5月19日，截至港股收盘，恒生指数下跌0.05%，报23332.72点。国际娱乐（01009.HK）收报1.38港元/ 股，上涨7.81%，成交量29万股，成交额39.97万港元，振幅5.47%。 行业估值方面，旅游及消闲设施行业市盈率（TTM）平均值为41.45倍，行业中值-0.66倍。国际娱乐市 盈率-9.18倍，行业排名第79位；其他易站绿色科技（08475.HK）为0.39倍、LET GROUP（01383.HK） 为0.7倍、嘀嗒出行（02559.HK）为1倍、OKURA HOLDINGS（01655.HK）为1.13倍、陆庆娱乐 （08052.HK）为1.34倍。 资料显示，国际娱乐有限公司是一家投资控股公司。该公司的业务包括酒店运营以及出租用於博彩及相 关休闲娱乐活动的物业。该公司通过两大部门运营:酒店部门及租赁部门。酒店部门包括酒店业务的经 营。租赁部门出租配备有娱乐设施的投资物业。该公司的子公司包括Lucky Genius Limited、Fortune Growth Overseas Limited、Maxprofit International Limited和CTF Hotel and ...

资料显示，国际娱乐有限公司是一家投资控股公司。该公司的业务包括酒店运营以及出租用於博彩及相 关休闲娱乐活动的物业。该公司通过两大部门运营:酒店部门及租赁部门。酒店部门包括酒店业务的经 营。租赁部门出租配备有娱乐设施的投资物业。该公司的子公司包括Lucky Genius Limited、Fortune Growth Overseas Limited、Maxprofit International Limited和CTF Hotel and Entertainment, Inc.等。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 财务数据显示，截至2024年12月31日，国际娱乐实现营业总收入2.48亿元，同比增长154.55%；归母净 利润-8799.6万元，同比减少163%；毛利率33.98%，资产负债率64.69%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，旅游及消闲设施行业市盈率（TTM）平均值为36.19倍，行业中值-0.66倍。国际娱乐市 盈率-7.32倍，行业排名第78位；其他易站绿色科技（08475.HK）为0.3倍、L ...

Revenue and Profitability - Revenue for the six months ended December 31, 2024, was HK$267,622,000, a significant increase from HK$105,134,000 for the same period in 2023, representing a growth of 154%[9] - Gross profit for the same period was HK$90,946,000, compared to HK$67,001,000 in the previous year, indicating a growth of 36%[9] - The company reported a loss before taxation of HK$88,371,000, which is an increase from a loss of HK$36,805,000 in the prior year[9] - Total comprehensive loss for the period was HK$94,750,000, compared to HK$42,237,000 in the same period last year, reflecting an increase in losses of 124%[9] - The diluted loss per share attributable to owners was HK$6.94, compared to HK$2.64 in the previous year, indicating a worsening of financial performance[9] - The company reported a net loss of HK$95,024,000 for the six months ended December 31, 2024, compared to a loss of HK$36,131,000 for the same period in the previous year[13] Expenses and Costs - General and administrative expenses rose to HK$150,567,000 from HK$80,449,000, marking an increase of 87%[9] - Finance costs increased to HK$45,672,000 from HK$27,252,000, representing a rise of 68%[9] - Total staff costs for the six months ended December 31, 2024, were HK$76,842,000, significantly higher than HK$32,958,000 for the same period in 2023, indicating an increase of approximately 133%[77] - Utilities expenses increased by approximately 157.6% to approximately HK$8.4 million compared to approximately HK$3.3 million in the Previous Period[185] Assets and Liabilities - As of December 31, 2024, total assets increased to HK$2,611,579,000 from HK$2,324,298,000 as of June 30, 2024, representing an increase of approximately 12.3%[10] - Current liabilities rose to HK$969,022,000 as of December 31, 2024, compared to HK$600,621,000 as of June 30, 2024, indicating a significant increase of approximately 61.2%[10] - Non-current liabilities totaled HK$720,518,000 as of December 31, 2024, up from HK$706,888,000 as of June 30, 2024, reflecting a slight increase of about 1.8%[11] - The company's net assets decreased to HK$922,039,000 as of December 31, 2024, down from HK$1,016,789,000 as of June 30, 2024, a decline of approximately 9.3%[11] Cash Flow - For the six months ended December 31, 2024, the net cash used in operating activities was HK$46,515,000, a significant decrease compared to the net cash generated of HK$18,335,000 for the same period in 2023[18] - The net cash generated from investing activities was HK$6,112,000, a recovery from a net cash used of HK$53,268,000 in the previous year[20] - The net cash generated from financing activities was HK$304,488,000, down from HK$601,726,000 in the prior period, indicating a decrease of approximately 49.5%[20] - The total cash and cash equivalents at the end of the period stood at HK$682,686,000, down from HK$1,051,678,000 at the end of December 2023[20] Taxation and Disputes - The company has ongoing tax disputes in the Philippines with the Bureau of Internal Revenue (BIR) amounting to approximately Php5,009,650,000 for the years 2008, 2012, 2014, 2015, 2018, and 2019[83] - The Court of Tax Appeal (CTA) ruled in favor of the company regarding the 2015 tax assessment, ordering the BIR to refund Php426,000,000 previously collected[84] - The company has not made any provisions for the tax disputes in its financial statements for the six months ended 31 December 2024 and 2023, despite the potential obligations[91] Segment Performance - The Group's revenue from gaming operations increased significantly from approximately HK$71.0 million for the six months ended 31 December 2023 to approximately HK$240.0 million for the current period[178] - Revenue from hotel operations for the six months ended December 31, 2023, was HK$34,111,000, while gaming operations generated HK$71,023,000[53] - The Group's hotel operation revenue for the period was approximately HK$27.6 million, down from approximately HK$34.1 million in the previous period due to renovations[179] Financial Position and Equity - The equity attributable to owners of the company decreased to HK$922,039,000 as of December 31, 2024, from HK$1,016,789,000 as of June 30, 2024, a decrease of approximately 9.3%[11] - The company’s retained profits decreased to HK$1,196,193,000 as of December 31, 2024, down from HK$1,291,217,000 as of July 1, 2024, a decline of approximately 7.4%[13] - The Group did not propose any interim dividend for the six months ended 31 December 2024, consistent with the previous year[102] Other Financial Metrics - The Group recorded a net foreign exchange gain of approximately HK$3.5 million, compared to a net loss of approximately HK$12.0 million in the previous period[181] - The Group recognized a fair value gain of HK$17,000 for the six months ended December 31, 2024, compared to a fair value loss of HK$225,000 in the same period of 2023[120] - The Group recognized a gain on redemption of convertible bonds on maturity amounting to HK$3,208,000 for the six months ended December 31, 2024[74]

Revenue and Profitability - Revenue for the six months ended December 31, 2024, was HKD 267,622,000, a significant increase from HKD 105,134,000 for the same period in 2023, representing a growth of approximately 154%[2] - Gross profit for the same period was HKD 90,946,000, compared to HKD 67,001,000 in the previous year, indicating a year-over-year increase of about 36%[2] - Other income increased to HKD 11,356,000 from HKD 6,697,000, marking a growth of approximately 69%[2] - The company reported a significant increase in selling and marketing expenses, which rose to HKD 179,000 from zero in the previous period, indicating a strategic push in market expansion[2] - The group reported a total revenue of HKD 267,622,000 for the six months ending December 31, 2024, with a significant contribution from the hotel operations segment[20] - Total revenue for the six months ended December 31, 2023, was HKD 105,134,000, with hotel operations contributing HKD 34,111,000 and gaming operations contributing HKD 71,023,000[21] Losses and Financial Position - The company reported a loss attributable to owners of the company of HKD 95,024,000 for the six months ended December 31, 2024, compared to a loss of HKD 36,131,000 in the prior period, reflecting a deterioration in performance[3] - The total comprehensive loss for the period was HKD 94,750,000, compared to HKD 42,237,000 in the previous year, indicating a significant increase in losses[3] - The basic loss per share was HKD 6.94, compared to HKD 2.64 in the same period last year, reflecting a worsening of the company's financial position[3] - The group’s total pre-tax loss for the period was HKD 88,371,000[20] - The company reported a loss of HKD 36,805,000 before tax for the same period, reflecting significant operational challenges[21] - The group recorded a loss of approximately HKD 95,000,000, compared to a loss of approximately HKD 36,100,000 in the previous period[67] Assets and Liabilities - Total assets increased to HKD 2,611,579,000 from HKD 2,324,298,000, representing an increase of approximately 12.3% year-over-year[5] - Current liabilities rose to HKD 969,022,000 from HKD 600,621,000, indicating a significant increase of approximately 61.1%[5] - Total liabilities increased to HKD 1,756,577,000 from HKD 1,707,526,000, a rise of approximately 2.9%[5] - The company’s total equity increased to HKD 855,002,000 from HKD 616,772,000, representing a growth of approximately 38.7%[5] - The company’s current assets totaled HKD 855,002,000, up from HKD 616,772,000, reflecting an increase of about 38.7%[5] - The company’s bank borrowings decreased from HKD 392,387,000 to HKD 0, indicating a reduction of 100%[5] Market Operations and Strategy - The company operates primarily in hotel operations and gaming businesses, with a focus on the Philippines and Macau markets[9] - The company plans to continue its focus on expanding its market presence and enhancing its product offerings in the upcoming periods[2] - Future outlook includes potential growth in revenue driven by increased gaming operations and hotel occupancy rates in key markets[9] - The company aims to enhance its market presence through strategic expansions in the gaming and hospitality sectors[9] - The company plans to enhance its market expansion strategies, particularly in the gaming sector, to drive future growth[21] Financial Management and Reporting - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[10] - The financial results are unaudited but have been reviewed by the company's audit committee, which consists of independent non-executive directors[14] - The company has not adopted any new accounting standards that have been issued but not yet effective during the current reporting period[12] - The group has not reported any significant impact from the new accounting standards on prior periods[16] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and compliance[112] Taxation and Legal Matters - The company has an estimated contingent liability of approximately PHP 5,009,650,000 related to disputed tax assessments for the years 2008, 2012, 2014, 2015, 2018, and 2019[36] - A tax dispute involving approximately PHP 5,009,650,000 exists between the company's Philippine subsidiary and the Bureau of Internal Revenue for several years[33] - The company has not made any provisions for tax disputes in its condensed consolidated interim financial statements as of December 31, 2024, and June 30, 2023[36] - The company is currently awaiting a decision from the Court of Tax Appeals regarding tax assessments and penalties for the year 2015, which includes a refund of PHP 426,000,000[34] - The company submitted a motion for reconsideration regarding the 2015 tax decision, which is still under review as of the announcement date[34] Future Investments and Developments - The company plans to allocate approximately HKD 150 million from the proceeds of a share placement for hotel renovations, HKD 100 million for developing nearby land, and HKD 70 million for potential land acquisitions in the Philippines[85] - The total investment commitment for upgrading and renovation projects is expected to be between USD 1 billion and USD 1.2 billion, with approximately HKD 117.4 million of unutilized proceeds allocated for contract payments related to construction contracts[86] - The company has utilized HKD 150 million for hotel renovations and HKD 52.6 million for the development of new hotel sites, leaving a balance of HKD 117.4 million for future use[88] - The company has obtained bank loans amounting to HKD 392.4 million to establish and operate a casino and develop an integrated resort, with an annual interest rate of 3.75%[90] Risks and Challenges - The company continues to face significant risks and uncertainties from intense market competition in its casino and hotel operations[101] - The business is highly sensitive to economic uncertainties and regulatory risks, particularly in relation to potential changes in laws and regulations affecting gaming operations[103] - The company is exposed to foreign exchange risks due to its operations primarily in Hong Kong dollars, US dollars, and other currencies, without implementing any foreign exchange hedging policies[104] - The company is sensitive to economic downturns and political and social conditions, which may impact its operations[103] Corporate Governance - The board of directors does not recommend the payment of any interim dividend for the six months ended December 31, 2024, consistent with no dividend declared for the same period in 2023[40] - The chairman and CEO roles are held by the same individual, which the board believes strengthens leadership and decision-making[109] - The board is considering various financing methods, including bank loans and debt financing, to support business expansion and maintain liquidity[78]

Financial Performance - The Group's revenue for the year ended June 30, 2024, was approximately HK$229.8 million, representing an increase of approximately 10.9% compared to HK$207.2 million in the previous year[8]. - The Group reported a gross profit of approximately HK$132.4 million for the year, a decrease of approximately 3.1% from HK$136.6 million in the previous year[8]. - The Group's gaming revenue for the year increased from approximately HK$133.5 million to approximately HK$170.0 million, reflecting a growth of about 27.4%[6]. - Total revenue for the year rose to approximately HK$229.8 million, representing an increase of approximately 10.9% from the previous year's revenue of about HK$207.2 million[6]. - Other income for the year was approximately HK$17.9 million, an increase of approximately 49.9% compared to HK$11.9 million in the previous year[17]. - The Group recorded a loss of approximately HK$132.0 million for the Year, compared to a profit of approximately HK$18.3 million in the Previous Year, resulting in a loss per share of approximately 9.64 HK cents[24]. - Revenue from hotel operations decreased to approximately HK$59.8 million, a decline of approximately 18.8% from approximately HK$73.7 million in the Previous Year, primarily due to room renovations[28]. - The Group received an income tax credit of approximately HK$30.3 million for the Year, compared to an income tax expense of approximately HK$2.8 million in the Previous Year[23]. Operational Developments - The Group commenced limited operations in the entire casino operation of an integrated resort in Manila, Philippines, following the granting of a provisional license by PAGCOR on September 27, 2023[13]. - The grant of the provisional license is expected to enhance the Group's future earning capability and potential, marking a milestone in its ability to operate and manage casino business independently[13]. - The Group's expertise in casino operation and management will be leveraged following the commencement of operations under the Provisional License, enhancing future earning potential[36]. - The Group plans to utilize approximately HK$150.0 million for hotel renovations, HK$100.0 million for the development of adjacent land, and HK$70.0 million for potential acquisitions in the Philippines[41]. - The Group has committed to invest between US$1.0 billion (approximately HK$7.82 billion) and US$1.2 billion (approximately HK$9.38 billion) for the integrated resort project under the Provisional License[64]. Market and Economic Context - The Philippine gaming market is undergoing significant transformation, with government initiatives aimed at positioning the country as a premier gaming and entertainment destination in Asia and globally[13]. - The Philippine economy is one of Southeast Asia's fastest-growing economies, supported by favorable government policies and a strong tourism growth rate in 2023[10]. - The Philippine gaming industry's gross gaming revenues (GGR) reached a record PHP285.3 billion in 2023, surpassing pre-pandemic levels[6]. - Visitor expenditure in the Philippines from January to July 2024 reached approximately PHP323.7 billion, a 13.2% increase from PHP286.0 billion during the same period in 2023[6]. - The Philippine Department of Tourism aims for 7.7 million international tourist arrivals in 2024, with 1.2 million arrivals recorded from January to March 2024[32]. - The Directors believe that the influx of tourists will boost the economy and benefit the gaming and entertainment industry in the Philippines[33]. Financial Position and Liabilities - As of June 30, 2024, the Group's net current assets were approximately HK$16.2 million, a decrease from HK$132.4 million as of June 30, 2023, representing a decline of approximately 87.8%[38]. - Current assets amounted to approximately HK$616.8 million as of June 30, 2024, compared to HK$602.5 million as of June 30, 2023, indicating a slight increase of approximately 2.1%[40]. - The Group's current liabilities were approximately HK$600.6 million as of June 30, 2024, up from HK$470.1 million as of June 30, 2023, reflecting an increase of approximately 27.8%[40]. - Net cash used in operating activities for the year was approximately HK$30.5 million, compared to net cash generated of approximately HK$6.7 million in the previous year[40]. - Net assets attributable to the owners of the Company decreased to approximately HK$1,016.8 million as of June 30, 2024, down approximately 15.8% from HK$1,207.0 million as of June 30, 2023[40]. Governance and Management - The Board does not recommend the payment of any dividend for the Year[62]. - The Company acts as an investment holding company with its principal place of business located in Hong Kong[84]. - The Company has received confirmations of independence from all independent non-executive directors as per the Listing Rules[107]. - The Company’s Articles of Association stipulate that certain directors will retire by rotation at the upcoming annual general meeting[106]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[164]. - The Company has adopted a code of conduct for Directors that meets or exceeds the Model Code standards, with all Directors confirming compliance during the Year[164]. - The Company will engage with recruitment agencies to identify potential successors for the Board to enhance gender diversity if necessary[199]. Risks and Challenges - The Group continues to face significant risks from market competition and economic uncertainties[62]. - The Group remains cautiously optimistic about the tourism and gaming industry outlook in the Philippines despite geopolitical tensions impacting global economic recovery[37]. - The group has not implemented any foreign currency hedging policy but will monitor foreign currency exposure and consider appropriate hedging in the future[68]. Employee and Operational Costs - The total number of employees as of June 30, 2024, was 1,001, with staff costs for the year amounting to approximately HK$87.5 million, a significant increase from HK$33.8 million in the previous year[68]. - General and administrative expenses increased by approximately 110.9% to approximately HK$204.6 million, with staff costs accounting for about 42.1% of these expenses[21]. - Finance costs for the year were approximately HK$70.6 million, representing an increase of approximately 166.8% compared to HK$26.5 million in the previous year[22].

Financial Performance - Total revenue for the year ended June 30, 2024, was HKD 229,786,000, an increase of 10.8% from HKD 207,219,000 for the previous year[1] - The company reported a loss before tax of HKD 162,246,000 compared to a profit of HKD 21,101,000 in the previous year[2] - Loss attributable to shareholders for the year was HKD 131,964,000, a significant decline from a profit of HKD 18,282,000 in the prior year[2] - Basic loss per share was HKD 9.64, compared to earnings of HKD 1.34 per share in the previous year[3] - Gross profit decreased to HKD 132,430,000 from HKD 136,626,000, reflecting a decline in gross margin[2] - Other income increased to HKD 17,895,000 from HKD 11,938,000, indicating growth in non-operating revenue sources[2] - Total operating expenses rose significantly to HKD 204,639,000 from HKD 97,024,000, highlighting increased costs[2] - The company incurred financial expenses of HKD 70,633,000, up from HKD 26,474,000 in the previous year, indicating higher borrowing costs[2] - The company did not recommend a dividend for the year ended June 30, 2024, reflecting its financial challenges[1] Assets and Liabilities - As of June 30, 2024, total assets amounted to HKD 2,324,298,000, an increase of 22.5% from HKD 1,898,227,000 in the previous year[4] - Non-current assets include property, plant, and equipment valued at HKD 1,069,582,000, significantly up from HKD 141,409,000 year-over-year[4] - Current assets include inventories of HKD 4,716,000, a substantial increase from HKD 1,152,000 in the previous year[4] - Total liabilities increased to HKD 600,621,000 from HKD 470,092,000, reflecting a rise of 27.7%[5] - The company's equity as of June 30, 2024, was HKD 1,016,789,000, down from HKD 1,206,959,000, indicating a decrease of 15.7%[5] - The group’s total liabilities reached HKD 1,307,509,000, with HKD 721,653,000 attributed to the gaming operations segment and HKD 73,797,000 to hotel operations[20] Segment Performance - As of June 30, 2024, the total revenue from the hotel operations segment was HKD 59,832,000, while the gaming operations segment generated HKD 169,954,000, leading to a combined revenue of HKD 229,786,000[19] - The total loss before tax for the group was HKD 162,246,000, with segment losses of HKD 27,710,000 from hotel operations and HKD 59,136,000 from gaming operations[19] - The revenue from gaming operations was approximately HKD 170 million, an increase of about 27.3% from approximately HKD 133.5 million in the previous year, accounting for about 74.0% of total group revenue[68] - Revenue from hotel operations was approximately HKD 59.8 million, a decrease of about 18.8% from approximately HKD 73.7 million in the previous year, with room revenue accounting for about 70.5% of total hotel revenue[69] Strategic Initiatives - The company is focusing on strategic initiatives to improve performance and explore new market opportunities moving forward[1] - The company has made significant investments in new technologies and market expansion, focusing on the gaming and hospitality sectors in the Philippines and Macau[6] - The company plans to enhance its operational capabilities and expand its market presence through strategic partnerships and acquisitions[6] - The group plans to consider various financing methods to expand its business and maintain liquidity levels for further development of the integrated resort[73] Compliance and Standards - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[7] - The group has adopted the revised Hong Kong Accounting Standard No. 1, which replaces "significant accounting policies" with "significant accounting policy information" in financial statements[12] - The group does not expect the application of the revised standards to have a significant impact on its financial position and performance[12] - The consolidated financial statements for the year have been reviewed by the Audit Committee, confirming compliance with applicable accounting standards and listing rules[95] Tax and Legal Matters - The group’s subsidiary in the Philippines is involved in a tax dispute with the Bureau of Internal Revenue amounting to approximately PHP 5,009,650,000 (approximately HKD 670,691,000) for various assessment years[36] - The company has not made any provisions in the consolidated financial statements for the tax disputes as of June 30, 2024[38] - The group has received approval from the Court of Tax Appeals to cancel a tax seizure order, allowing for potential recovery of seized funds[61] Market Outlook - The group maintains a cautiously optimistic outlook on the prospects of the Philippine tourism and gaming industry despite potential challenges from geopolitical tensions[73] - The Philippine government is implementing regulatory reforms aimed at enhancing the country's position in Asia and globally, which is expected to benefit the gaming and tourism sectors[71] - The board believes that the influx of tourists will promote economic development in the Philippines and benefit the gaming and entertainment industry[71] Employee and Operational Costs - Total employee costs for the year 2024 amounted to HKD 87,474,000, significantly higher than HKD 33,829,000 in 2023, reflecting increased staffing and operational costs[33] - The total number of employees as of June 30, 2024, is 1,001, with employee costs amounting to approximately HKD 87.5 million, compared to HKD 33.8 million in the previous year[87]

Financial Performance - Total interest income for the six months ended 31 December 2023 was HK$6,051,000, an increase of 29.1% compared to HK$4,690,000 for the same period in 2022[15]. - Total finance costs increased significantly to HK$27,252,000 for the six months ended 31 December 2023, compared to HK$11,656,000 in the previous year, representing a rise of 133.5%[15]. - The net foreign exchange loss for the period was HK$12,020,000, indicating a significant impact on financial performance[10]. - The loss attributable to the owners of the Company for the six months ended 31 December 2023 was HK$36,131,000, compared to a loss of HK$6,407,000 for the same period in 2022, indicating a significant increase in losses[43]. - Basic and diluted loss per share for the six months ended 31 December 2023 was (2.64) HK cents, compared to (0.47) HK cents for the same period in 2022, reflecting a deterioration in financial performance[47]. - Revenue for the six months ended 31 December 2023 was HK$2,352,000, a decrease of 41.7% compared to HK$4,027,000 for the same period in 2022[88]. - The company reported a loss of HK$316,000 for the period, compared to a profit of HK$3,311,000 in the previous year[88]. - Total comprehensive loss for the period was HK$316,000, compared to a comprehensive profit of HK$3,311,000 in the previous year[88]. Taxation and Legal Matters - The income tax credit for the six months ended 31 December 2023 was HK$674,000, compared to HK$255,000 for the same period in 2022, showing an increase of 164.7%[24]. - The company's operations in the Philippines had no assessable profits, resulting in no provision for taxation in the financial statements for the current period[31]. - The Group's subsidiary in Macau is subject to a profits tax rate of 12%, but no provision for taxation was made as there were no assessable profits during the current period[37]. - A tax dispute involving Marina Square Properties, Inc. and the Bureau of Internal Revenue in the Philippines pertains to alleged deficiency taxes amounting to approximately Php3,676,000,000 (approximately HK$518,181,000) for the years 2008, 2012, 2014, and 2015[37]. - On 4 May 2022, MSPI received a formal letter of demand for 2018, claiming a tax deficiency of approximately Php767,633,000 (approximately HK$108,196,000)[37]. - MSPI filed an administrative protest with the BIR for the 2018 tax demand on 3 June 2022, and the case is ongoing[37]. - On 13 June 2023, MSPI received a preliminary assessment notice for alleged deficiency taxes for 2019 amounting to approximately Php537,118,000 (approximately HK$75,706,000)[38]. - MSPI submitted supporting documents for reinvestigation of the 2019 tax demand on 10 November 2023, with a 180-day period for resolution[38]. - The estimated contingent liabilities for alleged deficiency taxes for 2018 and 2019 total approximately Php1,304,800,000 (approximately HK$183,902,000) as of 31 December 2023[38]. Assets and Liabilities - The total depreciation expense for the period was HK$30,813,000, which includes depreciation of property, plant, and equipment[21]. - The Group acquired property, plant, and equipment amounting to approximately HK$56,059,000 during the six months ended 31 December 2023, a substantial increase from HK$2,591,000 in the same period of 2022[55]. - The fair value of the Group's investment properties as of 31 December 2023 was approximately HK$991,000,000, up from HK$989,000,000 as of 30 June 2023, indicating stability in property valuations[67]. - Properties valued at approximately HK$106,000,000 are pledged to a bank to secure loans and general banking facilities granted to the Group[56]. - The Group's loan receivables as of December 31, 2023, include a principal loan of Php338,000,000 (equivalent to HK$47,676,000) to Harbor View Properties and Holdings, Inc., with an interest rate of 3.5% per annum[80]. - The Group's interest in associates decreased from HK$42,479,000 as of June 30, 2023, to HK$41,132,000 as of December 31, 2023[82]. - The Group holds a 40% stake in Harbor View Properties and Holdings, Inc., which operates as a property developer in the Philippines[84]. - The fair value measurement of investment properties is classified as Level 3 in the fair value hierarchy, indicating significant unobservable inputs[75]. - The Group's average credit period for customers ranges from 0 to 90 days, with no collateral held as security[115]. - Trade receivables increased to HK$18,369,000 as of December 31, 2023, up from HK$17,293,000 as of June 30, 2023[113]. - The provision for expected credit losses remained relatively stable at HK$2,963,000 as of December 31, 2023, compared to HK$2,953,000 as of June 30, 2023[113]. - The net trade receivables after provision stood at HK$15,406,000 as of December 31, 2023, compared to HK$14,340,000 as of June 30, 2023[113]. - Non-current assets decreased slightly to HK$87,404,000 from HK$88,161,000, a decline of 0.9%[88]. - Net assets attributable to owners of the equity decreased to HK$38,214,000 from HK$38,737,000 as of 30 June 2023, reflecting a decline of 1.4%[88]. - The group's share of the net assets of the associate was HK$15,286,000, down from HK$15,495,000, indicating a decrease of 1.4%[88]. Financial Management and Strategy - The Group did not propose an interim dividend for the six months ended 31 December 2023, consistent with the previous year[48]. - The revenue growth rate for the period was reported at 3.5%, reflecting modest growth in the Group's operations[61]. - No impairment loss was recognized for the Hotel Operation CGU for the six months ended 31 December 2023, similar to the previous year, indicating stable asset performance[58]. - The company completed a capital reduction on August 11, 2023, reducing the par value of each issued share from HK$1.00 to HK$0.01, resulting in a transfer of HK$1,355,465,000 from share capital to accumulated losses[134]. - The number of issued and fully paid shares remained at 1,369,157,235 as of December 31, 2023, following the capital reduction[134]. - The authorized share capital was adjusted to 200,000,000,000 shares after the share subdivision[134]. - The interim report for the six months ended December 31, 2023, indicates ongoing efforts in financial restructuring and capital management[138]. - The company is focusing on improving its financial health by addressing accumulated losses through capital adjustments[134]. - Future strategies may include enhancing collection processes to reduce overdue receivables and improve cash flow[129]. - The company is exploring market expansion opportunities as part of its growth strategy[138]. Debt and Financing - On 30 March 2023, Fortune Growth issued 6 new promissory notes (the "2023 PNs") with a principal amount of HK$69,385,381 each, totaling HK$416,312,285, representing the principal and accrued interest of the 2022 PNs[143]. - The 2023 PNs carry interest at a fixed rate of 6% per annum, accruing on the outstanding principal amount from the issue date until full repayment[143]. - As of 31 December 2023, a banking facility of Php4,320,000,000 (approximately HK$608,896,000) has been utilized, with interest charged at PHP BVAL Reference Rate +2% per annum[146][147]. - The bank loan and facility are secured by the Group's properties, including approximately HK$106,000,000 in properties, plant and equipment, and HK$991,000,000 in investment properties[148]. - The total non-current bank borrowings as of 31 December 2023 amount to HK$608,896,000[146]. - The 2023 PNs are due and payable on the business day immediately preceding the first anniversary of their issue date[143]. - Fortune Growth has not defaulted on the repayment of the 2022 PNs prior to the exchange for the 2023 PNs[143]. - The promissory notes are denominated in HK$, which is the foreign currency of the relevant group entity[144]. - The total amount of the 2023 PNs includes both principal and accrued interest from the previous notes[143]. - As of December 31, 2023, total non-current bank loans scheduled for repayment include approximately HK$106,000,000 for properties, HK$991,000,000 for investment properties, and HK$39,000,000 for certain bank balances[154]. Investments and Fair Value - The fair value of the convertible bond's conversion derivatives as of December 31, 2023 is determined using a binomial option pricing model, with an expected volatility of 69.47% and a risk-free rate of 4.46%[160]. - The total capital expenditure contracted but not yet accounted for at the end of the reporting period is HK$138,806,000, a significant increase from HK$41,984,000 as of June 30, 2023[167]. - Interest income from associates for the six months ended December 31, 2023, was HK$1,109,000, compared to HK$1,073,000 for the same period in 2022[170]. - Lease payments to associates amounted to HK$(2,329,000) for the six months ended December 31, 2023, down from HK$(2,846,000) in the previous year[170]. - The amortized interest for the convertible bond during the period was HK$2,430,000, reflecting an increase from the previous balance[164]. - The total financial liability at amortized cost for the convertible bond as of December 31, 2023, is HK$49,485,000, while the financial liability at fair value through profit and loss is HK$1,463,000[164]. - The fair value adjustments for the convertible bond during the period resulted in a decrease of HK$3,130,000[164]. - Financial assets at fair value through profit or loss decreased from HK$5,302,000 to HK$5,129,000, a decline of approximately 3.26%[182]. - Financial assets at amortised costs increased significantly from HK$584,121,000 to HK$1,135,224,000, representing a growth of approximately 94.3%[182]. - Financial liabilities at fair value through profit or loss decreased from HK$4,593,000 to HK$1,463,000, a reduction of approximately 68.3%[182]. - Financial liabilities at amortised cost rose from HK$539,314,000 to HK$1,155,989,000, an increase of approximately 114.4%[182]. - Total financial assets increased from HK$589,423,000 to HK$1,140,353,000, reflecting a growth of approximately 93.4%[182]. - Total financial liabilities increased from HK$543,907,000 to HK$1,157,452,000, indicating a rise of approximately 112.5%[182]. - The fair value measurement hierarchy includes Level 1, Level 2, and Level 3 inputs for financial instruments[185]. - The company continues to engage in significant transactions with associates, including lease payments related to land and employee accommodations in the Philippines[179].

Financial Performance - The company reported a loss before tax of HKD (36,805,000) for the six months ending December 31, 2023, compared to a loss of HKD (6,662,000) in the same period last year, indicating a significant increase in losses [2]. - The total comprehensive loss for the period was HKD (42,237,000), up from HKD (24,818,000) year-over-year, reflecting a worsening financial position [2]. - Basic and diluted loss per share was HKD (2.64), compared to HKD (0.47) in the previous year, showing a substantial decline in shareholder value [2]. - The company reported a net loss attributable to shareholders of HKD 36,131,000 for the six months ended December 31, 2023, compared to a loss of HKD 6,407,000 for the same period in 2022 [40]. - Basic and diluted loss per share was HKD (2.64) for the six months ended December 31, 2023, compared to HKD (0.47) for the same period in 2022 [41]. - The group recorded a net loss of approximately 12 million HKD in the current period, compared to a net loss of about 100,000 HKD in the previous period [135]. - The group’s total comprehensive loss for the period was HKD 2,469,000, compared to a loss of HKD 3,430,000 in the previous period [68]. Revenue and Operations - Revenue from hotel operations was HKD 34,692,000, while gaming operations generated HKD 59,358,000, contributing to a total revenue of HKD 94,050,000 for the period [13]. - The company incurred a loss from hotel operations of HKD (9,111,000) and a profit from gaming operations of HKD 16,794,000, highlighting mixed performance across segments [13]. - The revenue growth rate for the six months ended December 31, 2023, was reported at 3.5%, consistent with the previous period [43]. - The group's gaming operation revenue increased significantly from approximately 59.4 million HKD in the previous period to about 71 million HKD in the current period [133]. - Revenue from gaming operations was approximately HKD 71,000,000, an increase of about 19.5% from approximately HKD 59,400,000 in the previous period, accounting for about 67.6% of total revenue [167]. - The group’s hotel operations generated revenue of approximately 34.1 million HKD, with room revenue accounting for about 69.2% of total hotel revenue [145]. Assets and Liabilities - The company’s total assets increased to HKD 2,486,946,000 from HKD 1,898,227,000, indicating growth in asset base [4]. - Cash and cash equivalents rose significantly to HKD 1,051,678,000 from HKD 492,451,000, demonstrating improved liquidity [4]. - As of December 31, 2023, the group's total liabilities were HKD 165,499,000, compared to HKD 163,298,000 as of June 30, 2023 [54]. - The company has pledged properties valued at approximately HKD 106,000,000 to banks as collateral for loans and general banking facilities [44]. - The company's total liabilities include a significant portion related to convertible notes, which are classified as financial liabilities measured at amortized cost [88]. - As of December 31, 2023, the group's current liabilities were approximately 547.6 million HKD, an increase from 470.1 million HKD as of June 30, 2023 [175]. - The asset-to-liability ratio as of December 31, 2023, was approximately 43.3%, compared to 24.7% on June 30, 2023 [194]. Tax and Legal Matters - The company has no taxable profits in the Philippines, resulting in no tax provisions for the period, which may impact future cash flows [19]. - The company is currently involved in a tax dispute with the Philippine Bureau of Internal Revenue, with potential liabilities estimated at approximately HKD 518,181,000 [37]. - The company has initiated administrative appeals regarding tax assessments for the year 2019, seeking a re-evaluation of the formal tax filings [39]. - The company plans to request a refund of the seized amounts if successful in the tax dispute [92]. Financing and Investments - The company secured bank financing of PHP 4,320,000,000 (approximately HKD 608,896,000) on September 25, 2023, with the amount fully drawn by December 31, 2023 [86]. - The group has committed to a total investment of no less than 1 billion USD (approximately 7.82 billion HKD) and no more than 1.2 billion USD (approximately 9.38 billion HKD) for the establishment and operation of a casino in Manila under a temporary license agreement [183]. - The company plans to allocate approximately HKD 150 million for renovations of a hotel in Manila, HKD 100 million for developing nearby land, and HKD 70 million for potential land purchases in the Philippines for hotel and/or entertainment venue construction [191]. Market and Future Outlook - The company plans to continue its operations in the Philippines, leveraging its assets in the Manila metropolitan area for future growth [7]. - The group remains cautiously optimistic about the outlook for the Philippine tourism and gaming industry despite challenges from inflation and geopolitical tensions [188]. - The group will continue to explore market opportunities to enhance profitability and provide better returns to shareholders [184]. - The expected timeline for the use of the remaining proceeds from the placement is delayed until June 30, 2024, or earlier [193]. Miscellaneous - The company has established a policy allowing customers a general credit period of 0 to 90 days, with no collateral held as security [74]. - The average credit period for purchasing goods is 90 days [93]. - The company is adjusting its plans for potential acquisitions and development of new hotel sites in accordance with a temporary license granted for establishing and operating a casino in Manila [193].

Board Diversity and Governance - The Board comprised five male Directors as of 30 June 2023, with male and female employees representing approximately 62.1% and 37.9% respectively[5] - The company plans to appoint at least one female director by 31 December 2024 to comply with Listing Rules and enhance gender diversity on the Board[5] - The Nomination Committee held one meeting during the year ended 30 June 2023 to review Board structure, diversity policy, and assess the qualifications of retiring Directors[22] - The Board Diversity Policy emphasizes diversity in gender, age, cultural/educational background, and professional experience to achieve strategic objectives[30] - The company will provide internal training to senior management and consider gender diversity in future senior management recruitment[5] - The company may engage recruitment agencies to identify potential Board successors and enhance gender diversity in the coming years[5] - The Group is committed to maintaining high standards of corporate governance and enhancing risk management and internal control systems[96] Financial Performance - The Group's revenue for the Year was approximately HK$207.2 million, representing an increase of approximately 142.3% compared to HK$85.5 million in the previous year[57] - The Group reported a gross profit of approximately HK$136.6 million for the Year, an increase of approximately 520.9% compared to HK$22.0 million in the previous year[57] - Total revenue for the year ended 30 June 2023 increased by 142.3% to approximately HK$207.2 million from HK$85.5 million in the previous year[74] - Gross profit for the year ended 30 June 2023 was approximately HK$136.6 million, with a gross profit margin of 65.9%, compared to HK$22.0 million and 25.7% in the previous year[74] - Other income increased by 158.7% to approximately HK$11.9 million from HK$4.6 million in the previous year, mainly due to increased interest income[74] - The Group recorded a net foreign exchange gain of approximately HK$1.7 million, compared to a net loss of HK$18.0 million in the previous year[74] - Loss on change in fair value of financial assets decreased by 92.4% to approximately HK$3.1 million from HK$40.9 million in the previous year[74] - Loss on change in fair value of financial liabilities was approximately HK$4.3 million, compared to a gain of HK$3.2 million in the previous year[74] - The Group recorded a profit of approximately HK$18.3 million, compared to a loss of approximately HK$256.4 million in the previous year[98] - Earnings per share for the year amounted to approximately 1.34 HK cents, compared to a loss per share of approximately 18.73 HK cents in the previous year[98] - Net cash generated from operating activities for the year was approximately HK$6.7 million, compared to a net cash used of approximately HK$0.7 million in the previous year[107] - Net assets attributable to the owners of the Company increased by approximately 0.9% to HK$1,207.0 million as of 30 June 2023[107] Hotel Operations - Revenue from hotel operations for the Year was approximately HK$73.7 million, an increase of approximately 126.1% compared to HK$32.6 million in the previous year[64] - Hotel room revenue contributed approximately HK$49.7 million or 67.4% of total hotel revenue, compared to HK$24.3 million or 74.5% in the previous year[64] - Average hotel room occupancy increased from approximately 47% in the previous year to approximately 84% in the Year[64] - Revenue from hotel operations mainly includes room revenue, food and beverage revenue, and other hotel service revenue, with the hotel located in Manila, a major tourist destination in the Philippines[80] - Hotel operation revenue increased by 126.1% to HKD 73.7 million, with room revenue accounting for 67.4% of total hotel revenue[124] - Average hotel occupancy rate rose from 47% to 84% year-over-year[124] - Hotel room occupancy increased from approximately 47% in the previous year to approximately 84% in the current year[98] Gaming Operations - The Group was granted a Provisional License to establish and operate a casino and develop an integrated resort in Manila, Philippines, marking a milestone for independent gaming business operations[60] - The Group's principal activities include gaming operations, hotel operations, and live poker events operations[36] - The Group's financial performance benefited from the reopening of international borders and the lifting of capacity restrictions in the Philippines in the first half of 2022[41] - The Group's participation in the management committee of an existing casino since 2021 has provided expertise for future independent gaming operations[60] - The Group anticipates capturing new opportunities in the post-pandemic era, leveraging the Philippines' growth as a global tourism and gaming destination[41] - Revenue from gaming operations increased by 152.4% to approximately HK$133.5 million compared to HK$52.9 million in the previous year[72] - The Group was granted a provisional license to establish and operate a casino and develop an integrated resort in Manila, Philippines[70] - The casino in the existing hotel is currently operated by PAGCOR, with MSPI participating in management through a cooperation agreement dated 9 August 2021[85][87] - The gaming and tourism industries in the Philippines are expected to sustain growth momentum and potentially surpass pre-pandemic levels in the near term[102] - The Group was granted a Provisional License to establish and operate a casino and develop an integrated resort in Manila, with the license effective until 11 July 2033[103] Environmental and Energy Performance - Total GHG emissions increased by 31.03% to 6,924.29 tCO2e due to post-pandemic operational recovery[148] - GHG emissions intensity decreased by 45.92% to 33.42 tCO2e per million HKD revenue, driven by significant revenue growth[149] - NOx emissions decreased from 1,137.49 kg to 347.21 kg year-over-year[148] - SOx emissions reduced from 816.62 kg to 22.71 kg compared to the previous year[148] - PM emissions dropped from 818.30 kg to 24.42 kg year-over-year[148] - Total energy consumption for the Group was approximately 12,078.35 MWh in 2023, a significant increase from 8,775.38 MWh in 2022, primarily due to increased electricity and LPG consumption as operations resumed post-pandemic[155][171] - Energy consumption intensity decreased by approximately 43.19% year-on-year to 58.29 MWh per million HK$ revenue in 2023, compared to 102.61 MWh per million HK$ revenue in 2022, driven by a significant increase in Group revenue[155][171] - Direct energy consumption, including diesel, gasoline, and LPG, amounted to 995.50 MWh, with LPG consumption being the highest at 835.98 MWh[176] - Indirect energy consumption, primarily from electricity usage in the Philippines and Hong Kong operations, totaled 11,082.85 MWh[176] - The Group began collecting data on diesel consumption for emergency power generators during the Reporting Period, ensuring comparability with previous years' data[176] Investment and Development Plans - The Group plans to consider different financing methods, such as bank borrowing and/or equity financing, for the future development of an integrated resort[89] - The net proceeds from the 2017 share placing, amounting to approximately HK$358.50 million, were intended for hotel renovation, land development, potential acquisitions, and general working capital[92] - The company plans to develop new hotel plots and acquire new hotel lands, with a total investment of 150.0 million and 100.0 million respectively[178][179] - The company will change the use of its properties from rental income to held for own use, reclassifying "investment properties" as "property, plant and equipment" with corresponding deferred tax liabilities derecognized[188] - The company's total investment in new hotel lands and general working capital amounts to 38.5 million[186] - Net proceeds of HKD 358.5 million from share placement allocated for hotel renovation (HKD 150M), new hotel development (HKD 100M), potential land acquisition (HKD 70M), and general working capital[126] Shareholder Information - Excite Opportunity Fund L.P. holds 260,000,000 shares, representing approximately 18.99% of the company's issued share capital[197] - Eriska Investment Fund Ltd holds 131,800,000 shares, representing approximately 9.63% of the company's issued share capital[197] Tourism and Market Outlook - The Philippines Department of Tourism aims to attract 5 million foreign visitors in 2023, with 1.3 million international tourist arrivals in the first quarter[89] - The Group remains cautiously optimistic about the outlook for the tourism and gaming industry in the Philippines, despite challenges such as inflation and geopolitical tensions[84][86] - PAGCOR recorded total income of PHP36.21 billion in the first half of 2023, a 35.6% increase from the same period last year[74] - Foreign tourist arrivals in the Philippines reached approximately 2.47 million in the first half of 2023, exceeding the 2 million for the entire year of 2022[74] Asset and Liability Management - The Group's net current assets as of 30 June 2023 amounted to approximately HK$132.4 million, compared to HK$97.0 million as of 30 June 2022[89] - Current assets as of 30 June 2023 totaled approximately HK$602.5 million, with bank balances and cash accounting for HK$492.5 million[89] - The Group's current liabilities as of 30 June 2023 amounted to approximately HK$470.1 million, with bank borrowings reduced to HK$Nil[107] - The Group's investment properties fair value gain for the year amounted to approximately HK$3.0 million, compared to a loss of approximately HK$120.7 million in the previous year[98] - General and administrative expenses increased by approximately 25.5% to HK$97.0 million, with staff costs and utilities expenses accounting for 33.2% and 17.4% respectively[98]

Financial Performance - The company reported a total comprehensive income of HKD 11,061 thousand for the year ended June 30, 2023, compared to a loss of HKD 395,711 thousand for the previous year[2] - The foreign exchange differences recognized in the comprehensive income statement amounted to a loss of HKD 7,528 thousand for the year ended June 30, 2023, compared to a gain of HKD 307,517 thousand in the previous year[2] Data Integrity - The financial data presented in the annual results announcement remains unchanged except for the corrections made in this clarification announcement[4]