Financial Performance - The company reported a basic earnings per share of 3.17 Singapore cents for the six months ended March 31, 2024, down from 4.14 Singapore cents in the previous year, a decline of 23.4%[11]. - The company reported a net profit attributable to equity holders of SGD 12,973,000 for the six months ended March 31, 2024, down from SGD 16,937,000, a decrease of 23.4%[11]. - The group's revenue for the six months ended March 31, 2024, was SGD 54,547 thousand, a decrease of 15.7% compared to SGD 64,777 thousand for the same period in 2023[72]. - Gross profit increased to SGD 34,791 thousand for the six months ended March 31, 2024, up from SGD 27,862 thousand in the previous year, representing a growth of 24.5%[72]. - The company’s other income decreased by 83.7%, from approximately 15.9 million Singapore dollars in the first half of 2023 to about 2.6 million Singapore dollars in the first half of 2024[58]. Expenses and Costs - Marketing expenses increased to SGD 324,000 from SGD 283,000, a rise of 14.5%[5]. - Commission expenses decreased significantly to SGD 649,000 from SGD 1,360,000, a reduction of 52.3%[5]. - Total financing costs netted at SGD 5,636,000, up from SGD 4,278,000, reflecting a 31.7% increase[5]. - Interest expenses on borrowings increased to SGD 4,157,000 from SGD 2,913,000, a rise of 42.7%[5]. - The group recorded a financing cost of approximately SGD 5.6 million for the first half of 2024, an increase of 31.7% from SGD 4.3 million in the previous year, primarily due to increased bank borrowings and higher interest rates[90]. Dividends and Share Capital - The interim dividend declared is SGD 0.01 per share, consistent with the previous year[10]. - The maximum possible number of shares to be issued as scrip dividend for the special dividend declared for the fiscal year ending September 30, 2023, is 13,410,167 shares[18]. - As of March 31, 2024, the total issued shares amount to 408,945,400, maintaining the same number as of September 30, 2023[17]. - The company declared an interim dividend of SGD 0.01 per share, equivalent to HKD 0.0577, to be paid on June 24, 2024[167]. - There were no changes in the company's share capital structure during the first half of 2024[165]. Assets and Liabilities - Total bank borrowings increased to 213,656 thousand Singapore dollars as of March 31, 2024, compared to 168,299 thousand Singapore dollars as of September 30, 2023[21]. - Total liabilities of the reported segments as of March 31, 2024, amount to 367,770 thousand Singapore dollars, compared to 336,024 thousand Singapore dollars as of September 30, 2023[29]. - Non-current liabilities increased by approximately SGD 29.6 million to SGD 268.7 million as of March 31, 2024, mainly due to the factors outlined[124]. - The asset-liability ratio as of March 31, 2024, was 58.1%, an increase from 56.2% as of September 30, 2023, primarily due to increased bank borrowings[108]. - Cash and cash equivalents increased by approximately SGD 3.0 million to approximately SGD 61.6 million as of March 31, 2024[132]. Revenue Streams - For the first half of 2024, the company reported total revenue of 20,586 thousand Singapore dollars from residential properties, a significant increase of 88.6% compared to 10,917 thousand Singapore dollars in the same period of 2023[50]. - The energy business achieved a revenue increase of over 100%, with earnings rising from 267 thousand Singapore dollars in the first half of 2023 to 825 thousand Singapore dollars in the first half of 2024[50]. - The company’s total lease payments from rental properties and owned investment properties as of March 31, 2024, amounted to 38,716 thousand Singapore dollars, slightly down from 39,024 thousand Singapore dollars as of September 30, 2023[67]. - The company reported a decrease in industrial property income from approximately 13.0 million Singapore dollars in the first half of 2023 to about 12.6 million Singapore dollars in the first half of 2024, a decline of 3.0%[51]. - The energy business revenue rose significantly by 209.0% to approximately SGD 0.8 million in the first half of 2024, driven by increased solar business revenue[86]. Strategic Developments - The company completed the sale of 84.05% of its subsidiary LHN Logistics Limited, with the results classified as discontinued operations[8]. - The company is currently constructing a nine-story industrial development property with a saleable area of 112,000 square feet, expected to receive a temporary occupation permit by the fourth quarter of the fiscal year ending September 30, 2024[46]. - The group plans to transform the property at 260 Upper Bukit Timah Road into a vibrant integrated development, indicating future expansion strategies[78]. - The company secured 9 solar contracts, resulting in a total renewable energy generation capacity of approximately 5.9 megawatts by the end of the first half of 2024[44]. - The company completed a strategic acquisition for $200 million, expected to enhance its market position significantly[199]. Employee and Governance - The group had 458 employees as of March 31, 2024, a slight decrease from 459 employees on September 30, 2023[162]. - The board of directors confirmed compliance with the corporate governance codes of Hong Kong and Singapore, except for the separation of roles between the chairman and CEO[175]. - The company has ensured that all directors and relevant employees complied with the securities trading policies during the first half of 2024[177]. - The company confirmed that there were no transactions that could potentially compete with its business during the review period[174]. - The company has a share option plan representing 40,894,540 shares, approximately 10% of the issued share capital, as of March 31, 2024[152].
LHN(01730) - 2024 - 中期财报