Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 2,980,833 thousand, a 65.5% increase from HKD 1,797,834 thousand in the same period of 2023[2] - Gross profit for the period was HKD 620,521 thousand, down 19.5% from HKD 772,063 thousand year-on-year[2] - The company reported a net loss of HKD 188,301 thousand for the six months ended June 30, 2024, compared to a net loss of HKD 323,180 thousand in the same period of 2023, representing a 41.7% improvement[3] - The company’s total comprehensive loss for the period was HKD 655,087 thousand, compared to HKD 1,207,577 thousand in the same period of 2023, indicating a significant reduction in losses[3] - The basic loss per share for the period was HKD 4.84, an improvement from HKD 6.32 in the same period last year[3] - The basic loss per share attributable to the owners of the company for the six months ended June 30, 2024, was HKD (231,564,000), compared to HKD (302,936,000) in 2023[15] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 28,486,589 thousand, a decrease from HKD 28,773,636 thousand as of December 31, 2023[4] - Current liabilities totaled HKD 20,858,767 thousand, slightly down from HKD 20,957,780 thousand at the end of 2023[5] - The company’s cash and cash equivalents were HKD 5,362,707 thousand, down from HKD 5,985,911 thousand at the end of 2023[4] - The total trade and other receivables as of June 30, 2024, amounted to HKD 1,147,078,000, a decrease from HKD 1,225,545,000 as of December 31, 2023[17] - The group’s trade payables as of June 30, 2024, amounted to HKD 1,180,947,000, an increase from HKD 1,007,357,000 as of December 31, 2023[21] - The total loans amounted to approximately HKD 18,229,744,000, an increase from HKD 18,002,416,000 at the end of 2023[38] Revenue Sources - Revenue from customer contracts for the six months ended June 30, 2024, was HKD 2,599,495,000, a 83.6% increase from HKD 1,422,098,000 in 2023[9] - Property sales revenue reached HKD 2,453,892,000, accounting for 82.3% of total revenue, up from 70.7% in the same period last year[30] - The group's rental income for the period increased by 1.5% to HKD 381,338,000 compared to HKD 375,736,000 in the same period of 2023[27] Investment and Financing - Investment property fair value loss was HKD 210,465 thousand, significantly higher than HKD 2,263 thousand in the previous year[2] - The financing costs totaled HKD 315,250,000 for the six months ended June 30, 2024, down 26.6% from HKD 429,251,000 in 2023[11] - The income tax expense for the six months ended June 30, 2024, was HKD 122,369,000, a decrease of 67.8% compared to HKD 380,521,000 in 2023[13] - The company capitalized HKD 32,984,000 of financing costs related to properties under development for the six months ended June 30, 2024[11] - The group repaid bank and other borrowings amounting to HKD 1,590,738,000 in the six months ended June 30, 2024[22] - The group obtained new bank and other borrowings of HKD 2,192,743,000 during the same period[22] Market and Sales Performance - For the six months ended June 30, 2024, the group's contracted sales amounted to RMB 2,283,730,000, a decrease of 54.4% compared to RMB 5,009,840,000 for the same period in 2023[25] - The total contracted sales area was 98,000 square meters, down 42.0% year-on-year, with an average selling price of approximately RMB 23,300 per square meter[25] - The overall market for real estate remains under pressure, with a 26.1% year-on-year decline in bond financing for real estate companies[23] Strategic Focus and Future Plans - The group is focusing on core cities and quality projects, adjusting operational strategies to ensure smooth project deliveries[24] - The group plans to focus on the Yangtze River Delta region and other core first- and second-tier cities for future development[41] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as set out in the Listing Rules during the six months ended June 30, 2024[46] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial statements for the six months ended June 30, 2024[48] - Deloitte Touche Tohmatsu has reviewed the company's unaudited condensed consolidated financial statements for the six months ended June 30, 2024[49] - There were changes in the board of directors, including the appointment of new executive and independent non-executive directors effective July 15, 2024[50] Shareholder Information - No interim dividend is recommended for the six months ended June 30, 2024, consistent with the previous year[42] - During the six months ended June 30, 2024, the company repurchased a total of 9,368,000 ordinary shares at a total cost of HKD 3,317,670, excluding transaction costs[44] - The repurchased shares were cancelled on March 26, 2024, resulting in a reduction of the company's issued share capital[44] - As of June 30, 2024, the issued and paid-up share capital of the company was HKD 191,216,607.56, divided into 4,780,415,189 ordinary shares with a par value of HKD 0.04 each[43] Other Financial Information - The group experienced a net loss of HKD 19,850,000 from other expenses, a significant improvement from a net loss of HKD 106,081,000 in the same period last year[35] - The distribution and selling expenses increased by 13.2% to HKD 107,098,000, primarily due to enhanced promotional efforts[33] - The group held cash and cash equivalents of HKD 5,362,707,000, down from HKD 5,985,911,000 at the end of 2023[37]
上实城市开发(00563) - 2024 - 中期业绩