远东发展(00035) - 2024 - 中期业绩

Revenue Growth - For the six months ended September 30, 2023, the group's revenue increased by 108% to approximately HKD 6,300,000,000 compared to the six months ended September 30, 2022[2]. - Revenue for the six months was HKD 6,295,000,000, up 108.5% from HKD 3,025,979,000 year-over-year[12]. - The total revenue from property development for the six months ended September 30, 2023, was HKD 4,746,047,000, with a profit of HKD 855,168,000[23]. - The group's hotel business revenue increased by 3.4% to approximately HKD 942 million in the first half of the fiscal year 2023, driven by the opening of two new hotels and improved demand in mainland China[4]. - The gaming business revenue grew by 14.0% year-on-year to approximately HKD 151 million (excluding gaming tax) in the first half of the fiscal year 2024, indicating a recovery from the pandemic[4]. Property Development - The property development segment recorded a revenue increase of 217.1% to approximately HKD 4,700,000,000 due to the completion and delivery of Melbourne West Side Place[3]. - As of September 30, 2023, the cumulative pre-sold value and contracted sales of properties under development amounted to approximately HKD 14,100,000,000[3]. - The group expects significant cash flow and revenue from multiple milestone projects scheduled for completion in fiscal year 2025[3]. - The group plans to launch the Kai Tak residential project in Hong Kong in the fiscal year 2025, with an estimated total development value of approximately HKD 6,600,000,000[3]. - The group has confirmed pre-sales totaling approximately HKD 14,100,000,000, with projects expected to be completed before the fiscal year 2025[62]. Financial Performance - Net profit attributable to shareholders decreased by 59.3% to approximately HKD 232 million, while adjusted cash profit fell by 43.5% to approximately HKD 507 million[5]. - The company's basic earnings per share dropped to HKD 8.6 from HKD 21.4, reflecting the decline in profitability[12]. - The adjusted net asset value per share decreased by 4.5% to HKD 11.14 as of September 30, 2023[6]. - The group reported a total profit before tax for the six months ended September 30, 2023, of HKD 537,422,000, compared to HKD 860,373,000 in the previous year[29]. - Adjusted net profit attributable to shareholders for the six months ended September 30, 2023, was HKD 232,238,000, a decrease from HKD 570,533,000 in the same period of 2022[137]. Asset Management - The total assets as of September 30, 2023, were HKD 29,846,273,000, compared to HKD 28,508,607,000 as of March 31, 2023, showing growth in asset base[15]. - The group maintained an adjusted net asset liability ratio of 73.2% as of September 30, 2023[5]. - The total estimated value of investment properties as of September 30, 2023, is approximately HKD 8.5 billion, up from HKD 8.1 billion as of March 31, 2023[105]. - The adjusted total assets value after accounting for hotel revaluation surplus was HKD 67,931,000,000 as of September 30, 2023, compared to HKD 72,659,000,000 as of March 31, 2023[138]. - The group has unsold residential inventory valued at HKD 7,200,000,000, which can be used as collateral for further bank borrowing[68]. Debt Management - The group continues to execute a strategy of actively divesting non-core assets to reinvest in higher internal rate of return projects[3]. - The group raised HKD 300 million through a sustainable performance-linked loan in July 2023, aimed at promoting green financing initiatives[6]. - The group is actively managing its debt levels and financing costs through asset sales and refinancing strategies[128]. - The net debt ratio was 73.2% as of September 30, 2023, compared to 73.8% as of March 31, 2023[59]. - The group has confirmed pre-sales totaling approximately HKD 14,100,000,000, providing a strong outlook for future revenue[129]. Hotel Operations - The hotel operations and management revenue for the first half of fiscal year 2024 was approximately HKD 882 million, stable compared to HKD 854 million in the same period of fiscal year 2023[110]. - The company opened the Melbourne Ritz Carlton Hotel on March 23, 2023, with 257 rooms, and the Melbourne Dorsett Hotel on April 18, 2023, with 316 rooms[106]. - The occupancy rate in Hong Kong rose by 15.5 percentage points to approximately 86.8%, while average room rent fell by 43% to approximately HKD 702[111]. - The company expects improved hotel performance in the second half of fiscal year 2024 due to various measures to stimulate the tourism industry[110]. - The hotel portfolio consists of 33 hotels with approximately 8,700 rooms across various regions, including China, Hong Kong, Malaysia, Singapore, Australia, the UK, and continental Europe[106]. Gaming Business - The group plans to relaunch its online gaming brand "Palasino" in Malta and has submitted a listing application for Palasino shares on the Hong Kong Stock Exchange[4]. - The gaming business under Palasino Group continues to grow, with plans to separate and independently list the gaming and hotel operations[8]. - Palasino Group's gaming revenue in the Czech Republic increased by approximately 14.0% to about HKD 151,000,000 in the first half of the fiscal year 2024 compared to the same period in fiscal year 2023[120]. - The number of slot machines increased from 492 to 568, while the number of gaming tables decreased from 65 to 62 year-over-year as of September 30, 2023[121]. - The gaming table win rate improved to 22.2% in the first half of fiscal year 2024 from 21.4% in the previous year[121]. Strategic Initiatives - The group is actively seeking new parking management contracts in Australia, Hungary, Malaysia, the UK, and New Zealand to further expand its business portfolio[8]. - The group has established a partnership with Manchester City Council for a development project at the former Manchester Police Headquarters, with an estimated cost of GBP 300 million[77]. - The group is exploring opportunities to convert the Monument project into a rental scheme, with discussions ongoing[85]. - The company plans to continue engaging with investors for future projects in Shanghai and the UK[128]. - The group is committed to an active investment strategy to realize asset value and ensure financial stability[68].