Financial Performance - For the six months ended June 30, 2024, total revenue was HKD 453,529,000, a decrease of 9.1% from HKD 498,669,000 in 2023[101]. - The Group recorded a loss attributable to equity shareholders of approximately HK$539.2 million, compared to a profit of approximately HK$23.4 million in the corresponding period of 2023[36]. - The Group recorded a gross loss of approximately HK$102.2 million for the six months ended 30 June 2024, a significant decline from a gross profit of approximately HK$160.6 million for the same period in 2023, resulting in a gross loss margin of approximately 22.5% compared to a gross profit margin of approximately 32.2% in the prior year[38]. - The Group recorded a net loss of HKD 560.6 million, compared to a profit of HKD 4.3 million for the same period in 2023[90]. - Revenue from property sales decreased to HK$189.4 million, down from HK$237.9 million for the six months ended June 30, 2023[90]. - The reportable segment loss for the property development segment was HK$312.4 million, compared to a loss of HK$23.1 million for the same period in 2023[90]. - Total comprehensive loss for the period was HKD 716,626,000, compared to a loss of HKD 313,432,000 in the same period last year[78]. Rental Income and Property Management - The rental income from investment properties was approximately HK$114.4 million, representing an increase of about 8.0% compared to HK$105.9 million in the corresponding period of 2023[7]. - The average monthly rental income for the Group's investment properties under operation was approximately HK$68.8 per sq.m. for the six months ended June 30, 2024, down from approximately HK$70.1 per sq.m. for the same period in 2023[25]. - The Group aims to maintain and moderately expand its rental properties, focusing on commercial and office properties to ensure stable cash flow and increase rental income[17]. - The Group's investment property portfolio had a total leasable GFA of approximately 307,246 sq.m.[25]. - The average occupancy rate of Landmark's commercial projects was 90%, with some projects reaching 100% occupancy[16]. Property Development and Sales - In the first half of 2024, the Group recorded pre-sales of properties and car park units totaling approximately HK$416.1 million, a slight decrease from HK$421.7 million in the same period of 2023[5]. - The total pre-sold gross floor area (GFA) was approximately 3,800 sq.m., representing a decrease of approximately 23.4% from about 4,962 sq.m. for the six months ended June 30, 2023[21]. - The average selling price (ASP) of properties for the six months ended June 30, 2024, was approximately HK$108,763.2 per sq.m., compared to approximately HK$84,522.4 per sq.m. for the same period in 2023[21]. - The Group sold 38 car park units, generating pre-sales of approximately HK$2.8 million for the six months ended June 30, 2024[21]. - The Group plans to accelerate the pre-sales and sales of its properties under development and completed properties, as well as speed up the collection of outstanding sales proceeds[92]. Investment Properties and Valuation - The Group recorded a loss of approximately HK$79.8 million in the fair value of its investment properties for the six months ended June 30, 2024, compared to a gain of approximately HK$35.2 million for the same period in 2023[25]. - As of June 30, 2024, the total fair value of the Group's investment properties was approximately HK$7,882.0 million, representing about 40.7% of the Group's total asset value[25]. - The fair value of the investment properties as of June 30, 2024, was HK$1,232.8 million for The Spring Land in Shenzhen and HK$1,373.0 million for Chengdu Fashion Mark[26]. - The Group's investment properties include a total leasable area of 340,766 sq.m. for completed projects, 90,588 sq.m. for projects under development, and 6,497 sq.m. for projects contracted to be acquired, totaling approximately 437,851 sq.m.[30][31]. Financial Position and Liabilities - The Group had aggregate borrowings of approximately HK$7,438.8 million as at 30 June 2024, with approximately HK$3,220.0 million repayable within one year[40]. - The Group's net gearing ratio increased to approximately 69.2% as of June 30, 2024, compared to 62.8% as of December 31, 2023, primarily due to exchange rate depreciation and losses incurred during the period[42]. - The Group's total liabilities increased to HKD 9,979,567,000 from HKD 10,002,455,000 in the previous year[99]. - The Group's total equity attributable to equity shareholders decreased to HKD 7,402,902 from HKD 8,092,201, a decline of approximately 8.52%[80]. - The Group's current bank loans and other borrowings amounted to HKD 3,215.4 million, including HKD 1,093.8 million from outside Chinese Mainland[161]. Corporate Governance and Compliance - The Board believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective long-term strategy planning[51]. - All Directors confirmed compliance with the Model Code for Securities Transactions during the six months ended June 30, 2024[51]. - The Group's corporate governance practices have been applied in accordance with the Corporate Governance Code during the reporting period[51]. - The audit committee has reviewed the interim results for the six months ended June 30, 2024, ensuring compliance with accounting principles[52]. - The interim financial report is prepared in accordance with Hong Kong Accounting Standard 34, with no significant issues noted during the review[160]. Market Conditions and Strategic Outlook - The real estate industry continues to face significant pressure, with signs of stabilization emerging in certain key cities[11]. - Over 300 easing measures were issued by the central and local governments in the first half of 2024 to stimulate the real estate market[11]. - The Group plans to monitor market dynamics and industry trends to identify new economic development opportunities and foster synergistic growth across diversified businesses[18]. - The Group aims to maintain corporate development resilience by advancing business development in an orderly manner[12]. - The Group is actively seeking potential buyers for its properties and investments outside of Mainland China[92].
莱蒙国际(03688) - 2024 - 中期财报