Financial Performance - The company reported a revenue of HKD 2,136,982 thousand for the six months ended June 30, 2024, compared to HKD 2,054,909 thousand for the same period in 2023, representing an increase of approximately 4%[3]. - The operating profit for the six months ended June 30, 2024, was HKD 117,553 thousand, a decrease from HKD 284,799 thousand in the previous year, indicating a decline of about 59.5%[4]. - The profit before tax decreased to HKD 165,230 thousand from HKD 342,535 thousand year-on-year, reflecting a decline of approximately 51.8%[4]. - The net profit attributable to equity holders for the period was HKD 63,230 thousand, down from HKD 224,225 thousand in the previous year, a decrease of about 71.8%[4]. - The basic and diluted earnings per share for the six months ended June 30, 2024, were HKD 1.14, compared to HKD 4.05 for the same period in 2023, representing a decline of approximately 71.8%[4]. - The company reported a total comprehensive loss of HKD 1,934 thousand for the period, compared to a loss of HKD 40,159 thousand in the previous year[5]. - The net profit for the six months ended June 30, 2024, was HKD 100,387,000, compared to HKD 269,092,000 for the same period in 2023, indicating a decrease of approximately 63%[18]. - The group reported a net loss from changes in the fair value of derivative financial instruments of HKD 12,543,000 in the previous year, which was not present in the current period[23]. - In the first half of 2024, the group's consolidated revenue was HKD 2.137 billion, an increase of 4% year-on-year, while profit attributable to shareholders decreased by 72% to HKD 63 million[33]. - The group's operating profit was HKD 162 million, down 22% year-on-year, primarily due to a decline in the fair value of investment properties[33]. Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to HKD 16,695,091 thousand, slightly up from HKD 16,693,713 thousand at the end of 2023[6]. - The total liabilities increased to HKD 6,853,106 thousand from HKD 6,762,389 thousand, indicating a rise of approximately 1.3%[8]. - The total equity attributable to equity holders decreased to HKD 16,276,807 thousand from HKD 16,354,364 thousand, reflecting a decline of about 0.5%[8]. - Total assets as of June 30, 2024, were HKD 25.012 billion, a slight decrease of 0.01% from the end of the previous year[33]. - The company's financial status remains strong, with cash and bank balances of HKD 2.574 billion and total borrowings of HKD 1.940 billion, resulting in a debt-to-equity ratio of 29%[54]. - The company's net asset value of pledged properties amounted to HKD 0.773 billion as of June 30, 2024, an increase from HKD 0.705 billion at the end of 2023[56]. Revenue Segments - The segment revenue from the theme parks and related businesses was HKD 1,037,146,000, while the hotel business generated HKD 367,805,000, and the passenger transport segment contributed HKD 536,894,000[16]. - Revenue from tourism attractions and related income increased to HKD 901,910,000, up 16.6% from HKD 772,882,000 in the previous year[22]. - Hotel revenue rose to HKD 376,398,000, reflecting a 10.1% increase compared to HKD 341,749,000 last year[22]. - Revenue from tourism attractions and related businesses was HKD 1.037 billion, a decrease of 3% year-on-year, with attributable profit dropping 70% to HKD 26 million[35]. - Theme park revenue fell to HKD 291 million, a decrease of 7% year-on-year, with attributable profit down 38% to HKD 30 million[36]. - Revenue from cultural and natural scenic destinations increased by 41% to HKD 509 million, although attributable profit decreased by 6% to HKD 61 million[37]. - The Shapotou scenic area generated revenue of HKD 141 million, up 17% year-on-year, benefiting from summer activities[37]. - The newly established Qiandao Lake Company recorded revenue of HKD 30 million in the first half of 2024, focusing on project renovation and marketing expansion[37]. - The Yunnan Company, also established in December 2023, generated revenue of HKD 52 million, aiming to enhance brand influence in the Southwest region[37]. - Leisure resort destination revenue decreased by 41% to HKD 219 million, with attributable loss increasing by 423% to HKD 68 million due to reduced real estate revenue recognition[38]. - Zhuhai Huaqing Bay revenue fell by 46% to HKD 86 million, primarily due to a significant decrease in real estate revenue; marketing initiatives are being implemented to boost existing project income[38]. - Hotel business revenue increased by 16% to HKD 368 million, with attributable profit rising by 19% to HKD 82 million, driven by the recovery of international tourism[40]. - Passenger transport business revenue grew by 22% to HKD 537 million, although attributable profit decreased by 10% to HKD 6 million[42]. Strategic Focus and Development - The company continues to focus on its core businesses, including tourism and hotel operations, as part of its strategic direction[10]. - The group plans to enhance product development and project implementation in tourism consulting services, which saw a 34% revenue increase[39]. - The group is focusing on creating a "first-class tourism destination investment and operation service provider" by enhancing investment, product, digitalization, and operational capabilities[43]. - New product launches include the Jurassic Water World and immersive cultural entertainment areas in collaboration with Tencent Video, aimed at transforming existing attractions[43]. - The company is actively exploring overseas business opportunities and market expansion following the resumption of cross-border transport services[42]. - The company is actively expanding into the Hong Kong market, utilizing various channels such as newspapers and YouTube to tap into customer purchasing potential[44]. - The company has completed the main construction phase of the "China Travel Investment Building Project," which aims to be a landmark integrated complex for business offices and exhibition leisure areas[44]. - The company has 21 scenic spots under its management, including 7 A-level and 7 4A-level sites, with a focus on providing customized solutions for tourism destinations[45]. - In the first half of 2024, the company is advancing digital transformation, integrating AI and AR technologies to enhance visitor experiences and operational efficiency[46]. - The company plans to continue expanding its bus fleet in Hong Kong by acquiring seven second-hand tourist buses for HKD 9.98 million, capitalizing on the growing demand for non-franchised bus services[47]. - The company is progressing with the Maldives project, with land reclamation work nearly completed and moving into the hotel design phase[48]. - The company has launched the Hung Hom Metropark Hotel, which targets the mid-to-high-end market, providing stable and competitive revenue[48]. - The company is optimizing its existing assets, including the acquisition of a serviced apartment property in Wan Chai, enhancing operational synergy with nearby hotels[48]. Corporate Governance and Compliance - The company has maintained its accounting policies consistent with previous periods, with no significant impact from the revised Hong Kong Financial Reporting Standards adopted during the period[13]. - The company has not engaged in supplier financing arrangements, thus the recent amendments to the accounting standards did not affect its financial statements[14]. - The company declared an interim dividend of HKD 0.015 per share, consistent with the previous year's dividend[28]. - The company declared an interim dividend of HKD 0.015 per share for the six months ending June 30, 2024, consistent with the previous year[60]. - The board of directors confirmed compliance with the standard code of conduct for securities trading for the six months ending June 30, 2024[59]. - The company will suspend share transfer registration from September 19, 2024, to September 23, 2024, to determine eligibility for the interim dividend[61]. - The interim financial results for the six months ending June 30, 2024, have been reviewed by the audit committee but not audited[62]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance shareholder value[58]. Employee and Economic Outlook - As of June 30, 2024, the company employed 6,963 employees, with compensation based on performance and industry standards[53]. - The company anticipates a slow recovery of the Hong Kong and mainland China economies in the second half of 2024, influenced by high market interest rates and geopolitical developments[52]. - The company's total GDP for the first half of 2024 was HKD 61.7 trillion, with a year-on-year growth of 5.0%[51]. - The company is focused on enhancing its core competencies in investment, product, digital, and operational capabilities to drive development[49]. - The company has implemented safety measures and training across new projects, including safety inspections at the Qian Dao Lake and Lan Yue hotels[49]. - The company has not utilized any specific hedging tools to manage foreign exchange risks, opting instead for close monitoring and management of currency risks[55]. - The company has provided a performance guarantee of HKD 0.3 million to a customer for fulfilling a sales contract as of June 30, 2024[57]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[56].
香港中旅(00308) - 2024 - 中期业绩