远东发展(00035) - 2025 - 中期业绩

Financial Performance - For the six months ending September 30, 2024, the group recorded an adjusted cash profit of approximately HKD 139,000,000 despite some impairment losses and non-cash factors [2]. - Revenue decreased by 18.7% to approximately HKD 5,200,000,000 compared to the same period last year, primarily due to a reduction in residential property development projects [2]. - The group reported a net loss attributable to shareholders of approximately HKD 770 million for the first half of fiscal year 2025, primarily due to reduced revenue and various one-time and non-operating expenses [9]. - The gross profit for the same period was HKD 1,433,675,000, down from HKD 1,974,724,000, indicating a decrease of about 27.5% [19]. - The basic and diluted loss per share for the period was HKD 27.3, compared to earnings of HKD 8.6 per share in the prior year [19]. - The company reported a significant increase in receivables from joint ventures, rising to HKD 2,184,933 from HKD 2,029,315, an increase of about 7.7% [23]. - The company reported a loss attributable to shareholders of HKD 769,907,000 for the six months ended September 30, 2024, compared to a profit of HKD 232,238,000 for the same period in 2023 [68]. Revenue Breakdown - Property development revenue was approximately HKD 3,500,000,000, a decrease of 25.8% compared to the same period last year [5]. - New pre-sales amounted to approximately HKD 3,800,000,000 during the first half of the fiscal year 2025, indicating continued sales capability in a challenging business environment [5]. - Revenue from parking and facility management was approximately HKD 380 million, representing a 6.7% increase compared to the first half of the fiscal year 2024 [7]. - The group's gaming business under Palasino reported a slight increase of 0.9% in revenue to approximately HKD 196 million for the first half of fiscal year 2025, driven by an increase in the number of slot machines and player visits [7]. - Revenue from hotel operations and management reached approximately HKD 977,000,000, a slight increase of 1.1% year-on-year [94]. Asset Management and Liabilities - The group's adjusted net assets increased by 0.4% to approximately HKD 33.67 billion as of September 30, 2024, due to favorable foreign exchange effects from overseas operations [9]. - The adjusted net asset liability ratio remained stable at 68.8% as of September 30, 2024, indicating prudent capital management [9]. - The company's total liabilities decreased to HKD 16,155,459 from HKD 16,238,223, indicating a reduction of about 0.5% [25]. - The company reported a total interest cost of HKD 496,598,000 after capitalizing amounts, compared to HKD 514,568,000 in the previous year, indicating a decrease of 3.4% [58]. - The company maintained unutilized bank financing of about HKD 4,300 million, with HKD 1,400 million allocated for development/construction and HKD 2,900 million for general corporate purposes [117]. Project Development and Future Plans - The group is accelerating project completions, with significant projects expected to be completed in the second half of fiscal year 2025 [5]. - The group anticipates substantial revenue and cash flow from the completion of the Queen's Wharf Brisbane project in fiscal year 2026 [5]. - The expected total development value of active residential property projects across different regions is approximately HKD 65,900,000,000 as of September 30, 2024 [141]. - Upcoming development projects include Manchester's Red Bank Riverside and Melbourne's 640 Bourke Street, with an expected total development value of approximately HKD 8,100 million [111]. - The group plans to divest non-core assets and businesses to repay bank loans and invest in higher-return projects, considering the sale of a long-term apartment development project in Baoshan, Shanghai, within two years [7]. Dividend and Shareholder Returns - The interim dividend declared is HKD 0.01 per share, down from HKD 0.04 per share in the previous period [15]. - The interim dividend will be paid on January 2, 2025, to shareholders listed on the register as of December 30, 2024 [17]. - The company has approved a mid-term dividend of HKD 0.01 per share, amounting to approximately HKD 30,349,000, down from HKD 108,236,000 in the previous year [71]. Market and Operational Insights - The group established a partnership in March 2024 to acquire a hotel in Singapore, rebranding it as the Singapore Changi Hotel, which offers 313 rooms and is located 10 minutes from Changi Airport [7]. - The Hong Kong Kai Tak Hotel commenced trial operations on September 26, 2024, with 373 rooms, enhancing the group's market coverage [5]. - The company continues to adopt a proactive strategy in managing its investments and ensuring stable debt ratios and interest expenses [118]. - The group has not identified any single customer contributing over 10% to total revenue, indicating a diversified customer base [47].