Financial Performance - Total revenue decreased by 86.3% to HKD 92,900,000 compared to HKD 677,900,000 in the same period last year[9]. - The company reported a loss attributable to shareholders of HKD 141,800,000, compared to a profit of HKD 177,200,000 in the previous year[9]. - Basic loss per share was HKD 0.12, compared to earnings of HKD 0.14 per share in the prior year[9]. - The group incurred a loss of HKD 174,353,000 for the period, compared to a profit of HKD 200,220,000 in the previous year, indicating a negative swing of approximately 187%[34]. - The group reported a pre-tax loss of HKD 182,182,000 for the period, highlighting the financial impact of the ongoing challenges in the market[61]. - The company reported a pre-tax loss of HKD 141,810,000 for the six months ended September 30, 2020, compared to a profit of HKD 177,200,000 in the same period of 2019[78]. Revenue Breakdown - Gaming revenue fell by 90.9% to HKD 51,100,000, accounting for 55.0% of total revenue, down from 82.5%[9]. - Hotel revenue was HKD 41,800,000, down from HKD 118,400,000, representing 45.0% of total revenue[19]. - The group’s VIP room revenue was HKD 6,000,000, a significant drop from HKD 160,200,000, accounting for 11.8% of total gaming revenue[17]. - The average daily gaming revenue per table in the mass market was approximately HKD 5,300, down from HKD 55,000[16]. - The gaming business generated service income of HKD 51,094,000, down from HKD 600,000,000 in the previous year, indicating a decrease of about 91.5%[61]. - Hotel room revenue was HKD 15,138,000, compared to HKD 50,509,000 in the prior year, reflecting a decline of approximately 70%[56]. Operational Metrics - Average room rates for the flagship hotel were HKD 536, down from HKD 846, with an occupancy rate of 34% compared to 94% last year[19]. - The group operates two hotels, with a total of 598 rooms, aiming to capture the potential of the Macau hotel market[12]. - The total employee cost for the period was HKD 154,100,000, a decrease from HKD 225,000,000 in 2019, reflecting a reduction of approximately 31.6%[28]. Financial Position - The group maintained a strong financial position with cash and bank deposits totaling HKD 3,442,800,000 as of September 30, 2020, down from HKD 3,544,300,000 as of March 31, 2020[22]. - The capital debt ratio was zero as of September 30, 2020, indicating a net cash position, consistent with the previous reporting period[24]. - The net cash position was maintained at zero debt ratio, indicating a strong financial condition despite the ongoing pandemic[48]. - The net current assets as of September 30, 2020, were HKD 3,171,446, a decrease from HKD 3,318,619 as of March 31, 2020[39]. - The total assets as of September 30, 2020, were HKD 3,608,940, a decrease from HKD 3,762,292 as of March 31, 2020[39]. Shareholder Actions - The company repurchased 16,715,000 shares at an average price of HKD 1.139 per share, reducing the total issued shares by approximately 1.35%[25]. - The board declared an interim dividend of HKD 0.015 per share, down from HKD 0.030 per share in 2019, representing a 50% reduction[29]. - The total issued and paid-up share capital as of September 30, 2020, was HKD 121,000,000, reflecting a decrease in the number of shares due to buybacks[102]. - The company aims to enhance net asset value and/or earnings per share through share repurchases[132]. Market Conditions and Future Outlook - The group expects a rebound in visitor numbers and spending as pent-up leisure demand is released, contingent on the effective control of the pandemic[21]. - The group is actively monitoring the market conditions and adjusting its strategies to navigate the ongoing uncertainties in the hospitality and gaming industries[58]. - The group plans to strictly control daily operations and capital expenditures to mitigate the financial impact of the ongoing pandemic[48]. Impairment and Credit Risk - Trade receivables as of September 30, 2020, amounted to HKD 39,632,000, with a provision for impairment of HKD 20,899,000, compared to HKD 76,340,000 and HKD 52,741,000 respectively in March 2020[86]. - The expected credit loss for a specific gaming customer was HKD 79,000, down from HKD 265,000 in the previous year, indicating a significant reduction in credit risk[91]. - The total impairment provision for trade receivables as of September 30, 2020, was HKD 20,899,000, down from HKD 52,741,000 as of March 31, 2020, reflecting improved collection expectations[92]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[127]. - The interim financial statements have not been audited or reviewed by the company's auditors but have been reviewed by the audit committee[130]. - The company has adopted a securities trading code for directors that meets or exceeds the standards set out in the Listing Rules[128].
英皇娱乐酒店(00296) - 2021 - 中期财报