Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 118,089,000, a decrease of 12.7% compared to HKD 135,234,000 in the same period of 2021[6] - Operating profit for the same period was HKD 81,247,000, down 20.5% from HKD 101,981,000 in 2021[6] - Profit attributable to shareholders for the six months was HKD 11,818,000, a significant decline of 93.7% compared to HKD 186,425,000 in the previous year[6] - Earnings per share decreased to HKD 0.24 from HKD 12.73, reflecting a drop of 98.1%[6] - The total comprehensive income for the period was HKD (98,749,000), compared to HKD 112,638,000 in the previous year, indicating a significant decline[18] - The group reported a pre-tax profit of HKD 19,473,000, significantly down from HKD 198,270,000 in the previous year[42] - The group recorded a total comprehensive loss attributable to owners of the company of HKD 93,094,000 for the period, compared to a profit of HKD 40,579,000 in the previous year[18] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 11,049,237,000, a slight decrease from HKD 11,132,591,000 as of March 31, 2022[11] - Total liabilities increased to HKD 2,476,846,000 from HKD 2,459,106,000, indicating a rise in financial obligations[14] - The company's retained earnings as of April 1, 2022, stood at HKD 6,574,823,000, reflecting an increase from HKD 6,376,632,000 as of April 1, 2021[18] - The total equity as of April 1, 2022, was HKD 8,673,485,000, compared to HKD 8,505,916,000 as of April 1, 2021, showing an increase of 1.97%[18] - The total bank borrowings stood at HKD 2,281,000,000, unchanged from March 31, 2022, with a total debt to total assets ratio of 20.6%[101] Cash Flow and Dividends - The net cash generated from operating activities for the six months ended September 30, 2022, was HKD 81,870,000, a decrease of 17.4% compared to HKD 99,052,000 for the same period in 2021[20] - The company did not declare an interim dividend for the current period, compared to HKD 11,540,000 in the previous year[6] - The company paid dividends to non-controlling shareholders amounting to HKD 8,000,000 during the period, down from HKD 24,800,000 in the previous year[20] - The board of directors did not recommend any interim dividend for the six months ended September 30, 2022, compared to HKD 0.01 per share in the previous year[124] Investment Properties and Revenue Segments - The group's property and hotel segment generated revenue of HKD 110,908,000, compared to HKD 130,204,000 in the prior year, representing a decrease of 14.7%[33] - The investment and other segment reported revenue of HKD 7,181,000, up from HKD 5,030,000, marking an increase of 42.7%[33] - The group's investment properties in Shanghai and Hong Kong recorded a fair value loss of HKD 21.1 million, compared to a profit of HKD 2.3 million in the previous year[89] - The occupancy rate of the Kin Sang Plaza in Kwun Tong dropped to 58% from 87% year-on-year, contributing rental income of HKD 21.5 million, down from HKD 30.8 million[90] - The property at 68 Yee Wo Street, Causeway Bay, had an occupancy rate of 81%, contributing HKD 50.2 million in rental income, down from HKD 58.1 million last year[90] Market Conditions and Challenges - The company faced challenges in the hotel and tourism sectors due to COVID-19 restrictions, leading to decreased rental rates and occupancy rates, particularly in Hong Kong[86] - The company noted that the global financial market experienced significant adjustments due to rising inflation and interest rate hikes by central banks, impacting overall market conditions[85] - The company is focusing on improving profitability in its hotels in Bangkok and Pattaya during the transitional recovery period[87] Management and Governance - The company’s management compensation for the period included director fees of HKD 138,000 and total salaries, allowances, and benefits of HKD 4,929,000, resulting in a total of HKD 5,103,000, slightly up from HKD 5,040,000 in the previous year[83] - The company has adopted the corporate governance code and complied with all its provisions during the entire period ended September 30, 2022[129] - All directors confirmed compliance with the standards set out in the code of conduct for securities transactions during the period ended September 30, 2022[131]

Financial Performance - For the fiscal year ending March 31, 2022, the total revenue recorded by the company was HKD 263,000,000, a slight decrease from HKD 274,400,000 in the previous year[7] - The operating profit for the year was HKD 191,400,000, down from HKD 208,600,000 in the previous year, attributed to reduced rental income and increased maintenance costs[7] - The net profit attributable to shareholders for the year was HKD 211,800,000, compared to HKD 292,500,000 in the previous year, reflecting a significant decline[7] - Revenue for the year ended March 31, 2022, was HKD 263,023,000, a decrease of 4.9% from HKD 274,383,000 in the previous year[196] - Operating profit for the same period was HKD 191,428,000, down 8.2% from HKD 208,596,000[196] - Net profit for the year was HKD 234,422,000, a decline of 33.9% compared to HKD 354,911,000 in the prior year[200] - Earnings per share decreased to HKD 18.35 from HKD 25.35, reflecting a 27.0% drop[196] - Total comprehensive income for the year was HKD 211,909,000, down from HKD 422,821,000, indicating a 50.0% decrease[200] - The company reported a significant increase in property operating expenses to HKD 45,862,000 from HKD 39,137,000, representing a 17.5% rise[196] - Financial costs decreased to HKD 44,362,000 from HKD 66,856,000, a reduction of 33.6%[196] - The share of profits from associates was HKD 23,253,000, down from HKD 31,303,000, reflecting a 25.7% decline[196] - The company recognized a fair value loss on equity instruments of HKD 5,263,000 compared to a loss of HKD 968,000 in the previous year[196] Property Occupancy and Rental Income - The occupancy rate of the company's property in Kwun Tong was 80% as of March 31, 2022, down from 100% in the previous year, contributing rental income of HKD 59,500,000[9] - The property located at 68 Yee Wo Street, Causeway Bay, had an occupancy rate of 86% and contributed rental income of HKD 115,100,000, slightly down from HKD 119,600,000 in the previous year[9] - The occupancy rate of the Western Club Building in Central decreased to 86% from 92% in the previous year, generating rental income of HKD 57,400,000[10] - The commercial platform at Qiao Fa Building in Hong Kong achieved a rental rate of 100%, contributing rental income of HKD 20,600,000 for the year ended March 31, 2022, up from HKD 15,500,000 in the previous year[11] - The property in Shanghai, with a 7.7% stake, recorded an occupancy rate of 99% and contributed a profit of HKD 15,100,000, compared to HKD 8,900,000 in the previous year[12] - The three commercial buildings in Tokyo, with a 5.1% stake, had occupancy rates of 97%, 80%, and 70%, showing a decline from the previous year's rates of 93%, 91%, and 90% respectively[12] - The group's investment in Xianle Square in Shanghai had an occupancy rate of 79%, down from 84% in the previous year, with a fair value increase of HKD 3,900,000[13] Challenges and Market Conditions - The company faced challenges due to high inflation and rising interest rates, impacting the rental income from investment properties[7] - The overall economic recovery in Hong Kong has been slow, with the local economy significantly affected by the COVID-19 pandemic and related restrictions[7] - The group plans to cautiously invest in the coming year due to the ongoing border closures and rising interest rates[15] - The group is optimistic about the performance of its hotels in Thailand, expecting improvements this year[15] Corporate Governance and Management - The company emphasizes strong corporate governance, adhering to the corporate governance code as per the listing rules, ensuring effective management and higher shareholder value[97] - The board consists of experienced members with over 40 years of management experience across various industries, including banking and finance[91] - The independent non-executive directors bring diverse expertise, enhancing the company's strategic decision-making capabilities[91] - The company has established a framework for effective management and a healthy corporate culture, which is essential for long-term success[97] - The board consists of eight directors, including five executive directors and three independent non-executive directors, meeting the requirement of having more than one-third independent directors[101] - The chairman and the managing director roles are clearly separated to enhance independence and accountability[102] - The company has arranged appropriate directors' and officers' liability insurance to protect against risks arising from the group's business[106] - The board regularly reviews corporate governance practices and compliance with regulations[100] - The company encourages directors to participate in professional development courses related to corporate governance and regulatory updates[112] Financial Position and Reserves - The group maintained a healthy financial position with cash and bank balances of HKD 227,300,000 as of March 31, 2022, compared to HKD 186,800,000 on March 31, 2021[15] - Total bank borrowings amounted to HKD 2,281,000,000 as of March 31, 2022, unchanged from the previous year[15] - The group's total liabilities to total assets ratio was 20.5% as of March 31, 2022, slightly down from 20.8% a year earlier[15] - The net debt to total assets ratio was 18.4% as of March 31, 2022, compared to 19.1% on March 31, 2021[15] - The group’s distributable reserves amounted to HKD 1,197,683,000 as of March 31, 2022, up from HKD 1,099,403,000 a year earlier[28] Shareholder Information - The final dividend proposed is HKD 0.02 per share, compared to zero in the previous year, with a total payout of HKD 11,540,000 for the interim dividend[24] - As of March 31, 2022, the total number of shares held by the directors amounts to 528,683,206, representing 45.81% of the total shares[41] - The largest shareholder, Forward Investments Inc., holds 283,200,215 shares, accounting for 24.54% of the total shares[48] - The second-largest shareholder, Intercontinental Enterprises Corp., possesses 215,768,260 shares, which is 18.70% of the total shares[48] - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting[158] Environmental and Social Responsibility - The company emphasizes environmental sustainability through energy management and waste reduction initiatives[54] - The company promotes the use of electronic billing and receipts among tenants to enhance environmental practices[54] - The company is actively involved in community and educational initiatives, reflecting its commitment to corporate social responsibility[88] - The group made charitable donations of approximately HKD 336,000 in the fiscal year, down from HKD 660,000 in the previous year[61] Audit and Compliance - The financial statements for the year ended March 31, 2022, were audited by Zheng Zheng CPA Limited, which is eligible for reappointment[81] - The audit committee held two meetings during the fiscal year to review the interim and annual financial statements and ensure the integrity of financial reporting[147] - The external auditor received a fee of HKD 620,000 for statutory audit services for the fiscal year ending March 31, 2022, compared to HKD 600,000 in the previous year[152] - The company ensures that all reasonable measures are taken to prevent breaches of disclosure regulations related to insider information[129]

Financial Performance - The group's revenue for the six months ended September 30, 2021, was HKD 135,234,000, a slight decrease of 1% from HKD 137,249,000 in the same period of 2020[6]. - Operating profit for the period was HKD 101,981,000, down from HKD 108,048,000, reflecting a decrease of approximately 5%[6]. - Net profit for the period surged to HKD 186,425,000, compared to HKD 23,276,000 in the previous year, indicating a significant increase of 703%[9]. - Earnings per share increased to HKD 12.73, compared to HKD 1.04 in the same period last year, representing a growth of 1,223%[6]. - The group reported a total comprehensive income of HKD 153,217,000 for the period, compared to HKD 6,075,000 in the previous year, marking a substantial increase[10]. - The company reported a profit of HKD 186,425,000 for the period, compared to HKD 39,509,000 in the previous year, marking an increase of approximately 371.5%[19]. Assets and Liabilities - The total assets of the group as of September 30, 2021, amounted to HKD 11,094,530,000, an increase from HKD 10,956,418,000 as of March 31, 2021[15]. - Total liabilities decreased slightly to HKD 2,460,197,000 from HKD 2,450,502,000, indicating stable financial management[15]. - The total equity as of September 30, 2021, was HKD 8,634,333,000, an increase from HKD 8,109,170,000 as of September 30, 2020, representing an increase of approximately 6.5%[19]. - The total bank borrowings amounted to HKD 2,281,000,000, with 87% of the borrowings subject to floating interest rates[91]. - The total debt to total assets ratio was 20.6% as of September 30, 2021, slightly down from 20.8% as of March 31, 2021[91]. Cash Flow and Dividends - For the six months ended September 30, 2021, the net cash generated from operating activities was HKD 99,052,000, an increase from HKD 90,134,000 in the same period of 2020, representing an increase of approximately 10.6%[21]. - The company declared an interim dividend of HKD 11,540,000, compared to no dividend declared in the same period last year[6]. - The company paid dividends amounting to HKD 24,800,000 during the period, which is the same as the previous year[21]. - The company proposed an interim dividend of HKD 0.01 per share for the six months ended September 30, 2021, compared to no dividend in the previous year[112]. Investment Properties - Non-current assets, primarily investment properties, increased to HKD 10,842,239,000 from HKD 10,745,295,000[13]. - The fair value of investment properties increased to HKD 7,945,500, up from HKD 7,789,800 as of March 31, 2021, reflecting a growth of approximately 2%[50]. - The fair value change of investment properties during the period increased to a gain of HKD 139,900,000, recovering from a loss of HKD 3,600,000 in the same period of 2020[79]. - The occupancy rate of the investment property in Kwun Tong, Hong Kong, decreased to 87% from 100% in 2020, contributing rental income of HKD 30,800,000[80]. - The property at 68 Yee Wo Street, Causeway Bay, contributed rental income of HKD 58,100,000 with a fair value increase of HKD 70,000,000, while its occupancy rate was 87%[80]. Financial Management and Governance - The company’s financial risk management policies have remained unchanged since the fiscal year ended March 31, 2021, focusing on interest rate, foreign exchange, credit, liquidity, and equity price risks[29]. - The audit committee, consisting of three independent non-executive directors, reviewed and recommended the approval of the unaudited consolidated interim financial statements for the six months ended September 30, 2021[113]. - The company confirmed compliance with the corporate governance code and the standards set forth in the listing rules during the reporting period[117][118]. - The company has adopted the principles of the corporate governance code as per the listing rules and complied with applicable provisions[117]. Shareholder Information - As of September 30, 2021, the total number of ordinary shares held by major shareholders includes 283,200,215 shares (24.54%) by Forward Investments Inc. and 215,768,260 shares (18.70%) by Intercontinental Enterprises Corp.[107]. - Major shareholders include Asset-Plus Investments Ltd. with 115,351,866 shares (9.99%) and Prosperous Island Limited with 97,324,936 shares (8.43%)[107]. - The company has no outstanding share options that have not been exercised as of September 30, 2021, and no shares were bought, sold, or redeemed during the six-month period[111][114].

Economic Impact of COVID-19 - The COVID-19 pandemic significantly impacted global operations, with travel and business activities severely restricted[7] - China's GDP began to recover in the second half of 2020, marking it as the first major economy to return to growth[7] - In Hong Kong, the implementation of strict COVID-19 measures led to a decline in hotel and retail transactions related to tourism[8] - The number of tourists visiting Thailand plummeted from 39.8 million in the previous year to 6.7 million in 2020, severely affecting the tourism industry[8] - Despite the pandemic, the residential market in Hong Kong remained strong due to low interest rates and robust end-user demand[8] - The company noted a surge in new listings on the Hong Kong stock exchange, driven by Chinese tech companies seeking secondary listings amid geopolitical tensions[8] - The company is closely monitoring the evolving economic landscape and adjusting strategies accordingly to navigate challenges[7] - The financial institutions and real estate developers in China faced unprecedented levels of bond defaults due to tightened monetary policies[7] - The company anticipates continued growth in the domestic tourism and real estate sectors in China as the economy stabilizes[7] - The overall market confidence in Hong Kong remains solid despite the challenges posed by the pandemic[8] Financial Performance - Total revenue for the year ended March 31, 2021, was HKD 313.1 million, a significant decrease from HKD 615.6 million in 2020, primarily due to COVID-19 impacts[10] - The group's operating profit for the period was HKD 208.6 million, down from HKD 223.3 million in the previous year[10] - The group's net profit for the year was HKD 354.9 million, compared to HKD 75.1 million in 2020, with attributable profit to shareholders of HKD 292.5 million[10] Property Occupancy and Income - The occupancy rate of the property at 115-119 Queen's Road West reached 100%, contributing rental income of HKD 15.5 million[10] - The occupancy rate of the property in Kwun Tong was maintained at 100%, contributing rental income of HKD 66 million[10] - The investment in Shanghai's Kerry Center recorded an occupancy rate of 98%, with attributable profit of HKD 8.9 million[10] - The investment properties in Taikoo Shing had an occupancy rate of 85%, with a fair value decrease of HKD 12.4 million[14] - The investment in Xianle Square in Shanghai had an occupancy rate of 84%, with a fair value increase of HKD 11.4 million[19] Challenges in Hotel Investments - The group's hotel investments in Thailand faced significant challenges due to COVID-19, resulting in the closure of two hotels in April 2020 and a revenue of THB 121,200,000 (approximately HKD 29,900,000) for the year ending March 31, 2021, compared to THB 512,100,000 in 2020[21] - The average occupancy rate for the hotels was only 12% for the year ending March 31, 2021, down from 75% in the previous year[21] - The group recorded a net loss of HKD 87,800,000 for the year ending March 31, 2021, compared to an operating profit of HKD 132,000,000 in 2020[21] Financial Position and Liquidity - As of March 31, 2021, the group maintained cash and bank balances of HKD 186,800,000, a decrease from HKD 390,300,000 a year earlier[25] - The total bank borrowings amounted to HKD 2,281,000,000 as of March 31, 2021, unchanged from the previous year[25] - The group's total liabilities to total assets ratio improved slightly to 20.8% from 21.6% year-on-year[25] - The group has a strong liquidity position with a low debt ratio, as indicated by an interest coverage ratio of 312%[23] Investments and Joint Ventures - The group has invested in joint ventures in Thailand, China, and Japan, with book values of HKD 354,300,000, HKD 228,600,000, and HKD 135,100,000 respectively as of March 31, 2021[26] - The group's investment properties, valued at HKD 7,710,100,000, were fully mortgaged to secure bank loans of HKD 2,281,000,000[27] Corporate Governance and Compliance - The board of directors includes a mix of executive and independent non-executive members, ensuring governance and oversight[44] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and effective management practices[106] - The independent non-executive directors are required to confirm their independence annually, ensuring they remain free from any significant relationships that could impair their judgment[114] - The board meets at least four times a year to review business development and discuss corporate governance, risk management, and financial matters[116] - The company emphasizes a sound and efficient board, effective risk management, and accountability to shareholders as part of its governance framework[106] Risk Management and Internal Controls - The company has established a comprehensive risk management and internal control system, which includes monitoring environment, risk assessment, control activities, information and communication, and monitoring[135] - The effectiveness of the risk management and internal control system was reviewed by the audit committee and external auditors, with satisfactory results reported[139] - The internal audit function is established to provide objective assurance and improvement recommendations regarding the adequacy and effectiveness of the risk management and internal control system[138] Shareholder Communication and Engagement - The company recognizes the importance of maintaining good communication with shareholders, providing timely information through various formal channels including interim and annual reports[174] - The annual general meeting provides a valuable platform for direct communication between the board and shareholders, with all resolutions requiring voting[174] - The company has established procedures for shareholders to submit inquiries to the board, ensuring transparency and engagement[171] Audit and Financial Reporting - The independent auditor confirmed that the consolidated financial statements fairly present the group's financial position as of March 31, 2021, in accordance with Hong Kong Financial Reporting Standards[176] - The auditors assess the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures[196] - The financial statements are prepared based on the going concern assumption unless there is an intention to liquidate or cease operations[190]

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 137,249,000, a decrease of 7.5% compared to HKD 148,834,000 in the same period of 2019[7] - Operating profit for the same period was HKD 108,048,000, down 8.5% from HKD 118,466,000 year-on-year[7] - Profit attributable to shareholders for the period was HKD 12,038,000, a significant decline of 85.5% compared to HKD 83,128,000 in the previous year[7] - Earnings per share decreased to HKD 1.04 from HKD 7.20, reflecting a drop of 85.6%[7] - The company reported a net profit of HKD 83,128,000 for the six months ended September 30, 2020, compared to HKD 112,152,000 in the same period last year, reflecting a decrease of approximately 25.9%[22] - The total comprehensive income for the period was HKD 76,021,000, down from HKD 105,045,000 year-over-year, indicating a decline of about 27.7%[22] - Cash generated from operating activities was HKD 90,134,000, a decrease from HKD 108,301,000 in the previous year, representing a decline of approximately 16.7%[24] Assets and Liabilities - Total assets as of September 30, 2020, amounted to HKD 10,566,633,000, a slight increase from HKD 10,557,389,000 as of March 31, 2020[12] - The group's total liabilities as of September 30, 2020, were HKD 2,457,463,000, compared to HKD 2,454,294,000 as of March 31, 2020, showing a marginal increase[40] - The company’s total equity as of September 30, 2020, was HKD 8,267,194,000, an increase from HKD 8,162,149,000 at the end of the previous period[22] - The company’s investment properties were valued at HKD 7,580,600, a slight decrease from HKD 7,584,000 as of March 31, 2020[56] Cash Flow and Investments - Cash and bank balances increased to HKD 396,732,000 from HKD 390,267,000, reflecting a growth of 1.2%[12] - The company incurred a cash outflow of HKD 58,500,000 for additional investments during the period, compared to HKD 388,000 in the previous year[24] - The company reported a net cash outflow from investing activities of HKD 49,043,000, contrasting with a net cash inflow of HKD 28,306,000 in the prior year[24] - The company’s cash flow from financing activities showed a net outflow of HKD 34,676,000, slightly higher than the outflow of HKD 34,312,000 in the previous year[24] Dividends and Shareholder Information - The company did not declare an interim dividend for the current period, compared to HKD 17,311,000 in the previous year[7] - The board has not recommended any interim dividend for the six months ended September 30, 2020, compared to HKD 0.015 per share in 2019[118] - Major shareholders include Forward Investments Inc. with 283,200,215 shares (24.54%) and Intercontinental Enterprises Corp. with 215,768,260 shares (18.70%) as of September 30, 2020[114] Operational Highlights - Revenue from property and hotel operations for the six months ended September 30, 2020, was HKD 130,648,000, down from HKD 138,658,000 in 2019, a decrease of 5.8%[38] - The rental income from the investment property in Kwun Tong was HKD 31.7 million, slightly down from HKD 32.7 million in 2019, with a 100% occupancy rate[85] - The property at 68 Yee Wo Street, Causeway Bay, contributed HKD 60.4 million in rental income, down from HKD 70.2 million in 2019, with an occupancy rate of 88%[85] - The InterContinental Hotel in Hong Kong recorded revenue of HKD 17,100,000 for the six months ended September 30, 2020, down from HKD 433,600,000 in the previous year, resulting in an operating loss of HKD 99,500,000[92] Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed and recommended the approval of the unaudited consolidated interim financial statements for the six months ended September 30, 2020[119] - The company has adopted and complied with the principles of the corporate governance code as set out in the Listing Rules during the six months ended September 30, 2020[123] - All directors confirmed compliance with the standards set out in the code of conduct for securities transactions during the entire period ended September 30, 2020[124]

Financial Performance - The total revenue for the fiscal year ending March 31, 2020, was HKD 615.6 million, a decrease from HKD 743.1 million in the previous fiscal year[7] - The operating profit increased slightly from HKD 220.5 million in the previous year to HKD 223.3 million[7] - The group recorded a loss attributable to shareholders of HKD 149.6 million, primarily due to a decrease in fair value of investment properties[7] - The fair value of investment properties increased by HKD 92.2 million, significantly lower than the HKD 356.8 million recorded in the previous year[7] - The company reported a significant decrease in share of profits from associates, down to HKD 319,850,000 from HKD 452,183,000, a decline of 29.3%[191] - The fair value change of investment properties was HKD 50,901,000, down from HKD 366,503,000, indicating a decrease of 86.1%[191] - Net profit for the year was HKD 75,122,000, a significant decline of 88.5% compared to HKD 652,049,000 in 2019[194] - Earnings per share decreased to HKD 3.33 from HKD 46.77, representing a drop of 92.9%[191] - The total equity of the company as of March 31, 2020, was HKD 8,103,095,000, a decrease from HKD 8,162,149,000 in the previous year[198] Hotel and Property Performance - The impact of COVID-19 significantly affected the group's hotel performance in the first quarter of 2020[7] - The average occupancy rate of the InterContinental Hotel in Hong Kong dropped to 56% from 88% in the previous year, with revenue falling to HKD 719,600,000 from HKD 1,135,700,000[13] - The Pullman Bangkok Hotel G recorded revenue of THB 512,100,000 (equivalent to HKD 127,500,000), down from THB 566,500,000 (equivalent to HKD 135,600,000) in the previous year, with an average occupancy rate of 75% compared to 83%[14] - The Pullman Pattaya Hotel G reported revenue of THB 331,900,000 (equivalent to HKD 82,600,000), down from THB 374,500,000 (equivalent to HKD 89,600,000) in the previous year, with an average occupancy rate of 74% compared to 77%[14] - The average occupancy rate of the hotel portfolio in Thailand was lower than budgeted, particularly disappointing during the peak tourist season[14] - The overall economic impact from anti-government protests and COVID-19 has been substantial, affecting both hotel and investment property performance[7] Market and Economic Conditions - The number of visitors to Thailand increased by 4.24% to 39.8 million in 2019, although growth was slower than expected[7] - The group anticipates a recovery in the market once conditions normalize[7] - The group plans to reopen hotels in Thailand in early July 2020, following the gradual easing of local restrictions[16] Financial Position and Liabilities - The group maintained a strong financial position with cash and bank balances of HKD 390.3 million as of March 31, 2020, compared to HKD 287.5 million on March 31, 2019[19] - The total bank borrowings amounted to HKD 2.281 billion as of March 31, 2020, unchanged from the previous year[19] - The debt-to-asset ratio was 21.6% as of March 31, 2020, slightly up from 21.5% the previous year[19] - The group’s total liabilities to total assets ratio was 23% as of March 31, 2020[17] Corporate Governance and Compliance - The company emphasizes strong corporate governance practices to enhance management effectiveness and shareholder value[95] - The board has adopted the corporate governance code as stipulated in the listing rules, ensuring compliance as of March 31, 2020[95] - The company has established compliance policies to adhere to legal and regulatory requirements, employing external legal advisors for guidance[53] - The company maintains appropriate liability insurance for its directors and executives to provide protection against legal actions[65] - The company confirmed that all related party transactions were conducted on normal commercial terms and were fair and reasonable[77] Shareholder Information - The group did not recommend a final dividend for the year ending March 31, 2020, compared to a final dividend of HKD 0.031 per share in the previous year[24] - The board will consider various factors, including financial condition and business performance, when recommending dividend payments[151] - The company aims to maintain a sustainable dividend policy balancing shareholder interests and prudent capital management[151] Strategic Initiatives and Future Outlook - The company expects revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[199] - Investment in R&D increased by 25%, focusing on innovative technologies and product development[199] - The company plans to expand into three new international markets by the end of the next fiscal year[199] - A strategic acquisition of a smaller competitor was completed, expected to enhance market share by 10%[199] - The company is exploring partnerships with tech firms to enhance service offerings and drive growth[199] Employee and Community Engagement - The company promotes equal opportunity employment policies, ensuring non-discrimination based on race, disability, age, gender, sexual orientation, or religion[56] - The company actively participates in community and educational initiatives, reflecting its commitment to social responsibility[86] - As of March 31, 2020, the number of salaried employees in the holding company was 18, an increase from 17 in 2019[59]

Financial Performance - The company's revenue for the six months ended September 30, 2019, was HKD 148,834,000, a slight increase from HKD 146,053,000 in the same period of 2018, representing a growth of 1.9%[7] - Operating profit for the same period was HKD 118,466,000, compared to HKD 116,194,000 in 2018, indicating an increase of 1.9%[7] - The net profit for the period was HKD 112,152,000, a significant decrease from HKD 340,354,000 in the previous year, reflecting a decline of 67.0%[8] - Earnings per share for the period were HKD 7.20, down from HKD 24.23 in the same period last year, a decrease of 70.2%[7] - The company reported a total comprehensive income of HKD 105,045,000 for the period, down from HKD 300,877,000 in the previous year, a decline of 65.0%[8] - The total comprehensive income for the period was HKD 76,021,000, compared to HKD 105,045,000 in the previous period, reflecting a decrease of approximately 27.7%[19] - The net profit for the period was HKD 83,128,000, which is a significant increase from HKD 29,024,000 in the prior period, representing a growth of 186.5%[19] Assets and Liabilities - Total assets as of September 30, 2019, amounted to HKD 10,719,418,000, an increase from HKD 10,604,143,000 as of March 31, 2019, representing a growth of 1.1%[11] - The company's total equity increased to HKD 8,267,194,000 from HKD 8,162,149,000, reflecting a growth of 1.3%[14] - Total liabilities increased slightly to HKD 2,452,224,000 from HKD 2,441,994,000, reflecting a marginal rise[53] - The company's total liabilities increased to HKD 1,884,188 as of September 30, 2019, from HKD 1,886,049 as of March 31, 2019, showing a slight decrease of 0.1%[79] Cash Flow and Investments - Cash and bank balances rose to HKD 386,376,000 from HKD 287,453,000, a significant increase of 34.4%[11] - The net cash generated from operating activities was HKD 108,301,000, up from HKD 103,863,000, showing an increase of 4.2%[23] - The cash flow from investing activities showed a net inflow of HKD 28,306,000, a decrease from HKD 118,305,000 in the previous year, indicating a decline of 76.0%[23] - The company realized a net gain of approximately HKD 70,000,000 from the sale of shares in Dusit Thani Public Company Limited, which was completed on May 9, 2018[21] - The company’s investment in financial instruments included a purchase of equity instruments at fair value amounting to HKD 51,881,000[23] Dividends - The company declared an interim dividend of HKD 17,311,000, unchanged from the previous year[7] - As of September 30, 2019, the company reported a mid-term dividend of HKD 0.015 per share, consistent with the previous year[133] Financial Risks and Management - The financial risks managed by the group include interest rate risk, foreign exchange risk, credit risk, liquidity risk, and equity price risk, with no changes in risk management policies since the year ended March 31, 2019[47] Segment Information - The group classifies its operations into two main segments: property and hotel, and investment and others, based on internal financial reports submitted to the board for strategic decision-making[48] Shareholder Information - The total number of shares held by major shareholders includes 115,403,866 shares (10.00%) by Asset-Plus Investments Ltd. and 283,200,215 shares (24.54%) by Forward Investments Inc.[129] - The family trust of Wu Wang Jing Yi holds a total of 215,768,260 shares, representing 18.70% of the company[129] - The total long position in shares held by directors includes 241,042,991 shares (20.89%) by Wu Wang Jing Yi and 115,450,149 shares (10.00%) by Wu Ji Tai[119] Corporate Governance - The board of directors consists of three independent non-executive directors who reviewed and recommended the approval of the unaudited consolidated interim financial statements for the six months ended September 30, 2019[134] - The company confirmed compliance with the corporate governance code as per the listing rules during the six-month period ending September 30, 2019[136] - The company has adopted the standard code for securities transactions by directors and confirmed compliance by all directors during the reporting period[141] Property and Rental Income - Revenue from property leasing increased to HKD 116,630,000 from HKD 114,132,000, marking a growth of 2.2% year-on-year[61] - The rental income from the investment property in Kwun Tong, Jian Sheng Plaza, was HKD 32,700,000 with a fair value increase of HKD 30,000,000, maintaining a high occupancy rate of 93%[101] - The property at 68 Yee Wo Street, Causeway Bay, contributed rental income of HKD 70,200,000 and a fair value increase of HKD 36,200,000, despite a drop in occupancy from 100% to 94% due to business interruptions from protests[101] - The occupancy rate for the Western Club Building in Central was 96%, contributing rental income of HKD 29,600,000 and a fair value increase of HKD 21,800,000[101] Capital Expenditure - Capital expenditure for the period was HKD 57,635,000, down from HKD 764,000 in the previous year, indicating a significant increase in investment[50] - The group purchased properties, machinery, and equipment amounting to HKD 88,000 during the six months ended September 30, 2019, compared to HKD 8,000 in the same period of 2018, indicating a significant increase of 1,000%[71]

Economic Environment - In the second half of 2018, despite strong performance in premium office rents and hotels, the market faced volatility due to liquidity shortages in China and rising US interest rates, leading to a short-term decline in Hong Kong property prices[7]. - The strategic competition between the US and China is expected to have profound impacts on the global economy, particularly disrupting the established global technology supply chain over the past two decades[7]. - The company is adjusting its policy direction in response to the trade war and economic slowdown threats, indicating a shift towards a more balanced medium to long-term economic development strategy[7]. - The company is closely monitoring the potential for a trade agreement between China and the US, which could influence global economic conditions[7]. Tourism Industry - The number of tourists from China to Thailand reached a historical high of 38.27 million, representing a 7.5% increase compared to the previous year[7]. - Following a strong first quarter in 2018, the tourism industry in Thailand faced challenges in the second half, particularly after the tragic boat accident in Phuket, which significantly reduced the number of Chinese tourists[7]. - The company has noted that the market in Bangkok remains stable in terms of occupancy rates due to new hotel openings, despite facing short-term political uncertainties from the upcoming elections[7]. Financial Performance - Total revenue for the fiscal year ending March 31, 2019, was HKD 743,100,000, an increase of 10.0% from HKD 675,800,000 in 2018[9]. - Operating profit rose to HKD 220,500,000, compared to HKD 191,900,000 in 2018[9]. - Share of profit from joint ventures increased to HKD 167,300,000, up from HKD 133,500,000 in 2018[9]. - Fair value of investment properties increased by HKD 366,500,000, lower than the HKD 475,500,000 increase in 2018[9]. - The company experienced a strong performance in the first quarter of 2018, but the second half of the year presented challenges due to external market conditions[7]. Investment and Assets - The acquisition of two buildings in Taikoo Shing for HKD 15,000,000,000, with a total area of 792,780 square feet, is expected to enhance rental growth in the area[16]. - The group’s investment properties had a book value of HKD 7,450,000,000, up from HKD 7,090,000,000 in the previous year[22]. - The fair value of the group's investment properties as of March 31, 2019, was approximately HKD 7,525,000,000, with unrealized gains of about HKD 366,503,000 recognized in profit or loss[155]. - The carrying value of the group's interest in associates was approximately HKD 2,337,377,000, with significant associate Supreme Key Limited accounting for HKD 1,606,174,000 of this amount[155]. Shareholder Information - The proposed final dividend is HKD 0.031 per share, consistent with the previous year's dividend, totaling HKD 17,311,000 for the interim dividend paid on January 23, 2019[28]. - The group's available reserves for distribution to shareholders amounted to HKD 965,748,000 as of March 31, 2019, an increase from HKD 930,552,000 in 2018[32]. - The top five customers accounted for approximately 31% of the total revenue, with the largest customer contributing about 11%[39]. - The company emphasizes a sustainable dividend policy to balance shareholder interests and prudent capital management, considering financial conditions and future operational needs[146]. Governance and Compliance - The company has a policy in place for compliance with legal and regulatory requirements, employing external legal advisors[59]. - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with good governance principles[99]. - The board consists of eight directors, including five executive directors and three independent non-executive directors, meeting the requirement of having more than one-third independent directors[102]. - The independent non-executive directors have confirmed that the related party transactions are conducted in the ordinary course of business and on normal commercial terms[83]. - The company has established a risk management and internal control system, which includes five components: control environment, risk assessment, control activities, information and communication, and monitoring[117]. Cash Flow and Financial Position - The company reported a comprehensive financial position as of March 31, 2019, reflecting its financial performance and cash flow for the fiscal year[150]. - The total cash and cash equivalents at the end of the year increased to HKD 275,183 thousand from HKD 198,109 thousand in the previous year, reflecting a significant increase[191]. - Operating cash flow for the year was HKD 195,025,000, an increase from HKD 172,722,000 in the previous year, reflecting a positive trend in cash generation[189]. - The company reported a decrease in financial expenses to HKD 69,087,000 from HKD 50,411,000, indicating improved cost management[170]. Environmental and Social Responsibility - The company emphasizes environmental sustainability through energy management and waste reduction initiatives[57]. - The company encourages the use of electronic billing and receipts among tenants to promote environmental responsibility[57].