Financial Performance - The group recorded an unaudited net profit attributable to shareholders of HKD 1.664 billion for the six months ended December 31, 2018, compared to HKD 5.401 billion for the same period in 2017[7]. - Basic earnings per share for the interim period were HKD 0.91, down from HKD 3.09 in the previous interim period[7]. - The group's underlying profit attributable to shareholders, excluding the impact of fair value changes in investment properties, was HKD 1.579 billion, compared to HKD 4.653 billion in the previous interim period[7]. - Revenue for the six months ended December 31, 2018, was HKD 4,622,931,557, an increase from HKD 3,954,035,304 in the same period of 2017, representing a growth of approximately 16.8%[21]. - Net profit for the period was HKD 3,135,549,621, a decrease from HKD 10,381,748,148 in the previous year, indicating a decline of approximately 69.8%[21]. - Total comprehensive income for the period was HKD 2,720,993,944, down 73.5% from HKD 10,258,967,683 in the previous year[22]. - The company reported a profit of HKD 3,135,549,621 for the six months ended December 31, 2018, a decrease of 69.8% compared to HKD 10,381,748,148 for the same period in 2017[22]. - The company reported a total pre-tax profit of HKD 2,810,259,716 for the six months ended December 31, 2018, compared to HKD 3,796,928,188 in the previous year, reflecting a decrease of approximately 26.0%[60]. - For the six months ended December 31, 2018, the profit before tax was HKD 1,664,631,643, a decrease from HKD 5,401,127,454 for the same period in 2017, representing a decline of approximately 69%[70]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.14 per share, payable on April 24, 2019[7]. - The company declared an interim dividend of HKD 0.14 per share for the six months ended December 31, 2018, compared to HKD 0.13 per share for the same period in 2017, representing an increase of approximately 7.7%[68]. Revenue and Sales Performance - Total property sales revenue for the period was HKD 21.465 billion, a decrease from HKD 45.602 billion in 2017[10]. - The company sold 98% of residential units at the project "囍逸" and 99% at both "朗屏8號" and "天賦海灣" during the period[10]. - Total revenue for the six months ended December 31, 2018, was HKD 7,943,782,224, an increase from HKD 6,575,570,682 for the same period in 2017, representing a growth of approximately 20.8%[58]. - Property sales revenue reached HKD 4,560,225,831 for the six months ended December 31, 2018, compared to HKD 3,257,264,639 in 2017, marking an increase of about 40.0%[58]. - Rental income from properties was HKD 2,015,344,851 for the six months ended December 31, 2018, up from HKD 1,742,223,705 in 2017, reflecting a growth of approximately 15.7%[58]. - Revenue from hotel operations reached HKD 485,146,079, slightly up from HKD 467,243,104 in the previous year, reflecting a growth of about 3.9%[55]. - Revenue from the Hong Kong market was HKD 3,869,244,847, significantly higher than HKD 2,272,682,360 in 2017, representing an increase of about 70.2%[55]. - Revenue from the People's Republic of China was HKD 198,723,010, down from HKD 1,143,605,863, indicating a decline of approximately 82.6%[55]. Assets and Liabilities - Non-current assets increased to HKD 105,012,211,039 as of December 31, 2018, compared to HKD 106,642,412,401 as of June 30, 2018[23]. - Current assets net worth rose to HKD 47,356,636,643, up from HKD 41,174,137,178 in the previous period[23]. - The company's total assets less current liabilities amounted to HKD 152,368,847,682, an increase from HKD 147,816,549,579[24]. - The company's equity attributable to shareholders rose to HKD 75,743,123,924, compared to HKD 74,046,935,993 in the previous period[24]. - Long-term bank borrowings due after one year amounted to HKD 3,651,221,167, compared to HKD 1,656,000,000 in the previous period[24]. - The group’s total investment in associates increased to HKD 21,790,254,714 as of December 31, 2018, compared to HKD 20,190,218,736 as of June 30, 2018, indicating an increase of approximately 7.9%[76]. - The group’s loans to associates, net of provisions, decreased to HKD 2,153,720,033 as of December 31, 2018, from HKD 2,858,796,861 as of June 30, 2018, reflecting a decrease of approximately 24.6%[76]. Cash Flow and Financing - The company maintained a cash and bank deposit balance of HKD 26.722 billion, with net cash of HKD 21.062 billion after deducting total borrowings of HKD 5.661 billion[17]. - The net cash outflow from operating activities for the six months ended December 31, 2018, was HKD 979,074,172, compared to an inflow of HKD 1,280,085,025 in the same period of 2017[26]. - The company experienced a net cash decrease of HKD 1,054,352,380 in cash and cash equivalents for the six months ended December 31, 2018, compared to a decrease of HKD 5,128,240,898 in the same period of 2017[27]. - The group secured a new bank loan of HKD 2,000,000,000 during the six months ending December 31, 2018, compared to no new loans in the same period of 2017[84]. - Bank loans amounted to HKD 6,195,403,219 as of December 31, 2018, compared to HKD 2,462,157,872 as of June 30, 2018, indicating a significant increase[109]. Accounting Standards and Financial Reporting - The company has adopted new and revised Hong Kong Financial Reporting Standards, effective from July 1, 2018, impacting the accounting policies and reporting figures[30]. - The application of HKFRS 15 "Revenue from Contracts with Customers" has replaced HKAS 18 "Revenue" and HKAS 11 "Construction Contracts," leading to changes in revenue recognition[33]. - The company has implemented the Hong Kong Financial Reporting Standard No. 9, which significantly changes the classification and measurement of financial assets, requiring them to be measured at fair value and recognized in profit or loss[46]. - The expected credit loss model under HKFRS 9 did not have a significant impact on the cumulative impairment losses recognized by the company as of July 1, 2018[51]. - The review conducted did not reveal any matters that would lead the firm to believe that the condensed consolidated financial statements were not prepared in all material respects in accordance with HKAS 34[118]. Investment Properties and Development - The company acquired a piece of land in Hong Kong with a floor area of approximately 11,582 square feet during the period[12]. - The company’s investment properties and hotels had a total floor area of approximately 11.9 million square feet, with 62% being commercial properties[15]. - The group’s investment properties had a carrying value of HKD 249,896,625 as of December 31, 2018, slightly increasing from HKD 249,265,875 as of June 30, 2018[95]. - The group recognized a total of HKD 85,093,100 from the sale of certain investment properties, significantly higher than HKD 24,264,875 in the same period of 2017, representing an increase of approximately 251.5%[74]. Community Engagement and Sustainability - The company has established a "Green Financing Framework" and successfully obtained its first green loan to invest in sustainable development projects[19]. - The company is actively participating in community activities and has been recognized as a constituent stock in the Hang Seng Sustainable Development Index Series since September 2012[19]. Shareholder Information - Mr. Wong Chi Cheung holds 3,815,997,428 shares, representing 56.44% of the issued shares, with 219,001 shares being beneficially owned and 4,686,077 shares attributed to spouse's interest[101]. - Major shareholder Mr. Wong Chi Tat owns 1,329,275,315 shares, accounting for 72.17% of the issued shares, with 2,741,390 shares held through controlled entities[106].
TST PROPERTIES(00247) - 2019 - 中期财报