Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 34,787,000, an increase of 59.8% compared to HKD 21,783,000 in the same period of 2019[8] - Gross profit for the same period was HKD 27,581,000, significantly up from HKD 2,236,000, reflecting a gross margin improvement[8] - The company reported a loss before tax of HKD 66,024,000, a reduction in loss compared to HKD 206,190,000 in the previous year[8] - Total comprehensive income for the period was HKD 75,960,000, compared to a loss of HKD 429,504,000 in the same period last year[9] - The basic and diluted loss per share for the period was HKD 1.57, an improvement from HKD 3.22 in the previous year[9] - The company reported a pre-tax loss of HKD 66,024,000 for the six months, an improvement from a loss of HKD 206,190,000 in the same period last year[27] - The company reported a loss attributable to owners of HKD 65,056,000 for the six months ended September 30, 2020, compared to a loss of HKD 133,566,000 for the same period in 2019, reflecting a 51.2% improvement[38] Assets and Liabilities - Non-current assets totaled HKD 739,416,000 as of September 30, 2020, an increase from HKD 707,783,000 as of March 31, 2020[11] - Current assets amounted to HKD 8,257,754,000, a decrease from HKD 8,518,275,000 as of March 31, 2020[11] - The company’s development properties increased to HKD 1,602,341,000 from HKD 1,523,550,000[11] - As of September 30, 2020, total current liabilities decreased to HKD 2,865,188 thousand from HKD 3,090,855 thousand as of March 31, 2020, representing a reduction of approximately 7.3%[12] - Non-current liabilities decreased to HKD 1,626,908 thousand from HKD 1,706,089 thousand, reflecting a decline of about 4.7%[14] - Net assets increased to HKD 4,505,074 thousand from HKD 4,429,114 thousand, showing a growth of approximately 1.7%[14] - The company recorded a decrease in accounts payable by HKD 17,135 thousand during the period, compared to an increase of HKD 4,372 thousand in the previous year[21] - Other payables and accrued liabilities amount to HKD 1,689,313,000 as of September 30, 2020, compared to HKD 2,139,705,000 as of March 31, 2020, indicating a decrease of approximately 21%[57] Cash Flow - The net cash used in operating activities for the six months ended September 30, 2020, was HKD 590,854 thousand, compared to a net cash inflow of HKD 570,539 thousand for the same period in 2019[21] - Cash flow from investment activities showed a net cash inflow of HKD 461,648 thousand, contrasting with a net cash outflow of HKD 560,387 thousand in the previous year[21] - The net cash used in financing activities was HKD 14,335,000, compared to a net cash inflow of HKD 35,752,000 in the previous year[22] - The total cash and cash equivalents at the end of the period were HKD 74,608,000, slightly down from HKD 75,062,000 at the beginning of the period[22] - The company recorded a foreign exchange gain of HKD 139,137,000, compared to a loss of HKD 2,611,000 in the previous year[22] Income and Expenses - Property sales accounted for HKD 32,529,000, up from HKD 21,250,000, indicating a growth of 53.1% year-over-year[29] - Rental income increased significantly to HKD 2,258,000 from HKD 156,000, marking a growth of 1,350%[29] - The company’s administrative expenses decreased by approximately 15% to HKD 74.5 million from HKD 88 million in the previous year[84] - The company incurred a pre-tax loss of HKD 66 million, compared to a loss of HKD 206.2 million in the same period last year[77] - Other income and gains for the period were HKD 69.6 million, compared to HKD 2.3 million in the previous year, mainly driven by recovered interest expenses of HKD 57 million[83] Borrowings and Financing - The company’s bank and other borrowings amounted to HKD 2,008,221,000, an increase from HKD 1,987,948,000 as of March 31, 2020[59] - Current bank borrowings due within one year increased to HKD 436,617,000 from HKD 340,799,000[59] - Non-current bank borrowings decreased to HKD 1,571,604,000 from HKD 1,647,149,000[59] - The company's fixed-rate bank borrowings stood at HKD 91,041,000 with an interest rate of 10.80%[62] - Floating-rate borrowings amounted to HKD 436,617,000 with rates ranging from 2.2% to 6%[62] Shareholder Information - Major shareholder Ms. Yang Xunxin owns 1,531,261,978 shares, which is 36.93% of the issued share capital, while Shenzhen Holdings Limited holds 631,092,857 shares, representing 15.22%[103] - The total issued and paid-up ordinary shares remained at 4,146,020,285 as of September 30, 2020[64] - The company did not recommend the distribution of an interim dividend for the six months ended September 30, 2020, compared to no dividend in the previous year[109] Market Outlook and Strategy - The group maintains a cautious optimism regarding the real estate market outlook, despite potential short-term fluctuations due to the COVID-19 pandemic[98] - The group will continue to seek opportunities for urban redevelopment projects to supplement its property portfolio[98] - The company plans to continue seeking investment and sale opportunities in property development and land development projects in China[75]
沿海家园(01124) - 2021 - 中期财报