Financial Performance - For the six months ended December 31, 2020, the group reported a loss attributable to shareholders of HKD 45.5 million, compared to a profit of HKD 6.4 million in the same period of 2019[10]. - The group's revenue for the interim period was HKD 52.3 million, down from HKD 108.9 million in 2019, representing a decline of approximately 52%[10]. - The loss per share for the interim period was HKD 0.0398, compared to earnings of HKD 0.0058 per share in the previous year[10]. - Total comprehensive loss for the period amounted to HKD 69,340,786, compared to a total comprehensive loss of HKD 149,905,012 in the same period of 2019[31]. - Gross profit for the same period was HKD 20,542,845, down from HKD 57,425,012, reflecting a decline of 64%[29]. - The company reported a loss before tax of HKD 49,127,901 for the six months ended December 31, 2020, compared to a profit of HKD 8,536,714 for the same period in 2019[41]. - Revenue from hotel operations decreased to HKD 52,364,388, down 52% from HKD 108,945,138 in the previous year[41]. - Basic loss per share was HKD 39.83, compared to earnings per share of HKD 5.75 for the same period in 2019[48]. Visitor Statistics - The number of visitors to Hong Kong during the interim period was 52,795, a dramatic decrease of 99.7% compared to 2.1 million visitors in the same period of 2019[12]. Hotel Performance - The average occupancy rates for City Garden Hotel, Royal Pacific Hotel, and Conrad Hong Kong were 85.6%, 26.5%, and 18.5%, respectively, compared to 65.1%, 68.8%, and 55.5% in 2019[13]. - Revenue for City Garden Hotel, Royal Pacific Hotel, and Conrad Hong Kong during the interim period was HKD 37.6 million, HKD 37.1 million, and HKD 81.2 million, respectively, compared to HKD 93 million, HKD 127 million, and HKD 250.4 million in 2019[13]. - Room revenue for the hotel segment was HKD 31,606,807, a decline of 38.6% compared to HKD 51,447,961 in the previous year[38]. Cash and Assets - As of December 31, 2020, the group had cash and bank deposits of HKD 951.6 million, with no outstanding debts[17]. - The cash and cash equivalents at the end of the period totaled HKD 331,345,780, compared to HKD 309,273,202 at the end of the previous year[34]. - The company reported a net increase in cash and cash equivalents of HKD 256,532,385 for the six months ended December 31, 2020[34]. - Non-current assets as of December 31, 2020, were valued at HKD 3,247,846,746, a decrease from HKD 3,330,213,874 as of June 30, 2020[32]. - Current assets totaled HKD 1,067,720,756, slightly down from HKD 1,072,619,972 as of June 30, 2020[32]. Dividends and Share Capital - The board decided not to declare an interim dividend due to the loss recorded during the interim period[11]. - The company did not declare an interim dividend for the six months ended December 31, 2020, compared to an interim dividend of HKD 11,385,031 for the same period in 2019[47]. - The issued and fully paid share capital as of December 31, 2020, was HKD 1,142,661,798, an increase from HKD 1,119,805,890 as of June 30, 2020[53]. Operational Strategies - The group maintained a stable revenue source during the pandemic by leasing hotel rooms and facilities for two years to enhance occupancy rates[14]. - The group has launched a market promotion plan targeting local leisure customers and introduced new dining products to meet the increasing demand for takeout and delivery[14]. - The group continues to monitor the situation closely and manage resources prudently to seize business opportunities during the economic recovery[26]. Corporate Governance - The company has established a remuneration committee to oversee the compensation policies for all directors and senior management[69]. - The company is committed to maintaining transparency in its remuneration policies and procedures[69]. - The company’s board of directors has undergone changes, with Mr. Huang Chu Biao appointed as chairman of Greater Bay Area Airlines Limited[67]. - The Audit Committee held at least four meetings annually to oversee financial reporting, risk management, and internal controls, reviewing accounting policies and the interim report for the six months ending December 31, 2020[71]. - The Compliance Committee meets bi-monthly to review compliance with ongoing connected transactions and corporate governance matters, providing updates to the board and Audit Committee[72]. Social Responsibility - The group has conducted over 300 soup distribution activities, donating more than 45,000 servings to the elderly in need since 2011[23]. - The group has launched a youth leadership program to promote sustainable tourism development and train future leaders in the hospitality industry[25]. - The group has adopted various sustainable energy initiatives to reduce carbon emissions in response to local and international environmental initiatives[21].
SINO HOTELS(01221) - 2021 - 中期财报