海港企业(00051) - 2024 - 中期财报

Financial Performance - The group recorded a basic net profit of HKD 74 million for the first half of 2024, compared to a loss of HKD 75 million in 2023[3]. - Revenue decreased by 7% to HKD 623 million, while operating profit increased by 14% to HKD 209 million[10]. - The hotel segment experienced a 7% decline in revenue to HKD 422 million, resulting in an operating loss of HKD 43 million[10]. - Investment property income rose by 2% to HKD 123 million, with operating profit increasing by 3% to HKD 111 million[11]. - The group reported a loss attributable to shareholders of HKD 8 million for the period, compared to a loss of HKD 12 million in 2023, resulting in a loss per share of HKD 0.01[15]. - The underlying net loss for 2024 was HKD 74 million, an improvement from a loss of HKD 75 million in 2023, while the revaluation loss on investment properties was HKD 82 million[16]. - The net loss for the period was HKD 17 million, an improvement from a net loss of HKD 33 million in the same period of 2023[29]. - The company's basic and diluted loss per share for the six months ended June 30, 2024, was HKD 8 million, compared to HKD 12 million for the same period in 2023[46]. Asset and Liability Management - Shareholders' equity decreased by 3% to HKD 13.89 billion as of June 30, 2024, down from HKD 14.32 billion at the end of 2023, primarily due to a revaluation loss of HKD 420 million[17]. - Total assets amounted to HKD 15.70 billion, a decrease from HKD 16.89 billion at the end of 2023, with operating assets at HKD 15.43 billion[18]. - The group held a liquidity portfolio of listed equity investments valued at HKD 2.10 billion, down from HKD 2.52 billion at the end of 2023, representing 13% of total assets[21]. - The company's total liabilities decreased to HKD 1,712 million as of June 30, 2024, from HKD 2,458 million in the previous year[30]. - The total amount of trade and other receivables as of June 30, 2024, was HKD 119 million, a decrease from HKD 143 million as of December 31, 2023[47]. - The total amount of trade and other payables as of June 30, 2024, was HKD 975 million, down from HKD 1,375 million as of December 31, 2023[48]. Investment and Development - The group recognized an impairment provision of HKD 1.03 billion for development properties, a decrease from HKD 3.49 billion in 2023[7]. - The remaining development property assets had a book value of approximately RMB 1.5 billion (equivalent to HKD 1.6 billion), accounting for about 10% of the group's total assets[7]. - The group plans to incur capital and development expenditures totaling HKD 500 million over the next few years, primarily for property development[26]. - The investment segment achieved a profit of HKD 69 million, consistent with the previous year's performance[38]. - The development property segment recorded a loss of HKD 1 million, an improvement from a loss of HKD 88 million in the same period last year[38]. Cash Flow and Financial Activities - The group recorded a net cash inflow from operating activities of HKD 25 million, compared to HKD 132 million in 2023, while investment activities resulted in a net cash outflow of HKD 10 million[25]. - Operating cash inflow for the six months ended June 30, 2024, was HKD 227 million, an increase from HKD 209 million in 2023[32]. - The company incurred financial expenses of HKD 126 million for the six months ended June 30, 2024, compared to HKD 122 million in the same period of 2023[28]. - Financial expenses totaled HKD 10 million, down from HKD 21 million, indicating a 52.4% decrease[43]. Governance and Compliance - The company has adopted a set of rules governing the conduct of its directors in securities trading, ensuring compliance with the standards set by the Listing Rules[57]. - The company’s board believes that having the same individual serve as both Chairman and CEO is beneficial for long-term strategy planning and execution[56]. - The company’s governance practices comply with the applicable codes, with the exception of the separation of roles between the Chairman and CEO[56]. - The unaudited interim financial information for the six months ending June 30, 2024, has been reviewed by the audit committee without any discrepancies noted[55]. Market Outlook - The outlook for the local tourism and retail sectors remains challenging due to economic and geopolitical factors[8].