Financial Performance - The company reported an unaudited consolidated profit of approximately HKD 6.5 million for the six months ended March 31, 2021, compared to a loss of HKD 45.7 million in the same period last year[11]. - Revenue for the six months ended March 31, 2021, was HKD 76,613,000, an increase of 6.4% compared to HKD 72,299,000 for the same period in 2020[56]. - Total comprehensive income for the period was HKD 12,083,000, compared to a loss of HKD 44,045,000 in the previous year[58]. - The company reported a profit of HKD 6,538,000 for the period, a significant recovery from a loss of HKD 45,747,000 in the same period last year[58]. - Basic earnings per share improved to HKD 0.06 from a loss of HKD 0.41[58]. - The company reported a loss before tax of HKD 39,412,000 for the six months ended March 31, 2021, compared to a loss of HKD 44,100,000 in the previous period[100]. - Other income and gains decreased to HKD 12,367,000 from HKD 16,456,000, representing a decline of 25.3%[56]. - The company incurred finance costs of HKD 10,566,000 related to bank borrowings during the reporting period[98]. Rental Income - Rental income from residential properties increased slightly by 0.5%, primarily due to improved rental income from properties at 3 Heilan Road[16]. - Rental income from office and industrial properties decreased by 19.8%, attributed to renovation works and the economic slowdown caused by the COVID-19 pandemic[16]. - The company anticipates an increase in rental income in the second half of the fiscal year following the completion of renovations at 4 Heilan Road[17]. - The group expects stable rental income from residential properties in the second half of the fiscal year[28]. - The company’s rental income decreased to HKD 45,209,000 from HKD 48,519,000, a decline of approximately 4.8% year-over-year[97]. Investments - The investment in the TKO Fund amounted to HKD 34.8 million, with a valuation of HKD 36 million as of March 31, 2021[19]. - The company has committed to invest an additional USD 2.5 million in the Adams Street Private Income Fund LP, with a current valuation of USD 4.7 million[22]. - The company’s investment activities resulted in a net cash outflow of HKD 30,913,000, compared to HKD 29,797,000 in the previous year[69]. - The fair value of listed equity securities is HKD 29,730,000 as of March 31, 2021, up from HKD 20,690,000 as of September 30, 2020, showing an increase of approximately 43.73%[130]. - The fair value of unlisted equity instruments designated at fair value through other comprehensive income is HKD 75,575,000 as of March 31, 2021, compared to HKD 53,712,000 as of September 30, 2020, reflecting an increase of approximately 40.67%[132]. Financial Position - As of March 31, 2021, the group's shareholder equity was HKD 5.399 billion, a slight decrease from HKD 5.425 billion on September 30, 2020[30]. - The group's total cash and bank balances amounted to HKD 74.1 million as of March 31, 2021, down from HKD 158.2 million on September 30, 2020[30]. - The debt-to-equity ratio as of March 31, 2021, was 1.2%, an increase from 1.0% on September 30, 2020[36]. - The group's total liabilities were HKD 65 million as of March 31, 2021, compared to HKD 55 million on September 30, 2020[30]. - The company’s cash and bank balances decreased to HKD 74,125,000 from HKD 123,289,000[60]. Corporate Governance - The company has complied with the relevant provisions under the Listing Rules during the reporting period, with no non-exempt one-off connected transactions or non-exempt continuing connected transactions disclosed[40]. - The board believes that having the same individual serve as both Chairman and CEO provides strong and effective leadership for the company[42]. - The audit committee, composed entirely of independent non-executive directors, has reviewed the group's performance during the reporting period[54]. - The board will continue to review the effectiveness of the corporate governance structure and consider necessary changes[42]. Employee Information - The group has a total of 121 employees as of March 31, 2021, an increase from 115 employees on September 30, 2020[38]. - Total compensation for directors and key management personnel was HKD 3,892,000, a marginal increase from HKD 3,868,000 in the prior year[145]. - The total short-term employee benefits for the period were HKD 3,852,000, slightly up from HKD 3,828,000 in the previous year[145]. Acquisitions - The company acquired a 47.84% stake in Elephant Holdings Limited for HKD 15,424,000, increasing its ownership from 51.96% to 99.80%[146]. - The acquisition of Elephant Holdings involved a transaction cost of approximately HKD 367,000[146]. - The group recognized a decrease in non-controlling interests of approximately HKD 5,999,000 following the acquisition[146]. - The company waived a loan of HKD 1,800,000 owed by Elephant Holdings at the time of acquisition, classified as a non-cash transaction[146].
博富临置业(00225) - 2021 - 中期财报