Financial Performance - The Group's unaudited consolidated loss attributable to shareholders for the six months ended 30 September 2025 was approximately HK$27,134,000, a significant decrease from a loss of approximately HK$243,368,000 in the corresponding period of 2024, representing a reduction of about 88.8%[3]. - The unaudited consolidated loss from continuing operations for the Period was approximately HK$26,952,000, compared to a loss of approximately HK$237,712,000 in the 2024 Period, indicating a decrease of about 88.6%[3]. - The basic and diluted loss per share for the Period was approximately HK$0.03, a significant improvement compared to approximately HK$0.77 and HK$0.75 in the 2024 Period[4]. - Loss before taxation decreased to HK$27,510,000 from HK$244,297,000, indicating a substantial improvement in financial performance[131]. - The loss for the period from continuing operations was HK$26,952,000, compared to HK$237,712,000 in the previous year, marking a reduction of 88.6%[131]. - Total comprehensive expense attributable to owners of the Company for the period was HK$28,047,000, down from HK$236,745,000, a decrease of 88.2%[133]. Revenue and Income - Revenue for the six months ended September 30, 2025, was HK$31,138,000, a significant increase from HK$16,747,000 in the same period of 2024, representing an increase of 86.1%[131]. - The total rental income from continuing operations increased by approximately 15.9% to approximately HK$18,360,000 for the Period, up from approximately HK$15,835,000 in the 2024 Period[18]. - The Group recorded property rental income of approximately HK$18,360,000 for the period, representing an increase of about 15.9% compared to HK$15,835,000 in the previous period, primarily due to rental income from the Mody Road project[23]. - The Group's property rental income in Hong Kong for the Period was approximately HK$18,360,000, primarily driven by the Project Matheson Street[21]. Assets and Liabilities - As of September 30, 2025, the Group's total assets amounted to approximately HK$4,888,190,000, an increase from approximately HK$4,842,030,000 as of March 31, 2025[50]. - The Group's net assets as of September 30, 2025, were HK$2,786,738,000, down from HK$2,814,785,000 as of March 31, 2025[136]. - The Group's total bank borrowings were approximately HK$1,941,188,000 as of September 30, 2025, compared to approximately HK$1,892,260,000 as of March 31, 2025[51]. - The secured bank borrowings increased to HK$1,626,841,000 as of September 30, 2025, compared to HK$1,575,285,000 as of March 31, 2025[136]. - The outstanding principal amount of loans receivable as of September 30, 2025, was approximately HK$23,481,000, down from approximately HK$29,578,000 as of March 31, 2025[34]. Investments and Securities - The Group achieved a fair value gain in securities and other investments from continuing operations of approximately HK$9,368,000, compared to a loss of approximately HK$23,180,000 in the previous period[25]. - As of September 30, 2025, the Group's investment in equity securities listed in Hong Kong amounted to approximately HK$31,620,000, down from approximately HK$41,531,000 as of March 31, 2025[26]. - The Group's securities investment portfolio comprised seven equity securities as of September 30, 2025, down from eight as of March 31, 2025[26]. - The Group received dividend income from listed securities investments of approximately HK$41,000 during the period, compared to approximately HK$37,000 in the previous period[25]. Development Projects - The Group has ongoing property development projects, including "THE HEDON" and "One Two One," with occupation permits obtained in February 2024 and May 2024, respectively[10][11]. - The Group is considering a change of development plan for the Fung Wah Factorial Building site due to current market conditions[17]. Loans and Financing - Interest income from loan financing business decreased by approximately 19.5% to HK$549,000 from HK$682,000 in the previous period[33]. - The Group recognized an impairment allowance of approximately HK$297,000 in its loan financing business from continuing operations, a decrease from HK$616,000 in the previous period[34]. - Approximately 67% of the loans receivable were secured by properties with estimated fair values of HK$16,865,000 as of September 30, 2025[40]. - The allowance for loans receivable increased to approximately HK$1,319,000 as of September 30, 2025, up from approximately HK$1,022,000 as of March 31, 2025[41]. Corporate Governance and Risk Management - The Board has reviewed the effectiveness of the Group's risk management and internal control systems, finding them effective and adequate, with no major issues identified[110]. - The Company has fully complied with the Corporate Governance Code, ensuring diligence, accountability, and professionalism[106]. - The Group does not have an internal audit function but maintains sufficient risk management and internal control through its existing structure[110]. - The Company has adopted the Model Code for Securities Transactions by Directors, with all Directors confirming compliance throughout the period[111]. Employee and Operational Costs - As of September 30, 2025, the Group had 36 employees, with staff costs amounting to approximately HK$12,604,000, a decrease from HK$13,653,000 in the previous period[97]. - Total staff costs for the six months ended 30 September 2025 were HK$12,604,000, down from HK$13,653,000 in 2024, reflecting a decrease of approximately 7.7%[166]. Share Capital and Dividends - No interim dividend was recommended for the Period, consistent with the 2024 Period[7]. - The group issued 676,296,232 rights shares at a subscription price of HK$0.092 per share, raising HK$62,219,000 before expenses for repayment of bank loans and general working capital[196]. - The group’s issued and fully paid share capital increased to HK$10,144,000 as of September 30, 2025, from HK$6,763,000 as of March 31, 2025, reflecting a growth of 49.5%[195]. Market Outlook - The Group remains prudently optimistic about the prospects of the property and securities markets in Hong Kong despite global economic uncertainties[100]. - The Company will continue to seek appropriate investment and divestment opportunities to enhance its property portfolio and ensure long-term benefits[101].
高山企业(00616) - 2026 - 中期业绩