Financial Performance - Revenue for the six months ended June 30, 2021, was $8,387,000, a decrease of 71% compared to $28,945,000 for the same period in 2020[13]. - Operating loss for the period was $2,537,000, compared to an operating profit of $157,000 in the same period last year[13]. - The net loss attributable to owners of the company was $2,610,000, compared to a profit of $538,000 in the prior year[20]. - Basic and diluted loss per share for the period was 0.7 cents, compared to earnings of 0.1 cents per share in the previous year[25]. - Total comprehensive loss for the period was $2,764,000, compared to a total comprehensive income of $80,000 in the same period last year[25]. - Financial income decreased to $21,000 from $231,000, a decline of 91%[13]. - Financial costs increased to $470,000 from $386,000, representing a 22% rise[13]. - The company reported a loss before tax of $2,986,000, with a net loss of $2,598,000 for the six months ended June 30, 2021[64][66]. - The company faced a net loss of $4,364,000 in the previous year, highlighting the impact of the pandemic on financial performance[83]. - The company recorded revenue of $8.4 million for the reporting period, a decrease of $20.5 million or 70.9% compared to $28.9 million in the same period of 2020[157]. Revenue Breakdown - Total revenue from external customers reached $8,387,000, with contributions from the hotel and resort segment ($6,522,000), high-end travel retail ($1,797,000), and destination services ($68,000)[54]. - The hotel and resort segment generated a profit of $3,934,000, while the high-end travel retail and destination services segments reported losses of $2,229,000 and $363,000, respectively[74]. - Revenue from the hotel and resort segment was $6.5 million, down $16.1 million or 71.2% compared to the same period in 2020[159]. - The high-end travel retail segment generated revenue of $1.8 million, a decline of $4.1 million or 69.5% from $5.9 million in the same period of 2020[166]. - The destination services segment reported revenue of $68,000, a decrease of $324,000 compared to the same period in 2020, with a loss of $148,000 due to continued suspension of operations[167]. Expenses and Costs - The cost of goods sold was $1,300,000, down from $3,334,000 in the previous year, reflecting a 61% reduction[13]. - Total operating expenses for the period were $4,853,000, down from $12,897,000 in the same period last year, indicating a 62% reduction[13]. - The company experienced a decrease in employee benefits expenses, which were $3,349,000 compared to $9,345,000 in the previous year[83]. - Cost-cutting measures have been implemented to reduce operating costs during the pandemic[157]. - The company has negotiated more favorable lease terms for its high-end travel retail stores in Saipan, Guam, and Hawaii[166]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to $118,473,000, a decrease from $123,651,000 as of December 31, 2020, representing a decline of approximately 4.3%[29]. - Non-current assets increased to $80,913,000 from $61,908,000, reflecting a growth of approximately 30.7%[29]. - Current assets decreased to $37,560,000 from $61,743,000, indicating a decline of approximately 39.1%[29]. - Total liabilities decreased to $29,422,000 from $31,836,000, a reduction of approximately 7.6%[29]. - The total equity attributable to owners decreased to $89,051,000 from $91,815,000, a decrease of approximately 3.0%[29]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of $1,820,000 for the six months ended June 30, 2021, compared to a net outflow of $2,716,000 for the same period in 2020[37]. - Cash and cash equivalents decreased to $18,239,000 from $48,541,000, a decline of approximately 62.4%[37]. - The company incurred a loss of $1,010,000 in dividends declared during the period[33]. - The group successfully applied for a loan of $760,000 under the second round of the Payroll Protection Program, with an outstanding balance of $4,480,000 as of June 30, 2021[141]. - The group recognized $807,000 of the Payroll Protection Program loan as forgiven during the reporting period, compared to $0 in the previous year[141]. Future Outlook and Strategy - The management remains cautiously optimistic about the business operations recovering in the foreseeable future, despite the ongoing uncertainty of the COVID-19 pandemic[180]. - The company plans to reopen the Saipan Resort under the "Crowne Plaza Resort Saipan" brand in Q4 2021, pending final confirmation from the hotel manager[162]. - The company is continuing renovation and upgrade projects at the Guam Resort, which has been closed since May 2020, with plans to reopen under the "Crowne Plaza Resort Guam" brand in Q4 2021[164]. - The management anticipates a substantial recovery in the global tourism industry once COVID-19 is effectively controlled and more countries achieve herd immunity by the end of 2021[194]. - Renovation and upgrade projects for Crowne Plaza Resort Guam and Crowne Plaza Resort Saipan are ongoing, expected to be completed by Q4 2021, enhancing the properties' appeal to capitalize on pent-up travel demand[195]. Market Conditions and Vaccination Impact - As of July 4, 2021, fully vaccinated travelers can enter Guam without mandatory quarantine, which is expected to boost business and leisure tourist traffic[177]. - The vaccination rate in Guam is higher than in other Southeast Asian countries, contributing to its perception as a "safe" destination for global travelers[175]. - Over 80% of the adult population in Guam and approximately 77.2% in CNMI have been vaccinated as of August 26, 2021, with expectations to achieve herd immunity by Q3 2021[193].
海天地悦旅(01832) - 2021 - 中期财报