Financial Performance - For the six months ended September 30, 2021, the Group's revenue was approximately HK$173,125,000, an increase of approximately HK$149,414,000 or 630.1% compared to HK$23,711,000 for the same period in 2020[24]. - Profit attributable to the Company's owners for the Period was approximately HK$998,734,000, a significant turnaround from a loss of approximately HK$73,881,000 in the 2020 Period[24]. - Basic and diluted earnings per share amounted to HK$12.18 for the Period, compared to a loss per share of HK$0.81 for the same period last year[24]. - Total comprehensive income for the period was HK$1,006,269,000, compared to a loss of HK$66,579,000 in the prior year, showcasing a turnaround[192]. - Gross profit for the period was HK$91,417,000, up from HK$22,474,000 in the previous year, reflecting a strong performance[187]. Revenue Segments - Revenue from the property development segment during the Period was approximately HK$119,644,000, compared to nil in the 2020 Period[24]. - The recognized revenue from property investment business for the period amounted to HK$42,560,000, representing a significant increase from HK$16,784,000 in the previous period, primarily due to recurrent rental income[42]. - The gross rental income for the Group was approximately HK$33,622,000, reflecting a 109.8% increase compared to approximately HK$16,027,000 in the previous period[42]. - The segment reported a gain of approximately HK$73,647,000 for the period, a significant increase of approximately HK$125,230,000 compared to a loss of approximately HK$51,583,000 in the previous period[43]. Property Development and Projects - The Group's major project includes a site on Waterloo Road, Kowloon, with a site area of approximately 9,800 square feet[24]. - The Chatham Road North Building project is expected to be completed in 2025, with an estimated gross floor area of approximately 41,139 square feet after redevelopment[30]. - The Waterloo Site redevelopment is expected to be completed and launched in late 2022, with an estimated gross floor area of approximately 48,954 square feet[28]. - The "Ayton" residential project consists of two 8-storey blocks with a total saleable area of approximately 40,742 square feet, and as of the report date, 31 units and 2 car parks have been sold for a total contracted sales amount of approximately HK$473,350,000[35]. Acquisitions and Investments - The Group acquired approximately 74.76% of Eminence Enterprise Limited, consolidating it as a subsidiary in the financial statements for the Period[16]. - The acquisition of Eminence was part of the Group's strategy to diversify investments and strengthen its property portfolio[17]. - The Group's interest in Eminence increased to 696,370,840 shares, representing approximately 74.76% of the total issued share capital after acquiring additional shares[65]. - The Group's acquisition of Eminence shares was part of a voluntary conditional cash offer at HK$0.50 per share, which was approved by shareholders[60]. Financial Position and Assets - As of September 30, 2021, total assets amounted to HK$7,320,583, an increase from HK$4,234,902 as of March 31, 2021, reflecting a growth of approximately 73.5%[196]. - Non-current assets increased significantly to HK$2,852,438 from HK$2,363,200, representing a growth of about 20.7%[196]. - The Group's financial assets at fair value through profit or loss amounted to approximately HK$354,445,000 as of September 30, 2021, down from approximately HK$360,322,000 on March 31, 2021[48]. - The secured bank borrowings increased to HK$2,353,068 from HK$1,004,457, reflecting a rise of about 134%[196]. Employee and Operational Metrics - The Group had 93 employees as of September 30, 2021, with staff costs amounting to approximately HK$25,576,000, up from approximately HK$14,014,000 in the 2020 period[93]. - The current ratio improved to approximately 4.5 as of September 30, 2021, compared to approximately 3.8 on March 31, 2021[80]. Market Outlook and Strategy - The Hong Kong economy is expected to continue its recovery, supported by improved social and business environments, effective pandemic control, and economic stimulus measures[98]. - The property market in Hong Kong is anticipated to remain resilient in the long term due to low interest rates and confidence in market prospects[99]. - The Group plans to selectively acquire land for development in Hong Kong to replenish its quality land bank and strengthen its core businesses[99]. - The Group is confident in its business development and will continue to monitor market changes while exploring new opportunities to provide favorable returns for shareholders[101]. Governance and Compliance - The company fully complied with the Corporate Governance Code during the period, except for disclosed deviations[152]. - The roles of president and chief executive officer are held by the same individual, which the Board considers appropriate for consistent leadership[153]. - The company has adopted a code of conduct regarding securities transactions by directors, confirming compliance by all existing directors[163]. - The company will review the need for an internal audit function on an annual basis[160].
永义国际(01218) - 2022 - 中期财报