Financial Performance - The Group's revenue for the six months ended September 30, 2021, was approximately HK$6.0 million, a significant decrease from approximately HK$250.3 million for the same period in 2020[13]. - Profit attributable to owners of the parent for the same period was approximately HK$148.6 million, compared to approximately HK$71.9 million in the previous year, indicating a year-over-year increase of 106.5%[13]. - Revenue for the six months ended September 30, 2021, was HK$5,964,000, a decrease of 97.6% compared to HK$250,292,000 in the same period of 2020[144]. - Gross profit for the same period was HK$5,838,000, down 95.0% from HK$117,120,000 year-on-year[144]. - Profit before tax increased to HK$145,365,000, representing a 57.3% increase from HK$92,413,000 in the previous year[144]. - Profit for the period was HK$148,636,000, up 103.5% compared to HK$73,109,000 in the same period of 2020[144]. - Total comprehensive income for the period was HK$120,815,000, an increase of 66.8% from HK$72,376,000 year-on-year[145]. - Earnings per share attributable to ordinary equity holders of the parent was HK0.98 cent, compared to HK0.47 cent in the previous year, reflecting a 108.5% increase[145]. Property Development - The completion of jointly developed property projects contributed to the profit, with net profit from the delivery of remaining units of two joint venture projects amounting to approximately HK$141.7 million[18]. - The "maya" project has sold 310 out of 326 units, generating total sales proceeds of approximately HK$3.9 billion, with the Group holding a 50% equity interest[19]. - The "Altissimo" project has sold 516 out of 547 units, with total sales proceeds of approximately HK$5.8 billion, and the Group owns a 40% equity interest in this project[20]. - The presale for "The Met. Azure" project launched in August 2021, with 208 out of 320 units sold, resulting in contracted sales of approximately HK$967.7 million[24]. - The superstructure work for "The Met. Azure" is currently ongoing, with expected unit delivery in the fourth quarter of 2022[24]. - The Group's projects are well-received, particularly among young home buyers and single individuals, indicating a positive market response[24]. Investment Properties - As of September 30, 2021, the Group's investment properties portfolio had a total carrying value of approximately HK$580.0 million, an increase from approximately HK$571.2 million as of March 31, 2021[44]. - The Group received gross rental income of approximately HK$6.0 million for the reporting period, representing a 22.4% increase compared to approximately HK$4.9 million for the six months ended September 30, 2020[47]. - The Group has a 50% equity interest in two commercial properties, "Lake Silver" and "The Parkside," both of which have been refurbished, achieving full occupancy at Lake Silver and over 90% occupancy at The Parkside[53]. - The Group aims to expand its investment properties portfolio through self-acquisition and strategic partnerships, focusing on securing recurring rental income and capital appreciation[60]. Financial Position - As of September 30, 2021, the Group's total assets less current liabilities were approximately HK$8,475.0 million, an increase of 6.0% from HK$7,994.6 million as of March 31, 2021[64]. - The current ratio improved to approximately 2.8 times as of September 30, 2021, compared to 2.4 times as of March 31, 2021[64]. - Cash and cash equivalents decreased to approximately HK$702.2 million as of September 30, 2021, down from HK$826.5 million as of March 31, 2021[64]. - Aggregate bank borrowings increased to approximately HK$5,079.1 million as of September 30, 2021, up from HK$4,696.9 million as of March 31, 2021, resulting in a gearing ratio of approximately 87.0%[64]. - The effective interest rate of bank borrowings rose to approximately 2.3% per annum as of September 30, 2021, compared to 1.8% as of March 31, 2021[68]. - The Group's capital commitment as of September 30, 2021 was approximately HK$975.0 million, significantly higher than HK$516.0 million as of March 31, 2021[64]. Corporate Governance - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the six months ended September 30, 2021[128]. - The company emphasized its commitment to high standards of corporate governance, focusing on transparency, accountability, and integrity[129]. - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated financial information for the six months ended September 30, 2021[134]. Market Conditions - The property market remains stable due to low interest rates and strong end-user demand, with many developers launching new projects[84]. - The unemployment rate in Hong Kong improved to 5.5% from April to June 2021, reflecting a rebound in the labor market[83]. - The Group is cautiously optimistic about the property market and will continue to seek opportunities for property acquisition and collaboration with strategic partners[89]. Environmental and Health Measures - The Group has implemented stricter testing and quarantine guidelines at properties and construction sites to safeguard health amid the COVID-19 pandemic[91]. - The Group encourages environmental friendliness by promoting paper recycling and energy-saving practices within its operations[92]. - All development projects comply with the latest Building Energy Codes for Mechanical, Electrical, and Plumbing (MEP) systems[94][95]. - The Group provided rental relief and support to tenants affected by the pandemic[91].
宏安地产(01243) - 2022 - 中期财报