Financial Performance - The company recorded a profit attributable to equity holders of RMB 320.0 million for the first half of 2021, a significant turnaround from a loss of RMB 118.6 million in the same period of 2020[20]. - The total revenue from continuing operations was RMB 148.77 million, compared to RMB 74.62 million in the first half of 2020, representing an increase of approximately 99.4%[23]. - The company achieved a total of RMB 107.87 million in revenue from its integrated resort operations, including RMB 102.26 million from gaming and RMB 5.61 million from hotel operations[23]. - The company reported a profit from discontinued operations of approximately RMB 147.1 million, including a gain of RMB 167.9 million from the sale of a subsidiary[21]. - The company reported a net profit of RMB 285,799,000 for the six months ended June 30, 2021, compared to a loss of RMB 123,208,000 in the prior year[151]. - Basic earnings per share for the period was RMB 3.13, compared to a loss per share of RMB 1.78 in the same period last year[154]. - The company reported a loss of RMB 118,794,000 for the six months ended June 30, 2021, compared to a loss of RMB 392,324,000 for the same period in 2020, showing an improvement in financial performance[192]. Revenue Growth - The company reported a total of RMB 148,770,000 in revenue from gaming operations for the six months ending June 30, 2021, compared to RMB 74,621,000 for the same period in 2020, marking an increase of approximately 99%[188]. - The revenue from travel agency services for the six months ending June 30, 2021, was RMB 220,544,000, a significant increase from RMB 1,049,000 for the same period in 2020, showing a growth of over 20,900%[188]. - The revenue from property management services for the six months ending June 30, 2021, was RMB 12,639,000, compared to RMB 2,820,000 for the same period in 2020, reflecting a growth of over 348%[188]. - The revenue from tourism-related products and services for the six months ending June 30, 2021, amounted to RMB 26,950,000, a substantial increase from RMB 0 for the same period in 2020[188]. - The overall performance indicates a strong recovery trajectory post-pandemic, with significant growth across multiple revenue streams compared to the previous year[188]. Operational Developments - The group is focused on maximizing cash flow and liquidity while implementing cost control measures across all integrated resorts[13]. - The group has implemented prudent cost control measures at all integrated resorts without compromising customer experience[13]. - The group is committed to creating growth opportunities at its integrated resorts, with a focus on the Water Crystal Palace and the upcoming Westside City project as key growth drivers[13]. - The group is developing a five-star hotel and entertainment complex in Manila, Philippines, with construction ongoing and no revenue recognized in the first half of 2021[30]. - The group is focusing on cash flow management and implementing cost control measures across all integrated resort projects[125]. Market Expansion - The company plans to expand its market presence in Asia, particularly with the Westside City project in the Philippines, which is expected to become a popular venue[18]. - The company is focusing on expanding its market presence in Russia and the Philippines, with reported revenues of RMB 107,872,000 and RMB 0, respectively, for the six months ending June 30, 2021[188]. - The company is focusing on expanding its market presence in China, Macau, Cambodia, and Vietnam[191]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[152]. Strategic Initiatives - The group aims to enhance facilities and services at the Crystal Tiger Palace, including the launch of a new VIP club and dining options[15]. - The group is undergoing digital transformation, utilizing big data strategies and exploring integrated digital experiences for its resorts[130]. - The group is actively selling real estate divisions to generate cash and expedite future construction projects[131]. - The company plans to enhance its product offerings and services related to integrated resorts and hotels[191]. - Future outlook includes potential mergers and acquisitions to strengthen market position and expand service capabilities[191]. Financial Position - As of June 30, 2021, the group's cash and bank balances totaled approximately RMB 1,947.4 million, down from RMB 2,225.6 million at the end of 2020[50]. - The group's total borrowings amounted to approximately RMB 965.3 million as of June 30, 2021, a decrease from RMB 1,312.6 million at the end of 2020[50]. - The debt ratio was approximately 25.4% as of June 30, 2021, down from 31.1% at the end of 2020[54]. - The company reported a significant capital expenditure commitment of approximately RMB 3.44 billion for the six months ended June 30, 2021[173]. - The total liabilities as of June 30, 2021, were RMB 6,584,230,000, down from RMB 7,731,713,000 as of December 31, 2020[194]. Challenges and Risks - The company continues to face adverse impacts on its overall business due to ongoing COVID-19 restrictions affecting international travel, particularly in Macau and the Russian entertainment sector[176]. - The group expresses gratitude to various governments for their efforts in controlling the pandemic, which has impacted business operations[10]. - The company relies on financial support from its major shareholder and related companies to maintain sufficient working capital[173]. - The company has ceased its property development and leasing business in Shenzhen, China, following the completion of the sale of its subsidiary[175].
LET GROUP(01383) - 2021 - 中期财报