Financial Performance - Total operating revenue for the six months ended June 30, 2023, was HKD 341,648,000, a decrease of 5.5% compared to HKD 362,136,000 in the same period of 2022[2] - Gross profit for the same period was HKD 179,908,000, slightly down from HKD 181,201,000, reflecting a gross margin of approximately 52.7%[2] - Net profit for the period was HKD 20,463,000, a decline of 34.9% from HKD 31,404,000 in the previous year[7] - Basic earnings per share decreased to HKD 0.98 from HKD 1.59, indicating a significant drop in profitability[3] - Operating profit for the six months ended June 30, 2023, was HKD 341,648,000, down 5.6% from HKD 362,136,000 in the same period last year[14] - The company reported a pre-tax profit of HKD 93,464,000 for the period, compared to HKD 119,862,000 in the previous year[15][21] - The group recorded a net profit after tax of HKD 19,387,000 for the first half of 2023, a decrease of approximately 38.15% compared to HKD 31,346,000 in the same period of 2022[31] Assets and Liabilities - Non-current assets as of June 30, 2023, totaled HKD 8,388,402,000, down from HKD 8,737,074,000 at the end of 2022[8] - Current assets increased to HKD 9,769,550,000 from HKD 10,058,240,000, primarily driven by changes in property development and inventory[9] - Total liabilities decreased to HKD 4,665,221,000 from HKD 4,745,348,000, indicating improved financial stability[9] - The company's equity attributable to shareholders was HKD 11,924,916,000, down from HKD 12,388,347,000, reflecting a decrease in retained earnings[10] - The group's total liabilities were HKD 5,923,785,000, with about 62.50% classified as current liabilities[49] - The group recorded a current ratio of 2.09 and a debt-to-equity ratio of 49.68% as of June 30, 2023, indicating stable liquidity and increased leverage due to new borrowings[49] Revenue Breakdown - Total revenue for the six months ended June 30, 2023, was HKD 304,291,000, compared to HKD 301,780,000 for the same period in 2022, representing a growth of 1.7%[14] - Revenue from property sales was HKD 148,822,000, a decrease of 9.4% from HKD 164,374,000 in the previous year[14] - Revenue from golf club services increased significantly to HKD 24,275,000, up 72.5% from HKD 14,082,000 in 2022[14] - Revenue from property development and sales decreased to HKD 148,822,000 in the first half of 2023, down from HKD 164,374,000 in 2022, with a corresponding decline in gross profit margin[31] - The group’s total revenue from the Tang Chen Yi Garden project was approximately HKD 4,560,000, accounting for about 1.33% of total operating revenue[37] Other Income and Expenses - The company reported a loss of HKD 9,789,000 in other income and losses, an improvement from a loss of HKD 13,141,000 in the previous year[2] - The company incurred financing costs of HKD 7,124,000, a decrease from HKD 8,013,000 in the previous year[23] - The total tax expense for the period was HKD 73,001,000, compared to HKD 76,306,000 in the previous year[24] - The company reported a significant increase in other income, including interest income of HKD 33,212,000, compared to HKD 35,725,000 in the previous year[22] Future Plans and Market Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[11] - The group plans to develop residential projects in Jinqiao Town, Shanghai, with a total floor area of approximately 328,687.5 square meters over six phases, with the first phase expected to be delivered in the first half of 2024[38] - The group is actively advancing construction and sales plans for the project located in Jinqiao Town, Pudong, Shanghai, which is anticipated to be a significant contributor to future profits[52] - The main profit sources for the group in 2023 are expected to be from the sales of high-end residential properties, specifically from projects like Tang Chen Yi Pin and Tang Chen Zhu Jiao Shan Yi Hao[52] - The company maintains a cautious optimism regarding long-term economic development in mainland China, despite short-term market volatility due to high interest rates and low sentiment[52] Dividends and Shareholder Returns - The company did not recommend an interim dividend for the review period, but paid an interim dividend of HKD 0.085 per share for the year ended December 31, 2022, totaling approximately HKD 167,537,000[26] - The group does not recommend the payment of an interim dividend for the six months ended June 30, 2023[31] Corporate Governance - The board believes it has complied with all applicable code provisions of the Corporate Governance Code during the reporting period, with a noted deviation regarding the dual role of the chairperson and managing director[53] - The interim results announcement for the six months ended June 30, 2023, will be published on the Hong Kong Stock Exchange and the company's website by the end of September 2023[54]
汤臣集团(00258) - 2023 - 中期业绩