Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 891 million, a decrease of 4% compared to HKD 927 million in the previous year[3] - The hotel business contributed a profit of HKD 180 million, a significant increase of 362% from HKD 39 million in the prior year[3] - The net loss attributable to shareholders was HKD 2,250 million, representing a 956% increase from a loss of HKD 213 million in the previous year[3] - The company reported an operating loss of HKD 2,138 million, compared to a loss of HKD 37 million in the previous year[4] - The total comprehensive loss for the year was HKD 1,744 million, compared to a comprehensive income of HKD 823 million in the previous year[5] - The company reported a pre-tax loss of HKD 2,328,112,000 for 2024, compared to a loss of HKD 190,856,000 in 2023[12] - The financial investment segment reported a significant loss of HKD 2,690,163,000 in 2024 compared to a loss of HKD 624,158,000 in 2023[12] - The investment loss net amount for 2024 was HKD 2,660,181,000, significantly higher than the loss of HKD 624,158,000 in 2023[18] Assets and Liabilities - Total assets decreased by 15% to HKD 7,912 million from HKD 9,282 million[3] - Total assets for 2024 amounted to HKD 7,912,024,000, up from HKD 9,281,934,000 in 2023, indicating a decrease of 14.7%[14] - The company's equity attributable to shareholders decreased to HKD 1,262 million from HKD 3,007 million[7] - Net asset value dropped by 58% to HKD 1,261 million from HKD 3,006 million[3] - Total liabilities include HKD 5,852 million in bank borrowings, with 88% or HKD 5,167 million denominated in HKD, and a debt-to-asset ratio of 45% as of March 31, 2024[45] - The debt-to-revalued net asset ratio increased to 45%, up from 41% in the previous year[3] Revenue Sources - Hotel business revenue increased to HKD 366,675,000 in 2024 from HKD 166,147,000 in 2023, representing a growth of 120.5%[12] - The overseas revenue for 2024 was HKD 510,755,000, down from HKD 751,724,000 in 2023, reflecting a decline of 32.1%[16] - Interest income for the year was HKD 498 million, down from HKD 742 million[4] - Interest and dividend income from the investment portfolio amounted to HKD 513 million, down from HKD 749 million the previous year, primarily due to the sale/redemption of certain debt securities[43] Visitor Statistics - The number of visitors to Hong Kong reached approximately 41 million, representing 60% of pre-pandemic levels, with 32 million coming from mainland China, significantly up from 4 million in the previous year[40] Dividends and Share Information - The company did not declare a final dividend for the year ending March 31, 2024, consistent with the previous year[23][25] - The board has decided not to recommend a final dividend for the year ending March 31, 2024, with no interim dividend declared[52] - The average number of issued shares remained constant at 2,018,040,477, resulting in a basic loss per share equal to the diluted loss per share due to no potential dilutive shares[30] Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the Hong Kong Stock Exchange Listing Rules, confirming full compliance for the year ending March 31, 2024[56] - The company has adopted the principles of the Corporate Governance Code as per the Listing Rules, with the exception of the chairman's absence at the annual general meeting due to other commitments[57] - The Audit Committee has reviewed the annual performance for the year ending March 31, 2024[58] Future Outlook - The company plans to focus on expanding its hotel business and enhancing financial investments to recover from recent losses[12] - The outlook for the global economy remains uncertain due to ongoing conflicts and trade tensions, but major economies have successfully reduced inflation, which may positively impact the hotel and tourism industry in Hong Kong[49] - The Chinese government continues to relax housing policies to address the weak real estate sector, which may lead to a release of pent-up demand if interest rates are confirmed to trend downwards[50] Cash Flow and Financing - The company incurred a net financing cost of HKD 187,027,000 in 2024, compared to HKD 154,137,000 in 2023[12] - The company recorded net financing costs of HKD 187,027,000 for the year, compared to HKD 154,137,000 in the previous year, reflecting changes in interest expenses and capitalized interest[5] - The group has approximately HKD 1,100 million in unutilized bank financing as of March 31, 2024[45] Projects and Developments - The "Landmark On Robson" residential development project in downtown Vancouver is expected to be completed in Q2 2024, with a total floor area of approximately 400,000 square feet, including 236 residential units and 50,000 square feet of retail and office space, with total sales contracts amounting to approximately CAD 241 million as of March 31, 2024[41]
泛海酒店(00292) - 2024 - 年度业绩