Financial Performance - The net profit attributable to owners before tax and excluding revaluation and depreciation for the six months ended June 30, 2024, was HKD 61 million, an increase of HKD 12 million from HKD 49 million for the same period in 2023[1]. - Total revenue for the six months ended June 30, 2024, was HKD 319,575 thousand, compared to HKD 251,033 thousand for the same period in 2023, representing a growth of approximately 27.3%[1]. - The company reported a loss of HKD 104,053 thousand for the period, compared to a profit of HKD 3,544 thousand in the same period last year, indicating a substantial decline in profitability[2]. - The basic loss per share for the period was HKD (18.15), compared to earnings per share of HKD 1.79 in the previous year, highlighting a significant downturn in earnings performance[2]. - The group reported a loss before tax of HKD 96,368,000 for the six months ended June 30, 2024, compared to a profit of HKD 9,039,000 for the same period in 2023[11]. - The company reported a net loss attributable to shareholders of HKD 92,837,000 for the six months ended June 30, 2024, compared to a profit of HKD 9,162,000 for the same period in 2023[18]. Revenue and Income Sources - Hotel operating revenue for the six months ended June 30, 2024, was HKD 259,757,000, an increase of 36.3% compared to HKD 190,509,000 for the same period in 2023[9]. - Revenue from hotel operations increased by 36% to HKD 260,000,000 for the six months ended June 30, 2024, up from HKD 191,000,000 in the previous year[25]. - Property rental income decreased slightly to HKD 59,818,000 for the six months ended June 30, 2024, from HKD 60,479,000 in the previous year, representing a decline of 1.1%[11]. - The group’s total income from securities investment was nil for the six months ended June 30, 2024, down from HKD 45,000 in the same period of 2023[11]. - Rental income from the Royal Scot Hotel in London was GBP 1,768,000, with an annual rent increase of 34% from GBP 3,546,000 to GBP 4,737,000[27][31]. Expenses and Costs - The gross profit margin for the period was HKD 56,890 thousand, with a significant decrease in administrative expenses to HKD 30,573 thousand from HKD 55,099 thousand in the previous year[1]. - Financial costs increased to HKD 31,732,000 for the six months ended June 30, 2024, from HKD 26,510,000 in the previous year, marking a rise of 19.3%[12]. - Depreciation of property, plant, and equipment increased significantly to HKD 82,458,000 for the six months ended June 30, 2024, compared to HKD 49,320,000 in the previous year, reflecting a rise of 67.2%[16]. - The company’s administrative expenses decreased by 47% to HKD 30,573,000 for the six months ended June 30, 2024, compared to HKD 57,187,000 in the previous period[24]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 9,567,873 thousand, a slight increase from HKD 9,529,563 thousand as of December 31, 2023[5]. - The company's current liabilities decreased to HKD 42,949 thousand from HKD 53,562 thousand, reflecting improved liquidity management[5]. - The total equity attributable to owners decreased to HKD 7,234,492 thousand from HKD 7,336,798 thousand, reflecting the impact of the current period's losses on shareholder value[5]. - The group’s total debt as of June 30, 2024, was HKD 1,037 million, with a debt-to-asset ratio of 12%[29]. Operational Highlights - Average hotel occupancy rate exceeded 90%, with hotel revenue increasing by 36% to HKD 260 million[31]. - The group acquired Jessville Manor for HKD 207 million, with a construction area of 12,288 square feet[31]. - The group operates nine income-generating hotels, facing challenges due to weak Chinese economy and high exchange rates[32]. - The company holds a 71.09% stake in Huada Hotel Investment Co., which operates nine hotels, contributing significantly to its hotel investment portfolio[25]. - The group employed 622 staff as of June 30, 2024, up from 562 staff at the end of 2023[29]. Future Outlook - Future prospects for hotel and rental income remain challenging, with management focusing on revenue growth and cost control[32]. - The group did not declare or recommend any interim dividends for the six months ended June 30, 2024, and June 30, 2023[17]. - The company did not declare an interim dividend for the six months ended June 30, 2024, due to challenging economic conditions and high operational costs[22].
顺豪物业(00219) - 2024 - 中期业绩