LAI SUN DEV(00488)2024-10-18 13:43Financial Performance - The company reported a loss attributable to shareholders of HKD 3,674,700,000, while operating loss narrowed to HKD 1,589,400,000 from HKD 2,310,200,000 in the previous fiscal year[1]. - Adjusted EBITDA increased to HKD 1,151,500,000, representing a year-on-year growth of 46.4%[1]. - The company reported a significant decrease in property, plant, and equipment depreciation from HKD 392,869,000 in 2023 to HKD 341,362,000 in 2024, a reduction of about 13%[13]. - The company recorded a net impairment loss on receivables of HKD 17,746,000 in 2024, compared to HKD 32,552,000 in 2023, reflecting a decrease of about 45%[13]. - The company reported a tax expense of HKD 396,271,000 for 2024, compared to a tax credit of HKD 59,227,000 in 2023, reflecting a significant change in tax position[21]. - The company reported a significant reduction in total assets from HKD 62,849,242 thousand to HKD 60,882,721 thousand, a decrease of approximately 3.1%[4]. - The company reported a net loss attributable to shareholders of approximately HKD 3,674,700,000, an increase from HKD 2,966,000,000 in the previous year[43]. - The adjusted net loss, excluding fair value losses on investment properties and other non-cash and non-recurring items, was approximately HKD 913.8 million for the year ended July 31, 2024, compared to HKD 1,025.4 million for the previous year, showing a decrease of 10.9%[48]. Revenue and Sales - Total revenue for 2024 reached HKD 6,243,954,000, an increase from HKD 5,075,973,000 in 2023, representing a growth of approximately 23%[14]. - The company achieved a total of HKD 2,630,984,000 in revenue from mainland China and Macau for 2024, up from HKD 1,981,296,000 in 2023, marking an increase of around 33%[14]. - Revenue from property sales increased to HKD 1,529,479,000 in 2024, up from HKD 946,639,000 in 2023, representing a growth of 61.5%[16]. - The group reported a total of 18 contracted residential units in Bal Residence, with a total sales revenue of HKD 94.0 million[75]. - The total confirmed sales revenue for the year ending July 31, 2024, was HKD 1,529,500,000, an increase from HKD 946,600,000 in 2023, representing a growth of approximately 61.5%[74]. Assets and Liabilities - Total liabilities decreased significantly from HKD 11,120,774 thousand to HKD 6,538,849 thousand, a reduction of approximately 41.0%[4]. - The company's net current assets increased to HKD 8,230,896 thousand from HKD 5,289,320 thousand, reflecting a growth of about 55.0%[4]. - Non-current assets decreased to HKD 52,651,825 thousand from HKD 57,559,922 thousand, a decline of approximately 8.3% year-over-year[4]. - Current assets also saw a decrease, totaling HKD 14,769,745 thousand compared to HKD 16,410,094 thousand, representing a drop of about 9.9%[4]. - The total assets for 2024 were HKD 56,681,622,000, down from HKD 60,154,247,000 in 2023, indicating a decrease of approximately 6%[14]. Market and Economic Conditions - The global economic outlook remains uncertain due to geopolitical tensions and inflationary pressures, impacting business activities[27]. - Hong Kong's property market shows signs of recovery, with visitor numbers increasing to approximately 21 million in the first half of 2024, a 64% year-on-year growth[28]. - The office and retail leasing sectors continue to face challenges due to oversupply and reduced demand, but the company is focused on optimizing its tenant portfolio[28]. - The Chinese government has implemented measures to stabilize the real estate market, including lowering down payment requirements and mortgage rates, aiming to boost market confidence[31]. Property Development and Sales - The company has sold 84 out of 156 units at Bal Residence and pre-sold 103 out of 112 units at 尚柏, with estimated proceeds of HKD 436,200,000 and HKD 305,600,000 respectively[1]. - The construction of Shang Pak in Yuen Long is expected to be completed by the end of 2024, with a total saleable area of approximately 36,720 square feet and 112 residential units; as of October 15, 2024, 103 units have been pre-sold, totaling 32,623 square feet at an average price of HKD 9,368 per square foot[29]. - The "Huang Zhu Keng" project is expected to provide approximately 825 residential units, with a total investment of HKD 18 billion, and is projected to be completed in Q4 2025[82]. - The "Broadcast Road 79" project is planned to develop approximately 46 residential units, with a total investment of HKD 2.3 billion, and is expected to be completed in the first half of 2026[83]. Rental Income and Leasing - Rental income from investment properties rose to HKD 1,264,200,000, an increase of 8.9% year-on-year[1]. - The rental income from mainland China properties increased by 11.8% to HKD 714,100,000 from HKD 638,700,000[52]. - The occupancy rate for the group's properties in Hong Kong improved, with notable increases at Cheung Sha Wan Plaza (96.9%) and Lai Sun Commercial Centre (98.9%) compared to the previous year[52]. - The overall occupancy rate for the group's properties in London showed a decline, particularly at Leadenhall Street 107, which dropped to 47.8%[52]. Strategic Initiatives and Future Outlook - The company plans to continue reviewing and reallocating resources across its business segments as needed[1]. - Future outlook indicates a focus on market expansion and new product development strategies[9]. - The group plans to continue expanding its property portfolio and enhancing rental income through strategic acquisitions and developments[54]. - The company aims to leverage its integrated media platform to capture opportunities in the entertainment market while seeking collaboration and investment opportunities[36].