Financial Performance - For the six months ended September 30, 2019, the company reported a revenue of HKD 362.4 million, a decrease of 21.6% compared to HKD 462.4 million for the same period in 2018[3] - The gross profit for the same period was HKD 2.3 million, down from HKD 61.3 million, indicating a significant decline in profitability[3] - Operating profit decreased to HKD 10.0 million, a drop of 84.6% from HKD 64.8 million in the previous year[3] - The net profit attributable to equity holders was HKD 70.4 million, down 43.8% from HKD 125.3 million in the prior period[4] - Cash flow from operating activities showed a net outflow of HKD 75.9 million, compared to an inflow of HKD 774.3 million in the same period last year[7] - The company's financial performance was impacted by increased administrative expenses, which rose to HKD 40.4 million from HKD 32.3 million year-on-year[3] - The group reported a total revenue of HKD 23.9 million for the six months ended September 30, 2019, a decrease of 93.4% compared to HKD 362.4 million for the same period in 2018[12] - The gross revenue from property sales was HKD 17.6 million for the six months ended September 30, 2019, down from HKD 356.7 million in the previous year, representing a decline of 95.1%[12] - The group’s operating profit for the six months ended September 30, 2019, was HKD 36.9 million, compared to HKD 64.8 million for the same period in 2018, a decline of 43.1%[14] - The company's profit attributable to equity holders for the six months ended September 30, 2019, was HKD 70.4 million, a significant decrease from HKD 125.3 million in the same period of 2018[35] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 7,330.2 million, compared to HKD 7,090.1 million as of March 31, 2019[5] - The company's net assets decreased to HKD 7,014.7 million from HKD 7,086.6 million in the previous period[5] - The company reported a cash balance of HKD 3,660.7 million as of September 30, 2019, down from HKD 4,028.9 million at the end of the previous period[7] - The total assets of the group as of September 30, 2019, amounted to HKD 7,543.4 million, compared to HKD 7,626.9 million as of March 31, 2019, indicating a slight decrease of 1.1%[15] - The group’s total liabilities as of September 30, 2019, were HKD 528.7 million, compared to HKD 540.3 million as of March 31, 2019, showing a decrease of 2.9%[15] - Total loans as of September 30, 2019, amounted to HKD 247.5 million, down from HKD 289.9 million as of March 31, 2019[23][25] - The group’s net cash after deducting loans as of September 30, 2019, was HKD 3.41 billion, down from HKD 3.52 billion as of March 31, 2019[40] - The capital debt ratio as of September 30, 2019, was 3.5%, compared to 4.1% as of March 31, 2019[40] Dividends and Shareholder Returns - The company proposed an interim dividend of HKD 0.12 per share, unchanged from the previous year[3] - The company declared an interim dividend of HKD 0.12 per share, consistent with the previous year's dividend[34] Employee and Administrative Expenses - Employee expenses for the first half of the year ending September 30, 2019, reached HKD 32.1 million, excluding director remuneration[41] - The group maintains a strong balance sheet and ample cash reserves to withstand market fluctuations and seize opportunities[39] Projects and Future Outlook - The company is progressing with the sales preparation for the luxury residential project "Repulse Bay 108," which features eight independent houses and clubhouse facilities[37] - The French Valley Airport Center project in California is being developed in phases, with the first two phases completed and sales commenced[37] - The group expects that recent government housing policy measures may help improve the overall atmosphere in the local property market[39] - The group is confident in the potential returns from the shallow bay project despite the current market challenges[39] Compliance and Governance - The company has adopted the standards set out in Appendix 10 of the Listing Rules to regulate directors' securities transactions[50] - All directors have confirmed compliance with the standard code during the reporting period[50] - The chairman expressed gratitude for the diligence and loyalty of the company's staff[50] Other Financial Metrics - The effective tax rate for the group remained at 16.5% for the period, consistent with the previous year[18] - Non-current assets, including interests in associates, were valued at HKD 3,488.4 million as of September 30, 2019, compared to HKD 3,478.6 million as of March 31, 2019[36] - The net asset value per share, based on the market valuation of hotel properties, was HKD 17.01 as of September 30, 2019, slightly down from HKD 17.11 as of March 31, 2019[36] Shareholder Actions - The group has not repurchased any shares during the first half of the year[46] - The group has not granted any share options to directors or executives during the first half of the year[43]
TAI CHEUNG HOLD(00088) - 2020 - 中期财报