Revenue and Profit Performance - Revenue for the six months ended September 30, 2023, was HKD 125,427 thousand, compared to HKD 118,089 thousand in the same period last year[16] - Net profit attributable to shareholders was HKD 18,098 thousand, a significant increase from HKD 2,821 thousand in the prior year[16] - Net profit for the six months ended September 30, 2023, was HK27,579thousand,comparedtoHK11,818 thousand in the same period last year, representing a significant increase[38] - The group's revenue for the six months ended September 30, 2023, increased by 6.2% to HKD 125,400,000 compared to HKD 118,100,000 in the same period last year[112] - The group's net profit for the six months ended September 30, 2023, was HKD 27,600,000, compared to HKD 11,800,000 in the same period last year[112] - Total revenue for the period was HKD 125,427 thousand in 2023, up from HKD 118,089 thousand in 2022[80] - Profit before tax decreased to HKD 8,705 thousand in 2023 from HKD 19,473 thousand in 2022[80] Operating Profit and Earnings - Operating profit for the period was HKD 86,602 thousand, up from HKD 81,247 thousand in the previous year[16] - Earnings per share for the period were HKD 1.57, compared to HKD 0.24 in the same period last year[16] - The group's operating profit for the six months ended September 30, 2023, increased by 6.7% to HKD 86,600,000 compared to HKD 81,200,000 in the same period last year[112] Assets and Liabilities - Total assets as of September 30, 2023, were HKD 11,116,561 thousand, slightly down from HKD 11,140,635 thousand as of March 31, 2023[19] - Total liabilities decreased to HKD 2,441,898 thousand from HKD 2,469,122 thousand as of March 31, 2023[19] - The company's total equity and liabilities stood at HKD 11,116,561 thousand as of September 30, 2023[19] - The company's total assets as of September 30, 2023, were HK11,116,561thousand,slightlylowerthanHK11,140,635 thousand as of March 31, 2023[47] - The company's total liabilities as of September 30, 2023, were HK2,441,898thousand,comparedtoHK2,467,075 thousand as of March 31, 2023[47] - Total assets decreased slightly from HKD 11,140,635 thousand in 2022 to HKD 11,116,561 thousand in 2023[53] - The company's equity attributable to shareholders was HK8,668thousandasofSeptember30,2023[38]−Thecompany′sequityinassociatesdecreasedtoHKD861,752thousandasofSeptember30,2023,fromHKD917,744thousandasofMarch31,2023[92]−SupremeKeyLimited′snetassetvaluedecreasedtoHKD740,451thousandasofSeptember30,2023,fromHKD896,814thousandasofMarch31,2023[97]−Thecompany′sinvestmentinassociateshadacarryingamountofHKD1,873,580asofSeptember30,2023[190]CashFlowandFinancialActivities−CashandbankbalancesdroppedfromHKD262,773thousandin2022toHKD214,873thousandin2023,adecreaseof18.22,594,524 thousand as of September 30, 2023, slightly higher than HK2,584,702thousandasofMarch31,2023[47]−Thegroup′sinvestmentinSupremeKeyLimitedhadatotalinvestmentcostofHKD1,784,449,000asofSeptember30,2023,comparedtoHKD1,718,656,000asofMarch31,2023[105]−Thegroup′sinvestmentintheShanghaiXianlePlazapropertyrecordedafairvaluelossofHKD2,900,000asofSeptember30,2023,comparedtoalossofHKD19,700,000inthesameperiodlastyear[113]−Thecompany′shotelinvestmentsaremadeentirelythroughassociates[192]FinancialInstrumentsandRiskManagement−Thecompany′sfinancialinstrumentsareclassifiedintothreelevelsbasedontheobservabilityoffairvaluemeasurementparameters[23]−Thecompany′sfinancialriskmanagementpoliciesandproceduresremainedunchangedfromthepreviousyear[46]−Thecompany′sfinancialliabilitiesaredenominatedinHKD,withinvestmentsinThailand,China,andJapanvaluedatHKD350,700,000,HKD217,600,000,andHKD99,600,000respectivelyasofSeptember30,2023[141]DividendsandShareholderEquity−ThecompanydidnotrecommendanyinterimdividendfortheperiodendedSeptember30,2023[2]−Thecompany′sboardofdirectorsdoesnotrecommendthepaymentofanyinterimdividendforthesixmonthsendedSeptember30,2023[197]−Thecompany′stotalequityinterestsheldbydirectorsandtheirfamiliesamountedto45.8124,429 thousand, a decrease from HK104,912thousandinthepreviousyear[38]−TotalcomprehensiveincomefortheperiodwasHK3,150 thousand, a significant improvement from a loss of HK$93,094 thousand in the same period last year[38] - The company's total tax expense for the six months ended September 30, 2023, was HKD 18,874,000, compared to HKD 7,655,000 for the same period in 2022[188] - The company's total deferred tax liabilities decreased by HKD 20,835,000 for the six months ended September 30, 2023, compared to an increase of HKD 1,883,000 for the same period in 2022[188] Employee Costs and Compensation - Employee costs (including directors' remuneration) rose from HKD 6,162 thousand in 2022 to HKD 6,799 thousand in 2023, an increase of 10.3%[76] - The company's salary and bonus policies ensure competitive compensation for its 18 employees as of September 30, 2023[175] Guarantees and Commitments - The company guaranteed HKD 1,879,800,000 in bank financing for a subsidiary as of September 30, 2023[156] - The company's total guarantees and commitments amounted to HKD 1,910,445 as of September 30, 2023, including guarantees for utilized bank financing of subsidiaries and future minimum lease payments for land and buildings[200] - The company's total guarantees for utilized bank financing of subsidiaries remained unchanged at HKD 1,879,800 as of September 30, 2023[200] International Operations and Investments - The Shanghai Jia Hua Center in China, with a 7.7% stake, had a 94% occupancy rate and recorded a profit of HKD 4,900,000 before exchange differences[127] - The three commercial buildings in Tokyo, Japan, with a 5.1% stake, had occupancy rates of 78%, 91%, and 100%, and recorded a loss of HKD 11,100,000 due to yen depreciation[127] - The Pullman Bangkok Hotel G in Thailand, with a 49.5% stake, recorded revenue of THB 237,600,000 (HKD 51,700,000) and operating profit of THB 63,600,000 (HKD 13,800,000), with an average occupancy rate of 71%[128] - The Pullman Pattaya Hotel G in Thailand, with a 49.5% stake, recorded revenue of THB 186,300,000 (HKD 40,500,000) and operating profit of THB 58,300,000 (HKD 12,700,000), with an average occupancy rate of 77%[128] - The Regent Hong Kong, with a 30% stake, achieved an average occupancy rate of 55% and an average daily room rate of HKD 4,485, generating revenue of HKD 197,200,000 and an operating loss of HKD 60,700,000[139] - The company's two hotels in Thailand (Bangkok and Pattaya) returned to operating profit and continued to grow, with Thailand's tourism recovering to over 18 million visitors in the first eight months of 2023[151] Market and Economic Outlook - The company is optimistic about the recovery of the luxury hotel industry and expects the Regent Hong Kong's revenue to reach or exceed pre-COVID levels soon, with continued improvement in the performance of Thai hotels[140] - The company's financial performance is influenced by global economic uncertainties, geopolitical challenges, and high-interest rates, with no immediate growth drivers replacing the financial sector in Hong Kong[173] Shareholdings and Subsidiaries - The company's total number of ordinary shares outstanding is not explicitly stated, but significant shareholdings include Eternity Rich Investments Ltd. with 20,699,216 shares and Prosperous Island Limited with 97,324,936 shares[178][181] - The company's subsidiary, Supreme Key Limited, invested in the renovation of The Regent Hong Kong (formerly The InterContinental Hong Kong), which partially reopened in December 2022[163] Accounts Receivable and Payables - The company's accounts receivable, advances, and prepayments totaled HKD 26,477,000 as of September 30, 2023, primarily consisting of rental income[150] - The group's total payable accounts and other payables as of September 30, 2023, were HKD 46,686 thousand, compared to HKD 57,905 thousand as of March 31, 2023[101] Capital Expenditures and Investments - Capital expenditures decreased significantly from HKD 7,897 thousand in 2022 to HKD 719 thousand in 2023[73] - Investment properties with a carrying value of HKD 7,852,100,000 were pledged as collateral for bank loans of HKD 2,281,000,000[155] Interest Income and Expenses - Interest income surged from HKD 1,326 thousand in 2022 to HKD 4,566 thousand in 2023, a 244.3% increase[76] - Interest income from financial assets measured at amortized cost increased to HKD 4,566 thousand in 2023 from HKD 1,305 thousand in 2022[87] Hong Kong and Overseas Revenue - Hong Kong revenue increased to HKD 120,722 thousand in 2023 from HKD 116,734 thousand in 2022, while overseas revenue rose to HKD 4,705 thousand from HKD 1,355 thousand[81]
