Financial Performance - Total revenue for the six months ended September 30, 2024, increased by 9.7% to HKD 407.9 million, compared to HKD 371.8 million in 2023[7]. - Gross profit rose to HKD 159.8 million from HKD 133.7 million year-on-year[5]. - The group recorded a net loss of HKD 225.7 million, a significant decline from a net profit of HKD 12.1 million in the previous year[7]. - Basic loss per share was HKD 0.15, compared to earnings of HKD 0.01 per share in 2023[5]. - The group reported total revenue of HKD 407.9 million for the six months ended September 30, 2024, compared to HKD 371.8 million for the same period in 2023, representing a growth of approximately 9.7%[30]. - The gross profit for the period was HKD 159.8 million, up from HKD 133.7 million in the previous year, indicating a significant increase in profitability[30]. - The company reported a pre-tax loss of HKD 221,596,000 for the six months ended September 30, 2024, compared to a pre-tax profit of HKD 19,660,000 for the same period in 2023[55][57]. - The total comprehensive income for the period was HKD 12,092,000, compared to a loss of HKD 225,686,000 in the previous year, marking a significant turnaround[41]. Revenue Breakdown - Hotel and rental apartment revenue was HKD 154.9 million, accounting for 38.0% of total revenue, down from 42.0% in 2023[17]. - Gaming revenue increased by 17.3% to HKD 253.0 million, representing 62.0% of total revenue, up from 58.0% in the previous year[18]. - Gaming revenue from table games and slot machines amounted to HKD 243,075,000 and HKD 9,974,000 respectively, compared to HKD 207,095,000 and HKD 8,550,000 in the previous year, indicating a year-over-year increase of 17.3% and 16.6%[47]. - Hotel room revenue decreased to HKD 73,629,000 from HKD 79,842,000, reflecting a decline of about 7.8%[47]. Asset Management - The group expanded its property portfolio with the acquisition of The Unit Soho in July 2024[8]. - The group acquired The Unit Soho for HKD 700 million on July 19, 2024, enhancing its asset portfolio and market position[24]. - The group expects the sale of The Unit Davis, valued at HKD 275 million, to be completed by December 16, 2024, further optimizing its asset management strategy[25]. - The group’s non-current assets, including investment properties, increased to HKD 1.9 billion as of September 30, 2024, from HKD 1.5 billion as of March 31, 2024[31]. - As of September 30, 2024, the fair value of investment properties increased to HKD 1,914,600, up from HKD 1,485,900 on April 1, 2024, reflecting a growth of approximately 28.8%[70]. Cash Flow and Liquidity - As of September 30, 2024, the group's bank balances and cash decreased to HKD 238.8 million from HKD 645.8 million as of March 31, 2024, primarily due to acquisition activities[21]. - The company reported a net cash outflow from investing activities of HKD 464,560,000, compared to HKD 97,028,000 in the previous year, indicating a significant increase in investment expenditures[39]. - As of September 30, 2024, the company had cash and cash equivalents of HKD 207,030,000, down from HKD 332,438,000 at the same time last year, a decrease of approximately 37.7%[39]. - The company’s current liabilities exceeded its current assets by HKD 37,755,000, raising concerns about liquidity[41]. - The company has access to a bank credit facility of HKD 419,650,000, which is expected to support its operational funding needs[41]. Employee and Operational Metrics - The total employee count increased to 670 as of September 30, 2024, from 630 as of March 31, 2024, with total employee costs rising to HKD 162.3 million from HKD 140.8 million[27]. - The company incurred commission expenses of HKD 33,285,000 related to gaming operations, an increase from HKD 32,237,000 in the previous year[60]. - Depreciation of property, plant, and equipment was HKD 56,026,000, down from HKD 61,659,000 in the previous year[60]. Corporate Governance and Shareholder Information - The company has complied with all provisions of the corporate governance code as per the listing rules during the period[106]. - The company has established its own securities trading code for directors, which meets or exceeds the standards set by the listing rules[107]. - The group has a significant shareholding structure, with Ms. Lu holding 53.52% of the company's voting shares[96]. - The group has substantial interests in related companies, including 74.71% in Emperor International Holdings Limited[98]. - As of September 30, 2024, Yang Shoucheng Industrial Holdings holds 636,075,041 shares, representing 53.52% of the voting shares[102]. Dividends and Share Options - The group has decided not to declare any interim dividend for the period, consistent with the previous year[28]. - The company declared a final dividend of HKD 0.015 per share, totaling approximately HKD 17,827,000, paid during the period, with no dividend declared in the corresponding period of 2023[68]. - The company adopted a share option scheme on September 19, 2023, with a total of 118,849,098 options available at the beginning of the period and 59,424,549 options available at the end of the period[105]. - The company has not granted any share options under the share option scheme since its adoption[105]. Related Party Transactions - Related party transactions included professional service fees paid to a related company amounting to HKD 1,301,000, an increase from HKD 1,236,000 in the previous year[91]. - As of September 30, 2024, the group owed HKD 176,522,000 to related companies, a significant increase from HKD 6,367,000 as of March 31, 2024[93].
英皇娱乐酒店(00296) - 2025 - 中期财报