Financial Performance - The company reported financial income of HKD 38,648,000 for the six months ended September 30, 2023, compared to HKD 18,382,000 in the same period of 2022, representing an increase of 110%[3]. - The net financial expenses for the same period were HKD (47,484,000), up from HKD (40,177,000) in 2022, indicating a rise of 8%[3]. - The profit before tax was HKD 129,756,000, slightly down from HKD 135,560,000 in the previous year, reflecting a decrease of 4%[3]. - The company's net profit for the period was HKD 68,469,000, down from HKD 94,858,000 in 2022, a decline of 28%[3]. - Earnings per share (basic and diluted) were HKD 0.19, compared to HKD 0.32 in the same period last year, a decrease of 41%[3]. - The company reported a gross profit of HKD 466,422,000 for the six months ended September 30, 2023, compared to HKD 406,170,000 in 2022, an increase of 15%[17]. - Operating profit for the period was HKD 131,891,000, compared to HKD 132,586,000 in the previous year, a marginal decrease of 1%[17]. - The company experienced a total comprehensive expense of HKD (159,654,000) for the period, compared to HKD (455,990,000) in 2022, indicating a significant reduction in losses[19]. - The total tax expense for the six months ended September 30, 2023, was HKD 61,644, an increase from HKD 46,456 in the previous year, representing a rise of approximately 32.7%[65]. - The company reported a net profit of HKD 58,596,000 for the six months ended September 30, 2023, down from HKD 95,537,000 in the previous year[88]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 11,550,815,000, a slight decrease from HKD 11,838,306,000 as of March 31, 2023[14]. - The group's total assets less current liabilities amounted to HKD 14,870,267, an increase from HKD 14,784,976[36]. - The total equity decreased to HKD 10,720,497 from HKD 11,033,762[36]. - The total liabilities increased to HKD 5,728,181 from HKD 5,344,213, indicating a rise of approximately 7.2%[36]. - Total liabilities increased to HKD 3,014,011,000 as of September 30, 2023, compared to HKD 2,968,571,000 as of March 31, 2023[71]. - The company's cash and cash equivalents stood at HKD 2,622,537,000 as of September 30, 2023, an increase from HKD 2,502,637,000 as of March 31, 2023[14]. - Trade receivables increased to HKD 660,282,000 as of September 30, 2023, compared to HKD 426,344,000 as of March 31, 2023, representing a growth of 55%[69]. - Trade payables and notes payable decreased to HKD 358,196,000 as of September 30, 2023, down from HKD 381,111,000 as of March 31, 2023[71]. - The group's bank and other borrowings increased to HKD 4.485 billion as of September 30, 2023, up from HKD 3.881 billion as of March 31, 2023, due to the drawdown of bank loans during the period[141]. Revenue and Segments - For the six months ended September 30, 2023, the total revenue was HKD 3,926,559, a decrease of 58,550 compared to the previous period[36]. - The revenue from construction and mechanical engineering was HKD 1,774,279, while property investment generated HKD 95,424[36]. - The share of revenue from joint ventures and associates was HKD 1,105,315, showing a significant contribution to overall revenue[36]. - The company reported a significant increase in property investment revenue, contributing HKD 4,621,149 to total assets[39]. - The company's total income from Hong Kong operations was HKD 2,313,256, accounting for 46% of total revenue, compared to HKD 2,233,832 in the previous year[59]. - Total revenue for the six months ended September 30, 2022, was HKD 3,395,516, with a group revenue of HKD 3,339,195 after inter-segment eliminations[37]. - The healthcare investment segment recorded revenue of HKD 1.016 billion, a 14% increase, with losses narrowing from HKD 30 million to HKD 17 million[110]. - Revenue from property development and operations increased by 27% to HKD 371 million, driven by sales of residential units in Changchun and Kowloon[103]. - Revenue from construction and mechanical engineering increased from HKD 2.16 billion to HKD 2.51 billion, a growth of 16%[127]. Investments and Future Plans - The company plans to continue expanding its operations in Hong Kong and mainland China, leveraging its existing market presence[41]. - The company plans to provide a loan financing of up to HKD 400,000,000 for development projects and general operating funds for an elderly care facility[97]. - The group plans to leverage government infrastructure investments, with an expected annual construction output of approximately HKD 300 billion over the next decade[113]. - The company is actively promoting residential units in the "津匯" and "傲寓" projects, which it has a 50% and 100% stake in, respectively[130]. - The company has signed contracts for property development projects amounting to HKD 88,761,000 as of September 30, 2023, compared to HKD 210,323,000 as of March 31, 2023[96]. Challenges and Risks - The company reported a loss of HKD 81,481 in the healthcare investment segment, highlighting challenges in that area[36]. - The company has a contingent liability related to a subcontractor's claim of approximately HKD 27,000,000 as of September 30, 2023[72]. - The company plans to monitor the performance of its U.S. nursing homes closely due to significant impacts from the pandemic and labor shortages[139]. - The residential property market in Hong Kong is experiencing a downturn, with government measures aimed at stimulating market activity, including reducing buyer stamp duty rates from 15% to 7.5%[114]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.06 per share on November 29, 2023, which will be reflected as a distribution of retained earnings for the year ending March 31, 2024[67]. - The company declared an interim dividend of HKD 0.06 per share for the six months ended September 30, 2023, down from HKD 0.10 per share in the previous year[78]. - Earnings attributable to shareholders decreased to HKD 59 million, down from HKD 96 million in 2022, resulting in earnings per share of HKD 0.19 compared to HKD 0.32 in 2022[99].
CHEVALIER INT'L(00025) - 2024 - 中期业绩