Financial Performance - For the six months ended June 30, 2024, the company reported a consolidated loss attributable to shareholders of HKD 422.6 million, compared to a loss of HKD 243.7 million for the same period in 2023, representing an increase of 73.4%[3] - Revenue for the same period decreased by 13.3% to HKD 1,390.1 million, down from HKD 1,602.7 million in 2023[2] - Gross profit for the six months was HKD 412.3 million, a decline of 35.8% from HKD 642.5 million in the previous year[2] - EBITDA for the period was HKD 87.3 million, a significant drop of 70.0% from HKD 291.4 million in 2023[2] - The company’s core business reported a loss of HKD 210.8 million, compared to a loss of HKD 70.5 million in the prior year, reflecting an increase of 199.0%[2] - For the six months ended June 30, 2024, the company recorded a consolidated loss attributable to shareholders of HKD 676.3 million, compared to a loss of HKD 383.1 million in the same period of 2023[8] - For the same period, the company reported a consolidated loss attributable to shareholders of HKD 1,599.2 million, an increase from a loss of HKD 762.6 million in 2023[9] - The company recorded an unaudited consolidated loss of HKD 19.8 million for the six months ended June 30, 2024, compared to a profit of HKD 105.2 million in the same period of 2023[10] - The company reported a consolidated loss attributable to shareholders of HKD 169 million for the six months ended June 30, 2024, compared to a loss of HKD 98.3 million in 2023[11] - The group reported a loss attributable to equity holders of HKD 1,022.7 million for the six months ended June 30, 2024, compared to a loss of HKD 651.7 million in the same period of 2023[47] - Total comprehensive loss for the period was HKD (1,075.0) million, up from HKD (822.9) million in the previous year, indicating a year-over-year increase of 30.7%[49] - The company reported a basic and diluted loss per share of HKD (14.44) cents for the six months ended June 30, 2024, compared to HKD (8.66) cents for the same period in 2023, indicating a worsening of 66.1%[48] Asset and Liability Management - The adjusted net asset value per share as of June 30, 2024, was HKD 3.23, down 4.4% from HKD 3.38 as of December 31, 2023[2] - As of June 30, 2024, the group's total liabilities were HKD 18,144.8 million, up from HKD 17,785.2 million as of December 31, 2023[40] - The asset-liability ratio increased to 47.3% as of June 30, 2024, compared to 44.3% at the end of 2023[40] - The company's net asset value decreased to HKD 15,249.2 million from HKD 16,396.5 million, a decline of 7.0%[50] - The company's total liabilities increased to HKD 23,073.1 million as of June 30, 2024, from HKD 22,740.5 million as of December 31, 2023, reflecting a slight increase of 1.5%[50] - The net current assets amount to HKD 1,478.2 million as of June 30, 2024, reflecting a decrease of HKD 851.8 million from December 31, 2023[54] Revenue and Income Sources - The group's revenue for the six months ended June 30, 2024, was HKD 1,390.1 million, a decrease of 13.2% compared to HKD 1,602.7 million for the same period in 2023[47] - Revenue from property development and investment was HKD 504.1 million, down 36.8% from HKD 798.0 million year-over-year[57] - Hotel operations and management revenue increased to HKD 838.6 million, up 12.4% from HKD 746.4 million in the previous year[57] - Other income sources included rental income from hotel properties of HKD 24.8 million, up from HKD 23.6 million, and investment properties of HKD 37.8 million, down from HKD 40.0 million[58] - The company generated HKD 69.2 million from the sale of properties, factories, and equipment, with no comparable revenue in the previous year[59] - The company reported a total of HKD 118.6 million in other income and gains, significantly up from HKD 41.3 million in the previous year[59] Operational Challenges and Market Conditions - The company continues to face challenges due to a weakened real estate market in Hong Kong and mainland China, impacting property sales significantly[5] - The financing costs increased due to relatively high interest rates in Hong Kong, contributing to the overall consolidated loss for the period[5] - The overall performance indicates a strategic shift towards enhancing operational efficiency and diversifying income streams amid challenging market conditions[57] Business Development and Projects - The company holds a 48% interest in 8D Matrix Limited, which focuses on producing quality multimedia content and related services[14] - The company has distributed nearly 7 million books in collaboration with KFC across 5,000 stores in China since 2017[15] - The company plans to develop a series of bilingual educational books focused on environmental, social, and governance themes in collaboration with well-known publishers[15] - The residential project "尚築" has sold all units, while 7 garden houses in "富豪‧悅庭" are still available for sale[17] - The "富豪‧山峯" project has achieved total sales of HKD 4,356,000,000, with 20 garden houses and 55 apartment units sold or under contract[20] - The "富豪酒店國際控股有限公司" has developed a new hotel at Hong Kong International Airport, with a total floor area of 33,700 square meters and 1,208 rooms, officially opened in April 2023[25] - The "We Go MALL" shopping mall has maintained stable leasing conditions since its opening in 2018, with a site area of 5,090 square meters[18] - The "尚都" project has completed the sale of all residential units and several commercial units, with a total floor area of 7,159 square meters[19] - The "富豪‧山峯" project has received 8 international awards, including the Best Luxury Residential Project in Hong Kong in 2021[20] - The company is closely monitoring market conditions to align with its sales plans for remaining valuable units in various projects[20] - The company has completed the demolition of existing properties at the site on 金華街 and is finalizing plans for a commercial/residential development[23] - The company has acquired properties on 青山道 for redevelopment, with plans to integrate historical preservation into the new project[24] - The project at 160 Queen's Road West has a total floor area of approximately 5,826 square meters (62,711 square feet) and includes 130 residential units, with occupancy permits issued in August 2022[26] - The acquisition of the property at 227-227C Hoi Tan Street was completed through a judicial process, with a total site area of 431 square meters (4,644 square feet) planned for commercial/residential development[27] - A garden house at Regal Bay was sold for HKD 105,000,000, with 8 garden houses remaining for sale, totaling approximately 3,719 square meters (40,028 square feet)[28] - The hotel property in Barcelona has 186 rooms and is currently leased to a third party, generating stable rental income[29] - The historical building at 41 Kingsway, London, has a total floor area of approximately 2,150 square meters (23,140 square feet), with plans for alternative commercial strategies under consideration[30] - The renovation project in Lisbon has a total floor area of approximately 1,836 square meters (19,768 square feet), with permits expected to be issued in August 2024 for residential and commercial units[31] - The Chengdu project has a total floor area of approximately 495,000 square meters (5,330,000 square feet), with residential sales generating approximately RMB 2,048,300,000 (HKD 2,243,100,000)[32] - In the Tianjin project, a total area of 9,744 square meters (104,884 square feet) of commercial space was sold for approximately RMB 185,400,000 (HKD 200,600,000)[34] Governance and Compliance - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange, with the exception of the roles of Chairman and CEO not being separated[70] - The company did not declare an interim dividend for the fiscal year ending December 31, 2024[46] - The company did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the previous year[64] - There were no repurchases, sales, or redemptions of the company's listed securities during the six months ended June 30, 2024[68] - The company has adopted revised Hong Kong Financial Reporting Standards, which did not significantly impact its financial position or performance[52]
世纪城市国际(00355) - 2024 - 中期业绩