Financial Performance - Total revenue increased by 1.8% to HKD 244.1 million, up from HKD 239.7 million for the same period last year[9] - Shareholders' profit was HKD 91.0 million, compared to a loss of HKD 1,349.8 million in the same period last year[10] - Basic earnings per share were HKD 0.0234, recovering from a loss of HKD 0.3477 per share in the previous year[10] - The total comprehensive income for the period was HKD 109,919,000, compared to a loss of HKD 526,231,000 in the previous year[55] - The company reported a profit of HKD 91,006,000 for the period, a significant recovery from a loss of HKD 1,349,829,000 in the same period last year[55] - The group reported a pre-tax profit of HKD 91,006,000 for the six months ended June 30, 2024, compared to a loss of HKD 1,349,829,000 for the same period in 2023[76] Investment Properties - Rental income from investment properties was HKD 222.5 million, a decrease of 6.9% compared to the same period last year[9] - The fair value gain from investment properties was HKD 122.9 million, compared to a fair value loss of HKD 1.4 billion in the same period last year[9] - The valuation of investment properties in the UK was GBP 1.1 billion, an increase of 1.4% from the end of last year[9] - The rental recovery rate during the period was stable at 96%, compared to 98% in the same period last year[11] - The rental yield for the Leadenhall Building is approximately 3.6%[12] - One Kingdom Street has approximately 265,000 square feet of prime office space with an annual rental income of £12.4 million, yielding a rental return of 4.3%[13] Financial Investments - The company recorded a fair value loss of HKD 21.2 million from financial investments, an improvement from a loss of HKD 43.6 million in the previous year[9] - The financial investment segment recorded a loss of HKD 21.2 million for the six months ended June 30, 2024, compared to a loss of HKD 62.7 million for the same period last year, with dividend income from these investments amounting to HKD 21.6 million[23] - The company’s adjusted profit before tax for the first half of 2024 was HKD 118,631,000, a recovery from a loss of HKD (1,320,457,000) in the same period of 2023[69] Debt and Cash Management - The total debt as of June 30, 2024, was HKD 103 billion, a decrease from HKD 114 billion as of December 31, 2023, with a debt-to-total assets ratio of 42%[27] - As of June 30, 2024, the group had cash on hand of HKD 1.5 billion, with approximately 10% in HKD, 34% in USD, 55% in GBP, and 1% in other currencies[26] - The average cost of debt for the group was 5.9% per annum as of June 30, 2024, compared to 5.6% for the same period last year[27] - The company’s total bank borrowings, including both current and non-current portions, decreased by approximately 11.7% from HKD 9,035,716,000 to HKD 7,981,723,000[86] Property Development - Thames City has pre-sold a total of 485 residential units valued at over £943 million, with 56,000 square feet sold during the period contributing £104 million in sales revenue[15][16] - The Whiteley project has pre-sold 94 residential units totaling £582 million, with 32 units delivered to buyers for a total sale price of £158 million[17] - The Kai Tak project maintains a rental rate of 69% as of June 30, 2024, following the move-in of a major new tenant, the Hospital Authority[18] - The Shouson Hill project has signed contracts for two luxury houses totaling HK$758 million during the period, with two additional houses contracted post-period for HK$1.038 billion[19] Corporate Governance and Compliance - The company has complied with the corporate governance principles outlined in the Listing Rules during the reporting period[44] - The audit committee reviewed the accounting policies and practices adopted by the group for the six months ending June 30, 2024[51] - The company confirmed compliance with the standards set out in the Model Code for Securities Transactions by Directors during the reporting period[45] Employee and Management Information - The group employed a total of 109 employees across its main operations in Hong Kong, mainland China, and the UK, with a total salary cost of approximately HKD 52 million during the period[31] - As of June 30, 2024, the total remuneration paid to key management personnel was HKD 19,240,000, a decrease from HKD 20,098,000 for the same period in 2023[94] Shareholder Information - No interim dividend was declared for the six months ending June 30, 2024, consistent with the previous period[32] - As of June 30, 2024, Windsor Dynasty holds 2,871,231,906 shares, representing approximately 73.96% of the company's issued share capital[41] Miscellaneous - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2024[46] - The company has not engaged in any vendor financing arrangements, thus the recent accounting standard revisions regarding supplier financing do not impact its financial statements[67] - The unaudited interim consolidated financial information was approved by the board on August 22, 2024[101] - 中渝置地控股有限公司's mid-year report for 2024 was published[101]
中渝置地(01224) - 2024 - 中期财报