Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 18,566,000, an increase of 5.65% compared to HKD 17,574,000 for the same period in 2023[6]. - Gross profit for the same period was HKD 15,481,000, up from HKD 14,979,000, reflecting a gross margin improvement[6]. - The company reported a loss before tax of HKD 53,618,000, compared to a loss of HKD 15,037,000 in the previous year, indicating a significant increase in losses[6]. - The net loss for the period was HKD 55,221,000, compared to HKD 16,491,000 in the prior year, representing a year-over-year increase of 234.5%[6]. - The company’s basic and diluted loss per share for the period was HKD (7.67), compared to HKD (2.29) in the previous year, highlighting increased financial strain[6]. - The company reported a net cash outflow from investing activities of HKD 38,552,000, compared to HKD 9,281,000 in the previous period, reflecting a significant increase in investment[12]. - The company reported other income of HKD 1,018,000 for the six months ended June 30, 2024, compared to HKD 321,000 for the same period in 2023, showing a substantial increase[26]. - The income tax expense for the six months ended June 30, 2024, was HKD 1,603,000, compared to HKD 1,454,000 for the same period in 2023, reflecting an increase in tax obligations[29]. - The company reported a loss attributable to shareholders of HKD 55,221,000 for the six months ended June 30, 2024, compared to a loss of HKD 16,491,000 for the same period in 2023, representing an increase in loss of 234%[32]. - The basic loss per share for the first half of 2024 was HKD 7.67, compared to HKD 2.29 for the same period in 2023, indicating a significant decline in performance[32]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,192,515,000, down from HKD 1,248,126,000 at the end of 2023[9]. - The company's equity attributable to owners decreased to HKD 1,173,218,000 from HKD 1,228,439,000, reflecting the impact of the net loss[7]. - Total segment assets as of June 30, 2024, amounted to HKD 1,151,505,000, with office properties accounting for HKD 687,183,000 and retail properties for HKD 452,441,000[24]. - The total liabilities as of June 30, 2024, were HKD 19,297,000, with segment liabilities for office properties at HKD 14,129,000 and retail properties at HKD 4,422,000[24]. - The company reported total liabilities of HKD 9,726,000 as of June 30, 2024, down from HKD 11,017,000 as of December 31, 2023, indicating a decrease of 11.7%[42]. Cash Flow and Liquidity - Cash and bank balances increased to HKD 43,412,000 from HKD 33,306,000, showing a positive cash flow trend[9]. - Operating cash flow for the period was HKD 8,897,000, an increase from HKD 8,129,000 in the previous period, representing an increase of 9%[12]. - Cash and bank balances at the end of the period stood at HKD 43,412,000, up from HKD 26,067,000, indicating a growth of 66.8%[12]. - The current ratio as of June 30, 2024, was 4.3, up from 3.2 as of December 31, 2023, indicating improved liquidity[56]. - The group had no borrowings as of June 30, 2024, maintaining a debt-free status[56]. Revenue Breakdown - Office property rental income increased to HKD 9,524,000 from HKD 8,925,000, marking a rise of 6.7%[21]. - Retail property rental income rose slightly to HKD 6,604,000 from HKD 6,573,000, showing an increase of 0.5%[21]. - Property management fee income increased to HKD 6,569,000 from HKD 6,182,000, which is a growth of 6.3%[21]. - The total segment revenue for office properties was HKD 9,524,000, for retail properties was HKD 6,604,000, and for property management was HKD 2,438,000, contributing to a total of HKD 22,697,000 before inter-segment eliminations[23]. - Rental income for the six months ended June 30, 2024, was approximately HKD 16.1 million, an increase from HKD 15.5 million in 2023, with office property rental contributing about 59.1%[52]. Cost Management - Administrative expenses decreased to HKD 4,817,000 from HKD 5,404,000, suggesting improved cost management[6]. - The total operating expenses for the six months ended June 30, 2024, were HKD 7,902,000, slightly down from HKD 7,999,000 in the previous year[27]. - Employee benefit expenses for the six months ended June 30, 2024, were approximately HKD 3.9 million, down from HKD 4.2 million for the same period in 2023[65]. Market Conditions and Future Outlook - The real estate industry continues to face challenges due to high global inflation and interest rates, impacting rental income, particularly in the office and retail sectors[53]. - The group emphasizes prudent financial management as a key factor for success and aims to invest in resilient portfolios to generate stable recurring income[54]. - The group plans to explore potential tenants, buyers, and investors while focusing on acquiring quality properties in strategic locations to enhance asset value and rental income[54]. - The company anticipates no significant impact on its financial position from the adoption of new accounting standards in the upcoming periods[19]. - The management is currently evaluating the potential impacts of new accounting standards that will take effect in future periods[19]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules appendix C1, ensuring compliance as of June 30, 2024[72]. - All directors have adhered to the standard code of conduct for securities trading as per listing rules appendix C3 during the six months ending June 30, 2024[73]. - The audit committee, established on December 15, 2017, has reviewed the unaudited interim consolidated financial information for the six months ending June 30, 2024[75].
晋安实业(02292) - 2024 - 中期财报