嘉里建设(00683) - 2020 - 中期财报

Financial Performance - The company's profit attributable to shareholders for the six months ended June 30, 2020, was HKD 1.074 billion, a decrease of 70% compared to HKD 3.595 billion in the same period of 2019[6]. - Earnings per share for the same period was HKD 0.74, down 70% from HKD 2.47 in 2019[9]. - Revenue for the six months ended June 30, 2020, was HKD 3.918 billion, a decline from HKD 11.225 billion in 2019, representing a decrease of approximately 65%[9]. - The operating profit before financing costs for the six months was HKD 1.712 billion, down from HKD 5.294 billion in 2019, a decrease of 68%[9]. - The net profit for the period was HKD 1.163 billion, compared to HKD 4.067 billion in the same period last year, reflecting a significant decline[10]. - Other income and gains for the period were HKD 257.4 million, down from HKD 407 million in 2019[9]. - The total comprehensive income for the period was HKD (484,350) thousand, compared to HKD 1,163,252 thousand in the previous year, indicating a significant decline[20]. - The group reported total revenue of HKD 3,917,548,000 for the six months ended June 30, 2020, down from HKD 11,224,606,000 for the same period in 2019, indicating a decline of approximately 65%[37]. - Gross profit for the same period in 2020 was HKD 2,395,384,000, compared to HKD 5,203,216,000 in 2019, representing a decrease of about 54%[37]. - The group recorded a significant decline in hotel operations revenue in Mainland China, totaling HKD 338,952,000 for the first half of 2020, down from HKD 964,955,000 in 2019[37]. Asset and Liability Management - Non-current assets increased to HKD 148,465,415 thousand from HKD 147,341,417 thousand year-on-year, reflecting a growth of approximately 0.76%[11]. - Current assets decreased to HKD 29,454,720 thousand from HKD 30,542,596 thousand, a decline of about 3.56%[12]. - Cash and cash equivalents decreased to HKD 10,420,487 thousand from HKD 12,860,889 thousand, representing a reduction of approximately 18.98%[19]. - Total equity attributable to shareholders decreased to HKD 99,836,484 thousand from HKD 101,704,510 thousand, a decline of approximately 1.83%[20]. - The company’s long-term bank loans increased to HKD 36,004,121 thousand from HKD 28,712,976 thousand, reflecting a rise of approximately 25.5%[15]. - The current liabilities decreased to HKD 16,977,719 thousand from HKD 19,835,482 thousand, a reduction of about 14.4%[14]. - The total bank loans as of June 30, 2020, amounted to HKD 40,221,059,000, an increase from HKD 37,207,093,000 as of December 31, 2019[59]. - The debt ratio of the group was 31.5% as of June 30, 2020, compared to 26.8% on December 31, 2019[115]. Market Conditions and Challenges - The company experienced a significant reduction in hotel asset income due to the impact of the COVID-19 pandemic[6]. - The company faced adverse market conditions due to quarantine and social distancing measures implemented in Hong Kong and mainland China[6]. - The company continues to face challenges in the market, as indicated by the significant declines in both revenue and profit metrics compared to the previous year[40]. - The office leasing market showed signs of weakness due to increased supply and geopolitical tensions, prompting the group to discuss lease restructuring with tenants[114]. - The group implemented rent relief measures for tenants affected by the pandemic, which helped maintain tenant relationships and improve renewal rates[114]. Investment Properties and Development - The fair value of investment properties decreased by HKD 0.32 billion, compared to an increase of HKD 0.452 billion in the previous year[6]. - The company’s investment properties decreased slightly to HKD 79,534,881 thousand from HKD 80,209,689 thousand, a decline of approximately 0.84%[11]. - The total valuation of investment properties as of June 30, 2020, was HKD 79,534,881,000, compared to HKD 78,579,786,000 as of June 30, 2019, reflecting an increase of HKD 955,095,000[32]. - The group recorded a decrease in the fair value of investment properties due to the impact of COVID-19, with total fair value adjustments amounting to a loss of HKD 168,859,000[32]. - The total investment property additions during the first half of 2020 amounted to HKD 409,448,000, compared to HKD 355,205,000 in the same period of 2019[32]. - The company plans to develop a large mixed-use complex in Wuhan, with a total planned floor area of approximately 4.4 million square feet[82]. - The group successfully acquired a residential and commercial land parcel in Hangzhou, covering approximately 1.06 million square feet, with a planned total floor area of about 2.4 million square feet for a mixed-use development[87]. Shareholder and Equity Information - The company declared an interim dividend of HKD 0.4 per share, consistent with the previous year[6]. - The diluted earnings per share for the six months ended June 30, 2020, was HKD 0.74, a decrease from HKD 2.47 in 2019, reflecting a significant decline in shareholder profit to HKD 1,073,933,000 from HKD 3,594,589,000[46]. - As of June 30, 2020, Kerry Group Limited holds 859,531,055 shares, representing 59.01% of the company's equity[131]. - The total number of issued ordinary shares as of June 30, 2020, is 1,456,501,228 shares[132]. - The company aims to attract and retain experienced individuals through the new share option plan[120]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as per the listing rules during the six months ending June 30, 2020[133]. - No purchases, sales, or redemptions of the company's listed securities occurred during the six months ending June 30, 2020[136].