Financial Performance - The group's unaudited profit attributable to shareholders for the six months ended December 31, 2024, was HKD 12.83 billion, a decrease of 22.1% from HKD 16.53 billion in 2023[4]. - The basic earnings per share for the period was HKD 0.60, down from HKD 0.80 in 2023[4]. - The net profit attributable to shareholders, after accounting for a revaluation loss of HKD 2.32 billion, was HKD 10.43 billion, compared to HKD 14.68 billion in 2023[4]. - Revenue for the six months ended December 31, 2024, was HKD 3,879 million, a decrease of 21.7% compared to HKD 4,949 million in the same period of 2023[39]. - Gross profit for the period was HKD 1,653 million, down 13.9% from HKD 1,921 million year-on-year[39]. - Profit attributable to shareholders for the period was HKD 1,043 million, a decline of 29.0% from HKD 1,468 million in the previous year[39]. - Basic earnings per share decreased to HKD 0.49 from HKD 0.71, representing a drop of 30.8%[39]. - Total comprehensive income for the period was HKD 1,659 million, down 41.5% from HKD 2,838 million in the previous year[41]. - The pre-tax profit for the six months ending December 31, 2024, was HKD 2,042 million, down from HKD 2,963 million in the same period of 2023, indicating a decrease of about 31.1%[57]. - The total income from property sales was HKD 2,544 million for the six months ending December 31, 2024, down from HKD 7,193 million in the same period of 2023, reflecting a decrease of approximately 64.7%[51]. Property and Rental Performance - The total property sales revenue attributable to the group was HKD 24.48 billion, a significant decrease from HKD 66.35 billion in 2023[8]. - The rental income attributable to the group was HKD 1.748 billion, a slight decline of 1.6% from HKD 1.777 billion in 2023[14]. - The overall occupancy rate of the investment property portfolio was 89.5%, down from 90.8% in 2023[14]. - The residential occupancy rate increased to 89.0%, up from 87.9% in 2023, while retail and office properties saw declines in occupancy rates[14]. - The company’s operating profit from property leasing was HKD 1,386 million for the six months ending December 31, 2024, compared to HKD 1,479 million in the same period of 2023, a decline of about 6.3%[51]. Dividends and Financial Position - The interim dividend declared is HKD 0.15 per share, consistent with the previous year[5]. - As of December 31, 2024, the group had cash and bank deposits of HKD 48.67 billion, resulting in a net cash position of HKD 45.98 billion after deducting total borrowings of HKD 2.69 billion[21]. - The company declared an interim dividend of HKD 0.15 per share, unchanged from the previous year[39]. - Current liabilities increased to HKD 9,140 million from HKD 7,893 million, indicating a rise of 15.8%[44]. Market and Economic Outlook - In 2024, the Hong Kong government lifted all residential property demand management measures, significantly increasing market activity[34]. - The number of visitors to Hong Kong is expected to exceed 44.5 million in 2024, a 31% increase compared to 2023, boosting housing demand[34]. - The Hong Kong Monetary Authority issued a special plan allowing banks to offer up to 80% mortgage loans, adjusting the debt-to-income ratio limit to 60%[36]. - The company is optimistic about the long-term prospects of the Hong Kong real estate market due to supportive government measures and increasing population[36]. Sustainability and Governance - The company received the Governance Excellence Award and the ESG Excellence Award at the Hong Kong Company Governance and ESG Excellence Awards 2024, recognizing its commitment to sustainable development[28]. - The company achieved certification from the Science Based Targets initiative (SBTi) for its long-term science-based reduction targets, aiming for net-zero carbon emissions by 2050[30]. - The company is actively integrating sustainable development elements into its properties, with 33 buildings certified by WiredScore, the largest portfolio in Hong Kong[31]. - The company has partnered with local NGOs to promote community engagement and mental health awareness, with over 200 participants in various educational activities[30]. - The group has been recognized in various environmental, social, and governance ratings, including being included in the Dow Jones Sustainability World Index[27]. Corporate Governance - The company has adopted its own corporate governance code based on the principles and code provisions of the Hong Kong Stock Exchange Listing Rules, ensuring compliance with all applicable code provisions during the interim year[74]. - All three independent non-executive directors have served on the board for over nine years, necessitating the appointment of a new independent non-executive director according to the Listing Rules[76]. - The board believes that the long tenure of the current independent non-executive directors has not affected their ability to provide independent and objective opinions, contributing valuable insights to the board's decision-making[76]. - The interim results for the group have been reviewed by the audit committee and KPMG, ensuring the accuracy of financial reporting[78].
TST PROPERTIES(00247) - 2025 - 中期业绩