Financial Performance - Revenue for the fiscal year 2024 was $42.795 million, an increase of 15.8% from $36.847 million in 2023[10] - Operating loss decreased to $14.454 million from $18.183 million, showing an improvement in operational efficiency[10] - Loss attributable to owners of the company was $18.955 million, down from $22.961 million, representing a reduction in loss percentage from -62.3% to -44.3%[10] - The equity attributable to owners of the company decreased to $34.451 million from $51.558 million[10] - The group recorded revenue of approximately $42,795,000, an increase of $5,948,000 or 16.1% compared to last year[27] - The operating loss for the year was approximately $14,454,000, a reduction of $3,729,000 or 20.5% from last year[28] - The hotel and resort segment generated revenue of approximately $34,458,000, an increase of $6,264,000 or 22.2% compared to last year[32] - The luxury travel retail segment generated revenue of $7,414,000, a decrease of $534,000 or 6.7% compared to last year[39] - The destination services segment's revenue increased by $218,000 or 30.9% to $923,000, driven by higher occupancy rates and increased tour revenues[42] Visitor Trends - The number of visitors from China (including Hong Kong) to Saipan saw significant growth following the resumption of direct flights in April 2024[13] - Visitor numbers to Guam exceeded 739,000, a 12.7% increase from last year, reaching 44.4% of pre-pandemic levels[22] - Visitor numbers to Saipan reached approximately 229,000, a 6.2% increase from last year, accounting for 47.0% of pre-pandemic levels[22] - The number of Chinese visitors to Saipan increased from approximately 6,000 in 2023 to over 18,000 in 2024, representing 10.0% of pre-pandemic levels[23] Operational Changes - The company plans to permanently close Kanoa Resort starting June 15, 2025, to focus resources on optimizing the performance of the Crowne Plaza resorts[17] - Three out of six retail stores in Guam were renovated and relocated to stronger retail spaces, with one store still under renovation expected to complete by Q1 2025[16] - Crowne Plaza Resort Saipan's revenue increased by $4,489,000, a growth of 44.7% year-over-year[36] - The average occupancy rate for Crowne Plaza Resort Guam improved from 62.9% to 71.0%[34] - Crowne Plaza Resort Saipan's occupancy rate increased from 28.7% to 47.1% year-to-date[37] Cost Management - The group implemented effective cost-cutting measures, reducing employee costs by approximately $1,319,000 and food costs by approximately $643,000[28] - The total employee cost for the year was $14,613,000, down from $15,932,000 in 2023[64] - The group continues to implement effective cost-cutting measures to enhance profitability in its hotel and resort division[57] Management and Governance - The company has been led by Dr. Chen Shouren as Chairman since November 2018, who has over 50 years of experience in diversified investments in the Greater China region[65] - Dr. Chen Hengli has served as Vice Chairman and CEO since November 2018, bringing over 40 years of business experience in the region[66] - The management team has a strong educational background, with degrees from the University of Guam and Cornell University, contributing to their expertise in business management[66][69] - The company maintains compliance with corporate governance codes as per the listing rules[121] Shareholder Relations - The company maintains open communication with shareholders and investors through various channels, ensuring transparency and timely updates[54] - As of December 31, 2024, the company has a distributable reserve of $86,836,000 available for distribution to shareholders[106] - No interim dividend was declared for the year, and the board decided against recommending a final dividend[86] Risk Management - The board acknowledges various risks and uncertainties that may impact business operations and financial performance[93] - The business operations and performance may be affected by various external and inherent factors, including macroeconomic conditions and political environment[157] - The group faces significant risks from natural disasters, including super typhoons and floods, which could severely impact leisure tourism operations and property conditions[162] - The COVID-19 pandemic continues to pose uncertainties for the group's business operations and financial performance, particularly due to reduced flight availability[162] Sustainability and Corporate Social Responsibility - The company is committed to integrating sustainability into daily operations and strategies, reflecting stakeholder concerns and needs[186] - The company emphasizes eight core values to maintain a competitive edge in a dynamic market environment[175] - The company maintains a zero-tolerance policy towards child and forced labor, ensuring all employees sign legally binding contracts and receive labor rights protection training[195] - The company collaborates with external sustainability professionals to develop and execute sustainability project goals and strategies[184] Related Party Transactions - The company reported related party transactions totaling USD 997,000 for medical insurance and USD 2,218,000 for selected holiday package transactions[134] - The company’s related party transactions are deemed fair and reasonable, aligning with the overall interests of the group and its shareholders[136] - The agreements with related parties, including TakeCare and Cosmos, are deemed to be in the best interest of the company and its shareholders due to their established relationships and operational scale[138][140] Employee Relations - The company emphasizes a zero-tolerance policy towards harassment and discrimination, promoting a diverse and inclusive workplace[200] - There were no significant violations of labor laws related to compensation, hiring, promotion, working hours, or discrimination in Hong Kong, Saipan, Guam, or Hawaii during the reporting period[198]
海天地悦旅(01832) - 2024 - 年度财报