Financial Performance - For the six months ended January 31, 2020, the company reported a revenue of HKD 599,898,000, an increase from HKD 571,086,000 in the same period last year, representing a growth of 5%[5] - The gross profit for the same period was HKD 312,049,000, down from HKD 359,137,000, indicating a decrease of approximately 13%[5] - The operating loss for the period was HKD 249,786,000, compared to an operating profit of HKD 353,320,000 in the previous year, reflecting a significant decline[5] - The net loss attributable to the company's owners was HKD 570,790,000, compared to a profit of HKD 82,686,000 in the prior year, marking a substantial turnaround[5] - Basic and diluted loss per share for the period was HKD 1.351, compared to earnings of HKD 0.211 per share in the same period last year[5] - The total comprehensive loss for the period was HKD 995,610,000, compared to a comprehensive income of HKD 417,305,000 in the previous year[7] Expenses and Costs - The company incurred finance costs of HKD 115,477,000, up from HKD 73,549,000, indicating an increase of approximately 57%[5] - Selling and marketing expenses rose to HKD 33,010,000 from HKD 19,707,000, reflecting an increase of approximately 67%[5] - The company recorded a total tax expense of HKD 205,412,000 for the period, compared to HKD 178,803,000 for the same period in 2019[59] - Depreciation of property, plant, and equipment was HKD 103,613,000 for the six months ended January 31, 2020, compared to HKD 36,438,000 for the same period in 2019[54] Assets and Liabilities - As of January 31, 2020, total non-current assets amounted to HKD 25,139,873, an increase from HKD 24,825,442 as of July 31, 2019, representing a growth of 1.26%[9] - Current assets totaled HKD 6,123,143, a decrease from HKD 6,484,185 as of July 31, 2019, reflecting a decline of 5.55%[9] - Total liabilities increased to HKD 12,084,448 from HKD 11,577,701, marking a rise of 4.37%[11] - The net current asset value decreased to HKD 2,066,552 from HKD 2,933,942, indicating a decline of 29.54%[9] - The company's equity attributable to owners was HKD 14,918,407, down from HKD 15,834,007, a decrease of 5.78%[11] Cash Flow - The company reported a net cash flow used in operating activities of HKD (298,903,000) for the six months ended January 31, 2020, compared to HKD (82,079,000) for the same period in 2019[21] - The net cash flow used in investing activities was HKD (1,008,251,000) for the six months ended January 31, 2020, compared to HKD (79,945,000) for the same period in 2019[21] - The company generated a net cash flow from financing activities of HKD 703,658,000 for the six months ended January 31, 2020, compared to HKD 1,305,945,000 for the same period in 2019[21] - The company's cash and cash equivalents stood at HKD 1,249,053, down from HKD 1,923,484, a decrease of 35.0%[9] Revenue Breakdown - Revenue from property sales was HKD 175,186,000, compared to HKD 145,668,000 in 2019, reflecting a significant increase of about 20.2%[45] - Rental income from investment properties decreased to HKD 277,852,000 from HKD 289,795,000, a decline of approximately 4.1%[45] - The company’s segment revenue from hotel and serviced apartments was HKD 78,168,000, down from HKD 80,072,000 in 2019, a decrease of about 2.4%[51] Investment Properties - The fair value loss on investment properties was HKD 387,598,000, compared to a gain of HKD 109,692,000 in the previous year, showing a significant negative shift[5] - The company recorded a significant fair value impairment on investment properties during the review period[121] Shareholder Information - The company reported a loss attributable to shareholders of HKD 442,388,000 for the six months ended January 31, 2020, compared to a profit of HKD 69,005,000 for the same period in 2019[63] - The company’s net asset value attributable to shareholders decreased to HKD 14.92 billion from HKD 15.83 billion as of July 31, 2019[126] - The company reported a loss per share of HKD 1.35 for the six months ended January 31, 2020, compared to earnings per share of HKD 0.21 for the same period in 2019[64] Future Plans and Strategies - The company plans to continue evaluating its investment strategies and market expansion opportunities in response to changing market conditions[43] - The company plans to expand its rental portfolio to approximately 9,300,000 square feet after completing ongoing projects in major cities[107] - The company is considering measures to restore public float to meet the minimum requirement of 25% of total issued shares[119] Property Development - The property development business recorded a revenue of HKD 175.2 million from property sales for the six months ended January 31, 2020, representing a 20.2% increase compared to the same period last year[164] - The average selling price for high-rise residential units in Zhongshan Palm Rainbow Garden was HKD 1,667 per square foot, with a total of 13 units sold[165] - The average selling price for villa residential units in Zhongshan Palm Rainbow Garden was HKD 2,565 per square foot, with a total of 10 units sold[165] Market Conditions - The average exchange rate for RMB depreciated by approximately 2.6% compared to the same period last year, impacting rental income[131] - The company will consider expanding its land reserves based on macroeconomic conditions and existing business in relevant cities[111]
丽丰控股(01125) - 2020 - 中期财报