Financial Performance - The group's consolidated revenue for the six months ended September 30, 2020, was HKD 152 million, an increase from HKD 42 million for the same period in 2019[9]. - The group recorded a profit of HKD 61 million for the six months ended September 30, 2020, compared to a loss of HKD 31 million for the same period in 2019[9]. - Basic and diluted earnings per share for the six months ended September 30, 2020, were HKD 0.07, compared to a loss of HKD 0.056 per share for the same period in 2019[9]. - The company's revenue for the six months ended September 30, 2020, was HKD 151.84 million, a significant increase from HKD 41.82 million in the same period of 2019[38]. - The operating profit for the same period was HKD 52.04 million, compared to an operating loss of HKD 11.84 million in 2019[38]. - The net profit attributable to ordinary shareholders for the six months ended September 30, 2020, was HKD 33.53 million, compared to a loss of HKD 26.82 million in the previous year[38]. - The total comprehensive income for the six months ended September 30, 2020, was HKD 89.68 million, compared to a loss of HKD 44.78 million in the same period of 2019[39]. - The group reported a pre-tax profit of HKD 60,991,000 for the six months ended September 30, 2020, compared to a pre-tax loss of HKD 30,366,000 for the same period in 2019[71]. Assets and Liabilities - Total assets as of September 30, 2020, amounted to HKD 1.805 billion, with current assets at HKD 1.141 billion, approximately 3.04 times current liabilities[7]. - As of September 30, 2020, the total borrowings amounted to HKD 263 million, a decrease from HKD 305 million as of March 31, 2020, with a debt-to-asset ratio of 14.6%[29]. - The current ratio increased to 3.04 as of September 30, 2020, from 2.65 as of March 31, 2020[30]. - Total equity increased to HKD 1,430,459,000 as of September 30, 2020, up from HKD 1,340,778,000 as of March 31, 2020[43]. - The total liabilities of the group as of September 30, 2020, were HKD 374,958,000, down from HKD 462,919,000 as of March 31, 2020[77]. - The group’s cash and cash equivalents increased significantly to HKD 564,597,000 as of September 30, 2020, compared to HKD 238,192,000 as of March 31, 2020[75]. Investments and Projects - The group acquired a 2.53% partnership interest in Rykadan Real Estate Fund LP for HKD 17.5 million in May 2020, increasing its indirect ownership from 1% to approximately 3.53%[11]. - The group sold its entire equity interest in Meibang Qili Optoelectronics Technology (Shanghai) Co., Ltd. for a total consideration of RMB 338.18 million in September 2020[11]. - The group is focusing on two potential real estate redevelopment projects in Hong Kong, which have progressed to the construction phase despite the ongoing pandemic[6]. - The group aims to cautiously explore potential residential, industrial, and commercial properties both locally and overseas to enhance its investment portfolio[6]. - The group has completed and is selling the Winston project, with a total built area of 3,973 square feet[14]. - The Singing Wood project is under construction and expected to be completed by December 2020, with a total built area of 9,124 square feet[14]. - The group holds a 3.55% equity interest in the Shek Pai Tau project, which is under construction and expected to be completed by June 2022, with a total built area of 49,019 square feet[14]. - The Huang Zhu Keng project has a 22.82% equity interest and is also under construction, expected to be completed by March 2022, with a total built area of 107,208 square feet[14]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of HKD 151,956,000 for the six months ended September 30, 2020, compared to a cash outflow of HKD 26,077,000 in the same period last year[50]. - The net cash position as of September 30, 2020, was HKD 302 million, compared to a net debt of HKD 67 million as of March 31, 2020[29]. - Cash and bank deposits as of September 30, 2020, were HKD 565 million, representing 31.3% of the group's total assets[12]. - The company has approved a conditional offer to repurchase and cancel up to 102,000,000 shares at HKD 0.68 per share, representing approximately 21.36% of the total issued shares[26]. - The company provided a loan of HKD 220,000,000 to Kewell Group for operational funding, with accrued interest of HKD 33,116,000 as of September 30, 2020[134]. - The company also advanced HKD 186,445,000 to Fastest Runner Limited for property acquisition and development[134]. Dividend Policy - The board did not recommend the payment of an interim dividend for the six months ended September 30, 2020[10]. - The company did not declare an interim dividend for the six months ended September 30, 2020, compared to HKD 0.06 per share for the same period in 2019, indicating a shift in dividend policy[100]. Compliance and Governance - The company complied with the corporate governance code principles and applicable provisions during the reporting period[131]. - The company has not violated any covenants related to the utilized financing as of September 30, 2020[97]. - The company continues to monitor compliance with financial covenants to avoid any potential repayment demands from lenders[98].
宏基资本(02288) - 2021 - 中期财报