Financial Performance - The company reported a net loss attributable to shareholders of HKD 164 million, an improvement from the loss of HKD 174.5 million in the previous fiscal period, primarily due to a decrease in fair value losses on investment properties[6]. - Adjusted EBITDA was HKD 247 million, a decline of 53.5% compared to the same period last year, attributed to a decrease in property sales[6]. - Total revenue for the six months ended January 31, 2025, was HKD 647,773,000, down 54.0% from HKD 1,409,290,000 in the previous year[18]. - The company reported a net loss of HKD 181,989,000 for the period, compared to a loss of HKD 202,037,000 in the same period last year[19]. - The company reported a basic and diluted loss per share of HKD 0.495, compared to HKD 0.527 in the previous year[7]. - The company reported a net loss attributable to shareholders of HKD 163,989,000 for the six months ended January 31, 2025, compared to a loss of HKD 174,530,000 in the same period of 2024[26]. - The group recorded revenue of HKD 647.8 million, a significant decrease of approximately 54.0% compared to HKD 1,409.3 million in the same period last year[52]. - The group's gross profit decreased by about 51.4% to HKD 330.6 million from HKD 679.7 million in the previous review period[52]. Property Sales and Revenue - Confirmed property sales and other operations amounted to HKD 134.7 million, down 85.2% year-on-year, mainly due to reduced sales of residential units in Zhongshan and Hengqin[6]. - Property sales revenue significantly decreased to HKD 131,197,000, a decline of 85.4% from HKD 897,917,000 in the prior year[18]. - The property development business recorded confirmed sales of HKD 131.2 million, a significant decline of 85.4% compared to HKD 897.9 million in the previous year[96]. Rental Income and Occupancy - Rental income from the leasing portfolio was HKD 513.1 million, with a stable occupancy rate that increased by 2.3% year-on-year despite a pressured market environment[6]. - Investment property rental income increased slightly to HKD 285,316,000, compared to HKD 280,059,000 in the previous year[18]. - The rental income from the company's leasing portfolio of approximately 5,900,000 square feet in key cities remains stable despite economic headwinds[42]. - The rental income from properties held for rental was HKD 366.3 million, an increase of 4.2% from HKD 351.7 million in the previous year[53]. - The occupancy rate for Shanghai Hong Kong Plaza was 92.5%, down from 96.2% in the previous year, while the occupancy rate for Shanghai Mayflower Life Plaza remained high at 98.2%[65]. - The Guangzhou Li Feng International Center saw a significant increase in rental income by 78.6%, with an occupancy rate of 99.0% for retail spaces[65]. Financial Position and Liquidity - Total cash and bank balances as of January 31, 2025, were approximately HKD 1.78 billion, with undrawn bank financing of about HKD 2.61 billion[6]. - The total borrowings remained stable at HKD 10.07 billion as of January 31, 2025, compared to HKD 9.85 billion on July 31, 2024[6]. - Cash and cash equivalents decreased from HKD 1,014,250,000 to HKD 860,300,000, a decline of about 15.1%[9]. - The company has cash and bank balances of HKD 1,783,300,000 as of January 31, 2025, with undrawn loan facilities of HKD 2,612,100,000[115]. - The company is confident in having sufficient liquidity for current property development and investment financing needs[117]. Cost Management and Expenses - Administrative expenses decreased by 7.8% year-on-year due to active cost control measures[6]. - Financing costs decreased by 17.7% to HKD 259.1 million, as the group successfully refinanced certain borrowings at lower interest rates[6]. - The company incurred tax expenses of HKD 109,254 for the six months ended January 31, 2025, significantly lower than HKD 250,226 in the same period of 2024, indicating a decrease of approximately 56.4%[25]. - The company reported a decrease in bank loan interest expenses to HKD 280,447 for the six months ended January 31, 2025, compared to HKD 352,504 in the same period of 2024, reflecting a decline of approximately 20.5%[23]. Development Projects and Future Plans - The company plans to sell assets worth approximately HKD 2 billion over the next two years[6]. - The Hengqin Innovation Park project has been successfully positioned as a cross-border e-commerce industrial park, featuring diverse facilities[42]. - The company has received government approval to develop eight additional residential buildings for affordable rental housing in the second phase of the Hengqin Innovation Square project[44]. - The company anticipates that the residential units and cultural studios in the Hengqin Innovation Square will contribute to revenue in the upcoming fiscal year[45]. - The company is in discussions regarding potential share reductions to restore public float, which currently remains below the minimum requirement set by the stock exchange[46]. Governance and Shareholding Structure - The board of directors consists of 13 members, including 7 executive directors and 6 independent non-executive directors, ensuring diversity in gender, nationality, and professional background[128]. - The company has complied with all corporate governance codes except for a deviation regarding the attendance of the chairman at the annual general meeting[126]. - The company’s governance structure clearly delineates the responsibilities between the chairman and the CEO[129]. - The company’s governance structure includes significant shareholdings by its directors, reflecting strong insider ownership[136]. - Lin Jianyue's stake in Fong Tak Lee Holdings amounts to 1,116,054,515 shares, representing approximately 63.56% of the total issued shares[139].
丽丰控股(01125) - 2025 - 中期财报