Financial Performance - For the six months ended September 30, 2024, the company reported a loss attributable to equity shareholders of HKD (490,874) thousand, compared to a profit of HKD 457,088 thousand in the same period last year[3]. - Basic and diluted loss per share for the period was HKD (1.36), compared to earnings of HKD 1.27 per share in the previous year[3]. - Total revenue for the period was HKD 151,747 thousand, a slight increase of 3.5% from HKD 147,109 thousand in the prior year[4]. - Gross profit for the period was HKD 103,318 thousand, up from HKD 99,579 thousand, reflecting a gross margin improvement[4]. - The company reported a net operating loss of HKD (472,005) thousand after investment property valuation losses, compared to a profit of HKD 475,382 thousand in the previous year[4]. - The group reported rental income of approximately HKD 18,182,000 for the six months ended September 30, 2024, compared to HKD 19,416,000 in the same period of 2023, representing a decrease of about 6.35%[22]. - Other income for the period was HKD 11,438,000, slightly up from HKD 11,209,000 in the previous year, indicating a growth of approximately 2.04%[26]. - The group recorded a pre-tax loss of HKD 490,874,000 for the six months ended September 30, 2024, compared to a profit of HKD 457,088,000 in the same period of 2023[37]. Cash Flow and Assets - Cash generated from operating activities was HKD 81,860 thousand, down from HKD 104,726 thousand in the same period last year[12]. - The company’s total assets decreased to HKD 7,602,365 thousand from HKD 8,179,117 thousand as of March 31, 2024[6]. - Cash and cash equivalents increased to HKD 591,115 thousand from HKD 506,522 thousand at the beginning of the period[12]. - As of September 30, 2024, the total equity of the group was HKD 7,275,400,000, compared to HKD 7,856,300,000 as of March 31, 2024[47]. - The group has drawn down bank loans totaling HKD 200,000,000 as of September 30, 2024, unchanged from March 31, 2024[47]. - The capital debt ratio, calculated as total bank loans divided by total equity, was 2.7% as of September 30, 2024, compared to 2.5% as of March 31, 2024[47]. Dividends and Remuneration - The company declared dividends of HKD (90,000) thousand for the previous fiscal year, impacting retained earnings[8]. - The interim dividend declared was HKD 0.16 per share, consistent with the previous year, totaling HKD 57,600,000[34]. - The total remuneration for Zhong Qionglin decreased by 44,000 HKD to 1,141,000 HKD, with 958,000 HKD paid under his service contract[62]. - Zhong Shennan's remuneration increased by 325,000 HKD to 1,269,000 HKD, with 807,000 HKD paid under his service contract[62]. - The company’s policy on remuneration payments has not changed despite the variations in director remuneration[62]. Investment Properties - The company is focusing on expanding its investment properties, with a valuation loss of HKD (568,786) thousand reported for the period[4]. - The investment property valuation loss for the same period was HKD 568,800,000, compared to a valuation gain of HKD 382,400,000 in the previous year[47]. - 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[47]. - The occupancy rate of the International Plaza as of September 30, 2024, was approximately 77.0%, down from 80.0% a year earlier[47]. Compliance and Governance - The group did not adopt any new accounting standards that would significantly impact the financial reporting for the current period[20]. - The group’s financial report is prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[1]. - The company has complied with all applicable code provisions of the Corporate Governance Code for the six months ending September 30, 2024, except for certain disclosures[65]. - The board believes that the risk of legal action against directors is low and that the benefits of insurance do not outweigh the costs[65]. - The company has not established an internal audit function, but the board will review the necessity of this function annually[67]. - The board has determined that the current risk management and internal control systems are sufficient without the need for an internal audit function[68]. - The company has implemented a whistleblowing policy and defined employee roles and responsibilities to support its corporate culture[67]. - The board includes independent non-executive directors to ensure a balance of power and oversight[65]. Staff and Operations - The group employed 36 staff members as of September 30, 2024, with related expenses of approximately HKD 13,100,000 for the period[49]. - Management anticipates stable rental income and operating performance for the second half of the year despite challenges in the retail and dining sectors[50].
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