HKR INT'L(HK:00480)2021-12-02 08:50Financial Performance - The group's revenue for the six months ended September 30, 2021, was HKD 1,966.5 million, a decrease of 20.7% compared to HKD 2,480.9 million in the same period last year[6]. - The profit attributable to the company's owners was HKD 508.0 million, down 14.4% from HKD 593.6 million year-on-year[6]. - Basic earnings per share for the period were HKD 0.342, compared to HKD 0.400 in the previous year[6]. - The total comprehensive income for the period was HKD 673.8 million, down from HKD 1,186.2 million in the previous year[64]. - The group’s attributable profit for the period was HKD 508.0 million, compared to HKD 593.6 million in the prior period[78]. - The profit before tax for the six months ended September 30, 2021, was HKD 508.0 million, a decrease of 14.4% compared to HKD 593.6 million for the same period in 2020[85]. - The company reported a net profit margin of H%, reflecting improved operational efficiency and cost management strategies[120]. Assets and Liabilities - Total assets increased to HKD 44,400.2 million from HKD 36,700.1 million year-on-year, while total liabilities rose to HKD 17,315.0 million from HKD 10,871.7 million[4]. - The net debt as of September 30, 2021, was HKD 8,315.4 million, up from HKD 4,623.9 million as of March 31, 2021[34]. - The capital debt ratio as of September 30, 2021, was 34.4%, an increase from 19.5% as of March 31, 2021[36]. - The total liabilities increased to HKD 20,527.7 million as of September 30, 2021, from HKD 20,156.0 million as of March 31, 2021, marking an increase of 1.8%[98]. - The group's total liabilities as of September 30, 2021, were HKD 11,592.8 million, up from HKD 7,684.8 million, reflecting a growth of 50.5%[105]. Property Development and Investment - The property development and investment segment generated revenue of HKD 2,042.8 million, including HKD 535.3 million from joint ventures and associates[9]. - The property development segment's performance declined by 44.6% to HKD 272.2 million, reflecting a decrease in the number of units delivered to buyers compared to the previous year[28]. - The property investment segment's revenue increased by 10.1% to HKD 313.9 million, primarily due to improved performance from joint ventures[29]. - The company plans to develop a site in Discovery Bay that will add over 1.3 million square feet of residential land, providing more than 1,400 residential units[10]. - The project at Lohas Park is expected to provide 262 units and is anticipated to obtain occupancy permits in Q1 2022, with sales expected in Q2 2022[11]. Market and Economic Outlook - The group expects economic recovery to remain volatile in the short to medium term due to ongoing geopolitical tensions and the impact of new COVID-19 variants[25]. - The group maintains a cautious approach in the mainland China market, closely monitoring developments despite a strong GDP growth of 9.8% in the first three quarters of 2021[26]. - The company anticipates an increase in land supply in Hong Kong due to favorable government policies, maintaining an optimistic outlook on the property market[26]. Cash Flow and Financing - For the six months ended September 30, 2021, the net cash used in operating activities was HKD (4,633.4) million, a significant decrease compared to HKD 1,075.1 million for the same period in 2020[69]. - The company reported a net cash inflow from financing activities of HKD 4,928.9 million, a substantial increase from a cash outflow of HKD (856.6) million in the previous year[69]. - The company’s investment activities resulted in a net cash outflow of HKD (123.4) million, compared to HKD (73.4) million in the previous year, indicating increased investment activity[69]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.03 per share, down from HKD 0.04 per share in the previous year[7]. - Major shareholders include CCM Trust (Cayman) Limited with 715,617,969 shares (48.17%) and LBJ Regents (PTC) Limited with 101,084,280 shares (6.81%)[48]. - The company has a total of 148,530,180 shares available for options under the 2021 plan, representing 10% of the issued share capital as of August 25, 2021[45]. Operational Performance - The average occupancy rate for the Shanghai Sukai Tai Hotel exceeded 72.7% during the period from April to September 2021, supported by strong local business and tourism demand[20]. - The group’s ferry and bus services in Discovery Bay have returned to pre-pandemic levels, although operational costs remain a challenge due to rising fuel prices[18]. - The leisure business segment recorded revenue of HKD 4.1 million, down from HKD 9.7 million in the same period last year, with Lantau Yacht Club and DB Ice Rink still in the early stages of operation[32]. Employee and Corporate Governance - The group emphasizes employee training and development, with a total of 1,546 employees as of September 30, 2021, and has been recognized as a "Mental Health Friendly Organization" by the Department of Health[24]. - The company has fully complied with the corporate governance code, except for the chairman's absence at the annual general meeting due to other commitments[52].