Financial Performance - Revenue decreased by 62.9% to HKD 253.5 million compared to HKD 683.7 million in the same period last year[4] - The company reported a loss of HKD 26.1 million, compared to a profit of HKD 52.6 million in the previous year, resulting in a basic loss per share of HKD 1.8 cents[4] - Total comprehensive loss for the period amounted to HKD 27.8 million, compared to a total comprehensive income of HKD 53.1 million last year[6] - Operating profit for the period was HKD 25.3 million, down from HKD 118.5 million in the previous year[5] - The group recorded a net loss of HKD 26,052,000 for the period ending September 30, 2025, with current net liabilities amounting to HKD 4,095,689,000[12] - The company reported a loss attributable to equity shareholders of HKD 26,052,000 for the six months ended September 30, 2025, compared to a profit of HKD 52,600,000 in 2024[30] - Basic and diluted loss per share for the period was HKD (1.9), compared to earnings of HKD 1.9 per share in the previous year[31] - The consolidated gross profit decreased by 71.3% to HKD 87.9 million, down from HKD 305.9 million in the previous year[53] Revenue Breakdown - Revenue from external customers for the six months ending September 30, 2025, totaled HKD 253,504,000, with segment performance showing a loss of HKD 18,403,000 before tax[18] - Revenue from property sales was HKD 131,132,000, down 75.3% from HKD 532,214,000 in the previous year[24] - Rental income decreased to HKD 90,555,000, a decline of 17.0% from HKD 109,159,000 in the prior year[25] - The group's data center leasing revenue decreased by 17.1% year-on-year to HKD 115.2 million, primarily due to the expiration of a lease for one data center during the review period[48] - Construction revenue from external clients for the first half of 2025/26 was HKD 2.9 million, a decrease of 66.3% compared to the first half of 2024/25[50] Assets and Liabilities - Net asset value as of September 30, 2025, was HKD 2.693 billion[8] - Non-current assets increased to HKD 7.632 billion from HKD 7.338 billion[7] - Current assets slightly increased to HKD 1.774 billion from HKD 1.759 billion[7] - Current liabilities rose to HKD 5.870 billion from HKD 5.530 billion, leading to a current net liability of HKD 4.096 billion[8] - As of September 30, 2025, the group had bank loans of HKD 5,382,890,000 due within twelve months, while holding only HKD 42,626,000 in cash and bank balances[12] - The group had outstanding bank loans of approximately HKD 5.526 billion as of September 30, 2025, an increase from HKD 5.229 billion on March 31, 2025[55] Financial Management and Compliance - The group failed to comply with certain financial covenants on bank financing, with outstanding loans of HKD 4,724,268,000, which may become immediately due[12] - The group has successfully obtained waivers from banks for non-compliance on loans amounting to HKD 4,141,599,000[12] - The group is actively monitoring compliance with bank loan covenants and will renegotiate terms if potential non-compliance arises[15] - The effective tax rate for the period was 16.5%, consistent with the previous year, with current tax expense of HKD 7,649,000 compared to HKD 15,142,000 in 2024[27] Dividends and Shareholder Returns - The board has decided not to declare any interim dividend for the first half of 2025/26[4] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[29] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities in the first half of 2025/26, and held no treasury shares as of September 30, 2025[64] Projects and Future Plans - The company continues to engage in building construction, property leasing, and property development activities[10] - The group is considering the sale of several assets, including a portfolio of four data center projects, to improve liquidity and reduce debt[15] - The group has entered into a non-binding indicative term sheet with a potential buyer for the sale of its four data center projects, which is expected to improve the group's financial position and reduce overall debt levels[52] - The group has initiated the pre-sale of the "North View" project, which has received a positive market response and is expected to sell out completely by the first quarter of 2026[51] Employee and Governance - As of September 30, 2025, the group had a total of 168 employees, with total employee compensation for the first half of 2025/26 amounting to approximately HKD 61.2 million[63] - An audit committee has been established, consisting of four independent non-executive directors, and has reviewed the unaudited condensed consolidated interim financial statements for the first half of 2025/26 without any disagreements with management[67] - The interim results announcement and report for the first half of 2025/26 have been published on the company's website and the Hong Kong Stock Exchange website, containing all required information[68]
佳明集团控股(01271) - 2026 - 中期业绩