海港企业(00051) - 2024 - 中期业绩

Financial Performance - The group recorded a basic net profit of HKD 74 million for the six months ended June 30, 2024, compared to a loss of HKD 75 million in 2023[2]. - Revenue decreased by 7% to HKD 623 million, while operating profit increased by 14% to HKD 209 million compared to HKD 183 million in 2023[10]. - The hotel segment's revenue fell by 7% to HKD 422 million, resulting in an operating loss of HKD 43 million, compared to a profit of HKD 15 million in 2023[11]. - Investment property income increased by 2% to HKD 123 million, with operating profit rising by 3% to HKD 111 million compared to HKD 108 million in 2023[11]. - Development property revenue decreased by 64% to HKD 8 million, but operating profit increased to HKD 74 million from a loss of HKD 13 million in 2023[12]. - The group reported a net loss attributable to shareholders of HKD 8 million, compared to a loss of HKD 12 million in 2023, after accounting for investment property revaluation losses of HKD 82 million[9]. - The group’s investment properties experienced a revaluation loss of HKD 82 million, compared to a gain of HKD 63 million in 2023[13]. - Basic net profit/(loss) for the six months ended June 30, 2024, was HKD 74 million (2023: HKD -75 million) while the attributable loss from investment property revaluation was HKD 82 million (2023: HKD 63 million)[17]. - Shareholders' attributable loss for the period was HKD 8 million (2023: HKD 12 million), with a loss per share of HKD 0.01 (2023: HKD 0.02) based on 708.8 million issued ordinary shares[16]. - The net loss for the period was HKD 17 million, an improvement from a loss of HKD 33 million in the previous year[30]. - The group reported a fair value change in equity investments of HKD (421) million, compared to HKD (349) million in the previous year[30]. - The group reported a net loss attributable to shareholders of HKD 80 million, compared to a loss of HKD 120 million in the previous year[46]. Financial Position - Shareholders' equity decreased by 3% to HKD 13.89 billion (2023: HKD 14.32 billion), equivalent to HKD 19.60 per share (2023: HKD 20.22 per share) due to a loss of HKD 4.21 billion from investment revaluation[18]. - Total assets amounted to HKD 15.70 billion (2023: HKD 16.89 billion), with total operating assets at HKD 15.43 billion (2023: HKD 16.29 billion)[19]. - The group's net debt as of June 30, 2024, was HKD 130 million (2023: HKD 145 million), with a total equity to debt ratio of 0.9% (2023: 1.0%) indicating a stable financial position[24]. - The value of the equity investments at market price was HKD 2.11 billion (2023: HKD 2.52 billion), representing 13% of total assets (2023: 15%)[22]. - Total assets decreased to HKD 15,703 million as of June 30, 2024, down from HKD 16,896 million at the end of 2023[32]. - Non-current assets, including investment properties, amounted to HKD 14,241 million, a decrease from HKD 15,243 million in the previous year[32]. - The group’s net assets stood at HKD 13,991 million, down from HKD 14,438 million in the previous year[32]. - Total liabilities decreased to HKD 1,712 million from HKD 2,458 million, indicating a reduction in financial obligations[32]. Cash Flow and Expenses - The group recorded a net cash inflow from operating activities of HKD 25 million (2023: HKD 132 million), primarily from dividend income[26]. - Net financial expenses decreased to HKD 10 million (2023: HKD 21 million) primarily due to a reduction in bank loans[15]. - Total financial expenses decreased to HKD 10 million from HKD 21 million, a reduction of 52.4%[44]. - The group’s tax expense for the period was HKD 20 million, slightly down from HKD 22 million in the previous year[45]. Operational Insights - The recovery of inbound tourism in Hong Kong remains slow, with challenges including unfavorable exchange rates and increased regional competition[3]. - The outlook for the hotel and retail sectors in Hong Kong is challenging due to economic and geopolitical factors, with potential additional burdens from proposed hotel rental taxes starting January 2025[8]. - Pre-sale deposits and receipts decreased to HKD 72 million (2023: HKD 78 million), reflecting a decline in sales activity[24]. - The group plans to incur a total capital and development expenditure of HKD 500 million in the coming years, primarily for property development in mainland China[27]. - As of June 30, 2024, the group has approximately 1,200 employees, with performance bonuses awarded based on individual contributions and overall company performance[28]. Corporate Governance - The group has decided not to declare any interim dividend for the six months ended June 30, 2024, consistent with 2023[3]. - The board believes that having the same individual serve as both Chairman and CEO is more effective for long-term strategy planning and execution[49]. - The board consists of experienced members, with more than half being independent non-executive directors, ensuring balanced power and authority distribution[49].