Revenue Performance - The Group's revenue for the six months ended September 30, 2024, was approximately HK$441.7 million, a significant increase of 54% compared to HK$286.7 million for the same period in 2023[30]. - Revenue from property sales rose by approximately 65.6%, from HK$258.4 million in the previous year to HK$427.9 million, primarily due to the delivery of the residential project LARCHWOOD[17]. - The total revenue breakdown indicates that sales of properties accounted for 97% of total revenue, while asset management fees and rental income made up 3% and 0% respectively[16]. - The increase in revenue was primarily driven by the successful delivery of a residential project, which obtained the occupation permit during the reporting period[17]. - The Group achieved total contracted sales of approximately HK$1,247 million during the reporting period, an increase of about 86.1% compared to HK$670 million in the same period last year[96]. Asset Management and Rental Income - Asset management fees contributed HK$12.98 million, accounting for 3% of total revenue, down from HK$26.19 million (9%) in the prior period[16]. - Rental income decreased to HK$0.83 million, representing only 0% of total revenue, compared to HK$2.04 million (1%) in the previous year[16]. - Revenue from asset management services decreased by approximately 50.4% from approximately HK$26.2 million for the six months ended 30 September 2023 to approximately HK$13.0 million for the Reporting Period[70]. Project Developments - The residential project LARCHWOOD achieved total contracted sales of approximately HK$842.3 million, with HK$404.8 million recognized as revenue during the Reporting Period[73]. - Of the 187 residential units in LARCHWOOD, 168 units have been sold, representing approximately 89.8% of the total[73]. - The FINNIE project, launched in August 2024, achieved total contracted sales of approximately HK$377.2 million, with 61 out of 90 units sold, representing approximately 67.8%[73]. - The ALTISSIMO project in Ma On Shan recorded contracted sales of approximately HK$280 million, with all residential units sold[102]. - The PHOENEXT project in Wong Tai Sin achieved total contracted sales of approximately HK$723.8 million, with 150 out of 230 units sold, representing about 65.2%[102]. Financial Position and Liabilities - The Group's financial position remains stable, with a focus on enhancing asset management services and exploring new market opportunities[30]. - The Group's financial liabilities include interest-bearing bank loans and derivatives, with fair values assessed at each reporting date[49]. - As of September 30, 2024, the Group's total assets less current liabilities were approximately HK$5,855.0 million, compared to approximately HK$6,014.3 million as of March 31, 2024[153]. - Aggregate bank borrowings amounted to approximately HK$3,427.2 million as of September 30, 2024, compared to approximately HK$3,988.7 million as of March 31, 2024[153]. - The gearing ratio improved to approximately 62.3% as of September 30, 2024, down from approximately 73.4% as of March 31, 2024[153]. Profitability and Expenses - The Group recorded a profit of approximately HK$96.9 million attributable to owners of the parent, a decrease from HK$267.7 million in the same period last year[94]. - Selling and distribution expenses for the Reporting Period amounted to approximately HK$87.4 million, representing an increase of approximately 25.0% compared to HK$69.9 million for the six months ended 30 September 2023[105]. - Administrative expenses for the Reporting Period amounted to approximately HK$56.5 million, reflecting an increase of approximately 3.9% from HK$54.4 million in the previous reporting period[105]. - Finance costs increased to approximately HK$103.3 million for the Reporting Period, up from approximately HK$80.7 million for the six months ended 30 September 2023, primarily due to rising borrowing costs and the completion of LARCHWOOD[105]. Future Outlook and Strategy - The management remains optimistic about future revenue growth, supported by ongoing projects and potential new developments[30]. - The Group is actively exploring different channels to increase its land banks, including public tenders and old building acquisitions[88]. - The Group continues to seek opportunities to increase land reserves through public tenders and acquisition of old buildings for future development[120]. - The anticipated completion year for several projects includes 2025 for multiple residential and commercial developments, with a total approximate area of 705,500 sq.ft.[110]. Cash Flow and Treasury Management - The Group's treasury policy aims to ensure sufficient cash flow for operational needs, including construction costs and land purchases[190]. - Cash and bank balances decreased to approximately HK$596.4 million as of September 30, 2024, down from approximately HK$722.7 million as of March 31, 2024[153]. - The Group's total loans, including other loans, amounted to HK$3,966,330,000 as of September 30, 2024, down from HK$4,714,804,000 as of March 31, 2024[184]. Investment Properties and Occupancy - The Group's investment properties portfolio has a total asset value of not less than HK$6.7 billion, including joint ventures[89]. - The overall occupancy rate of the Group's investment properties was approximately 88%, including the recently launched Sunny House Kai Tak[144]. - The property "Sunny House Kai Tak" offers 720 rooms with a total of 1,424 beds and has an occupancy rate exceeding 99%[170].
宏安地产(01243) - 2025 - 中期财报