Financial Performance - The company reported a net loss attributable to shareholders of HKD 4,432,484 for the six months ended September 30, 2020, compared to a loss of HKD 12,416,373 for the same period in 2019[7]. - Total revenue for the group was approximately HKD 23.7 million, a decrease of about 6.0% from HKD 25.2 million in the previous year, while gross profit increased significantly by 60.8% to approximately HKD 9.5 million[9]. - The group recorded a loss attributable to shareholders of HKD 4,432,484 for the period, an improvement from a loss of HKD 12,416,373 in the previous year[28]. - The company reported a total comprehensive loss of HKD (15,139,283) during the reporting period, which included a loss of HKD (12,416,373) and foreign exchange differences of HKD (2,722,910)[36]. - Basic and diluted loss per share for the six months ended September 30, 2020, was HKD 7.25, an improvement from HKD 20.29 for the same period in 2019[67]. - The company reported a decrease in cumulative losses to HKD (20,947,320) as of September 30, 2020, from HKD (35,523,756) as of April 1, 2019[36]. Revenue and Profit Contributions - The Cheung Chau Wah Wei Hotel generated total revenue of approximately HKD 8.5 million, down from HKD 10.3 million in the previous year, with a profit contribution of approximately HKD 1.6 million, up from HKD 1.0 million[10]. - The serviced properties in Beijing recorded total revenue of approximately HKD 14.8 million, slightly up from HKD 14.3 million in the previous year, with a profit of approximately HKD 1.7 million, down from HKD 4.9 million[13]. - Total operating revenue from hotel operations in Hong Kong was HKD 8,505,868 for the six months ended September 30, 2020, down from HKD 10,315,576 in 2019, reflecting a decrease of approximately 17.5%[54]. - The company’s revenue from hotel room operations was HKD 6,421,213, while food and beverage services contributed HKD 2,084,655 for the six months ended September 30, 2020[48]. - The group achieved a profit of approximately HKD 4.7 million from securities investments, compared to a loss of HKD 3.1 million in the previous year, including a fair value increase of approximately HKD 4.4 million[13]. Assets and Liabilities - The total assets as of September 30, 2020, were HKD 324,948,805, slightly down from HKD 329,536,340 as of March 31, 2020[33]. - Current liabilities amounted to HKD 33,624,546, an increase from HKD 31,889,710 as of March 31, 2020[33]. - The total bank loans as of September 30, 2020, were HKD 22,344,033, down from HKD 23,656,475 as of March 31, 2020[77]. - The total equity of shareholders was approximately HKD 296,900,000, resulting in a debt-to-equity ratio of about 7.5% as of September 30, 2020, down from 8.0% as of March 31, 2020[18]. - As of September 30, 2020, the group held cash and bank deposits totaling HKD 13,435,460, an increase from HKD 9,475,449 as of March 31, 2020[17]. Investments and Acquisitions - The group has not made any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[16]. - The company’s investment activities resulted in a net cash outflow of HKD (1,365,342) for the purchase of investment properties during the reporting period[38]. - The group had no significant investment or capital asset plans as of September 30, 2020[25]. COVID-19 Impact - The ongoing COVID-19 pandemic has significantly impacted the hotel and tourism industry, leading to challenges in the upcoming year[13]. Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended September 30, 2020, consistent with the previous year[8]. - The company’s issued and fully paid ordinary shares remained at 610,710,675 as of September 30, 2020[79]. - Major shareholder Kiu Tak-Kin held 113,726,476 shares, representing 18.62% of the issued shares[96]. - Achiemax Limited and Energy Overseas Ltd. held 72,182,400 shares (11.82%) and 78,430,299 shares (12.84%) respectively[96]. Corporate Governance - The board of directors confirmed full compliance with the standard code of conduct for securities trading during the six months ended September 30, 2020[101]. - The company has adhered to all corporate governance code provisions, except for the separation of the roles of Chairman and CEO, which has been held by the same individual since March 17, 2015[102]. - The current structure of having the same person serve as Chairman, Managing Director, and CEO is believed not to impair the balance of power between the board and management[103]. - The company’s audit committee consists of three independent non-executive directors who reviewed the accounting principles and discussed financial reporting matters[107].
远东酒店实业(00037) - 2021 - 中期财报