Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 90.1 million, a significant increase from HKD 16.8 million in the same period last year, representing a growth of 436.7%[2] - Gross profit for the same period was HKD 8.5 million, compared to HKD 0.2 million, indicating a substantial improvement in profitability[2] - Operating profit for the six months was HKD 37.5 million, a turnaround from an operating loss of HKD 6.7 million in the previous year[2] - Net profit attributable to equity holders was HKD 39.3 million, compared to a loss of HKD 10.6 million in the prior period, marking a significant recovery[2] - Basic and diluted earnings per share were HKD 6.4 cents, compared to a loss of HKD 1.7 cents per share in the previous year[2] - The gross income from property sales was HKD 83.3 million, compared to HKD 9.8 million in the previous year, indicating an increase of 749%[13] - The total revenue from property rental was HKD 2.1 million, up from HKD 1.4 million in the previous year, marking a growth of 50%[13] - The group reported a net profit attributable to equity holders of HKD 39.3 million for the six months ended September 30, 2021, compared to a net loss of HKD 10.6 million in the same period of 2020[37] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 6,836.4 million, slightly down from HKD 6,885.7 million as of March 31, 2021[5] - Total assets as of September 30, 2021, amounted to HKD 7,091.5 million, while total liabilities were HKD 303.0 million, resulting in net assets of HKD 6,788.5 million[18] - The company reported a total equity of HKD 6,788.5 million as of September 30, 2021, down from HKD 6,822.9 million at the end of the previous fiscal year[5] - Total loans as of September 30, 2021, were HKD 83.3 million, a decrease from HKD 141.9 million as of March 31, 2021[28] - The group’s non-current assets, including interests in associates, were valued at HKD 255.1 million as of September 30, 2021, down from HKD 282.7 million as of March 31, 2021[40] Cash Flow - Cash and cash equivalents decreased to HKD 1,839.2 million from HKD 2,093.5 million year-over-year[10] - The net cash outflow from operating activities was HKD 6.5 million, a significant improvement from HKD 1,376.8 million in the prior year[10] - The group has a net cash position of HKD 1.831 billion as of September 30, 2021, down from HKD 1.905 billion on March 31, 2021[44] Dividends - The company proposed an interim dividend of HKD 0.12 per share, consistent with the previous year[4] - The group declared an interim dividend of HKD 0.12 per share, consistent with the dividend declared in the same period last year[35] Investments and Financial Performance - Interest income for the six months ended September 30, 2021, was HKD 3.6 million, down from HKD 21.4 million in the same period of 2020, a decrease of 83%[20] - The fair value changes of financial investments recorded a gain of HKD 55.0 million, compared to a gain of HKD 1.8 million in the previous year, reflecting a substantial increase[20] - The fair value gain on financial investments recognized in profit or loss amounted to HKD 55 million, primarily due to the IPO of one of the investment portfolio companies[37] - The fair value of financial investments classified as Level 3 increased to HKD 77.9 million as of September 30, 2021, from HKD 24.2 million as of March 31, 2021[31] Projects and Development - The group is developing a luxury residential building in Ap Lei Chau, with foundation work having commenced in June 2021[41] - The "Repulse Bay 108" project is progressing well in sales preparation, targeting high-end buyers with its unique architectural design[41] - The French Valley Airport Center project in California is being developed in phases, with strong sales performance in the first two phases due to improved market conditions[41] - The group expects strong demand for luxury residential properties in Hong Kong due to limited supply and an influx of new high-net-worth individuals[43] - The group plans to increase land and housing supply to improve local economic development[43] Corporate Governance and Compliance - The company has reviewed its accounting principles and internal controls, discussing risk management and financial reporting matters[52] - The company has complied with the corporate governance code, except for the roles of Chairman and CEO being held by the same individual, which the board believes enhances decision-making efficiency[53] - Non-executive directors do not have a specified term but must retire and seek re-election at the annual general meeting according to company bylaws[54] - The company has adopted the standard code for securities transactions by directors, confirming compliance from all directors during the reporting period[55] Employee Information - The group has 158 employees, with employee expenses reaching HKD 29.3 million for the first half of the year[45] Market Outlook - The group anticipates a gradual recovery in the hotel sector as international travel restrictions ease[42] - The group has not repurchased any shares during the first half of the year[51]
TAI CHEUNG HOLD(00088) - 2022 - 中期财报