Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 32,518,000, a decrease of 52.5% compared to HKD 68,444,000 for the same period in 2023[2] - The company reported a loss of HKD 35,473,000 for the period, compared to a profit of HKD 153,824,000 in the previous year, representing a significant decline[3] - The company’s earnings per share for the period was a loss of HKD 0.72, compared to earnings of HKD 3.12 in the same period last year[2] - The company reported a total comprehensive loss of HKD 36,569,000 for the period, compared to a comprehensive income of HKD 154,062,000 in the previous year[3] - The group recorded a loss attributable to shareholders of approximately HKD 35,500,000, compared to a profit of HKD 153,800,000 in 2023, resulting in a loss per share of HKD 0.72[28] Segment Performance - Revenue from external customers for the travel segment was HKD 31,182,000 for the six months ended June 30, 2024, compared to HKD 32,518,000 for the same period in 2023, representing a decrease of 4.1%[12] - The property investment segment generated revenue of HKD 67,142,000 for the six months ended June 30, 2024, compared to HKD 68,444,000 in the previous year, reflecting a decline of 1.9%[12] - The total segment profit for the travel business was HKD 388,000 for the six months ended June 30, 2024, down from HKD 5,704,000 in the same period of 2023, indicating a significant decrease of 93.2%[12] - The total segment profit for the property investment business was HKD 976,000 for the six months ended June 30, 2024, compared to HKD 4,728,000 in the previous year, a decline of 79.3%[12] Expenses and Financial Costs - Administrative expenses rose to HKD 26,006,000, an increase of 10.5% from HKD 23,485,000 in the prior period[2] - Financial costs increased to HKD 14,313,000 for the six months ended June 30, 2024, compared to HKD 12,027,000 for the same period in 2023[18] Asset and Liability Management - Total assets as of June 30, 2024, amounted to HKD 1,359,918,000, compared to HKD 1,388,555,000 as of December 31, 2023[4] - The net asset value decreased to HKD 850,795,000 from HKD 887,364,000 at the end of 2023[5] - Total assets for the travel segment were HKD 47,531,000 as of June 30, 2024, compared to HKD 45,368,000 as of June 30, 2023, an increase of 4.8%[13] - Total assets for the property investment segment decreased to HKD 197,314,000 as of June 30, 2024, from HKD 211,261,000 in the previous year, a decline of 6.6%[13] - The group’s total assets value was approximately HKD 850,800,000 as of June 30, 2024, compared to HKD 887,400,000 as of December 31, 2023, reflecting a decline of about 4.1%[39] Cash Flow and Investments - The company's cash and cash equivalents increased to HKD 61,514,000 from HKD 57,388,000 at the end of the previous year[4] - The company holds significant investments in Tesla, with a fair value of approximately HKD 150 million as of June 30, 2024, representing about 11% of the group's total assets[35] - The group continues to diversify its investment portfolio by holding overseas listed equity securities[35] Market Outlook and Strategic Initiatives - The group is optimistic about the long-term prospects of the commercial property market in Hong Kong despite challenges, and continues to monitor market conditions closely[31] - The group has enhanced its online ticketing system and expanded product offerings to improve overall profitability in the tourism sector[30] - The company remains optimistic about the Hong Kong commercial property market despite current high interest rates and increased supply, believing its investment portfolio will continue to provide stable long-term returns[46] - Macau's tourism industry is expected to grow significantly in 2024, with a projected 20% increase in inbound visitors, exceeding 33 million for the year[46] Employee and Corporate Governance - The group employed a total of 80 employees as of June 30, 2024, with compensation based on qualifications, experience, responsibilities, and performance[43] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[21] - The group does not recommend the payment of an interim dividend for the six months ended June 30, 2024[30] Economic Context - The International Monetary Fund has revised its forecast for China's economic growth in 2024 from 4.6% to 5%, reflecting increased confidence in China's economic recovery[44] - The World Bank has adjusted its global economic growth forecast from 2.4% to 2.6%, indicating a more optimistic outlook for the global economy[44]
实德环球(00487) - 2024 - 中期业绩