Financial Performance - The company reported a profit of HKD 35.7 million for the six months ended September 30, 2023, compared to a loss of HKD 33.1 million in the same period last year[2]. - Total revenue for the period was HKD 94.2 million, significantly up from HKD 17.8 million in the previous year, representing a growth of approximately 429%[6]. - Revenue from property sales was HKD 88.2 million, while rental income contributed HKD 1.0 million, indicating strong performance in real estate development[6]. - The company achieved a gross profit margin of approximately 36% for the period, compared to a gross loss margin of 16.6% in the previous year[10]. - The company’s total comprehensive income attributable to equity holders was HKD 34.9 million, compared to a loss of HKD 32.4 million in the prior year[2]. - The company’s earnings per share increased to HKD 5.8 cents, up from HKD 5.4 cents year-on-year[10]. - The group reported a fair value change in financial investments through profit or loss of HKD 9.4 million for the six months ended September 30, 2023, compared to HKD 18.5 million for the same period in 2022[48]. - Earnings per share for the period was HKD 35.7 million, compared to a loss of HKD 33.1 million in the same period last year, with 617,531,425 shares issued[50]. Dividends and Shareholder Returns - The company plans to maintain an interim dividend of HKD 0.12 per share, consistent with the previous year[10]. - The group plans to declare an interim dividend of HKD 0.12 per share, consistent with the same period last year[31]. - The proposed interim dividend is HKD 0.12 per share, consistent with the previous year[51]. Assets and Liabilities - Total assets decreased to HKD 6,659.1 million from HKD 6,773.5 million as of March 31, 2023, reflecting a decline of approximately 1.7%[22]. - The group's total liabilities decreased to HKD 182.9 million from HKD 263.2 million as of March 31, 2023, a reduction of approximately 30.5%[22]. - Non-current assets, including interests in joint ventures, amounted to HKD 272.7 million, down from HKD 358.7 million as of March 31, 2023[34]. - The group’s current assets were HKD 6,386.4 million as of September 30, 2023, slightly down from HKD 6,414.8 million as of March 31, 2023[60]. - The group’s cash and bank deposits decreased to HKD 1,257.7 million from HKD 1,384.6 million as of March 31, 2023[39]. - As of September 30, 2023, the group's net cash after deducting loans was HKD 1.257 billion, compared to HKD 1.296 billion as of March 31, 2023[88]. Customer Base and Revenue Sources - The company has identified four major customers contributing to approximately 10% of total revenue, highlighting a diversified customer base[19]. - Bank interest income increased to HKD 26.7 million from HKD 9.9 million year-on-year, representing a growth of 169.7%[22]. Market Outlook and Strategic Developments - The group is progressing well with the sales preparations for the "Shallow Bay 108" project, which features luxury residences with scenic views[63]. - The hotel occupancy rate significantly increased in the second and third quarters of 2023, following renovations and improvements[64]. - The group expects market conditions to improve in the next one to two quarters if the U.S. Federal Reserve stabilizes interest rates[65]. - The recent government report announced the relaxation of property market control measures, which is expected to stimulate residential property transactions[66]. - The hotel industry outlook is expected to improve steadily due to local demand recovery and increased inbound travelers, despite challenges such as inflation and labor shortages[84]. - The group maintains a strong balance sheet and ample cash reserves to navigate market volatility and economic uncertainties[87]. Corporate Governance and Compliance - The group is committed to maintaining high standards of corporate governance and will continue to review its governance practices[93]. - The group has adopted the standard code for securities transactions by directors, ensuring compliance during the reporting period[75]. Employment and Expenses - The group employed a total of 147 staff in Hong Kong and the U.S., with employee expenses for the first half of the year reaching HKD 28.7 million[89]. - The group’s financial expenses were recorded at HKD 0.6 million, a slight decrease from the previous year[6]. Other Financial Information - The group reported a tax expense of HKD 0.6 million for the current period, up from HKD 0.3 million in the previous year[22]. - The group’s attributable share of income tax from joint ventures was HKD 5.2 million for the six months ended September 30, 2023, up from HKD 0.2 million in 2022[49]. - The group has a bank loan of HKD 88 million, with an effective interest rate of 8.24% as of March 31, 2023[56]. - The group has not repurchased any company shares during the first half of the year[90].
TAI CHEUNG HOLD(00088) - 2024 - 中期业绩