Financial Performance - The Group's unaudited consolidated loss attributable to shareholders for the six months ended 30 September 2024 was approximately HK$243,368,000, compared to a loss of approximately HK$158,263,000 for the corresponding period in 2023, representing an increase of approximately 53.8%[3] - The unaudited consolidated loss from continuing operations for the Period was approximately HK$237,712,000, compared to a loss of approximately HK$149,150,000 in the 2023 Period, indicating an increase of approximately 59.3%[3] - Loss before taxation for the period was HK$244,297,000, compared to a loss of HK$149,710,000 in the previous year, indicating a significant increase in losses[151] - Total comprehensive expense attributable to owners of the Company for the period was HK$236,745,000, up from HK$175,905,000 in the same period last year, reflecting a 34.5% increase in comprehensive losses[157] - Loss per share from continuing operations was HK$0.75, compared to HK$2.15 in the previous year, showing an improvement in loss per share despite ongoing challenges[159] Revenue and Income - Revenue from continuing operations for the six months ended September 30, 2024, was HK$15,835,000, an increase from HK$14,049,000 in the same period of 2023, representing a growth of 12.7%[150] - The total rental income recorded from continuing operations increased by approximately 12.7% to approximately HK$15,835,000, compared to approximately HK$14,049,000 in the 2023 Period[24] - The property rental income for the Period was approximately HK$15,099,000, representing an increase of approximately 13.7% compared to approximately HK$13,283,000 in the 2023 Period, primarily due to rental income from Project Matheson Street[28] - In Singapore, the Group's property rental income decreased by approximately 3.9% to approximately HK$736,000, down from approximately HK$766,000 in the 2023 period, due to the disposal of one residential unit in July 2023[30] - Interest income from loan financing business decreased by approximately 43.5% to approximately HK$682,000 compared to approximately HK$1,207,000 in the 2023 period[49] Assets and Liabilities - The Group owned residential, commercial, and industrial units and land with a total carrying amount of approximately HK$1,090,800,000 as of 30 September 2024, down from approximately HK$1,176,600,000 as of 31 March 2024[28] - As of September 30, 2024, the Group's total carrying value of properties in Hong Kong was approximately HK$1,090,800,000, a decrease from approximately HK$1,176,600,000 as of March 31, 2024[29] - The Group's total assets amounted to approximately HK$5,145,056,000, a decrease from approximately HK$5,408,807,000 as of March 31, 2024[70] - Cash and cash equivalents decreased to HK$127,307,000 from HK$299,717,000, a reduction of 57.5%, highlighting liquidity challenges[162] - Net assets decreased to HK$2,936,737 from HK$3,047,196, representing a reduction of approximately 3.6%[1] Investment and Development - The Group is developing several key projects, including "THE HEDON" and "One Two One," with occupation permits obtained in February and May 2024, respectively[10][11] - The combined site area for the Kennedy Town project is approximately 7,122 square feet, with superstructure works expected to complete in the last quarter of 2025[18] - The Group agreed to dispose of a limited partnership interest for a consideration of USD3,700,000 (equivalent to HK$28,971,000), with completion taking place in July 2024[104] - The Group entered into a preliminary sale and purchase agreement to sell a property for HK$36,000,000, subject to the fulfillment of conditions precedent[105] - The Group entered into an agreement to sell a four-bedroom apartment in Singapore for S$12,000,000 (approximately HK$72,216,000), with completion in October 2024[111] Financing and Capital Structure - The Group's operations were primarily financed through recurring cash flow, capital market proceeds, and bank financing[72] - The Group completed a placing of 235,000,000 shares at a price of HK$0.18 per share, raising net proceeds of approximately HK$41,877,000 for repayment of bank borrowings and general working capital[99] - The outstanding principal amount of the 2023 Convertible Note was HK$209,000,000 as of September 30, 2024, with an interest rate of 5% per annum[77] - The conversion price of the 2023 Convertible Note was adjusted to HK$0.18 per conversion share as of April 17, 2024[79] - The Group proposed to raise up to approximately HK$62.2 million through a Rights Issue of a maximum of 676,296,232 Rights Shares at a Subscription Price of HK$0.092 per Rights Share[141] Risk Management and Internal Control - The Board reviewed the effectiveness of the Group's risk management and internal control systems and found them to be effective and adequate[132] - The company does not currently have an internal audit function but will conduct an annual review of its risk management and internal control systems[132] - The Group has implemented stringent loan review procedures and credit risk management to minimize credit risks associated with its loan financing business[53] - The Group regularly assesses the value of collaterals and has not observed significant changes in the quality of collateral held for loans receivable[58] Employee and Management - As of September 30, 2024, the Group had 42 employees, with staff costs amounting to approximately HK$13,815,000 for the period, down from HK$21,435,000 in the previous period[114] - The company expressed gratitude to the management team and employees for their hard work and commitment[144] Market Outlook - The Group remains cautiously optimistic about the property and securities markets in Hong Kong, despite global economic uncertainties[121] - The Company will continue to seek investment and divestment opportunities that align with its objectives during challenging market conditions[123]
高山企业(00616) - 2025 - 中期业绩