Financial Performance - The company's revenue for the six months ended June 30, 2023, was approximately HKD 160.3 million, a decrease of about HKD 28.7 million compared to HKD 189.0 million for the same period in 2022[7]. - The company reported a loss attributable to owners of approximately HKD 29.7 million, compared to a profit of approximately HKD 61.4 million for the same period in 2022[7]. - Basic loss per share for the period was approximately HKD 0.0464, compared to earnings of approximately HKD 0.0958 per share in the prior year[7]. - The decline in revenue was primarily due to reduced sales from completed projects and the lack of recognized gains from investment properties[7]. - The group reported a loss before tax of HKD 29,794 for the six months ended June 30, 2023, compared to a profit of HKD 63,961 in the same period last year[97]. - Total comprehensive loss for the period was HKD 28,984, a significant decline from a total comprehensive income of HKD 63,056 in the prior year[77]. - The company reported a net cash inflow from investing activities of HKD 3,111 thousand, a recovery from a cash outflow of HKD (36,349) thousand in the same period of 2022[83]. Revenue Breakdown - Revenue from property development was approximately HKD 118.6 million, down from HKD 149.9 million in the previous year, reflecting a decline in sales of completed projects[8]. - Revenue for the six months ended June 30, 2023, was approximately HKD 111.2 million from the completion and delivery of 40 property units, compared to HKD 97.1 million from 46 units for the same period in 2022, representing an increase of approximately 14.3%[11]. - The property investment segment reported revenue of approximately HKD 21.8 million for the six months ended June 30, 2023, down from HKD 24.1 million in the same period of 2022, a decrease of about 9.5%[12]. - Revenue from urban storage and workspace services was approximately HKD 19.5 million for the six months ended June 30, 2023, compared to HKD 22.0 million in the same period of 2022, reflecting a decrease of about 11.4%[13]. - The company confirmed revenue of approximately HKD 5.9 million from property management services for the six months ended June 30, 2023, an increase from HKD 5.2 million in the same period of 2022, representing a growth of about 13.5%[17]. - Financing services generated revenue of approximately HKD 2.0 million for the six months ended June 30, 2023, up from HKD 1.5 million in the same period of 2022, an increase of about 33.3%[18]. - Construction and renovation services reported revenue of approximately HKD 3.2 million for the six months ended June 30, 2023, compared to HKD 2.0 million in the same period of 2022, reflecting a growth of about 60%[19]. - The wine business generated revenue of approximately HKD 8.9 million for the six months ended June 30, 2023, an increase of about HKD 2.9 million compared to HKD 6.0 million for the same period in 2022[20]. Assets and Liabilities - As of June 30, 2023, total equity was approximately HKD 1,688.3 million, a decrease from HKD 1,717.3 million as of December 31, 2022[25]. - The group's current assets increased to approximately HKD 4,314.1 million as of June 30, 2023, compared to HKD 4,013.2 million as of December 31, 2022[25]. - The group's current liabilities rose to approximately HKD 3,478.9 million as of June 30, 2023, from HKD 3,215.9 million as of December 31, 2022[25]. - The total carrying value of the investment property portfolio was approximately HKD 883.0 million as of June 30, 2023, unchanged from December 31, 2022[13]. - The company reported total borrowings of HKD 2,863,716,000 as of June 30, 2023, compared to HKD 2,691,858,000 as of December 31, 2022[127]. - The company's net asset value decreased to HKD 1,688,346 from HKD 1,717,330 at the end of 2022[79]. - Total liabilities increased to HKD 3,653,470 from HKD 3,390,778, reflecting a rise of 7.7%[99]. Market Conditions and Strategic Outlook - The overall performance reflects challenges in the property market, necessitating strategic adjustments moving forward[7]. - The group faces significant challenges due to inflation and high interest rates, impacting consumer and business environments[42]. - The Hong Kong property market shows signs of stabilization, although initial demand has been offset by recent interest rate increases[42]. - The strategic position of Hong Kong as a major financial center continues to support the local property market's value[42]. - The company is considering opportunities to purchase investment properties or develop properties with potential for appreciation to generate stable rental income[16]. Corporate Governance and Shareholder Information - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[44]. - Star Properties Holdings (BVI) Limited holds 432,140,800 shares, representing approximately 67.36% of the company's issued shares as of June 30, 2023[54]. - Metropolitan Lifestyle (BVI) Limited owns 836,000,000 shares, which is 130.32% of the company's issued shares, indicating a significant stake held indirectly by Mr. Chen Wenhui[54]. - The company adopted a share option scheme on June 27, 2016, aimed at incentivizing eligible participants to contribute to the group's success[55]. - The company has no disclosed interests or short positions in its shares or related securities as of June 30, 2023[54]. - The company has maintained compliance with the corporate governance code, except for the separation of the roles of chairman and CEO[70]. Employee and Operational Insights - As of June 30, 2023, the group employed 142 employees, an increase from 122 employees as of December 31, 2022[38]. - Total employee costs increased to HKD 19,270,000 for the six months ended June 30, 2023, up from HKD 14,837,000 in the previous year, reflecting a rise of 29.8%[5]. - The company has established an audit committee to oversee financial reporting and internal control systems, in line with listing rules[74]. Risk Management - The risk management committee is actively monitoring potential risks, including market, business, and regulatory risks that could impact operations[40].
星星集团(01560) - 2023 - 中期财报