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SINO HOTELS(01221) - 2019 - 中期财报
SINO HOTELSSINO HOTELS(HK:01221)2019-03-15 08:53

Financial Performance - The group recorded an unaudited net profit attributable to shareholders of HKD 96.8 million for the six months ended December 31, 2018, compared to HKD 104.5 million in 2017, representing a decrease of 7.9%[7]. - The group's revenue for the interim period was HKD 158.9 million, slightly up from HKD 158.1 million in 2017, indicating a marginal increase of 0.5%[7]. - Earnings per share for the interim period were HKD 0.0887, down from HKD 0.0984 in the previous year, reflecting a decline of 8.8%[7]. - The total comprehensive income for the period was HKD 56,391,027, a decrease from the previous period's comprehensive income[18]. - The company reported a pre-tax profit of HKD 102,780,132, down from HKD 111,603,777 in the previous year[50]. - The company’s share of profits from joint ventures was HKD 129,268,032, a decrease from HKD 133,456,254 in the prior year[49]. - Total revenue for the six months ended December 31, 2018, was HKD 187,562,453, a decrease of 3.3% compared to HKD 195,197,611 for the same period in 2017[48]. Hotel Operations - The occupancy rates for City Garden Hotel, Royal Pacific Hotel, and Harbour Grand Hotel were 83.4%, 92.4%, and 90.7% respectively, compared to 90.8%, 94.3%, and 90.8% in the same period of 2017[8]. - Revenue for City Garden Hotel, Royal Pacific Hotel, and Harbour Grand Hotel was HKD 147 million, HKD 235.6 million, and HKD 411.1 million respectively, showing slight increases from HKD 144 million, HKD 211.9 million, and HKD 426.5 million in 2017[8]. - Hotel operations generated revenue of HKD 147,018,923, compared to HKD 143,992,123 in the previous year[46]. - Revenue from customer contracts recognized over time amounted to HKD 106,164,438, primarily from hotel room income and club operations[46]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.045 per share, payable on April 24, 2019, to shareholders listed on the register on March 19, 2019[7]. - The total dividend declared for the six months ended December 31, 2018, was HKD 49,759,479, compared to HKD 48,372,305 for the same period in 2017[55]. - The total number of shares issued under the scrip dividend scheme was 16,585,685 shares at an issue price of HKD 3.194 per share for the year ended 2018, compared to 15,208,277 shares at HKD 3.069 per share for the year ended 2017[61]. - The largest shareholder, Mr. Wong Chi Cheung, held 531,894,233 shares, representing 48.10% of the issued shares as of December 31, 2018[66]. - Major shareholder Huang Zhidai holds 533,936,206 shares, representing 48.28% of the issued shares[69]. - The total shares held by major shareholders indicate a concentration of ownership, with the top four shareholders holding over 82% of the company[70]. Cash Flow and Financial Position - As of December 31, 2018, the group had cash and bank deposits of HKD 1.09 billion with no outstanding debts[9]. - Net cash generated from operating activities for the six months ended December 31, 2018, was HKD 41,754,165, compared to HKD 53,666,202 for the same period in 2017, representing a decrease of approximately 22.2%[19]. - Cash and cash equivalents at the end of the period were HKD 37,637,990, down from HKD 60,065,679 year-over-year, a decline of about 37.4%[19]. - The company's equity attributable to shareholders increased to HKD 4,722,304,701 from HKD 4,636,725,094, marking a rise of approximately 1.8%[18]. - The company's total equity as of December 31, 2018, was HKD 4,722,304,701, compared to HKD 4,581,719,790 as of December 31, 2017, indicating an increase of about 3.1%[18]. Corporate Governance and Compliance - The company has established several committees, including a Remuneration Committee and an Audit Committee, to enhance corporate governance[73][75]. - The Remuneration Committee is responsible for setting the remuneration policy for all directors and senior management[73]. - The Audit Committee has reviewed the company's accounting policies and practices for the six months ending December 31, 2018[75]. - The company has adhered to all provisions of the corporate governance code as per the Listing Rules during the same period[77]. - All directors confirmed compliance with the trading code during the six months ending December 31, 2018[77]. Sustainability and Community Engagement - The group has implemented a sustainable development policy to reduce energy and water consumption, waste generation, and single-use plastic products[10]. - The group actively supports community services, including regular food donations to needy families and providing employment opportunities for local residents[11]. - The group is committed to corporate social responsibility, emphasizing high governance standards and environmental protection[11]. Accounting Standards and Financial Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, including HKFRS 9 and HKFRS 15, effective from July 1, 2018[22]. - The application of HKFRS 15 has not significantly impacted the timing and amount of revenue recognized during the interim period[29]. - The expected credit loss model under HKFRS 9 requires the group to recognize loss allowances for trade receivables and other receivables, reflecting changes in credit risk since initial recognition[37]. - The financial report is prepared on a historical cost basis, except for certain financial instruments measured at fair value[21].