letter regarding the Group's continuing connected transactions, confirming compliance with relevant regulations[79] Related Party Transactions - The Company has a continuing connected transaction with Fu Hop, a company ultimately owned by two Executive Directors and a Non-Executive Director[35] - The total consideration received from Fu Hop during the year ended September 30, 2023, under the Lease Agreement amounted to HK$3,621,000, which did not exceed the annual cap of HK$3,700,000[79] - The Group has established continuing connected transactions with Kin Fung Hong Limited and Dedicare Limited regarding rental income, which are exempt from shareholder approval due to being below the de minimis threshold[66] - The Group's related party transactions for the year ended September 30, 2023, are disclosed in note 25 of the consolidated financial statements[66] Accounting Policies and Financial Instruments - The Group employs the acquisition method of accounting for business combinations, recognizing identifiable assets and liabilities at their fair values at the acquisition date[78] - The Group classifies its financial assets into categories measured at fair value or amortised cost, depending on the business model for managing those assets[123] - For debt instruments, the Group measures them at amortised cost if they are held for collecting contractual cash flows, which represent solely payments of principal and interest[126] - The Group applies a forward-looking approach to assess expected credit losses for debt instruments carried at amortised cost, recognizing lifetime losses for trade receivables from initial recognition[133] - The Group recognizes financial assets on trade date, which is when the commitment to purchase or sell the asset is made[126] - The Group's interest income from financial assets is calculated using the effective interest rate method and included in financial income[126] Property and Investment Management - The main business of the Company involves property investment and holding investments in Hong Kong[30] - The Group's investment properties include land held under operating leases and buildings under finance leases, classified as investment property when meeting specific criteria[139] - Investment properties are initially measured at cost, including transaction costs, and subsequently carried at fair value, with changes recognized in the consolidated statement of comprehensive income[141] - The depreciation of property, plant, and equipment is calculated using the straight-line method over estimated useful lives of 5 to 10 years, with residual values reviewed at each reporting period[136] Corporate Social Responsibility and Diversity - The Company ensures all Directors receive timely updates on performance, financial position, and prospects to enable effective decision-making[165] - The Nomination Committee reviews the structure, size, and composition of the Board annually to ensure diversity[164] - The Company has appointed Ms. Imma Ling as Independent Non-Executive Director, fulfilling gender diversity requirements[164] - As of September 30, 2023, the workforce gender ratio achieved is 8:8 male to female, including senior management[164] Taxation and Provisions - Current taxation is based on tax laws enacted at the balance sheet date in the country of operation[183] - Deferred income tax is provided in full using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements[187] - Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized[191] - A provision for the bonus plan is recognized when the Company has a present legal or constructive obligation as a result of services rendered by employees[197]

Financial Performance - Rental income from property investment decreased to HKD 139,159,000 in 2023 from HKD 140,864,000 in 2022, a decline of approximately 1.2%[1] - Total revenue for the year was HKD 157.894 million, a decrease from HKD 158.707 million in 2022, representing a decline of approximately 0.5%[29] - The overall pre-tax loss for the company was HKD 112,746,000 in 2023, compared to a loss of HKD 109,283,000 in 2022, indicating a slight increase in losses[1] - For the fiscal year ending September 30, 2023, the group reported a loss attributable to shareholders of HKD 129.165 million, compared to a loss of HKD 127.390 million in 2022, indicating a slight increase in losses[50] - The group incurred a pre-tax loss of HKD 112.746 million for the year, compared to a pre-tax loss of HKD 109.283 million in 2022[29] Property Management and Investment - Property management fee income increased to HKD 18,735,000 in 2023 from HKD 17,843,000 in 2022, an increase of about 5.0%[1] - The fair value change of investment properties resulted in a pre-tax loss of HKD 108,380,000 in 2023 compared to a loss of HKD 111,517,000 in 2022, showing an improvement of approximately 2.0%[1] - The fair value loss on investment properties for the year was HKD 221.10 million, compared to HKD 220.80 million in the previous year, reflecting ongoing market challenges[50] - The fair value of investment properties decreased by HKD 221,126,000 during the year[60] Assets and Liabilities - Total assets decreased to HKD 7,373,162,000 in 2023 from HKD 7,608,145,000 in 2022, a decline of about 3.1%[19] - The net assets of the company were HKD 7,355,333,000 in 2023, down from HKD 7,590,977,000 in 2022, representing a decrease of approximately 3.1%[19] - The group’s total assets as of September 30, 2023, included current assets of HKD 11.315 million, slightly down from HKD 11.676 million in 2022[44] - Trade receivables increased to HKD 4,554,000 in 2023 from HKD 2,747,000 in 2022, indicating a significant rise in outstanding amounts[65] - Trade payables rose to HKD 40,378,000 in 2023, slightly down from HKD 40,602,000 in 2022[65] Dividends - The company declared an interim dividend of HKD 1.8 per share for both 2023 and 2022, totaling HKD 90,000,000[2] - The group proposed a final dividend of HKD 1.80 per share for the fiscal year ending September 30, 2024[26] - The proposed final dividend record date is set for February 2, 2024, with a distribution date around February 15, 2024[69] Tax and Income - The effective tax rate for the group was approximately 14.5% for the year, with current tax expenses of HKD 16.365 million compared to HKD 17.987 million in 2022[38] - The group’s interest income increased to HKD 7.609 million from HKD 0.973 million in the previous year, showing significant growth[37] Employment and Operations - The group employed 16 staff members, maintaining a focus on quality and support for operational success[52] - The board of directors is responsible for major operational decisions and resource allocation based on internal reports[55] - The company did not engage in any acquisitions or disposals of subsidiaries during the year[68] - The company has not made any significant capital investments or future development plans during the year[68] Reporting and Governance - The audit committee reviewed the risk management framework and internal control systems for the year ended September 30, 2023[58] - The annual report of the group will be published on or before January 26, 2024, on the company's website and the Hong Kong Stock Exchange website[80] - The board of directors consists of two executive directors, two non-executive directors, and four independent non-executive directors[81] Occupancy Rates - The rental occupancy rates for the investment properties were approximately 93% and 85% as of September 30, 2023, compared to 91% and 74% in 2022, reflecting improvements in occupancy[12] Government Support - The company received no wage subsidies from the Hong Kong government's anti-epidemic fund in 2023, compared to HKD 346,000 in 2022[23]

Financial Performance - Total comprehensive income attributable to shareholders for the period was HKD 7,130,000 compared to HKD 38,080,000 in the previous period, representing a significant decrease [3]. - Basic and diluted earnings per share decreased to HKD 0.02 from HKD 1.26, indicating a substantial decline in profitability [3]. - For the six months ended March 31, 2023, the company reported a pre-tax profit of HKD 7,771,000, a decrease of 80.8% compared to HKD 40,450,000 for the same period in 2022 [66]. - Rental income for the six months ended March 31, 2023, was HKD 68,767,000, down 2.9% from HKD 70,814,000 in the previous year [66]. - Net profit for the six months ended March 31, 2023, was HKD 5 million, down from HKD 31.5 million in 2022, primarily due to a loss of HKD 41 million from the fair value of investment properties [118]. - Core operating profit from leasing business decreased by 12.0% to HKD 48.8 million, down from HKD 55.5 million in the previous year [118]. - Revenue for the six months ended March 31, 2023, was HKD 77,689,000, a decrease of 2.0% from HKD 80,070,000 for the same period in 2022 [148]. - Gross profit for the same period was HKD 53,879,000, down 14.1% from HKD 62,629,000 [148]. - Shareholders' profit for the period was HKD 487,000, significantly lower than HKD 31,545,000 in the prior year [148]. Assets and Liabilities - Cash and bank deposits as of March 31, 2023, were HKD 240,477,000, a slight decrease from HKD 251,928,000 as of September 30, 2022 [4]. - Current assets net amount was HKD 203,429,000, down from HKD 204,451,000 in the previous period [4]. - Total assets less current liabilities stood at HKD 7,573,753,000, a decrease from HKD 7,608,145,000 [4]. - The company’s total assets as of March 31, 2023, included investment properties valued at HKD 7,241,700,000, reflecting a decrease from HKD 7,282,700,000 as of September 30, 2022 [74]. - Non-current assets totaled HKD 7,370,324,000 as of March 31, 2023, slightly down from HKD 7,403,694,000 as of September 30, 2022 [150]. - Total equity as of March 31, 2023, was HKD 7,553,107,000, a decrease from HKD 7,590,977,000 [153]. - Total equity at the beginning of the period was HKD 7,590,977, a decrease from HKD 7,817,534 in the previous year, representing a decline of approximately 2.9% [155]. - Total equity at the end of the period was HKD 7,553,107, down from HKD 7,810,614, marking a decrease of approximately 3.3% [155]. Cash Flow - The company’s total cash and cash equivalents decreased to HKD 240,477,000 as of March 31, 2023, from HKD 244,429,000 as of September 30, 2022 [82]. - Net cash generated from operating activities was HKD 41,910, an increase of 37.6% compared to HKD 30,467 in the previous year [156]. - The net cash used in investing activities was HKD (862), with no previous year comparison available, suggesting ongoing investment efforts [156]. - The net cash used in financing activities remained constant at HKD (45,000) for both periods, reflecting stable financing strategies [156]. - Cash and bank deposits decreased by HKD 3,952, compared to a larger decrease of HKD 14,533 in the previous year, indicating improved cash management [156]. Dividends - The company declared an interim dividend of HKD 1.80 per share, consistent with the previous year [52]. - The interim dividend declared was HKD 1.8 per share, unchanged from the previous year [89]. - The company maintained a consistent dividend distribution of HKD 45,000 for both periods, indicating stability in shareholder returns [155]. Investment Properties - The company reported a decrease in the fair value of investment properties by HKD 41,000,000 for the six months ended March 31, 2023, compared to a decrease of HKD 15,000,000 for the same period in 2022 [66]. - The fair value decrease of investment properties was HKD 41,000,000, compared to HKD 15,000,000 in the previous period [148]. - The occupancy rates for the group's investment properties were approximately 92.8% and 81.3% for Central Wanbang and Jiali Commercial Building, respectively [119]. Governance and Compliance - The company has maintained compliance with corporate governance codes during the financial period [139]. - The audit committee reviewed the unaudited interim financial information on May 30, 2023 [127]. - The company appointed new independent non-executive directors effective May 31, 2023 [131]. Other Financial Metrics - The company’s interest income for the six months ended March 31, 2023, was HKD 3,769,000, a substantial increase from HKD 130,000 in the same period of 2022 [50]. - The fair value of financial assets measured at fair value through other comprehensive income was determined using various valuation techniques, indicating a reliance on independent professional valuations [46]. - The fair value of financial assets measured at fair value through other comprehensive income increased to HKD 95,749,000 as of March 31, 2023, from HKD 89,106,000 as of September 30, 2022, reflecting a change of 7.3% [77]. - The fair value gain on financial assets measured at fair value through other comprehensive income was HKD 6,643, slightly up from HKD 6,535, reflecting a growth of 1.6% [155]. - The company has adopted revisions to current standards with no significant impact on its performance and financial position [32].

Financial Performance - The group reported a revenue of HKD 77,689,000 for the six months ended March 31, 2023, compared to HKD 80,070,000 for the same period in 2022, representing a decrease of approximately 2.0%[3] - The group's gross profit for the period was HKD 53,879,000, down from HKD 62,629,000 in the previous year, indicating a decline of about 14.1%[3] - The net profit attributable to shareholders for the six months was HKD 487,000, a significant decrease from HKD 31,545,000 in the prior year, reflecting a drop of approximately 98.5%[3] - For the six months ended March 31, 2023, the company's revenue decreased by 3.0% to HKD 77,710,000 compared to HKD 80,100,000 in the same period of 2022[31] - The net profit for the same period was HKD 500,000, a significant decrease from HKD 31,500,000 in 2022, primarily due to a fair value loss of investment properties amounting to HKD 41,000,000[31] - Core operating profit from leasing activities decreased by 12.0% to HKD 48,800,000, down from HKD 55,500,000 in the previous year[31] - The rental income for the period was HKD 68,767,000, slightly down from HKD 70,814,000 in the same period of 2022[31] Assets and Equity - The total assets as of March 31, 2023, amounted to HKD 7,370,324,000, slightly down from HKD 7,403,694,000 as of September 30, 2022, showing a decrease of about 0.4%[4] - The group's non-current assets, primarily investment properties, were valued at HKD 7,241,700,000, down from HKD 77,282,700,000 in the previous period, indicating a significant reduction[4] - The group’s total equity as of March 31, 2023, was HKD 7,553,107,000, a decrease from HKD 7,590,977,000 as of September 30, 2022, reflecting a decline of about 0.5%[4] Earnings and Dividends - The basic earnings per share for the period was HKD 0.02, compared to HKD 1.26 in the same period last year, marking a decline of approximately 98.4%[13] - The company declared an interim dividend of HKD 1.80 per share, totaling HKD 45,000,000, consistent with the previous year[19] Cash and Deposits - The group’s cash and bank deposits were reported at HKD 240,477,000, compared to HKD 244,429,000 in the previous period, indicating a slight decrease of about 1.6%[4] - Cash and bank deposits as of March 31, 2023, amounted to HKD 240,500,000, a decrease from HKD 244,400,000 as of September 30, 2022[33] Expenses and Provisions - The group’s administrative expenses for the period were HKD 10,104,000, up from HKD 7,382,000 in the previous year, representing an increase of approximately 36.8%[3] - There were no provisions for trade receivables during the period, consistent with the previous year[26] Investment Properties - The group recognized a fair value loss of HKD 41,000,000 on investment properties during the period, contributing to the overall decline in profitability[3] - The fair value of investment properties as of March 31, 2023, was HKD 7,241,700, a decrease of HKD 41,000 compared to the previous period[21] - The occupancy rates for the company's investment properties were 92.8% and 81.3% for Central Plaza and Kinley Commercial Building, respectively, compared to 93.4% and 78.6% in 2022[32] Corporate Governance and Reporting - The company has complied with the Corporate Governance Code as per the Hong Kong Stock Exchange during the financial period[39] - The interim report will be published by June 30, 2023, on the company's website and the Hong Kong Stock Exchange[40] - The financial statements for the year ending September 30, 2022, have been submitted to the Companies Registry as required by the Hong Kong Companies Ordinance[39] - The auditor's report on the financial statements is unqualified and does not contain any emphasis of matter[39] Acquisitions and Disposals - The company did not engage in any significant acquisitions or disposals during the reporting period[35]