Financial Performance - The revenue for the six months ended September 30, 2024, was HKD 121,928,000, a decrease of 3.99% compared to HKD 125,427,000 for the same period in 2023[2] - Operating profit for the same period was HKD 87,565,000, an increase of 1.11% from HKD 86,602,000 in 2023[4] - The loss attributable to shareholders for the period was HKD 85,847,000, compared to a profit of HKD 18,098,000 in the previous year, indicating a significant decline[4] - The net loss for the period was HKD 83,401,000, compared to a profit of HKD 27,579,000 in the same period last year[7] - The group's classified revenue for the six months ended September 30, 2024, was HKD 121,928,000, a decrease of 2.0% compared to HKD 125,427,000 for the same period in 2023[32] - The operating profit for the group was HKD 87,565,000, compared to HKD 86,602,000 in the previous year, indicating a slight increase[32] - For the six months ended September 30, 2024, the group's revenue was HKD 121.9 million, a decrease of 2.8% compared to HKD 125.4 million in the previous year[57] - Operating profit for the same period was HKD 87.6 million, an increase of 1.2% from HKD 86.6 million last year, attributed to lower operating expenses[57] Assets and Liabilities - The total assets as of September 30, 2024, were HKD 10,990,623,000, slightly down from HKD 11,021,147,000 as of March 31, 2024[17] - The company reported a total equity of HKD 8,545,210,000, down from HKD 8,586,077,000[20] - The company's total liabilities amounted to HKD 2,445,413,000, compared to HKD 2,435,070,000 in the previous period[24] - The total assets of the group as of September 30, 2024, amounted to HKD 10,990,623,000, a decrease from HKD 11,021,147,000 as of March 31, 2024[34] - The group's classified liabilities as of September 30, 2024, were HKD (2,445,413,000), compared to HKD (2,435,070,000) as of March 31, 2024, showing a slight increase in liabilities[34] - The group's total liabilities to total assets ratio was 20.8%, slightly up from 20.7% as of March 31, 2024, while the net debt to total assets ratio decreased to 17.2% from 18.0%[76] Investment Properties and Revenue Sources - Non-current assets included investment properties valued at HKD 7,883,954,000, a minor decrease from HKD 7,891,300,000[15] - The fair value change of investment properties was a loss of HKD (7,346,000) for the period, contrasting with a gain of HKD 25,100,000 in the previous year[32] - Revenue from property management services for the six months ended September 30, 2024, was HKD 19,331,000, a decrease from HKD 20,153,000 in 2023, representing a decline of 4.1%[41] - Rental income from property leasing and dividend income totaled HKD 88,309,000, down from HKD 96,020,000 in the previous year, reflecting a decrease of 8.0%[41] - The rental income from the Kin Sang Plaza in Kwun Tong was HKD 22.1 million, down from HKD 24 million last year, with a fair value decrease of HKD 2 million[59] - The rental income from the property at 68 Yee Wo Street, Causeway Bay was HKD 48.7 million, slightly down from HKD 49.8 million last year, with a fair value decrease of HKD 3 million[60] - The rental income from the Western Club Building in Central was HKD 25.2 million, down from HKD 30.7 million last year, with a fair value decrease of HKD 3 million[61] - The hotel investment in Regal Hotel recorded revenue of HKD 354.8 million, significantly up from HKD 197.2 million last year, but still resulted in a loss of HKD 115.3 million for the group[67] Cash Flow and Financial Position - The company’s cash and bank balances increased to HKD 385,692,000 from HKD 302,502,000[16] - As of September 30, 2024, the group's cash and bank balances increased to HKD 385,700,000 from HKD 302,500,000 as of March 31, 2024[74] - The total bank borrowings of the group remained at HKD 2,281,000,000, with HKD 1,017,500,000 due within one year[76] - The group’s investment properties, with a book value of HKD 7,805,500,000, have been mortgaged to secure bank loans totaling HKD 2,281,000,000[78] Dividends and Corporate Governance - The company did not recommend any interim dividend for the period ended September 30, 2024, consistent with the previous year[46] - The board does not recommend the payment of any interim dividend for the six months ending September 30, 2024 (2023: none) [81] - The group has not declared any interim dividends for the current period due to the need to maintain sufficient liquidity for debt servicing[73] - The company has adhered to all principles and codes of corporate governance as outlined in the relevant listing rules up to September 30, 2024 [84] - The audit committee, composed of four independent non-executive directors, has reviewed and recommended the board's approval of the unaudited consolidated interim financial statements for the six months ending September 30, 2024 [85] Market Performance - The company’s hotel performance in Hong Kong was below expectations, with visitor numbers for the first nine months of 2024 at 32.6 million, approximately 70% of the pre-pandemic peak in 2018[55] - The Thai hotel market showed strong performance, with over 26 million inbound visitors in the first nine months of 2024, expected to reach 90% of pre-pandemic levels by year-end[56] - The average occupancy rate for the Regal Hotel was 49%, with an average daily room rate of HKD 3,143[67] - The average occupancy rate for Pullman Bangkok Hotel G improved to 80% from 71% in the previous year, while Pullman Pattaya Hotel G's occupancy rate increased to 79% from 77%[68] - The group's share of profits from the Thai joint ventures amounted to HKD 21,900,000, significantly up from HKD 4,000,000 in 2023, primarily due to increased operating profits and foreign exchange gains[68]
建生国际(00224) - 2025 - 中期业绩