HKR INT'L(00480)2024-11-18 10:02Financial Performance - The group's revenue for the six months ended September 30, 2024, was HKD 852.5 million, a decrease of 73.0% compared to HKD 3,157.1 million in the same period last year, primarily due to no new development projects completed in Hong Kong and mainland China during this period [4]. - The group recorded a loss attributable to the company's owners of HKD 474.3 million, a decrease of HKD 592.0 million compared to a profit of HKD 117.7 million in the same period last year [4]. - The group's gross profit for the period was HKD 299.4 million, down from HKD 1,110.7 million in the previous year [7]. - The company reported a comprehensive loss of HKD 540.0 million for the period, compared to a profit of HKD 115.6 million in the previous year [10]. - The company's basic loss per share was HKD 31.9, compared to earnings of HKD 7.9 per share in the previous year [7]. - The group incurred a net loss attributable to shareholders of HKD 474.3 million for the six months ending September 30, 2024 [34]. - The group's share of profit from joint ventures and associates was HKD 68.9 million, compared to HKD 504.5 million in the previous year [34]. - The hotel business segment reported an overall loss of HKD 30.7 million, compared to a loss of HKD 15.2 million in the same period last year, impacted by changes in consumer behavior and increased competition in the hotel market [92]. Dividends and Equity - The company has decided not to declare any interim dividend for this period, consistent with the previous year's decision [5]. - The total equity attributable to the company's owners was HKD 23,209.2 million, slightly down from HKD 23,358.3 million, reflecting a decrease of approximately 0.6% [19]. - The company did not declare any interim dividend for the six months ended September 30, 2024, and no final dividend for the fiscal year ending March 31, 2024 [44]. Assets and Liabilities - The group's non-current assets, including investment properties, amounted to HKD 13,919.2 million as of September 30, 2024, compared to HKD 13,843.2 million as of March 31, 2024 [17]. - Current assets totaled HKD 12,103.5 million, an increase from HKD 11,129.4 million as of March 31, 2024 [17]. - The group's total assets less current liabilities stood at HKD 34,843.3 million, down from HKD 36,465.9 million [17]. - As of September 30, 2024, the company's total non-current liabilities decreased to HKD 8,911.2 million from HKD 10,319.0 million as of March 31, 2024, representing a reduction of approximately 13.7% [19]. - The total liabilities as of September 30, 2024, were HKD 25,932.1 million, compared to HKD 26,146.9 million as of March 31, 2024, indicating a slight decrease of about 0.8% [19]. - The net debt as of September 30, 2024, was HKD 9,343.8 million, compared to HKD 9,021.4 million as of March 31, 2024 [95]. - The group's capital debt ratio increased to 40.3% as of September 30, 2024, from 38.6% as of March 31, 2024 [97]. Revenue Streams - Revenue from property development for the six months ended September 30, 2024, was HKD 175.4 million, while hotel revenue was HKD 99.3 million, contributing to a total revenue of HKD 852.5 million [27]. - The company reported rental income of HKD 220.6 million, which is part of the total income from property management [27]. - The total income from customer contracts was HKD 628.7 million, showing a diversified revenue stream across different segments [27]. - The company operates five business segments: property development, property investment, transportation services, hotel operations, and leisure business, each contributing to overall revenue [26]. Market and Development Outlook - The company anticipates continued market expansion and potential new product developments in the upcoming quarters, although specific figures were not disclosed [21]. - The company is advancing the "Discovery Bay 2.0 Blueprint," which includes new residential projects adding over 1,400 units and 1.3 million square feet of total floor area expected to be completed in Q1 2026 [54]. - The company plans to construct a new multi-purpose recreation center, with groundwork completed and major construction expected to commence in Q2 2025 [55]. - The company has received approval for land use changes to provide over 800 residential units, significantly increasing future land reserves [55]. - The group is actively optimizing its property portfolio in Discovery Bay to meet resident needs and enhance the overall experience, including introducing various dining options [66]. Operational Performance - The property development segment recorded a loss of HKD 240.3 million, compared to a profit of HKD 214.5 million in the same period last year, primarily due to no new development projects launched during the period [89]. - The property investment segment's performance declined by 5.7% to HKD 285.1 million, down from HKD 302.2 million, attributed to a decrease in rental income due to lower occupancy rates and rental renewals [90]. - The transportation services and property management segment saw an increase of 10.7% to HKD 16.6 million, up from HKD 15.0 million, driven by a steady rise in average daily passenger volume for bus services [91]. - The leisure business segment recorded a loss of HKD 2.0 million, an improvement from a loss of HKD 12.0 million, mainly due to increased income from bond transfers and enhanced cost control measures across all operational units [94]. Employee and Corporate Governance - The group currently employs 1,450 staff members and is committed to enhancing employee welfare and maintaining a positive work environment [85]. - The board of directors includes Executive Chairman Mr. Cha Mau Cheng and CEO Mr. Tang Man Wah [109]. - The company is committed to compliance with the Hong Kong Companies Ordinance [109].