丽新发展(00488) - 2025 - 中期财报

Financial Performance - The company reported a net loss attributable to shareholders of HKD 117.8 million, a significant improvement from a loss of HKD 1.85 billion in the previous fiscal period, primarily due to improved fair value changes of investment properties and reduced financing costs[6]. - Adjusted EBITDA was HKD 494.4 million, a decrease of 4.9% compared to the same period last year[6]. - The company reported a loss of HKD 212,183,000 for the six months ended January 31, 2025, compared to a loss of HKD 2,022,650,000 for the same period in 2024, indicating a significant improvement in performance[8]. - Total comprehensive expenses for the period amounted to HKD 414,085,000, down from HKD 2,176,007,000 in the previous year, reflecting a reduction of approximately 81%[8]. - The company reported a foreign exchange adjustment expense of HKD 203,568,000 for the period, compared to HKD 110,426,000 in the previous year, reflecting an increase of approximately 84%[8]. - The company reported a net cash flow from operating activities of HKD 77,503,000 for the six months ended January 31, 2025, compared to a net outflow of HKD 606,234,000 in the same period last year[15]. - The company incurred a loss of HKD 1,853,019,000 during the period, impacting retained earnings significantly[12]. - The company’s total equity attributable to owners was HKD 27,801,266,000 as of January 31, 2025, down from HKD 29,783,594,000 a year earlier[12]. - The company’s adjusted net loss, excluding changes in fair value of investment properties and other non-cash and non-recurring items, was HKD 411.8 million for the six months ended January 31, 2025, compared to HKD 533.2 million in 2024, indicating a reduction of approximately 22.8%[78]. Revenue and Sales - Total revenue for the six months ended January 31, 2025, was HKD 3,038,925 thousand, an increase from HKD 2,547,596 thousand in the same period of 2024, representing a growth of approximately 19.2%[20]. - Confirmed property sales amounted to HKD 617.2 million, down 33.2% year-on-year, attributed to the final sales phase of a project and offset by increased sales from other properties[6]. - The group reported a revenue of HKD 2,547.6 million for the six months ended January 31, 2025, a decrease of 16.2% compared to HKD 3,038.9 million in the previous year[72]. - The group’s revenue from property development and sales decreased by 33.2% to HKD 617.2 million compared to HKD 924.6 million in the previous year[73]. - The group’s revenue from media and entertainment dropped by 42.3% to HKD 103.4 million, down from HKD 179.3 million in the previous year[73]. - The hotel and serviced apartment business generated revenue of HKD 647,300,000 for the six months ending January 31, 2025, representing an increase of approximately 3.9% compared to HKD 623,000,000 in the previous year[165]. Expenses and Costs - Administrative expenses decreased by 8.1% year-on-year due to active cost control measures[6]. - Financing costs decreased to HKD 584.5 million, down 14.0% year-on-year, due to lower interest rates and successful refinancing[6]. - The operating loss for the period was HKD (212,183) thousand, compared to a loss of HKD (2,022,650) thousand in the previous year, indicating a significant improvement[20]. - Interest expenses on bank loans decreased to HKD 599,228,000 from HKD 744,082,000, a reduction of 19.5%[28]. - Restaurant and catering sales generated revenue of HKD 217.8 million, a significant decrease of approximately 23.8% compared to HKD 285.8 million in the same period last year[171]. Assets and Liabilities - Total capital resources as of January 31, 2025, were approximately HKD 3.87 billion, including cash and bank balances of about HKD 1.85 billion[6]. - The company’s total loans remained stable at HKD 24.85 billion as of January 31, 2025, compared to HKD 25.29 billion on July 31, 2024[6]. - Current liabilities increased to HKD 9,242,383,000 from HKD 6,538,733,000, marking an increase of approximately 41%[10]. - The total value of non-current liabilities decreased to HKD 25,057,106,000 from HKD 28,575,141,000, indicating a reduction of approximately 12%[10]. - The company’s cash and cash equivalents stood at HKD 2,549,534,000, down from HKD 2,809,574,000, a decrease of about 9.2%[9]. - The company’s total assets less current liabilities amounted to HKD 56,927,516,000, down from HKD 60,882,721,000, a decrease of approximately 6.5%[10]. Investment and Development - The company plans to sell assets worth approximately HKD 8 billion over the next two years, including HKD 2 billion from a subsidiary[6]. - The company made significant investments in property, plant, and equipment amounting to HKD 51,011,000 during the period[15]. - The company is actively involved in the development of properties, with ongoing projects contributing to its future growth strategy[82]. - The group plans to complete the construction of the Wong Chuk Hang Station Phase 5 residential project in Q1 2026, with a total permitted gross floor area of approximately 71,600 square feet[57]. - The second phase of the Hengqin Innovation Park has made significant progress, with government approval for eight buildings to be developed as affordable rental housing[63]. Market Conditions and Outlook - The Hong Kong retail market remains weak, with local consumption expected to continue to be sluggish due to changing consumer behaviors[53]. - The GDP growth target for mainland China in 2023 is maintained at approximately 5.0%, reflecting ongoing economic challenges[59]. - Despite a weak economy, rental income from a leasing portfolio of approximately 5,900,000 square feet in first-tier cities and the Greater Bay Area remains stable[60]. - The group has adopted a cautious approach to manage costs and recover cash in light of ongoing global economic uncertainties[52]. Property and Rental Income - Rental income from the investment property portfolio was HKD 621 million, with a slight decline in occupancy rates of 0.5% year-on-year[6]. - The rental income for the review period was HKD 621.0 million, a slight decrease from HKD 623.9 million in 2024, with contributions from Hong Kong, London, and mainland China being HKD 222.3 million, HKD 32.8 million, and HKD 365.9 million, respectively[84]. - The occupancy rate for the group's properties in Hong Kong decreased, with notable declines in Cheung Sha Wan Plaza (from 97.3% to 92.1%) and Causeway Bay Plaza Phase II (from 94.9% to 89.0%)[85]. - The rental income from joint venture projects in Hong Kong was HKD 58.0 million, down 15.9% from HKD 69.0 million in the previous year[86]. - The total rental income for the group for the six months ended January 31, 2025, was HKD 621.0 million, a slight decrease from HKD 623.9 million for the same period in 2024, representing a decline of 0.5%[89]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations, with one exception noted[199]. - The chairman of the board was unable to attend the annual general meeting due to prior commitments, with an executive director appointed to chair the meeting[200].