Financial Performance - The company's unaudited consolidated profit for the six months ended March 31, 2019, was approximately HKD 73.4 million, a decrease from HKD 395.5 million in 2018[6]. - The net profit for the period was HKD 73,027,000, a significant decrease of 81.5% from HKD 395,389,000 in the previous year[22]. - Total comprehensive income for the period amounted to HKD 60,329,000, down from HKD 401,845,000, reflecting a decline of 85%[22]. - Basic earnings per share decreased to HKD 0.67 from HKD 3.59, representing a drop of 81.3%[22]. - The profit before tax for the six months ended March 31, 2019, was HKD 73,445,000, a significant decrease from HKD 395,476,000 for the same period in 2018[102]. - The total comprehensive income before tax for the period was HKD 78,595,000[86]. Revenue and Income - Revenue for the six months ended March 31, 2019, was HKD 70,224,000, an increase of 3.7% compared to HKD 67,661,000 for the same period in 2018[22]. - The group reported a total revenue of HKD 71,261,000 for the six months ended March 31, 2019, with a profit of HKD 64,934,000[86]. - The company recognized revenue from the sale of goods amounting to HKD 16,409,000 for the six months ended March 31, 2019, compared to HKD 15,241,000 in the previous year, representing an increase of approximately 7.7%[95]. - The company reported a total of HKD 51,283,000 in revenue from other sources for the six months ended March 31, 2019, compared to HKD 49,930,000 in the previous year, reflecting an increase of approximately 2.7%[95]. Rental Income - Rental income from investment properties in Hong Kong increased by 2.7% compared to the same period last year, while residential property rental income slightly decreased by 0.3% due to the renovation of a property[9]. - Rental income from residential units in Beijing's Chaoyang District increased by 2.6% compared to the previous year[12]. - The company expects no increase in rental income for the second half of the fiscal year due to uncertainties stemming from the ongoing US-China trade conflict[14]. Dividends - The interim dividend declared is HKD 0.04 per share, consistent with the previous year[7]. - The company declared a dividend of HKD 37,461,000 for the period, an increase from HKD 33,054,000 in the previous year[32]. - The company declared an interim dividend of HKD 0.04 per share for the fiscal year ending September 30, 2019, totaling HKD 4,407,000, consistent with the previous year's interim dividend[100]. Assets and Liabilities - Non-current assets as of March 31, 2019, totaled HKD 5,407,467,000, an increase from HKD 5,264,216,000 as of September 30, 2018[26]. - Current assets decreased to HKD 263,207,000 from HKD 324,445,000, indicating a decline of 18.9%[26]. - Total liabilities increased to HKD 115,852,000 from HKD 100,481,000, reflecting a rise of 15.3%[26]. - The company's equity attributable to owners increased to HKD 5,505,779,000 from HKD 5,440,474,000, a growth of 1.2%[26]. - The company’s total liabilities increased to HKD 1,000,000,000 as of March 31, 2019, compared to HKD 900,000,000 as of September 30, 2018[30]. Investment Activities - The company invested HKD 39 million in the TKO Fund, which aims to invest in three properties in Tseung Kwan O, with a total construction area of approximately 300,000 square feet[9]. - The company invested HKD 15,213,000 in investment properties during the period, compared to HKD 13,412,000 in the same period of the previous year[32]. - The company reported a loss from joint ventures of HKD 79,643,000, compared to a loss of HKD 402,017,000 in the previous year[22]. Financial Reporting Standards - The group adopted the new Hong Kong Financial Reporting Standards (HKFRS) No. 9 and No. 15, which had no significant impact on the accounting policies compared to the previous periods[40]. - The implementation of HKFRS No. 15 resulted in a reclassification adjustment of approximately HKD 3,401,000 to contract liabilities as of October 1, 2018[49]. - The group is currently assessing the potential impact of new and revised HKFRS that have been issued but not yet effective, with no significant impact anticipated[40]. Credit Risk and Expected Credit Loss - The expected credit loss rate is projected to range between 2.12% and 23%[66]. - The expected credit loss rate for business and other receivables is estimated to range between 1.27% and 38%[119]. - The group applies a simplified approach for expected credit losses on trade receivables, allowing for the recognition of lifetime expected losses[83]. Corporate Governance - The group continues to comply with all corporate governance codes, with a board composition that includes a majority of independent non-executive directors[166]. - The company’s audit committee, consisting of three independent non-executive directors, has reviewed the interim performance and financial statements for the period[180].
博富临置业(00225) - 2019 - 中期财报