Financial Performance - For the six months ended June 30, 2024, the company reported a loss of HKD 26,329,000 compared to a loss of HKD 22,136,000 for the same period in 2023, representing an increase in loss of approximately 18.5%[1] - Revenue for the six months ended June 30, 2024, was HKD 16,863,000, a slight increase of 2.9% from HKD 16,382,000 in the prior year[1] - The company experienced a net loss from fair value of investment properties of HKD 12,016,000, an improvement from a loss of HKD 13,000,000 in the previous period[1] - The company's operating profit for the period was HKD 1,832,000, a significant recovery from an operating loss of HKD 1,982,000 in the same period last year[1] - Total comprehensive loss for the period was HKD 26,365,000, compared to HKD 21,038,000 in the previous year, indicating a 25.9% increase in comprehensive loss[2] - The company reported a basic and diluted loss per share of HKD 2.34 for the period, compared to HKD 1.97 in the prior year, reflecting a 18.7% increase in loss per share[2] - The group reported a loss attributable to equity holders of HKD 26,329,000 for the six months ended June 30, 2024, compared to a loss of HKD 22,136,000 for the same period in 2023, representing an increase in loss of approximately 14.4%[17] Assets and Liabilities - As of June 30, 2024, total assets less current liabilities amounted to HKD 945,282,000, a decrease from HKD 972,004,000 as of December 31, 2023[4] - Current liabilities exceeded current assets by HKD 775,189,000, compared to HKD 760,612,000 as of December 31, 2023, showing a worsening liquidity position[7] - The company's cash and cash equivalents significantly decreased to HKD 15,135,000 from HKD 123,047,000 at the end of the previous year, indicating a decline of approximately 87.8%[3] - The company reported a decrease in bank and other borrowings to HKD 776,884,000 as of June 30, 2024, from HKD 870,857,000 as of December 31, 2023[27] - The group's unaudited net asset value was approximately HKD 927.2 million as of June 30, 2024, a decrease of about 2.8% from approximately HKD 953.5 million as of December 31, 2023[51] Income and Expenses - Total employee costs for the six months ended June 30, 2024, were HKD 1,498,000, compared to HKD 2,099,000 for the same period in 2023, indicating a decrease of about 28.7%[12] - The group recorded bank interest income of HKD 265,000 for the six months ended June 30, 2024, down from HKD 578,000 in the same period of 2023, reflecting a decline of approximately 54.1%[11] - The group’s financial costs, including bank and other borrowing interest, amounted to HKD 25,738,000 for the six months ended June 30, 2024, compared to HKD 18,576,000 for the same period in 2023, representing an increase of approximately 38.2%[12] - The group’s deferred tax expense for the six months ended June 30, 2024, was HKD 2,366,000, compared to HKD 1,488,000 for the same period in 2023, indicating an increase of about 59%[13] - Other income for the interim period was approximately HKD 1.1 million, up from approximately HKD 0.9 million for the six months ended June 30, 2023, primarily due to the refund of management fees for the Jardine Center[43] Rental Income and Properties - The total rental income from investment properties was HKD (16,863,000) for the six months ended June 30, 2024, compared to HKD (16,382,000) for the same period in 2023, showing an increase in rental income loss of about 2.9%[12] - The group's rental income from investment properties for the six months ended June 30, 2023, was approximately HKD 16.9 million, compared to HKD 16.4 million for the same period last year, reflecting a 2.9% increase[31] - The Jardine Center's rental income decreased by 4.2% to HKD 12.978 million for the six months ended June 30, 2024, compared to HKD 13.541 million for the same period last year[32] - The rental income from the property at 38 Jardine Street increased significantly by 1,475.4% to HKD 961,000 for the six months ended June 30, 2024, compared to HKD 61,000 for the same period last year[32] - The occupancy rate of the group's investment property portfolio as of June 30, 2024, was approximately 82.3%, down from 84.6% as of December 31, 2023[31] Financial Strategy and Outlook - The company believes it has sufficient resources to continue operating for at least the next 12 months due to the intention of its controlling shareholder to provide ongoing financial support[7] - The group is focusing on improving liquidity and financial conditions, negotiating with financial institutions to extend or restructure loan repayment schedules[41] - The group plans to enhance operational flexibility to navigate the challenging economic environment expected to persist into the second half of 2024[41] - The group is committed to prudent capital management and liquidity risk management to maintain sufficient buffer funds for future challenges[41] - The group continues to focus on its core property leasing business amid ongoing uncertainties[41] Dividends and Shareholder Relations - The group did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous period[15] - The company expresses gratitude to shareholders and business partners for their support over the past six months[65] Market Conditions - The retail market in Hong Kong experienced a 6.6% decline in sales in the first half of 2024 compared to the same period in 2023, influenced by low consumer sentiment and competition from nearby malls[30] - The geopolitical and economic uncertainties have led to rental reductions for some tenants at Jardine Center, although this was offset by increased rental income from the property at 38 Jardine Street[42]
中昌国际控股(00859) - 2024 - 中期业绩