Financial Performance - The company reported a loss attributable to equity holders of HKD 176.2 million for the six months ended September 30, 2024, a decrease of approximately 15.7% compared to a loss of HKD 209 million in the same period last year[26]. - Total revenue decreased by 70.4% to approximately HKD 20.9 million, down from HKD 70.6 million in 2023, primarily due to the absence of property sales recorded in the previous year[21]. - The gross profit for the period was HKD 10.9 million, compared to a gross loss of HKD 47.3 million in 2023, resulting in a gross margin of 52.1%[25]. - Other income and net gains recorded approximately HKD 14.4 million, compared to a net loss of HKD 55.2 million in 2023[25]. - The operating loss for the six months was HKD 206,526,000, an improvement from a loss of HKD 226,208,000 in the previous year[76]. - The net loss attributable to equity holders for the period was HKD 176,184,000, compared to HKD 209,010,000 in the prior year, indicating a reduction in losses[76]. - Basic and diluted loss per share was HKD 7.51, an improvement from HKD 8.91 in the same period last year[76]. - Other comprehensive income for the period totaled HKD 72,657,000, a significant recovery from a loss of HKD 167,147,000 in the previous year[78]. - Total comprehensive loss for the period was HKD 104,673,000, down from HKD 376,621,000 in the prior year, indicating a 72.1% reduction in total losses[78]. Revenue Sources - Rental and management fee income was approximately HKD 10.3 million, an increase from HKD 9.9 million in 2023[21]. - Sales of cemetery assets generated revenue of HKD 10,255,000, an increase from HKD 9,060,000 in the previous year, indicating a growth of approximately 13.2%[108]. - Revenue from customer contracts for 2024 amounted to HKD 10,388,000, with additional income from other sources totaling HKD 9,529,000[113]. - The company generated HKD 11,235,000 in revenue from Malaysia, with total revenue from Hong Kong reaching HKD 3,295,000[120]. Assets and Liabilities - The company’s cash reserves totaled HKD 541 million, including HKD 22.3 million in bonds and securities investments, with bank borrowings amounting to HKD 253 million[20]. - Non-current assets decreased to HKD 1,955,881,000 from HKD 2,158,980,000, reflecting a decline of 9.4%[81]. - Current assets also decreased to HKD 2,218,365,000 from HKD 2,525,227,000, a reduction of 12.1%[82]. - The company’s total equity as of September 30, 2024, was HKD 3,324,283,000, down from HKD 3,428,956,000 at the end of March 2024[82]. - The company reported total assets as of September 30, 2024, were valued at HKD 2,389,736,000, with total liabilities amounting to HKD 518,657,000[113]. Investment Properties - The fair value loss on investment properties was HKD 154.2 million, primarily from properties in Anshan, Liaoning Province, China[25]. - The valuation of the property in Anshan, Liaoning has decreased to RMB 380,000,000 (approximately HKD 423,300,000) due to a sluggish economy and real estate market[31]. - The hotel and resort villas in Xiamen, Fujian, valued at RMB 383,200,000 (approximately HKD 426,000,000), generated an annual rental income of approximately RMB 18,500,000 (about HKD 20,600,000)[34]. - The commercial property in Dongguan has a valuation of RMB 34,200,000 (approximately HKD 38,100,000) and an annual rental income of about RMB 700,000 (approximately HKD 800,000)[38]. - The office building in Kuala Lumpur has a valuation of MYR 158,800,000 (approximately HKD 300,000,000) with an occupancy rate of 57% and annual rental income of MYR 5,400,000 (approximately HKD 10,200,000)[38]. Cash Flow and Financing - The group holds cash and bank balances of HKD 518,700,000, down from HKD 920,100,000 as of March 31, 2024, indicating a decrease of approximately 43.6%[57]. - The company reported net cash used in operating activities of HKD 45,695,000, an improvement from HKD 117,557,000 in the previous year[85]. - As of September 30, 2024, the group’s bank borrowings amounted to HKD 253,000,000, significantly reduced from HKD 652,300,000 as of March 31, 2024[57]. - Long-term bank borrowings increased to HKD 234,074,000 from HKD 157,788,000, indicating a rise of 48.3%[82]. Strategic Initiatives - The company decided not to declare an interim dividend for the six months ended September 30, 2024, maintaining a prudent cash position in the current uncertain business environment[29]. - The company is actively seeking opportunities to sell investment properties to strengthen cash reserves and financial position[39]. - The company plans to promote and lease remaining vacant units in various properties to increase rental income[35]. - The group anticipates a gradual recovery in the Hong Kong real estate market due to government measures and lower interest rates, while remaining cautious about the global economic outlook[61]. Employee and Governance - As of September 30, 2024, the company employed 79 staff members and provided various employee benefits, including discretionary bonuses and medical insurance[73]. - The company has established an audit committee to oversee financial reporting and risk management, ensuring compliance with the relevant regulations[70]. - Major shareholders include Profit Stability Investments Limited, holding 1,435,314,923 shares, representing a significant ownership stake[68].
庄士中国(00298) - 2025 - 中期财报