Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,643.4 million for the fiscal year ending December 31, 2024, compared to a loss of HKD 1,042.0 million in the previous fiscal year, representing an increase of 57.7%[4] - Revenue for the fiscal year was HKD 2,731.0 million, a decrease of 2.7% from HKD 2,806.4 million in the previous year[3] - Gross profit decreased by 16.1% to HKD 943.7 million from HKD 1,124.8 million in the previous year[3] - The operating loss before depreciation, financing costs, and tax was HKD 376.4 million, compared to an operating profit of HKD 277.8 million in the previous year[4] - The group recorded a consolidated loss attributable to shareholders of HKD 2,597,800,000 for the year ended December 31, 2024, compared to a loss of HKD 1,791,900,000 in the previous fiscal year[15] - The group’s subsidiary, the Prosperity REIT, recorded a consolidated loss of HKD 204,400,000 for the year ended December 31, 2024, down from a profit of HKD 265,700,000 in 2023[16] - The total comprehensive loss for the year was HKD 2,521.0 million, compared to HKD 2,082.3 million in the prior year, indicating a 21.1% increase in comprehensive losses[60] - The company reported a total loss before tax of HKD 2,368.1 million for 2024, compared to a loss of HKD 1,677.5 million in 2023, indicating a significant increase in losses[72] Asset Management and Investments - The company is actively implementing plans to leverage the significant value of its asset portfolio in Hong Kong and China to enhance financial strength[5] - The group holds a 57.0% beneficial interest in Cosmopolitan International Holdings Limited, which is primarily engaged in property development in China[12] - The company has plans to sell certain properties and other assets to improve liquidity[64] - The company has a refinancing plan for certain interest-bearing bank loans secured by properties[64] - The company’s investment in joint ventures increased to HKD 401.3 million from HKD 280.3 million, reflecting a growth of 43.2%[73] Market Outlook and Strategy - The company remains optimistic about Hong Kong's future economic development despite uncertainties in the external environment, particularly geopolitical and trade tensions[5] - The luxury residential market in Hong Kong remains stable due to limited supply, with government measures expected to boost high-end market transactions[12] - The company plans to focus on expanding its hotel management services and enhancing its asset management capabilities in the upcoming year[72] - The company plans to expand its market presence in mainland China, where revenue increased significantly to HKD 355.0 million from HKD 79.6 million, marking a growth of 345.5%[74] Revenue Breakdown - Revenue from property sales was HKD 733.9 million, down 16.7% from HKD 881.6 million in 2023[77] - Hotel management services generated HKD 1,710.2 million, an increase of 2.0% compared to HKD 1,670.6 million in 2023[77] - The property development and investment segment generated revenue of HKD 829.2 million, down from HKD 952.3 million, representing a decline of 12.9%[72] - Financial asset investments generated revenue of HKD 37.6 million, an increase from HKD 16.1 million, representing a growth of 133.5%[72] Financial Position - The net asset value per share, adjusted for fair value and impairment losses, was HKD 13.12 as of December 31, 2024, down from HKD 14.65 in the previous year, reflecting a decrease of 10.4%[3] - The company's net asset value decreased to HKD 13,479.8 million from HKD 16,130.7 million, a decline of 16.4%[62] - The debt-to-asset ratio increased to 50.8% as of December 31, 2024, compared to 45.0% in 2023[49] - Total liabilities increased to HKD 22,640.9 million from HKD 21,683.4 million, reflecting a rise of 4.4%[62] - The group's cash and bank deposits, along with time deposits, amounted to HKD 1,404.2 million as of December 31, 2024, down from HKD 2,180.5 million in 2023[49] Operational Highlights - The hotel business, primarily operated through Regal Hotels International Holdings Limited, maintained stable operations despite intense market competition, with an increase in hotel revenue net[6] - The "We Go MALL" shopping mall, opened in 2018, has maintained stable leasing conditions throughout the year[22] - The hotel project at Hong Kong International Airport has a total floor area of 33,700 square meters and officially opened in April 2023[30] - The company has successfully integrated 100% ownership of properties on Cheung Shan Road after the compulsory sale process completed in August 2024[29] Dividends and Shareholder Returns - The group did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[55] - The company did not declare or pay any dividends for the year ending December 31, 2024, consistent with 2023[81]
百利保控股(00617) - 2024 - 年度业绩