WING ON CO(00289) - 2024 - 中期业绩

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 479,998,000, a decrease of 9.5% compared to HKD 530,836,000 for the same period in 2023[3] - The company reported a loss before tax of HKD 225,808,000, compared to a profit of HKD 314,608,000 in the same period last year[3] - The net loss attributable to shareholders was HKD 239,576,000, a significant decline from a profit of HKD 274,180,000 in the prior year[3] - The company reported a loss of HKD 239,576,000 for the six months ended June 30, 2024, compared to a profit of HKD 274,180,000 in the same period of 2023, indicating a significant decline in performance[6] - Total comprehensive loss for the period was HKD 327,177,000, reflecting the impact of both operational losses and valuation adjustments[6] - Basic loss per share for the six months ended June 30, 2024, was HKD 239,576,000, compared to a profit of HKD 274,180,000 for the same period in 2023[25] - The basic earnings attributable to shareholders, excluding investment property valuation losses, slightly decreased by 4.2% to HKD 252.6 million from HKD 263.7 million in 2023[32] Assets and Liabilities - Total assets less current liabilities amounted to HKD 18,755,323,000, down from HKD 19,306,424,000 at the end of 2023[5] - Non-current assets decreased to HKD 14,301,104,000 from HKD 14,897,770,000 year-on-year[5] - Total assets as of June 30, 2024, were HKD 14,457,014,000, compared to HKD 15,055,824,000 as of December 31, 2023[16] - Total liabilities decreased to HKD 348,005,000 from HKD 403,133,000 at the end of the previous year[16] - Total liabilities increased to HKD 1,449,716,000 from HKD 1,337,058,000 in the previous year[17] - The company’s total equity decreased to HKD 17,879,591,000 from HKD 18,385,332,000 year-on-year[5] Cash Flow and Investments - The company’s cash and cash equivalents increased to HKD 1,830,487,000 from HKD 1,721,409,000[5] - The net cash generated from operating activities was HKD 75,519,000 for the six months ended June 30, 2024, an increase from HKD 53,014,000 in the prior year[7] - The net cash from investing activities was HKD 51,373,000, a decrease from HKD 376,166,000 in the same period of the previous year, indicating reduced investment activity[7] - The company had cash and listed securities amounting to HKD 3,497.8 million as of June 30, 2024, compared to HKD 3,414.7 million as of December 31, 2023[33] - The total capital commitments of the company as of June 30, 2024, were HKD 114.2 million, an increase from HKD 57.2 million as of December 31, 2023[37] Dividends and Shareholder Returns - The company paid dividends amounting to HKD 174,057,000 during the reporting period, which reflects its commitment to returning value to shareholders despite the losses[6] - The board declared an interim dividend of HKD 0.32 per share, totaling HKD 92,812,000, down from HKD 0.34 per share and HKD 98,833,000 in 2023[32] Segment Performance - Department store sales amounted to HKD 179,137,000, down 17% from HKD 215,750,000 in the previous year[11] - Property investment income was HKD 272,204,000, a decline of 16.6% from HKD 326,278,000 in the prior period[11] - The company reported a segment profit of HKD 192,545,000 for the department store business, compared to HKD 196,897,000 in the same period last year[14] - The property investment segment generated a profit of HKD 4,734,000, a decrease from HKD 165,504,000 in the previous year[14] - The department store business recorded revenue of HKD 272.2 million for the first half of 2024, a decrease of 16.6% compared to HKD 326.3 million in the same period of 2023, resulting in an operating loss of HKD 27.0 million[38] Market Conditions and Future Outlook - The group expects continued challenges in the department store business for the remainder of 2024, with no signs of improvement in the local retail environment[44] - The company continues to focus on its core businesses of department store operations and property investment, with no significant changes in strategy reported[12] Other Financial Metrics - The company experienced a net loss of HKD 225,808,000 before tax for the six months ended June 30, 2024, contrasting with a profit of HKD 314,608,000 in the same period of 2023[7] - The valuation loss on investment properties was HKD 515,758,000 for the six months ended June 30, 2024, compared to a gain of HKD 13,791,000 in the previous year[7] - The company reported a significant net loss from investment property valuation of HKD 515,758,000 for the period[17] - Financial expenses increased to HKD 1,792,000 from HKD 174,000 in the previous year, reflecting a rise in leasing liabilities[20] Employee and Corporate Actions - The total number of employees as of June 30, 2024, was 523, a decrease from 543 in the previous year[43] - The company repurchased a total of 377,000 shares at a total cost of HKD 4.489 million during the first half of 2024[46]