Financial Performance - Revenue for the first half of 2024 was approximately HK$32.5 million, with a gross profit of approximately HK$8.9 million[6]. - Loss attributable to owners of the Company was approximately HK$35.5 million, primarily due to a fair value loss on overseas listed equity securities of approximately HK$38.4 million[6]. - Revenue for the six months ended June 30, 2024, decreased to HK$32,518,000, down 52.5% from HK$68,444,000 in the same period of 2023[7]. - Gross profit increased to HK$8,891,000, representing a 19.0% increase compared to HK$7,477,000 in the prior year[7]. - Loss from operations for the period was HK$79,610,000, a significant decline from a profit of HK$93,953,000 in the same period last year[7]. - Loss before taxation was HK$35,473,000, compared to a profit of HK$153,824,000 in the previous year[8]. - Total comprehensive loss for the period amounted to HK$36,569,000, compared to a total comprehensive income of HK$154,062,000 in the prior year[9]. - For the six months ended June 30, 2024, the Group reported a loss attributable to owners of HK$35,473,000, compared to a profit of HK$153,824,000 for the same period in 2023[41]. Segment Performance - Revenue from the travel business decreased to approximately HK$31.2 million, while gross profit margin increased to approximately 24%[6]. - Revenue from the property investment business was approximately HK$1.3 million, with a segment loss of approximately HK$11.3 million due to fair value losses on investment properties[6]. - Revenue from external customers for the travel segment decreased to HK$31,182,000 for the six months ended June 30, 2024, compared to HK$67,142,000 for the same period in 2023, representing a decline of approximately 53.6%[24]. - The property investment segment reported revenue of HK$1,336,000 for the six months ended June 30, 2024, slightly up from HK$1,302,000 in 2023, indicating a growth of about 2.6%[24]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled HK$1,046,545,000, an increase from HK$1,037,538,000 at the end of 2023[10]. - Cash and cash equivalents increased to HK$61,514,000 from HK$57,388,000 at the end of 2023[10]. - Bank loans decreased to HK$266,500,000 from HK$306,500,000 at the end of 2023[10]. - Total assets less current liabilities increased to HK$1,068,168,000 as of June 30, 2024, compared to HK$1,060,648,000 as of December 31, 2023, showing a growth of 0.7%[11]. - The total equity decreased to HK$850,795,000 as of June 30, 2024, down from HK$887,364,000 as of January 1, 2024, indicating a decline of 4.1%[13]. Cash Flow and Financing - Net cash used in operating activities was HK$9,105,000 for the six months ended June 30, 2024, compared to HK$5,306,000 for the same period in 2023, indicating a worsening cash flow situation[16]. - The company repaid HK$40,000,000 in bank loans during the reporting period, compared to HK$46,280,000 in the previous period[16]. - The outstanding loan under the loan facilities as of June 30, 2024, was approximately HK$160 million, down from approximately HK$180 million as of December 31, 2023, representing an 11.1% decrease[85]. - The maximum corporate guarantee amount provided by the company under the financial guarantee contract was HK$490 million[85]. Investment and Market Conditions - The Group's financial position reflects a significant decrease in fair value for both investment properties and intangible assets, indicating potential challenges in asset valuation[56]. - The Group's investment properties had a carrying amount of approximately HK$112.9 million as of June 30, 2024, down from approximately HK$121.5 million as of December 31, 2023[57]. - The Group's effective interest in Pier 16 – Property Development Limited is 49%, which is involved in investment holding and property development[60]. - The Group continues to diversify its investment portfolio by holding overseas listed equity securities[134]. - The Group's travel business turnover is subject to seasonal fluctuations, with peak demand during the holiday season[110]. Corporate Governance and Compliance - The company has complied with all code provisions of the Corporate Governance Code during the six months ended June 30, 2024[175]. - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2024, confirming compliance with applicable accounting standards[184]. - The company has three independent non-executive directors, ensuring adherence to the required standards of the Listing Rules[181]. Future Outlook - The Group maintains a positive outlook for Hong Kong's commercial property market despite short-term uncertainties, citing the enduring value of commercial property assets[151]. - International tourism is expected to fully recover in 2024, with a projected 2% increase in tourist arrivals compared to 2019 levels[148]. - The Group aims to explore a wider and more diversified customer base to seize emerging opportunities in the tourism sector[148].
实德环球(00487) - 2024 - 中期财报