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华星控股(08237) - 2020 - 中期财报
LINK HOLDINGSLINK HOLDINGS(HK:08237)2020-08-14 09:31

Financial Performance - The group's revenue for the six months ended June 30, 2020, was approximately HKD 14.7 million, a decrease of about 57.0% compared to HKD 34.2 million in the same period of 2019[12]. - The loss attributable to owners of the company was approximately HKD 26.9 million, compared to a profit of approximately HKD 4.8 million in 2019[12]. - Basic loss per share was approximately HKD 0.772, compared to basic earnings of approximately HKD 0.137 per share in 2019[12]. - Gross profit for the six months was HKD 2.58 million, down from HKD 26.18 million in the same period last year[14]. - The total comprehensive loss for the period was HKD 39.78 million, compared to a total comprehensive income of HKD 8.44 million in 2019[14]. - The company reported a net loss of HKD 26,941,724 for the six months ended June 30, 2020, compared to a loss of HKD 6,029,645 in the same period of 2019[38]. - The group reported a loss before tax of HKD 10,460,142 for the six months ended June 30, 2020, compared to a loss of HKD 10,184,709 in the same period of 2019[53]. - Total income tax expense for the period was HKD 2,346,361, a decrease from HKD (3,420,539) in the previous year[59]. Revenue Breakdown - Total revenue for the six months ended June 30, 2020, was HKD 39,517,364, a decrease compared to HKD 39,782,486 for the same period in 2019[22]. - Revenue from hotel operations amounted to HKD 24,318,266 for the six months ended June 30, 2020, compared to HKD 23,861,628 in 2019, indicating a slight increase of 1.9%[46]. - Revenue from non-performing asset management was negative HKD 9,606,278 for the six months ended June 30, 2020, compared to positive HKD 10,365,544 in 2019[46]. - Room revenue was approximately HKD 16.8 million, accounting for about 69.0% of total hotel operating revenue, down from 74.8% in the previous year[77]. - Rental income from hotel tenants was approximately HKD 1.8 million, representing about 7.3% of total hotel business revenue, down from 12.6% in the previous year[78]. Expenses and Costs - Administrative expenses totaled HKD 18.47 million, slightly up from HKD 18.27 million in 2019[14]. - Financial costs increased to HKD 7.05 million from HKD 5.94 million in the previous year[14]. - The company reported a significant increase in sales costs to HKD 12.13 million from HKD 8.04 million in 2019[14]. - Employee costs for the six months ended June 30, 2020, were HKD 10,460,142, slightly higher than HKD 10,184,709 in 2019, reflecting an increase of 2.7%[53]. - Depreciation of property, plant, and equipment increased to HKD 6,961,496 for the six months ended June 30, 2020, from HKD 5,352,744 in 2019, representing a rise of 30.0%[53]. Assets and Liabilities - Non-current assets totaled HKD 739,001,237 as of June 30, 2020, down from HKD 774,762,735 as of December 31, 2019[27]. - Current assets decreased to HKD 105,686,177 as of June 30, 2020, from HKD 125,802,052 as of December 31, 2019[27]. - Total current liabilities amounted to HKD 346,944,795 as of June 30, 2020, compared to HKD 352,914,146 as of December 31, 2019[31]. - Net assets decreased to HKD 359,826,528 as of June 30, 2020, from HKD 399,609,014 as of December 31, 2019[31]. - The company reported a decrease in cash and bank balances to HKD 22,651,203 as of June 30, 2020, from HKD 36,685,154 as of December 31, 2019[27]. - The company’s equity attributable to owners decreased to HKD 354,466,123 as of June 30, 2020, from HKD 393,983,487 as of December 31, 2019[31]. - The group’s total assets less current liabilities were reported at HKD 547,650,641 after adjustments for prior years[51]. Cash Flow - Cash and cash equivalents decreased by HKD 18,773,529, ending at HKD 17,488,356 as of June 30, 2020[38]. - The net cash flow used in operating activities was HKD (8,465,945), an increase in cash outflow compared to HKD (6,029,645) in the previous year[38]. - The company incurred a net cash outflow from investing activities of HKD (1,020,440) compared to HKD (31,328,506) in the prior year[38]. - Financing activities resulted in a net cash outflow of HKD (9,287,144), a decrease from HKD (16,141,081) in the previous year[38]. Shareholder Information - As of June 30, 2020, Mr. Yan Yi holds a 54.44% stake in the company through Vertic Holdings Limited, which is under liquidation[106]. - Vertic holds 1,900,000,000 shares, representing approximately 54.44% of the company[111]. - CMI Financial Holding owns 690,000,000 shares, accounting for 19.77% of the total shares[111]. - China Eastern Asset Management holds 310,000,000 shares, which is 8.88% of the total shares[111]. - The company has a total issued share capital of 3,490,000,000 shares as of June 30, 2020[115]. Future Outlook and Strategies - The company is focusing on restructuring and exploring new market opportunities to improve future performance[11]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[30]. - The group maintains an optimistic outlook for future growth, focusing on attracting new guests to its hotels and exploring potential acquisitions in China[97]. - The COVID-19 pandemic has impacted the group's hotel business in Asia, but the board believes these challenges are short-term and will not affect long-term operations[97]. - The group plans to leverage opportunities from the Belt and Road Initiative to expand its revenue sources and explore potential acquisitions in China[97]. Corporate Governance - The audit committee is responsible for reviewing and supervising the group's financial reporting processes and risk management[99]. - The board of directors is led by Chairman and Executive Director Yan Yi[118].