Financial Performance - For the six months ended June 30, 2024, the company reported a loss of HKD 17,037,000 compared to a profit of HKD 14,507,000 in the same period of 2023, representing a year-over-year decline of 217.5%[1] - Total comprehensive loss for the period amounted to HKD 19,797,000, compared to a comprehensive income of HKD 10,997,000 in the previous year, indicating a significant deterioration in overall financial performance[2] - The company reported a basic loss per share of HKD 1.37 for the current period, compared to earnings per share of HKD 1.17 in the prior year[1] - The company reported a net loss attributable to shareholders of HKD 17,037,000 for the six months ended June 30, 2024, compared to a profit of HKD 14,507,000 in the same period of 2023[15] - The group reported a loss of HKD 17,037,000 for the six months ended June 30, 2024, compared to a profit of HKD 14,507,000 in the same period last year[18] Asset and Equity Changes - Non-current assets decreased from HKD 2,305,741,000 as of December 31, 2023, to HKD 2,293,353,000 as of June 30, 2024, reflecting a reduction of approximately 0.5%[3] - Current assets decreased from HKD 298,227,000 to HKD 265,794,000, a decline of about 10.9% over the six-month period[4] - The company's total equity decreased from HKD 1,822,751,000 to HKD 1,802,954,000, a reduction of approximately 1.1%[4] - Total assets decreased from HKD 2,603,968,000 as of December 31, 2023, to HKD 2,559,147,000 as of June 30, 2024[20] - The group's net asset value decreased from HKD 1,822,751,000 as of December 31, 2023, to HKD 1,802,954,000 as of June 30, 2024[20] Revenue and Income - Total revenue from Hong Kong and China for the six months ended June 30, 2024, was HKD 24,213,000, compared to HKD 22,219,000 for the same period in 2023, reflecting a growth of 8.9%[10] - Fixed rental income from investment properties increased to HKD 20,504,000 for the six months ended June 30, 2024, up from HKD 18,878,000 in the same period of 2023, representing an increase of 8.7%[9] - Other income decreased to HKD 6,503,000 for the six months ended June 30, 2024, down from HKD 7,407,000 in the same period of 2023, a decline of 12.2%[11] - The company's bank interest income decreased to HKD 2,398,000 for the six months ended June 30, 2024, from HKD 2,772,000 in the same period of 2023, a decrease of 13.5%[11] Expenses and Liabilities - The company’s financing costs totaled HKD 17,668,000, compared to HKD 6,176,000 in the previous year, indicating a significant increase of 186.5%[1] - The total expenses for income tax for the six months ended June 30, 2024, were HKD 1,289,000, down from HKD 3,169,000 in the same period of 2023, a reduction of 59.3%[13] - The company reported direct operating expenses for investment properties generating rental income of HKD 4,540,000 for the six months ended June 30, 2024, down from HKD 6,283,000 in the same period of 2023, a decrease of 27.8%[13] - The company’s liabilities decreased from HKD 745,076,000 to HKD 724,343,000, a reduction of about 2.8%[4] - Total liabilities decreased from HKD 781,217,000 as of December 31, 2023, to HKD 756,193,000 as of June 30, 2024[20] Cash and Cash Equivalents - The company’s cash and cash equivalents decreased from HKD 130,495,000 to HKD 112,881,000, a decline of approximately 13.5%[3] - Cash and bank deposits amounted to HKD 112,881,000 as of June 30, 2024, down from HKD 130,495,000 as of December 31, 2023[20] Dividends and Share Activity - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[14] - The board has decided not to declare an interim dividend for the six months ending June 30, 2024, maintaining a prudent approach to retain adequate funds for future business development opportunities[29] - The company has not repurchased, sold, or redeemed any of its shares during the six months ending June 30, 2024[33] Market Outlook and Strategy - The retail property market in Hong Kong is expected to face challenges in the foreseeable future, but signs of recovery are anticipated as the year-end approaches, supported by expected interest rate cuts in the second half of 2024[28] - The anticipated interest rate cuts are expected to boost overall economic conditions in Hong Kong, increasing disposable income and stimulating retail consumption[28] - The renovation of the Harmony Square, to be renamed as "Union Square," is nearing completion, which is expected to increase leasing activity and interest from potential tenants, supporting significant revenue growth in 2025[28] - The company will closely monitor acquisition opportunities in the retail commercial property market, preparing to act on significantly discounted assets that align with its long-term strategy[28] Internal Controls and Governance - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing internal controls and financial reporting matters[32]
亚证地产(00271) - 2024 - 中期业绩