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REGAL INT'L(00078) - 2024 - 年度业绩
REGAL INT'LREGAL INT'L(HK:00078)2025-03-28 14:26

Financial Performance - The group recorded a consolidated loss attributable to shareholders of HKD 2,597.8 million for the year ended December 31, 2024, compared to a loss of HKD 1,791.9 million in the previous fiscal year, representing an increase of 45.0%[3]. - Revenue for the year ended December 31, 2024, was HKD 1,825.8 million, an increase of 1.9% compared to HKD 1,792.2 million in 2023[64]. - Total comprehensive loss for the year was HKD 2,781.5 million, compared to HKD 1,790.8 million in the previous year[69]. - The company recorded a loss before tax of HKD 2,721.5 million for 2024, compared to a loss of HKD 1,951.1 million in 2023[64]. - The net loss attributable to equity holders of the parent company for the year ended December 31, 2024, was HKD 2,597.8 million, compared to a loss of HKD 1,791.9 million in 2023[73]. - The adjusted pre-tax loss for the group was HKD 2,721.5 million in 2024, worsening from a loss of HKD 1,951.1 million in 2023[80]. - The company reported a fair value loss on financial assets of HKD 1,080.1 million for 2024, compared to HKD 914.2 million in 2023[64]. - The group’s total liabilities included interest-bearing bank loans amounting to HKD 1,086.7 million as of December 31, 2024, compared to HKD 851.8 million in 2023, marking an increase of around 27.6%[80]. Revenue and Profitability - Hotel revenue net increased by approximately 10.1% compared to 2023, with total gross profit from operations amounting to HKD 687.8 million, up 5.4% from HKD 652.3 million in 2023[5]. - Gross profit for the same period was HKD 687.8 million, up from HKD 652.3 million, reflecting a gross margin improvement[64]. - The hotel operations and management segment generated revenue of HKD 1,717.6 million in 2024, compared to HKD 1,676.5 million in 2023, reflecting an increase of about 2.5%[80]. - The asset management segment recorded a revenue of HKD 93.1 million in 2024, up from HKD 91.1 million in 2023, indicating a growth of approximately 2.2%[80]. - The hotel operations and management services generated revenue of HKD 1,656.9 million in 2024, up from HKD 1,611.2 million in 2023, reflecting a growth of 2.8%[85]. Asset and Liability Management - As of December 31, 2024, the group's cash and bank deposits amounted to HKD 1,093.8 million, while total liabilities were HKD 14,500.6 million, resulting in a debt-to-asset ratio of 58.1%[55]. - The total asset value after deducting current liabilities was HKD 19,505.0 million, a decrease from HKD 25,938.1 million in 2023[73]. - The net asset value as of December 31, 2024, was HKD 8,214.9 million, down from HKD 11,110.5 million in 2023[73]. - The group has pledged properties and assets totaling HKD 19,871.2 million as collateral for bank loans[58]. - The total liabilities as of December 31, 2024, included interest-bearing bank loans of HKD 10,609.0 million, down from HKD 14,065.9 million in 2023[73]. Operational Highlights - The overall operating performance of the five Regal Hotels remained relatively stable, although operating revenue net decreased by approximately 2.3% due to a decline in food and beverage income[4]. - The average hotel occupancy rate in Hong Kong for 2024 was 85.0%, an increase of 3.0 percentage points from 2023, while the average room revenue (RevPAR) decreased by 0.8% due to a 4.3% drop in average room rates[10]. - The new hotel, Regal Airport Hotel, achieved a 59.1% average occupancy rate for the year, up 17.0 percentage points from 42.1% in 2023, with a 30.9% increase in average room revenue despite a 6.8% drop in average room rates[11]. - The group is currently managing three hotels in mainland China, with two located in Shanghai and one in Dezhou[19]. - The group is optimistic about the recovery of the hotel business, anticipating gradual improvement in operational performance due to local traveler demand[25]. Strategic Initiatives - The group is actively selling non-core assets to enhance liquidity in response to a challenging operating environment due to high interest rates[7]. - The group plans to sell unsold residential units from The Queens project, which has 130 units, with 81 units currently rented out, generating high rental returns[4]. - The group completed the sale of two Airbus aircraft and two engine sets in September 2024, resulting in satisfactory profits from these transactions[7]. - The group plans to initiate the sale of office units in the Tianjin project later this year due to improved market conditions[49]. - The group is planning to sell unsold residential units in The Queens project in the second quarter of this year[21]. Market Conditions - The estimated GDP growth for China in 2024 is 5.0%, while Hong Kong's real GDP growth is projected at 2.5%, slightly below the government's forecast[9]. - The total transaction volume of residential properties in Hong Kong increased by over 20% compared to 2023, although property prices continued to stabilize[20]. - The luxury residential market remains stable due to limited supply, with the government optimizing the "New Capital Investor Entry Scheme" to boost high-end market transactions[20]. - Hong Kong's tourism market is showing signs of recovery, with approximately 1,300,000 visitors during the Lunar New Year period and a total of about 4,700,000 visitors in January 2025, marking year-on-year increases of 24.0% and 25.0% respectively[25]. Governance and Compliance - The company has maintained compliance with the corporate governance code as per the Stock Exchange listing rules, with the exception of the roles of Chairman and CEO not being separated[97]. - The independent auditor has confirmed that the financial statements for the year ended December 31, 2024, align with the preliminary performance announcement[95].