Financial Performance - The total revenue for the period was HKD 603,261,000, a decrease of 9% compared to HKD 661,236,000 in the same period last year[2]. - Operating profit for the period was HKD 55,924,000, down approximately 28% from HKD 77,869,000 year-on-year, resulting in an operating margin of 9.3%[6]. - Net profit attributable to shareholders was HKD 58,233,000, a decrease of about 26% from HKD 78,608,000 in the previous year[7]. - Gross profit for the same period was HKD 361,871,000, down from HKD 389,127,000, representing a decline of approximately 7.1%[23]. - The net profit for the period was HKD 58,240,000, compared to HKD 78,608,000 in the previous year, indicating a decrease of about 26%[24]. - The group's operating profit before tax for the six months ended June 30, 2024, was HKD 68,139,000, compared to HKD 90,288,000 for the same period in 2023, reflecting a decline of 24.5%[41]. - The total operating expenses for the six months ended June 30, 2024, amounted to HKD 527,519,000[55]. Sales and Market Performance - Domestic apparel sales in China recorded HKD 420,797,000, a decline of approximately 9% year-on-year, with a 25% drop in sales to agents[8]. - The e-commerce segment's sales remained flat year-on-year, accounting for 30% of domestic apparel sales[9]. - The Singapore market reported sales of HKD 18,535,000, a 5% increase from HKD 17,703,000, but same-store sales decreased by 2%[10]. - The group's sales in the apparel and accessories segment in mainland China and Hong Kong amounted to HKD 461,153,000, a decrease of 4.4% from HKD 481,238,000 in the previous year[41]. Investment and Property Management - The group recorded a fair value loss on investment properties of HKD 19,818,000, down 13% from HKD 22,856,000 in the previous year[4]. - The total value of the investment property portfolio at the end of the period was approximately HKD 2,641,849,000, down from HKD 2,686,658,000 at the end of the previous year, reflecting a fair value loss of HKD 19,818,000[11]. - Rental and property management fee income for the period was HKD 74,299,000 and HKD 20,560,000 respectively, a decrease of about 3% compared to the same period last year, primarily due to an increase in vacant units[11]. - The overall occupancy rate was approximately 81%, down from 83% in the previous year, with rental income from the Guangzhou property down about 4% in RMB terms[11]. - The group recorded a sales revenue of HKD 28,334,000 and a gross profit of HKD 7,255,000 from the Meixian property development project, with 668 units still available for sale[11]. Financial Position and Cash Flow - As of June 30, 2024, the group had cash and bank balances of HKD 1,076,271,000, a decrease of HKD 12,530,000 from the end of the previous year[13]. - The current assets and liabilities were HKD 2,196,920,000 and HKD 396,327,000 respectively, leading to a current ratio of 5.5[13]. - The company reported a significant foreign exchange loss of HKD 15,663 thousand during the period[27]. - The total cash and cash equivalents decreased by HKD 66,121 thousand, resulting in a balance of HKD 275,315 thousand as of June 30, 2024[27]. - The net cash generated from operating activities was HKD 77,377 thousand, after accounting for interest paid of HKD 86,342 thousand and income tax paid of HKD 8,080 thousand[27]. Shareholder and Governance Information - The company is controlled by the Tsang family, holding approximately 68.62% of the issued shares, with Top Grade Holdings Limited owning 62.95%[64]. - Major shareholders include Tsang family management holding 62.95% and FMR LLC holding 5.69% of the issued shares[81]. - The company has complied with the corporate governance code as per the Stock Exchange Listing Rules for the six months ending June 30, 2024[84]. - The audit committee consists of four members, including independent non-executive director Mr. Li Ka Fai as chairman, ensuring oversight of financial reporting and risk management[85]. Future Outlook and Strategic Plans - The group anticipates a challenging operational outlook for the second half of 2024 due to an unstable macroeconomic environment and weak consumer confidence[12]. - The group plans to enhance the quality of its domestic apparel business and strengthen its retail capabilities, with a focus on reducing vacancies in its properties[12]. - The company plans to focus on market expansion and new product development in the upcoming quarters[22].
金利来集团(00533) - 2024 - 中期财报