Financial Performance - The company reported a loss attributable to owners of approximately HKD 186,896,000 for the six months ended September 30, 2023, compared to a loss of HKD 54,172,000 for the same period in 2022[5]. - The group recorded a loss of approximately HKD 186,896,000 for the six months ended September 30, 2023, which is about 2.5 times higher than the loss of HKD 54,172,000 for the same period in 2022[48]. - Gross profit decreased by 54.7% to approximately HKD 20,873,000, compared to HKD 46,101,000 for the same period in 2022[48]. - The company incurred an operating loss of HKD 146,147,000 for the period, compared to an operating loss of HKD 32,804,000 in the previous year[151]. - The pre-tax loss for the period was (160,331) thousand HKD, compared to (57,838) thousand HKD in the previous year[146]. - Total comprehensive expenses for the period amounted to (243,055) thousand HKD, an increase from (182,853) thousand HKD in the previous year[137]. Revenue and Income - The company's revenue for the six months ended September 30, 2023, was approximately HKD 44,605,000, a decrease of about 39.5% compared to HKD 73,748,000 for the same period last year[75]. - Revenue from the agriculture business decreased by 28.5% to approximately HKD 30,151,000, accounting for 67.6% of total revenue[77]. - The property investment business generated revenue of 14,454 thousand HKD, slightly up from 13,573 thousand HKD year-on-year[146]. - The hotel business recorded no revenue during the period, compared to HKD 17,992,000 for the same period in 2022, with a loss of approximately HKD 31,330,000[52]. - The group has not recorded any revenue from its resource business for the six months ended September 30, 2023, with a loss of approximately HKD 314,000 attributed mainly to administrative costs[83]. Assets and Liabilities - Total assets as of September 30, 2023, were approximately HKD 1,733,288,000, a decrease from HKD 2,558,371,000 as of March 31, 2023[6]. - The company’s equity attributable to owners decreased to HKD 1,246,896,000 as of September 30, 2023, from HKD 1,489,939,000 as of March 31, 2023[6]. - The group’s total liabilities include approximately HKD 590,161,000 owed to a related company, which is unsecured and interest-free[46]. - The total liabilities as of September 30, 2023, were 454,627 thousand HKD, significantly reduced from 1,036,655 thousand HKD as of March 31, 2023[139]. - The total net assets as of September 30, 2023, were 1,733,288 thousand HKD, down from 2,558,371 thousand HKD as of March 31, 2023[147]. Cash Flow and Financing - Cash and cash equivalents increased to HKD 72,288,000 from HKD 60,746,000 as of March 31, 2023[6]. - The company is actively negotiating with lenders for the renewal of borrowings amounting to approximately HKD 254,859,000 due within twelve months[10]. - The group is actively seeking investment opportunities to develop its light asset business, aiming for long-term growth[85]. - The group is in discussions with lenders regarding the renewal of borrowings to ensure operational continuity[89]. - The group is seeking further financing arrangements, including funding from affiliated companies[115]. Impairment and Fair Value Losses - The group recognized an impairment loss of approximately HKD 20,545,000 for property, plant, and equipment during the period[52]. - The fair value loss on investment properties increased by 11.2% to approximately HKD 78,462,000, compared to HKD 70,588,000 for the same period in 2022[48]. - The group recorded a loss of approximately HKD 78,462,000 from fair value changes in investment properties for the six months ended September 30, 2023[184]. Dividends and Shareholder Returns - The group did not declare any dividends for the six months ended September 30, 2023, and 2022[41]. - The company will not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[151]. Operational Strategy and Future Plans - The company aims to improve its operational funding and cash flow situation through various measures, including seeking further financing arrangements[24]. - The company plans to monetize the hotel asset to increase operational liquidity, with a proposed sale price of RMB 360,000,000 (approximately HKD 391,304,000) under consideration[80]. - The group plans to enhance rental income levels and may consider timely divestment of certain Shanghai properties to improve operational liquidity[105]. - The group is considering discontinuing the hotel segment to allocate more resources to other divisions[188]. Employment and Corporate Structure - As of September 30, 2023, the group employed approximately 108 staff, down from 138 on March 31, 2023[126]. - The group has not made any significant acquisitions or disposals of subsidiaries or joint ventures in the six months ending September 30, 2023[117].
润中国际控股(00202) - 2024 - 中期业绩