丽新发展(00488) - 2025 - 中期业绩

Financial Performance - The company reported a net loss attributable to shareholders of HKD 117,800,000, a significant improvement from the loss of HKD 1,853,000,000 in the previous fiscal period, primarily due to improved fair value changes of investment properties and increased contributions from joint ventures [4]. - Adjusted EBITDA was HKD 494,400,000, a decrease of 4.9% compared to the same period last year [4]. - Total revenue for the six months ended January 31 was HKD 2,663,176,000, a decrease from HKD 3,139,814,000 in the previous year, representing a decline of approximately 15.2% [16]. - The operating profit for the period was HKD 462,990,000, compared to a loss of HKD 900,443,000 in the previous year, indicating a significant turnaround [16]. - The net loss for the period was HKD 212,183,000, an improvement from a loss of HKD 2,022,650,000 in the prior year [16]. - The fair value gain/loss on investment properties was HKD 121,899,000, compared to a loss of HKD 1,038,597,000 in the previous year, showing a positive shift [16]. - The company reported a total of HKD 249,602,000 in unallocated other income and gains, up from HKD 110,241,000 in the previous year [16]. - Total revenue for the six months ended January 31, 2025, was HKD 2,547,596,000, a decrease of 16% from HKD 3,038,925,000 in the same period of 2024 [19]. - The company reported a loss attributable to shareholders of HKD 117,811,000 for the six months ended January 31, 2025, compared to a loss of HKD 1,853,019,000 for the same period in 2024 [26]. Revenue Breakdown - Rental income from the investment property portfolio was HKD 621,000,000, with a slight decline in occupancy rates of 0.5% year-on-year despite a challenging operating environment [4]. - Confirmed property sales amounted to HKD 617,200,000, down 33.2% year-on-year, attributed to the final sales phase of a project while sales from other properties partially offset this decline [4]. - Hotel business revenue increased by 3.9% to HKD 647,300,000, mainly driven by the performance of the Caravelle Hotel [4]. - The media and entertainment segment generated revenue of HKD 222,090,000, down from HKD 288,648,000, representing a decrease of about 23.1% [16]. - The revenue from the hotel business was HKD 648,068,000, a slight increase from HKD 623,499,000, reflecting a growth of approximately 3.3% [16]. - The restaurant and catering business generated revenue of HKD 217.8 million for the six months ended January 31, 2025, a significant decrease of approximately 23.8% compared to HKD 285.8 million in the same period last year [161]. - The cinema operations recorded revenue of HKD 220.2 million, an increase from HKD 188.9 million in the previous year, with a reduced segment loss of HKD 16.6 million compared to a loss of HKD 55.9 million last year [162]. Cost and Expenses - Financing costs decreased by 14.0% to HKD 584,500,000, due to lower interest rates and reduced average loan balances [4]. - Administrative expenses decreased by 8.1% year-on-year due to active cost control measures [4]. - The company incurred financing costs of HKD 584,523,000, compared to HKD 679,337,000 in the previous year, indicating a reduction of approximately 13.9% [16]. Assets and Liabilities - The total capital resources of the group, excluding certain subsidiaries, were approximately HKD 3,873,400,000, including cash and bank balances of about HKD 1,846,800,000 [4]. - The total loan amount remained stable at HKD 24,845,300,000 as of January 31, 2025, compared to HKD 25,294,300,000 on July 31, 2024 [4]. - Non-current assets decreased from HKD 52,651,825 thousand in July 2024 to HKD 52,158,368 thousand in January 2025, a decline of approximately 0.94% [9]. - Current assets decreased from HKD 14,769,745 thousand in July 2024 to HKD 14,011,531 thousand in January 2025, a decline of approximately 5.14% [11]. - Current liabilities increased significantly from HKD 6,538,849 thousand in July 2024 to HKD 9,242,383 thousand in January 2025, an increase of approximately 41.3% [11]. - Total liabilities increased from HKD 32,307,580 thousand in July 2024 to HKD 31,870,410 thousand in January 2025, a decrease of approximately 1.36% [11]. - The company's equity attributable to owners decreased from HKD 25,810,127 thousand in July 2024 to HKD 25,543,112 thousand in January 2025, a decline of approximately 1.03% [11]. - Cash and cash equivalents decreased from HKD 2,809,574 thousand in July 2024 to HKD 2,549,534 thousand in January 2025, a decline of approximately 9.24% [11]. - The company reported a significant increase in bank loans from HKD 2,509,016 thousand in July 2024 to HKD 5,193,722 thousand in January 2025, an increase of approximately 106.8% [11]. - The total value of non-current liabilities decreased from HKD 28,575,141 thousand in July 2024 to HKD 25,057,106 thousand in January 2025, a decline of approximately 12.5% [11]. - The company's total assets less current liabilities decreased from HKD 60,882,721 thousand in July 2024 to HKD 56,927,516 thousand in January 2025, a decline of approximately 6.5% [11]. Market Conditions and Outlook - The management anticipates continued challenges in the global economic environment, including trade tensions and geopolitical risks, which may impact performance [35]. - The Hong Kong property market remains sluggish, with expectations of low consumer spending due to changing travel habits and economic conditions [36]. - The company plans to adapt to changing consumer behaviors and lifestyles to ensure long-term success amid market challenges [36]. - The company maintains a conservative approach towards existing business and investments due to uncertainties in U.S. interest rates and global economic relations [37]. - The company aims to control costs and recover cash to mitigate challenges posed by the current economic landscape [35]. - The office and retail leasing business in Hong Kong faces weak demand and oversupply, leading to a decline in rental income and property values, with an average occupancy rate maintained at 90% or above [39]. Asset Sales and Development Projects - The group plans to sell assets worth approximately HKD 8,000,000,000 over the next two years, including HKD 2,000,000,000 from a subsidiary [4]. - The Bal Residence project has a total saleable area of approximately 62,148 square feet, with 108 residential units sold as of March 14, 2025, at an average price of HKD 15,171 per square foot [40]. - The 尚柏 project has a total saleable area of approximately 36,720 square feet, with 107 units sold as of March 14, 2025, at an average price of HKD 9,405 per square foot [40]. - The construction of the residential project at Wong Chuk Hang Station Phase 5 is expected to be completed in Q1 2026, while the project at 79 Broadcast Drive, Kowloon Tong, is expected to be completed in H1 2026 [41]. - The company maintains a cautious outlook on the mainland China property market, with a GDP growth target of approximately 5.0% for 2025, reflecting ongoing economic challenges [44]. - The rental income from the leasing portfolio of approximately 5,900,000 square feet in first-tier cities and the Greater Bay Area remains stable despite economic weakness in mainland China [45]. - The 横琴 Innovation Park project has successfully positioned itself as a cross-border e-commerce industrial park, attracting leading domestic e-commerce platforms and technology companies [46]. - The first phase of the Innovation Square project is currently 84% leased, with major tenants including "Lionsgate Entertainment World" and "National Geographic Explorer Center" [49]. - The group plans to sell assets worth approximately HKD 2,000,000,000 over the next two years, primarily from the Zhongshan project and the first phase of Innovation Square [50]. Joint Ventures and Collaborations - The earnings contribution from joint ventures improved, primarily due to stable fair value changes in the China Construction Bank Tower [60]. - The joint venture with China Construction Bank recorded rental income of approximately HKD 114,400,000 for the six months ending January 31, 2025, compared to HKD 114,600,000 in the previous year [85]. - The group’s share of profits from joint ventures was HKD 22 million, a significant improvement from a loss of HKD 341.4 million in the previous year, primarily due to no fair value changes recorded during the review period [170]. Employee and Investor Relations - The group employs approximately 3,700 employees, with competitive salary levels and performance-based bonuses [183]. - The group maintains active communication with investors and stakeholders through various channels, including online meetings and conference calls [184].