Financial Performance - For the six months ended September 30, 2024, total revenue was HKD 156,388,000, an increase from HKD 153,448,000 in the same period of 2023, representing a growth of approximately 1.3%[4] - Gross profit for the same period was HKD 106,520,000, compared to HKD 104,677,000 in 2023, reflecting a growth of about 1.8%[4] - The net loss for the period was HKD 523,224,000, a significant decline from a profit of HKD 461,866,000 in the previous year, indicating a negative shift in performance[4] - Basic and diluted loss per share was HKD 0.59, compared to earnings of HKD 0.49 per share in the prior year[4] - The group reported other income of HKD 11,949,000, compared to HKD 11,637,000 in the same period last year, indicating a slight increase of about 2.7%[4] - The group incurred a pre-tax loss of HKD 277,829,000 for the current period, compared to a profit of HKD 233,360,000 in the same period last year, reflecting a significant change in performance[39] - The total tax expense for the period was HKD 13,418,000, slightly down from HKD 13,423,000 in the previous year, showing a marginal decrease of 0.04%[34] - The group reported a loss per share of HKD 0.585 for the current period, compared to earnings per share of HKD 0.492 in the previous year, indicating a shift in financial results[39] Assets and Equity - Total assets as of September 30, 2024, were HKD 7,985,714,000, down from HKD 8,597,279,000 as of March 31, 2024, showing a decrease of approximately 7.1%[6] - Non-current assets decreased to HKD 7,400,582,000 from HKD 8,001,439,000, reflecting a reduction of approximately 7.5%[6] - The company’s total equity as of September 30, 2024, was HKD 7,657,409,000, down from HKD 8,273,099,000, indicating a decrease of about 7.4%[6] - The total equity attributable to shareholders as of September 30, 2024, was HKD 7,657,400,000, down from HKD 8,273,100,000 as of March 31, 2024[50] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 656,553,000 from HKD 621,631,000 year-over-year, marking an increase of about 5.6%[12] - Operating cash flow for the period was HKD 82,087,000, down from HKD 108,367,000 in the previous year, representing a decline of approximately 24.2%[12] - The group's cash and cash equivalents totaled HKD 656,553,000 as of September 30, 2024, compared to HKD 570,577,000 as of March 31, 2024[44] Income and Expenses - The group reported rental income of approximately HKD 18,182,000 for the period, a decrease from HKD 19,416,000 in the previous year, representing a decline of about 6.35%[20] - Interest income for the six months ended September 30, 2024, was HKD 11,570,000, slightly up from HKD 11,475,000 in the previous year, indicating a growth of 0.83%[26] - The financing costs for the period amounted to HKD 5,496,000, an increase from HKD 5,363,000 in the previous year, reflecting a rise of approximately 2.47%[31] - The group’s employee-related expenses increased by approximately 8.46% year-on-year[54] Dividends and Shareholder Information - The group declared an interim dividend of HKD 0.06 per share, consistent with the previous year, amounting to HKD 28,484,000[35] - The interim dividend declared is HKD 0.06 per share, consistent with the previous year[48] - The major shareholder, Tian De Limited, holds 237,370,032 shares, representing approximately 50.001% of the total voting shares[63] - The beneficial ownership of the directors and senior management as of September 30, 2024, includes 46,139,164 shares (9.72%) held by Zhong Qionglin and 27,864,420 shares (5.87%) held by Zhong Jiongfei[63] Management and Governance - The company has complied with all applicable provisions of the Corporate Governance Code except for the lack of insurance arrangements for directors facing legal actions[68] - The roles of Chairman and CEO are held by the same individual, with daily management shared among executive directors to ensure a balance of power[70] - The company has not established an internal audit function, but the board believes existing risk management and internal controls are sufficient given the group's scale and complexity[71] - The board will review the necessity of establishing an internal audit function annually[71] - All directors confirmed compliance with the standard code for trading the company's securities during the six months ending September 30, 2024[74] Operational Insights - The management anticipates that rental income from the International Plaza and the group's operating performance will remain stable in the second half of the year despite challenges in the retail and dining sectors due to changing consumer patterns[55] - The occupancy rate of the International Plaza as of September 30, 2024, was approximately 77.0%, down from 80.0% a year earlier[49] - Rental income from the International Plaza for the six months ending September 30, 2024, was approximately HKD 150,500,000, an increase of about 3.2% year-on-year[49] Accounting and Reporting - The group has not adopted any new accounting standards that have not yet come into effect during the current accounting period[18] - The group has maintained the same accounting policies as in the previous financial year, with no significant impact from the changes in accounting standards on the financial report[17] - The interim financial report includes the consolidated financial position as of September 30, 2024, and the consolidated income statement for the six-month period[76] - The review of the interim financial report was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards[77] - No matters were noted that would lead to a belief that the interim financial report was not prepared in accordance with the relevant accounting standards[78]
天德地产(00266) - 2025 - 中期财报