Financial Performance - The company reported an unaudited loss attributable to shareholders of HKD 428 million for the six months ended June 30, 2024, compared to a loss of HKD 425 million in the same period of 2023[1]. - Revenue for the period was HKD 2,162,476 thousand, representing a significant increase of 44.7% from HKD 1,495,148 thousand in 2023[2]. - The operating profit for the period was HKD 199,719 thousand, a turnaround from an operating loss of HKD 116,778 thousand in the previous year[2]. - The company decided not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[1]. - The basic loss per share was HKD 0.142, slightly higher than HKD 0.141 in 2023[2]. - Total comprehensive loss for the period amounted to HKD 823,853 thousand, compared to HKD 1,518,694 thousand in the same period last year[3]. - The group reported a loss before tax of HKD 378,124,000 for the period[14]. - The company reported a net loss of HKD 417,749,000 for the six months ended June 30, 2024, compared to a loss of HKD 416,393,000 in the same period last year[15][21]. Assets and Liabilities - Non-current assets decreased to HKD 32,150,051 thousand as of June 30, 2024, from HKD 32,890,472 thousand as of December 31, 2023[5]. - Current assets increased to HKD 19,581,094 thousand as of June 30, 2024, compared to HKD 18,931,227 thousand as of December 31, 2023[5]. - The company's total liabilities increased to HKD 18,599,019 thousand as of June 30, 2024, from HKD 17,755,520 thousand as of December 31, 2023[6]. - The net asset value decreased to HKD 33,132,126 thousand as of June 30, 2024, compared to HKD 34,066,179 thousand as of December 31, 2023[6]. - Total assets as of June 30, 2024, amounted to HKD 51,731,145,000, compared to HKD 51,821,699,000 as of December 31, 2023[17]. - Total liabilities increased to HKD 18,599,019,000 as of June 30, 2024, from HKD 17,755,520,000 at the end of the previous year[17]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 2,183,519,000, with property segment contributing HKD 1,795,746,000[14]. - The hotel and leisure segment generated revenue of HKD 306,844,000, while the investment segment contributed HKD 81,801,000[14]. - The total income from rental and other sources amounted to HKD 1,862,630,000, with rental income specifically at HKD 1,548,278,000[14]. - The group’s operating profit before unallocated corporate expenses was HKD 328,280,000[14]. Projects and Developments - As of June 30, 2024, the sales rate for the completed residential project "Ho Po" in Macau reached 98%, with 620 units sold out of the total[27]. - The "Ho Shang" project in Macau achieved a sales rate of 92%, with 65 units signed and 9 units confirmed for revenue recognition in the first half of 2024[27]. - The "Suhui Bay" comprehensive development project in Shanghai has a rental rate of 91% for its shopping mall and 55% for its office space as of June 30, 2024[28]. - The "Hengqin" comprehensive development project is expected to open its shopping mall in the second half of 2025, with 426 residential units, of which 4 demonstration units are anticipated to be sold within 2024[29]. - The "Somerset 111" project in Singapore achieved a rental rate of 98% for its commercial, retail, medical, and office spaces as of June 30, 2024[30]. - The Beijing Tongzhou comprehensive development project is expected to start pre-sales of its residential units after obtaining government approval, with the first phase expected to be completed in 2025[31]. - The Tianjin South High-Speed Railway Station project is undergoing renovation, with some elderly care facilities already in trial operation as of June 2024, and other parts expected to commence operations in the second half of 2024[31]. Hotel and Leisure Performance - The hotel division recorded a loss of HKD 86 million in the first half of 2024, compared to a profit of HKD 6 million in the same period of 2023[37]. - The Hong Kong SkyCity Marriott Hotel achieved an average occupancy rate of 71% as of June 30, 2024, driven by increased demand from international events[38]. - The Mandarin Oriental, Macau, improved its occupancy rate to 63% in the first half of 2024, despite challenges in dining and spa services recovery[39]. - The Yat Sing Hotel Group launched two flagship hotels in 2024, including the Zhuhai Hengqin Yat Sing Hotel and the Chongqing Yat Sing Hotel, as part of its "Travel +" strategy[37]. - The Singapore Yat Sen Hotel, opening in November 2023, marks the company's first international project outside China, featuring 142 rooms and a luxury experience[41]. Transportation Sector - The transportation sector recorded a profit of HKD 6 million in the first half of 2024, compared to HKD 9 million in the same period of 2023[56]. - The company successfully renewed the management contract for the Sky Pier, securing a 4+1 year operating right for cross-border ferry and bus services starting July 1, 2024[58]. - The transportation department is expanding its business scope to include various cross-border land transport services, enhancing market competitiveness[57]. - The company aims to leverage the opportunities presented by the Greater Bay Area's development and new cross-border infrastructure to enhance its multi-modal transport platform[59]. Financial Strategy and Governance - The group’s capital and debt ratio stands at 27.6% as of June 30, 2024, slightly down from 28.1% at the end of 2023, indicating a stable financial strategy[66]. - The group has no significant acquisitions or disposals during the reporting period, with unfulfilled commitments amounting to HKD 16 million for hotel and investment properties[66]. - The board believes it has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO[72]. - The unaudited condensed consolidated interim financial statements for the six months ending June 30, 2024, were reviewed by the Audit and Risk Management Committee[73].
信德集团(00242) - 2024 - 中期业绩