REGAL INT'L(00078) - 2024 - 中期业绩

Financial Performance - The company reported a loss attributable to shareholders of HKD 1,599.2 million for the six months ended June 30, 2024, compared to a loss of HKD 762.6 million in the same period of 2023, representing an increase of 109.7%[3] - Revenue for the six months ended June 30, 2024, was HKD 863.4 million, an increase of 11.2% from HKD 776.4 million in the same period of 2023[2] - Gross profit increased by 32.4% to HKD 311.0 million, up from HKD 234.9 million year-on-year[2] - The operating loss before depreciation, financing costs, and tax increased significantly by 627.5% to HKD 734.8 million, compared to HKD 101.0 million in the previous year[2] - 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, representing an increase in loss of approximately 109.5%[5] - The overall gross profit from operating activities for the six-month period was HKD 311,000,000, reflecting a year-on-year growth of 32.4%[5] - The company reported a gross loss of HKD 1,037.0 million for the six months ended June 30, 2024, compared to a loss of HKD 412.1 million in 2023[48] - The company reported a pre-tax loss of HKD 1,666.8 million for the six months ended June 30, 2024, compared to a loss of HKD 833.2 million in the same period of 2023[59] - Total comprehensive loss for the period was HKD (1,695.9) million, up from HKD (890.9) million in the prior year, reflecting a 90.5% increase in total losses[50] Asset and Equity Changes - The net asset value per share decreased to HKD 8.35 from HKD 10.23, reflecting a decline of 18.4%[2] - The adjusted net asset value per share also decreased by 8.7% to HKD 19.21 from HKD 21.03[2] - Non-current assets decreased to HKD 22,638.4 million as of June 30, 2024, from HKD 23,605.5 million as of December 31, 2023, a decline of 4.1%[51] - Current assets dropped significantly to HKD 3,511.0 million from HKD 4,913.2 million, a decrease of 28.5%[52] - The company's total equity attributable to equity holders of the parent decreased to HKD 9,357.4 million from HKD 11,110.5 million, a decline of 15.7%[52] Cash Flow and Financial Health - The net cash flow from operating activities for the review period was HKD 124.3 million, down from HKD 201.1 million in 2023[43] - The company's cash and bank deposits, along with time deposits, totaled HKD 1,140.0 million as of June 30, 2024, down from HKD 1,684.9 million at the end of 2023[44] - The company reported cash and cash equivalents of HKD 228.6 million, down from HKD 578.1 million, a decrease of 60.5%[52] - The company's financing costs increased to HKD 511.8 million for the six months ended June 30, 2024, up from HKD 413.1 million in the same period of 2023, representing a 23.9% increase[65] - The group's interest expenses for the period amounted to HKD 449.9 million, up from HKD 366.2 million in 2023[43] Operational Highlights - The average hotel occupancy rate increased from 80.0% in 2023 to 83.0% in 2024, with the average revenue per available room (RevPAR) rising by 9.2% year-on-year[6] - The total number of visitors to Hong Kong reached 21,200,000 in the first half of 2024, a year-on-year increase of 64.2%[6] - The average occupancy rate for the Regal Airport Hotel was 55.1%, with average revenue per available room and property income net increasing by 50.3% and 87.8%, respectively, compared to the same period in 2023[7] - The average occupancy rate for the five Regal Hotels was 65.6%, a decrease from 66.8% in the same period last year, while the average room rate increased by 12.4%, leading to a 10.4% year-on-year increase in total revenue from available rooms[10] - The net property income for the five Regal Hotels reached HKD 164,900,000, up 21.1% from HKD 136,200,000 in the same period last year[10] Strategic Initiatives - The company remains optimistic about the recovery of the hotel business, particularly with upcoming large-scale events in Hong Kong expected to boost revenue[4] - The company is actively planning to sell non-core assets to enhance liquidity and financial strength[4] - The company has entered into multiple interest rate swap transactions to convert part of its floating-rate bank loans to fixed rates, aiming to reduce financial costs in the short term[15] - The company is closely monitoring market conditions to align with its planned sales strategies for remaining valuable properties, including 4 garden houses and 81 apartment units[30] Governance and Management - The board of directors includes key members such as Mr. Luo Xurui (Chairman and CEO) and Ms. Luo Baowen (Vice Chairman and Managing Director)[76] - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[76] - The company is led by experienced individuals with significant industry expertise, enhancing strategic decision-making[76]