Financial Performance - For the six months ended June 30, 2021, the company reported revenue from continuing operations of approximately HKD 18,400,000, a decrease of about 22% compared to HKD 23,500,000 in the same period of 2020[11] - The profit attributable to the company's owners from continuing and discontinued operations was approximately HKD 14,700,000, compared to HKD 6,400,000 in 2020[11] - Total comprehensive income for the period was approximately HKD 21,300,000, significantly up from HKD 9,700,000 in the previous year[11] - The basic earnings per share from continuing operations was 1.35 HKD cents, compared to 0.30 HKD cents in 2020[11] - The company reported a profit of HKD 21,266,000 for the six months ended June 30, 2021, compared to HKD 16,269,000 for the same period in 2020, representing a year-over-year increase of 30.7%[52] - Revenue from continuing operations was HKD 18,409,000, down from HKD 23,468,000 in the previous year, indicating a decrease of 21.4%[52] - The profit attributable to the owners of the company from continuing operations was HKD 14,736,000, significantly up from HKD 3,225,000 in the prior year, marking an increase of 356.5%[53] - Basic earnings per share from continuing operations was HKD 1.35, compared to HKD 0.30 in the previous year, reflecting a growth of 350%[55] - The total comprehensive income for the period was HKD 21,266,000, compared to HKD 9,673,000 in the same period last year, an increase of 120.5%[53] Revenue and Income Sources - Rental income from property investments for the period was approximately HKD 18,400,000, down from HKD 23,500,000 in 2020, reflecting a decrease of about 21.6%[19] - The fair value gain from trading investments was approximately HKD 13,200,000, a significant recovery from a fair value loss of HKD 2,900,000 in the previous year[24] - For the six months ended June 30, 2021, the total revenue from property investment was HKD 18,409,000, while the segment performance for securities investment was HKD 13,403,000, leading to a combined total of HKD 27,883,000[74] - The net fair value gain from trading investments for the same period was HKD 13,236,000, compared to a loss of HKD 2,932,000 in the previous year[78] Asset and Liability Management - The investment property portfolio has a carrying value of approximately HKD 1,552,800,000, unchanged from December 31, 2020[18] - The group recorded a total asset-liability ratio of 86.7% as of June 30, 2021, down from 90.14% as of December 31, 2020, primarily due to the repayment of bank loans and notes payable[33] - The group had cash and bank deposits of approximately HKD 3,600,000 as of June 30, 2021, a decrease from HKD 14,700,000 as of December 31, 2020[32] - The group has pledged investment properties valued at approximately HKD 1,430,000,000 as collateral for bank loans of HKD 462,000,000 as of June 30, 2021[36] - As of June 30, 2021, total assets minus current liabilities amounted to HKD 1,213,613, a decrease from HKD 1,379,547 as of December 31, 2020[57] - The company’s total liabilities as of June 30, 2021, were HKD 670,837, an increase from HKD 494,529 as of December 31, 2020[57] Cash Flow and Financing Activities - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 2,449, compared to HKD 34,449 for the same period in 2020[64] - The company incurred a net cash outflow from financing activities of HKD 20,485 for the six months ended June 30, 2021, compared to HKD 47,960 in the same period of the previous year[64] - The company reported a decrease in cash flow from investing activities, with a net cash outflow of HKD 3,862 for the six months ended June 30, 2021, compared to HKD 14,052 in the previous year[64] Corporate Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[50] - The company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which is currently not in place[47] - The company will continue to review its organizational structure to assess the need for appointing a CEO as the business develops[47] Business Operations and Strategic Changes - The company has terminated its garment manufacturing business in mainland China, focusing on property and securities investments in Hong Kong[12] - Management has provided rental concessions to tenants in the medical rehabilitation and food and beverage sectors due to the impact of COVID-19[23] - The management anticipates continued adverse effects from COVID-19 on property and securities investments, with expected fluctuations in fair value[31] Shareholder Returns and Dividends - The company did not declare or propose any dividends during the reporting period[41] - The company did not declare any dividends for the period, consistent with the previous year[87] Investment Performance - The company holds 8,034,000 shares of China Evergrande New Energy Vehicle Group Limited, representing 0.08% of its total investments, with a fair value loss of HKD 10,444,000 for the six months ended June 30, 2021[25] - The group’s five largest trading investments accounted for approximately 94% of total trading investments, contributing HKD 15,347,000 to the fair value gains during the period[94] Other Financial Metrics - The total finance costs for the six months ended June 30, 2021, amounted to HKD 8,261,000, a decrease from HKD 12,863,000 in the same period last year[79] - The total administrative expenses for the ongoing business were HKD 1,347,000, slightly lower than HKD 1,530,000 in the previous year[82] - The tax expense for the ongoing business was nil for the current period, while HKD 512,000 was recorded in the previous year[80] - The company received compensation of approximately HKD 45,406,000 related to the termination of its subsidiary Jiangsu Xinxi, which was fully collected in 2019 and 2020[83]
远东控股国际(00036) - 2021 - 中期财报