Financial Performance - For the six months ended June 30, 2024, the company recorded a loss attributable to shareholders of HKD 169 million, compared to a loss of HKD 98.3 million for the same period in 2023, representing a 71.9% increase in losses [3]. - The basic loss per share increased to HKD 11.50 cents from HKD 8.75 cents, marking a 31.4% rise [2]. - The net loss attributable to equity holders for the six months ended June 30, 2024, was HKD 169.0 million, compared to HKD 98.3 million in the prior year [23]. - The group incurred a gross loss of HKD 1.4 million for the six months ended June 30, 2024, compared to a gross profit of HKD 6.5 million in the previous year [22]. - The operating loss for the six months ended June 30, 2024, was HKD 36.0 million, compared to a loss of HKD 29.1 million for the same period in 2023 [22]. - The adjusted loss before tax for the group was HKD 75.3 million for the six months ended June 30, 2024, compared to a loss of HKD 64.5 million for the same period in 2023, indicating a deterioration in performance [30]. - The group’s total loss attributable to equity holders for the six months ended June 30, 2024, was HKD 169.0 million, compared to HKD 98.3 million for the same period in 2023, indicating a worsening financial position [30]. - Total tax expenses for the period amounted to HKD 93.7 million, significantly higher than HKD 33.8 million in the previous year [36]. Revenue and Sales - Revenue for the same period was HKD 314.3 million, a significant increase of 1,237.4% compared to HKD 23.5 million in the previous year [2]. - The group reported a total revenue of HKD 314.3 million for the six months ended June 30, 2024, compared to HKD 23.5 million for the same period in 2023, representing a significant increase of approximately 1233% [30]. - The property development and investment segment generated sales of HKD 313.5 million, while the financial asset investment segment contributed HKD 0.8 million for the six months ended June 30, 2024 [30]. - The net profit from property sales was HKD 0.1 million for the six months ended June 30, 2024, a significant decrease from HKD 4.3 million in the same period of 2023 [32]. Assets and Liabilities - As of June 30, 2024, the total assets were HKD 3,569.2 million, down from HKD 3,987.6 million as of December 31, 2023 [18]. - The group's total liabilities, excluding cash and bank deposits, were HKD 1,315.4 million, compared to HKD 1,302.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 36.9%, up from 32.7% [18]. - The total current liabilities decreased to HKD 1,874.1 million from HKD 2,100.8 million as of December 31, 2023 [26]. - The group's non-current assets decreased to HKD 195.5 million from HKD 214.5 million as of December 31, 2023 [25]. - The group’s cash and bank deposits amounted to HKD 62.1 million, a decrease from HKD 63.6 million as of December 31, 2023 [18]. Market Environment and Future Outlook - The overall performance of the Chinese real estate market remains weak, with a significant contraction in sales of commercial and retail properties [6]. - The company anticipates further supportive policies and financial measures from the central government to stimulate local consumption and stabilize the property market [7]. - The company’s projects in Chengdu and Tianjin are expected to generate considerable returns in the coming years as the property market begins to recover [7]. - The company is closely monitoring the market environment in Tianjin to develop appropriate marketing plans for the sale of office units [6]. Investments and Development Projects - The Chengdu project, covering a total floor area of approximately 495,000 square meters, has generated total sales revenue of approximately RMB 2.048 billion (HKD 2.243 billion) from residential unit sales [9]. - The company has sold or contracted to sell a total area of approximately 4,002 square meters (43,078 square feet) of retail space for a total sales price of approximately RMB 93,200,000 (HKD 102,100,000) [10]. - A total of 470 parking spaces have been sold or contracted to sell, generating total sales revenue of approximately RMB 51,200,000 (HKD 56,100,000) [10]. - The hotel with 325 rooms has completed internal construction and is expected to open in phases after completing interior decoration [10]. - The sales plan for retail space in the commercial complex of the Tianjin project has resulted in the sale of a total area of 9,744 square meters (104,884 square feet) for a total sales price of approximately RMB 185,400,000 (HKD 200,600,000) [11]. - The company has planted trees on approximately 4,300 mu of land in Xinjiang, with plans for real estate development on a plot of approximately 1,843 mu (1,228,700 square meters) [12]. - The company plans to sell its 80% stake in a Chinese real estate company, with the sale expected to be completed by the end of 2023 [13]. - The company invested approximately HKD 122,100,000 in Interra Acquisition Corporation, aiming to diversify its investment portfolio [14]. Governance and Compliance - The group did not declare an interim dividend for the fiscal year ending December 31, 2024, consistent with the previous year [21]. - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year [36]. - The group’s consolidated financial statements for the six months ended June 30, 2024, were unaudited but reviewed by external auditor Ernst & Young [45]. - The audit committee reviewed the group's financial statements, including the accounting standards and practices adopted by the group [45]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, except for the separation of roles between the chairman and CEO [46]. - The board of directors includes a mix of executive and independent non-executive members, with the chairman also serving as the CEO [47].
COSMOPOL INT'L(00120) - 2024 - 中期业绩