Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 240,589,000, an increase of 4.9% compared to HKD 230,280,000 for the same period in 2023[8] - Gross profit for the same period was HKD 139,090,000, up from HKD 131,489,000, reflecting a gross margin improvement[8] - The company reported a loss of HKD 162,567,000 for the six months ended June 30, 2024, compared to a profit of HKD 146,523,000 in the prior year[9] - The basic and diluted loss per share for the period was HKD 0.55, compared to earnings of HKD 0.43 per share in the previous year[8] - Other comprehensive loss for the period was HKD 1,285,000, compared to a loss of HKD 581,000 in the same period last year[9] - Total sales costs and administrative expenses rose to HKD 181,059,000 for the six months ended June 30, 2024, up from HKD 172,591,000 in the same period of 2023, indicating an increase of about 4.3%[39] - Financial costs netted at HKD (75,719,000) for the six months ended June 30, 2024, compared to HKD (62,284,000) in the previous year, representing an increase of approximately 21.7%[42] - Other net income for the six months ended June 30, 2024, was HKD 1,047,000, down from HKD 3,729,000 in the same period of 2023, indicating a decline of approximately 71.9%[41] - Declared interim dividend per ordinary share was HKD 0.04 for the six months ended June 30, 2024, down from HKD 0.06 in 2023, reflecting a decrease of 33.3%[45] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 11,731,008,000, a decrease from HKD 11,890,984,000 as of December 31, 2023[7] - Total equity decreased to HKD 8,728,792,000 from HKD 8,912,700,000, indicating a decline in shareholder value[7] - The company’s total liabilities increased to HKD 3,002,216,000 from HKD 2,978,284,000, indicating a rise in financial obligations[7] - Non-current assets totaled HKD 11,480,199,000, slightly down from HKD 11,627,376,000[6] - The company's total liabilities were HKD 4,278,284,000, with current liabilities at HKD 1,660,263,000 and non-current liabilities at HKD 1,318,021,000[34] - The group’s current liabilities net value as of June 30, 2024, was HKD 604,241,000, a significant decrease from HKD 1,396,655,000 at the end of 2023, indicating improved liquidity management[15] - Long-term bank loans secured amounted to HKD 2,201,668,000, with HKD 323,133,000 due within one year[35] - The total interest paid during the financing activities was HKD (84,575,000), compared to HKD (62,767,000) in the previous year, reflecting increased borrowing costs[12] Cash Flow - For the six months ended June 30, 2024, the net cash generated from operating activities was HKD 72,526,000, a decrease of 2.5% from HKD 74,467,000 in the same period of 2023[12] - The net cash used in investing activities was HKD (6,236,000), an improvement from HKD (10,181,000) in the previous year, indicating a reduction in investment outflows[12] - The net cash used in financing activities was HKD (78,622,000), slightly higher than HKD (78,589,000) in the prior year, reflecting stable financing costs[12] - As of June 30, 2024, cash and cash equivalents decreased to HKD 96,023,000 from HKD 119,861,000 at the end of the previous year, representing a decline of 19.9%[12] Investment and Capital Expenditures - Capital expenditures for the six months ended June 30, 2024, amounted to HKD 10,572,000, compared to HKD 18,287,000 for the same period in 2023, showing a reduction of approximately 42.3%[26] - Total capital commitments for investment properties and property, plant, and equipment amounted to HKD 15,585,000 as of June 30, 2024, compared to HKD 19,291,000 as of December 31, 2023, a decrease of about 19.5%[46] Shareholder Information - The issued and paid-up ordinary shares stood at 287,670,000 shares, with a total share capital of HKD 417,321,000[35] - Major shareholders include Kam Chaan Company with 138,998,248 shares, representing 48.32% of total shares[72] - As of June 30, 2024, the major shareholders of the company include 金運投資有限公司 with 6,738,664 shares and Montgomery Securities Nominee Limited with 2,922,190 shares, representing a total equity interest in the company[73] Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, although the roles of Chairman and CEO are held by the same individual, which the board believes provides consistent leadership[75] - The audit committee reviewed the interim financial data for the six months ending June 30, 2024, with no differing opinions noted from the external auditor[76] Risk Management - The group continues to face various financial risks, including foreign exchange risk and liquidity risk, with no changes in risk management policies since the end of last year[18] - There are no foreign currency hedging activities as of June 30, 2024[60] Operational Performance - Revenue from property leasing was HKD 164,119,000, while hotel operations and related services generated HKD 39,587,000 and HKD 8,382,000 respectively, indicating a strong performance in these segments[22] - The average occupancy rates for the hotels were 75.5% and 91.0%, down from 81.4% and 96.3% respectively in the previous year[55] - The company continues to modernize its real estate portfolio and will closely monitor economic developments[67]
大生地产(00089) - 2024 - 中期财报