MELCO INT'L DEV(00200)2024-08-30 12:34Financial Performance - For the six months ended June 30, 2024, net revenue was HKD 17.77 billion, an increase of HKD 4.73 billion or 36.3% compared to HKD 13.04 billion for the same period in 2023, driven by the recovery of inbound tourist numbers in Macau[3]. - Adjusted EBITDA for the six months ended June 30, 2024, was HKD 4.49 billion, up from HKD 3.20 billion for the same period in 2023[3]. - The after-tax loss for the six months ended June 30, 2024, was HKD 440 million, significantly improved from a loss of HKD 1.40 billion for the same period in 2023[3]. - Basic loss per share attributable to owners for the six months ended June 30, 2024, was HKD 0.17, compared to HKD 0.49 for the same period in 2023[3]. - The company reported a loss attributable to owners of HKD 5,400,984,000 for the period ending June 30, 2024, compared to a loss of HKD 5,036,855,000 for the same period in 2023[10]. - The company reported a net loss of HKD 443,629 for the six months ended June 30, 2024, compared to a net loss of HKD 1,402,622 for the same period in 2023, indicating an improvement in performance[17][18]. - The company reported a loss attributable to shareholders of HKD 253,216,000 for the six months ended June 30, 2024, compared to a loss of HKD 733,248,000 for the same period in 2023, indicating a significant improvement[29]. Revenue and Expenses - The total operating costs and expenses for the six months ended June 30, 2024, were HKD 15.95 billion, compared to HKD 12.40 billion for the same period in 2023[4]. - The company recorded operating income of HKD 1.82 billion for the six months ended June 30, 2024, compared to HKD 635 million for the same period in 2023[4]. - Total revenue for the six months ended June 30, 2024, was HKD 17,765,628,000, a 36.1% increase from HKD 13,038,389,000 in the same period of 2023[21]. - Entertainment revenue reached HKD 14,516,622,000, up 35.5% from HKD 10,723,324,000 year-over-year[22]. - Customer contract revenue for the six months ended June 30, 2024, was HKD 17,543,106,000, compared to HKD 12,844,373,000 in the prior year, reflecting a 36.5% increase[23]. - Depreciation and amortization expenses totaled HKD 2,250,395,000 for the six months ended June 30, 2024, compared to HKD 2,099,709,000 in 2023, an increase of 7.2%[24]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HKD 75.31 billion, a decrease from HKD 76.68 billion as of December 31, 2023[7]. - Current assets as of June 30, 2024, amounted to HKD 11.18 billion, down from HKD 12.73 billion as of December 31, 2023[7]. - The total assets as of June 30, 2024, amounted to HKD 86,495,623, a decrease from HKD 89,411,449 as of December 31, 2023, indicating a reduction of approximately 3.2%[19]. - The total liabilities as of June 30, 2024, were HKD 76,650,186, down from HKD 79,038,242 as of December 31, 2023, showing a decrease of about 3.0%[19]. - The company's equity as of June 30, 2024, was HKD 9,845,437,000, down from HKD 10,373,207,000 at the end of 2023[10]. - The total current liabilities amounted to HKD 16,317,284,000 as of June 30, 2024, significantly higher than the previous figure of HKD 8,726,114,000[10]. Cash and Borrowings - The company's cash and bank balances stood at HKD 9,199,738,000, with available undrawn borrowing capacity of HKD 15,217,857,000, subject to certain conditions[10]. - The total interest-bearing borrowings were HKD 61,566,991,000 as of June 30, 2024, down from HKD 63,557,455,000 as of December 31, 2023, showing a reduction in debt levels[35]. - The group's available undrawn borrowing capacity as of June 30, 2024, was HKD 15,217,857,000, up from HKD 8,246,959,000 as of December 31, 2023[43]. - The debt-to-capital ratio was 71.2% as of June 30, 2024, slightly up from 71.1% as of December 31, 2023[93]. Operational Highlights - The company operates integrated resort facilities in Asia and Europe, with significant investments in Macau and the Philippines[9]. - The company plans to continue expanding its operations in Macau and other jurisdictions, focusing on enhancing customer experience and service offerings[26]. - The group continues to maintain strong performance in its Philippine operations, particularly at City of Dreams Manila and City of Dreams Mediterranean in Cyprus[49]. - Macau's visitor numbers increased by 43.6% compared to the same period in 2023, reaching 82.4% of the pre-pandemic levels in the first half of 2019[58]. - The group is expanding globally with a partnership with John Keells Holdings PLC to develop Sri Lanka's first integrated resort, expected to open in Q4 2024, featuring hotels, restaurants, and banquet facilities[59]. Strategic Initiatives - The company continues to focus on environmental sustainability through its "RISE" strategy, which includes investments in renewable energy and sustainable practices[68]. - The company has actively supported local SMEs by organizing promotional events and training workshops to enhance their market presence and competitiveness[67]. - The group announced a strategic partnership with John Keells Holdings PLC to establish the first integrated resort in Sri Lanka, named City of Dreams Sri Lanka[49]. Employee and Governance - The total number of employees in the group was 20,686, an increase from 19,676 as of June 30, 2023[98]. - Employee costs for the six months ended June 30, 2024, amounted to HKD 3,324,400,000, compared to HKD 2,991,700,000 for the same period in 2023[98]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim results for the six months ended June 30, 2024[102]. - Deloitte has been appointed as the new auditor following the resignation of Ernst & Young, effective June 28, 2024[104].