Financial Performance - For the six months ended September 30, 2024, the company reported a loss attributable to owners of the company of HKD 22,773,764, compared to a loss of HKD 7,750,852 for the same period in 2023, representing an increase in loss of approximately 194%[2] - The company's total comprehensive loss for the period was HKD 22,059,412, compared to a total comprehensive loss of HKD 8,784,158 in the previous year, indicating a significant increase in overall losses[4] - The basic and diluted loss per share for the period was HKD 3.03, compared to HKD 1.03 for the same period last year, reflecting a 194% increase in loss per share[4] - The company reported a pre-tax loss of HKD 23,150,587 for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 8,807,091 for the same period in 2023[37][47] - The group recorded a gross loss of HKD 400,000, compared to a gross profit of HKD 5 million in 2023[76] - The net loss attributable to the company's owners for the period was HKD 22.8 million, compared to a loss of HKD 7.8 million in 2023[76] Revenue and Segments - Total revenue for the six months ended September 30, 2024, was HKD 11,370,911, a decrease from HKD 17,378,176 for the same period in 2023, representing a decline of approximately 34.4%[50] - Hotel room revenue in Hong Kong was HKD 5,459,986, while food and beverage revenue was HKD 2,723,892, contributing to a total of HKD 8,183,878 from hotel operations[18] - The revenue from property management services in mainland China was HKD 1,853,035, indicating a significant contribution to the overall revenue[18] - The total revenue from external customers in Hong Kong was HKD 8,725,645, down from HKD 12,544,540 in the previous year, reflecting a decrease of approximately 30.5%[50] - The company reported a significant decrease in the revenue from mainland China, which fell to HKD 1,853,035 from HKD 4,461,930, a decline of about 58.4%[50] - Revenue from the hotel segment was approximately HKD 8.2 million, down 32.8% from HKD 12.2 million in 2023[76] - Revenue from the room division was HKD 5.5 million, a decrease of 36.0% from HKD 8.6 million in 2023[76] - Revenue from the dining division was HKD 2.7 million, down 25.0% from HKD 3.6 million in 2023[76] - The group recorded a significant loss in the serviced apartment segment in Beijing, with total revenue of approximately HKD 1.9 million, down 57.8% from HKD 4.5 million in 2023[77] Assets and Liabilities - Non-current assets decreased from HKD 315,497,371 as of March 31, 2024, to HKD 301,393,956 as of September 30, 2024, indicating a decline of approximately 4.5%[7] - Current assets decreased from HKD 48,807,081 as of March 31, 2024, to HKD 39,929,690 as of September 30, 2024, representing a decline of about 18.2%[8] - The company's total liabilities decreased from HKD 24,557,751 to HKD 24,269,400, showing a reduction of approximately 1.2%[8] - The company's investment properties decreased from HKD 278,736,862 to HKD 266,870,435, reflecting a decrease of about 4.3%[7] - The company’s total assets less current liabilities decreased from HKD 339,746,701 to HKD 317,054,246, indicating a decline of approximately 6.7%[11] - Cash and cash equivalents decreased significantly from HKD 22,178,646 to HKD 13,042,954, a decline of approximately 41.2%[8] Expenses and Costs - The company incurred total expenses of HKD 7,389,289 for employee costs, down from HKD 8,813,165 in the previous year[49] - Total borrowing costs decreased to HKD 319,374 for the six months ended September 30, 2024, from HKD 476,348 in the same period of 2023, representing a reduction of approximately 33%[53] Governance and Management - The company appointed Mr. Kiu Tat Wai as the Chairman of the Board on July 19, 2023, consolidating the roles of Chairman, CEO, and Managing Director for stronger leadership[104] - The Board believes that the current governance structure provides sufficient safeguards to ensure a balance of power within the Board[105] - The company plans to appoint new independent non-executive directors within three months to comply with listing rules after the resignation of Mr. Ng Wing Hang[108] - The Audit Committee, consisting of all independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[109] Future Plans and Strategies - The company plans to continue focusing on market expansion and new product development to improve future performance[1] - The group aims to improve service quality and enhance operational efficiency while seeking suitable investment opportunities despite ongoing geopolitical uncertainties[87] - The group plans to implement the development project in four phases, pending the approval of the first phase land lease from the Hong Kong SAR Lands Department[86]
远东酒店实业(00037) - 2025 - 中期业绩