Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 676.3 million for the six months ended June 30, 2024, compared to a loss of HKD 383.1 million in the same period of 2023, representing an increase of 76.5%[2]. - Revenue for the six months ended June 30, 2024, was HKD 1,392.0 million, down 13.1% from HKD 1,602.0 million in the same period of 2023[1]. - Gross profit decreased by 35.5% to HKD 414.2 million from HKD 641.8 million year-on-year[1]. - EBITDA for the period was HKD 78.0 million, a decline of 72.6% from HKD 284.6 million in the previous year[1]. - The company’s core business reported a loss of HKD 347.4 million, an increase of 183.8% compared to a loss of HKD 122.4 million in the prior year[1]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,599,200,000 for the six months ended June 30, 2024, compared to a loss of HKD 762,600,000 in the same period of 2023[10]. - The group reported a net loss attributable to shareholders of HKD 1,021.3 million for the six months ended June 30, 2024, compared to a loss of HKD 646.5 million in 2023[49]. - Total comprehensive loss for the period was HKD (1,073.6) million, up from HKD (817.7) million in the previous year, indicating a year-over-year increase of 31.3%[51]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD (64.23) cents, compared to HKD (37.94) cents for the same period in 2023, indicating a worsening of 69.5%[50]. - The company reported a pre-tax loss of HKD 933.5 million, compared to a loss of HKD 610.1 million in the previous year[61]. Asset Management - The adjusted net asset value per share was HKD 14.00, down 4.4% from HKD 14.65 as of December 31, 2023[1]. - Non-current assets decreased to HKD 27,933.3 million as of June 30, 2024, from HKD 28,731.8 million as of December 31, 2023, reflecting a decline of 2.8%[52]. - Current assets also decreased to HKD 10,059.0 million from HKD 11,092.7 million, a reduction of 9.3%[52]. - The company's net asset value decreased to HKD 14,984.1 million from HKD 16,130.7 million, a decline of 7.1%[53]. - The total assets after deducting current liabilities remained at HKD 1,478.2 million as of June 30, 2024, indicating stability in asset management[57]. Market Conditions - The real estate market in Hong Kong and mainland China has weakened, significantly affecting property sales contributions compared to the first half of 2023[5]. - The luxury residential property market in Hong Kong showed resilience due to limited supply and increased demand from government policies, despite overall market pressures[8]. - The company is closely monitoring market conditions in Hong Kong and mainland China to implement plans for asset sales to enhance financial stability[4]. - The company anticipates continued challenges in the property market, impacting future revenue projections[61]. Revenue Streams - Revenue from property sales decreased to HKD 455.7 million from HKD 764.7 million, representing a decline of 40.4%[61]. - Hotel management and operation services revenue increased to HKD 808.7 million, up 14.2% from HKD 708.1 million[61]. - The net profit from property sales was HKD 77.0 million, significantly down from HKD 384.2 million in the previous year[64]. - Other income increased to HKD 112.2 million from HKD 39.0 million, driven by gains from the sale of properties and equipment[63]. Financing and Liabilities - The group's total liabilities as of June 30, 2024, amounted to HKD 18,287.4 million, up from HKD 17,937.9 million as of December 31, 2023[42]. - The asset-liability ratio increased to 48.1% as of June 30, 2024, compared to 45.0% as of December 31, 2023[42]. - The group's financing costs for the six months ended June 30, 2024, amounted to HKD 651.9 million, an increase of 24.9% compared to HKD 521.7 million for the same period in 2023[65]. - The group's interest expenses for the period were HKD 593.5 million, up from HKD 471.1 million in 2023[41]. Dividends and Shareholder Returns - The group did not declare an interim dividend for the fiscal year ending December 31, 2024[48]. - The group did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the previous year[68]. Corporate Governance - The group’s management structure has not separated the roles of Chairman and CEO, which is a deviation from corporate governance guidelines[74].
百利保控股(00617) - 2024 - 中期业绩