Financial Performance - PYI Corporation Limited recorded a consolidated revenue of approximately $191 million for the six months ended 30 September 2020, a decrease of 25.5% compared to $256 million in 2019[8]. - The net loss attributable to owners of PYI amounted to about $34 million, down from a net loss of $205 million in 2019, indicating a significant improvement[8]. - Gross profit decreased by 13% to about $85 million, down from $98 million in the previous year, primarily due to disposals of Jiaxing Port and Yichang Port Group[25]. - Loss attributable to shareholders was $(34) million, a significant improvement of 83% compared to $(205) million in the prior year[20]. - Loss per share improved to (3.1) cents from (18.6) cents, reflecting an 83% reduction in losses[20]. - The Group recorded a loss before taxation of about $349 million, compared to a loss of $150 million in the previous year[25]. - The Group recorded an operating gain of about $287 million for the period, compared to a loss of $147 million in 2019, primarily due to a net fair value gain of investments in debt and equity instruments[72]. Shareholder Value - Shareholders' funds increased to approximately $3,721 million, up from $3,678 million as of 31 March 2020, representing a per share value of $3.37 after share consolidation[8]. - The equity attributable to owners of PYI increased by 1% to about $3,721 million, representing $3.37 per share as of September 30, 2020[30]. - Total equity attributable to owners of the Company increased to HK$3,721,026,000 from HK$3,677,859,000, reflecting a growth of 1.2%[135]. Divestments and Investments - The company completed the divestment of a 90% interest in Jiaxinq Port and a 40% interest in Jiangyin Sunan, recognizing a total net gain after tax of about $111 million[8]. - Up to the statement date, approximately RMB600 million, equivalent to about 92% of the total consideration from the divestments, has been received in cash in Hong Kong[8]. - The disposal of Jiangyin Sunan Container Terminal was completed in July 2020 for a consideration of about RMB294 million (approximately $325 million), fully received in cash[33]. - The disposal of Jiaxing International Feeder Port was completed in July 2020 for a net consideration of about RMB305 million (approximately $334 million), with final payment of about RMB56 million (approximately $62 million) pending[38]. - The net gain in the securities business was approximately $287 million, a turnaround from a loss of $147 million in the prior year[25]. Economic Environment - The COVID-19 pandemic has led to a global economic shock, with the World Bank forecasting a 5.2% contraction in global GDP for 2020, the deepest recession in eight decades[8]. - The GDP growth of China slowed to 0.7% for the first three quarters of 2020, down from 6.1% in 2019, reflecting the challenging macroeconomic environment[8]. Cash Flow and Liquidity - Net cash outflow from operating activities was about $75 million, compared to $52 million in 2019[30]. - Net cash inflow from investing activities was approximately $450 million, significantly up from $165 million in 2019, mainly from disposals of subsidiaries engaged in port operations[30]. - The Group had a net cash position of about $373 million as of September 30, 2020, compared to a net debt position of approximately $162 million as of March 31, 2020[101]. - The cash and cash equivalents carried forward as of September 30, 2020, totaled HK$794,287,000, compared to HK$463,491,000 in 2019, marking an increase of 71%[153]. Operational Performance - The property business recorded an operating loss of approximately $715 million, compared to a profit of $11 million in 2019, primarily due to a loss on fair value changes of investment properties of about $192 million and a write-down of properties held for sale of about $547 million[50]. - The liquefied petroleum gas and compressed natural gas distribution and logistics business recorded an operating loss of about $4 million during the period, compared to a profit of $1 million in 2019[38]. - Container throughput at Jiangyin Sunan decreased by 15% to about 227,000 TEUs in the first half of 2020, down from 268,000 TEUs in 2019[33]. Future Outlook and Strategy - Following the divestment, PYI is refocusing on facilities for other bulk commodities, particularly LNG, which have higher growth potential[13]. - Minsheng Gas plans to construct new LNG storage tanks and berths with a budgeted cost of about RMB500 million, expected to start construction in Q1 2021 and be operational by 2022[41]. - The first phase of the LNG project will include a new storage tank with a capacity of 30,000 cubic metres and connecting pipelines to the municipal natural gas distribution network[41]. Employee and Corporate Governance - The Group employed a total of 426 full-time employees as of September 30, 2020, a decrease from 566 employees as of March 31, 2020[105]. - The Board of Directors resolved not to declare any interim dividend for the six months ended September 30, 2020, compared to no dividend declared in the same period of 2019[105]. - The Group's financial statements were reviewed in accordance with HKAS 34, confirming compliance with the relevant accounting standards[111].
蓝河控股(00498) - 2021 - 中期财报