Financial Performance - Revenue for the six months ended June 30, 2025, was HK$23,370,000, a decrease of 3.5% compared to HK$24,213,000 for the same period in 2024[11]. - Other income decreased significantly to HK$2,612,000, down 59.8% from HK$6,503,000 in the previous year[11]. - The operating loss before changes in fair value of investment properties was HK$6,012,000, compared to a loss of HK$2,570,000 in the same period last year[11]. - Loss for the period was HK$63,263,000, compared to HK$17,037,000 in the previous year, indicating a significant decline in performance[11]. - Basic loss per share for the period was HK$5.10, compared to HK$1.37 in the same period last year[11]. - Total comprehensive expense for the period was HK$65,993,000, up from HK$19,797,000 in 2024[14]. - The company reported a net cash used in operating activities of HK$936,000 for the six months ended June 30, 2025, compared to a net cash inflow of HK$2,584,000 for the same period in 2024[25]. - The company incurred a loss for the period amounting to HK$63,263,000 for the six months ended June 30, 2025, compared to a loss of HK$17,037,000 for the same period in 2024[23]. - The loss for the six months ended June 30, 2025, was HK$63,263,000, compared to a loss of HK$17,037,000 in 2024[177]. - The loss from changes in the fair value of investment properties was HK$60,047,000 for the six months ended June 30, 2025, compared to HK$12,790,000 in 2024[128]. Assets and Liabilities - As of June 30, 2025, total assets less current liabilities amounted to HK$2,165,059,000, a decrease from HK$2,297,944,000 as of December 31, 2024, representing a decline of approximately 5.76%[20]. - The total equity as of June 30, 2025, was HK$1,676,076,000, down from HK$1,742,069,000 at the end of 2024, indicating a decrease of about 3.79%[20]. - Cash and cash equivalents decreased to HK$49,047,000 at the end of June 2025 from HK$68,355,000 at the beginning of the period, reflecting a decline of approximately 28.3%[25]. - Current liabilities exceeded current assets by HK$92,407,000, primarily due to a bank borrowing of HK$180,000,000 due within twelve months[34][37]. - The Group's total liabilities increased from HK$689,023,000 as at 31st December, 2024 to HK$696,740,000 as at 30th June, 2025[187]. - The gearing ratio (net debt over total equity) of the Group was 29% as at 30th June, 2025, compared to 26% as at 31st December, 2024[187]. Investment Properties - Loss from changes in fair value of investment properties amounted to HK$60,047,000, a substantial increase from HK$12,790,000 in 2024[11]. - The fair value of the Group's investment properties as of 30th June, 2025, is HK$2,229,660,000, down from HK$2,266,120,000 as of 31st December, 2024, reflecting a net decrease in fair value recognized in profit or loss of HK$60,047,000[75][76]. - The addition to investment properties was HK$23,587,000 for the six months ended June 30, 2025, significantly higher than HK$3,210,000 for the same period in 2024[25]. - The valuation of the Group's investment properties primarily uses the investment method, categorized as Level 3 in the fair value hierarchy[84]. - Significant unobservable inputs for the investment properties include term yield and reversionary yield, where an increase in these yields would lead to a decrease in fair value[90]. Cash Flow and Financing - The company reported a decrease in finance costs to HK$13,368,000 from HK$17,668,000, reflecting a reduction of 24.9%[11]. - The Group expects to enhance liquidity and operating cash flows in the next twelve months following the completion of renovations and the commencement of rental income from Laneway[35][38]. - The Group has unutilized financing facilities from its intermediate holding company amounting to HK$250,000,000 as of June 30, 2025[35][38]. - The Group's loan receivable, fully impaired, remained at HK$98,140,000 as of June 30, 2025, unchanged from December 31, 2024[104]. - The Group has a loan facility granted but not yet utilized amounting to HK$250,000,000, an increase from HK$200,000,000 as of December 31, 2024[165]. Operational Efficiency and Future Outlook - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[10]. - The refurbishment of the shopping arcade, Laneway, was completed, with leasing works actively in progress, expected to operate in the second half of 2025[182]. - The Group continues to adopt the going concern basis of accounting, expecting adequate resources for operational existence in the foreseeable future[35][38]. Shareholder Returns - The Board has resolved not to declare any interim dividend for the six months ended 30th June, 2025, consistent with the previous year[73]. - The Board decided not to declare an interim dividend for the six months ended June 30, 2025, maintaining a prudent approach to fund management[176].
亚证地产(00271) - 2025 - 中期财报