Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 244,093,000, a 1.7% increase from HKD 239,682,000 in the same period of 2023[2] - Gross profit for the period was HKD 228,736,000, slightly down from HKD 228,819,000 year-on-year[2] - The company reported a profit attributable to equity holders of HKD 91,006,000, a significant recovery from a loss of HKD 1,349,829,000 in the previous year[2] - The basic and diluted earnings per share for the period were HKD 2.34, compared to a loss per share of HKD 34.77 in the same period last year[2] - Adjusted profit before tax for the six months ended June 30, 2024, was HKD 118,631,000, compared to a loss of HKD 1,320,457,000 for the same period in 2023[11] - Total other income and gains for the six months ended June 30, 2024, amounted to HKD 166,413,000, significantly higher than HKD 31,870,000 for the same period in 2023[12] - The estimated tax expense for the six months ended June 30, 2024, was HKD 27,625,000, a decrease from HKD 29,372,000 for the same period in 2023[16] Assets and Liabilities - The total non-current assets as of June 30, 2024, amounted to HKD 21,561,481,000, an increase from HKD 21,367,992,000 at the end of 2023[6] - The company's cash and cash equivalents decreased to HKD 1,412,628,000 from HKD 2,586,638,000 at the end of 2023[6] - Total liabilities decreased significantly from HKD 11,830,916,000 at the end of 2023 to HKD 10,658,861,000 as of June 30, 2024[6] - The company's total liabilities classification remains unchanged following the adoption of the revised accounting standards, indicating no impact on its financial position or performance[9] - The group has total debt of HKD 103 billion, with a debt-to-total-assets ratio of 42%, down from 45% at the end of 2023[43] Investment Properties - The investment properties increased to HKD 11,002,086,000 from HKD 10,963,627,000 at the end of 2023, indicating ongoing market expansion[6] - Rental income from investment properties was HKD 222.5 million, a decrease of 6.9% compared to HKD 239.0 million for the same period in 2023, mainly due to the expiration of several leases at One Kingdom Street[25] - The fair value gain from investment properties was HKD 122.9 million, compared to a fair value loss of HKD 1.4 billion for the six months ended June 30, 2023[26] - The company remains confident in the long-term prospects of its investment properties in London, which are expected to provide reliable and stable income[29] Joint Ventures and Projects - Thames City has pre-sold a total of 485 residential units valued at over £943 million, with 56,000 square feet sold contributing £104 million in sales revenue[32][33] - The Whiteley project has pre-sold 94 residential units totaling £582 million, with 32 units delivered to buyers for a total price of £158 million[34] - The company holds a 50% interest in Thames City, which is expected to contribute significantly to profitability in the near to medium term[33] - The Whiteley redevelopment project is expected to be completed in the second half of 2024, enhancing its position in the Bayswater area[34] - The company has a 29.4% interest in a joint venture for a development project in Jiangsu, with a planned total investment of RMB 496 million[36] - The group holds a 34% stake in a joint venture project in Jiangmen, Guangdong, with a total investment cost of RMB 703 million, covering an area of approximately 15.5 million square feet and providing a total construction area of about 19.2 million square feet[37] Financial Investment Segment - The company reported a net loss of HKD 21,193,000 in the financial investment segment for the six months ended June 30, 2024, compared to a loss of HKD 62,745,000 in the same period of 2023[11] - The financial investment segment recorded a loss of HKD 21.2 million, an improvement from a loss of HKD 62.7 million in the previous six months, with dividend income from these investments amounting to HKD 21.6 million[39] Corporate Governance and Compliance - The company has adopted the principles of good corporate governance as outlined in the Hong Kong Stock Exchange Listing Rules, ensuring compliance with the code provisions[49] - All directors confirmed compliance with the standards set forth in the Code of Conduct for Securities Transactions by Directors during the six months ended June 30, 2024[50] - The audit committee has discussed the accounting policies and practices adopted by the group and reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2024[52] Employee and Operational Insights - As of June 30, 2024, the group employed a total of 109 employees across Hong Kong, Mainland China, and the UK, with a total salary cost (excluding directors' remuneration) of approximately HKD 52 million[48] - The company has not engaged in supplier financing arrangements, thus the recent accounting standard revisions do not impact its financial statements[10] Market Outlook - The group remains optimistic about the Hong Kong property market following the government's removal of demand management measures, while also monitoring geopolitical tensions and interest rate hikes[40]
中渝置地(01224) - 2024 - 中期业绩