Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 285,179,000, representing a 13.4% increase from HKD 251,421,000 in 2024[4] - Gross profit increased to HKD 65,436,000, up 12.5% from HKD 58,241,000 in the previous year[4] - Net profit for the period was HKD 23,562,000, a 10.4% increase compared to HKD 21,335,000 in 2024[4] - Basic and diluted earnings per share rose to HKD 2.57 cents, up from HKD 2.33 cents in the prior year[4] - Total comprehensive income for the period was HKD 45,967,000, significantly higher than HKD 24,303,000 in 2024[6] - The company reported a significant increase in foreign exchange gains, amounting to HKD 21,860,000 compared to HKD 5,158,000 in the previous year[6] - The segment performance for residential and watch manufacturing was HKD 2,351,000, while commercial property investment generated HKD 31,371,000 in profit[14] - The company reported a total financial expense of HKD 71,952,000, down from HKD 105,931,000, indicating a reduction of 32.1%[20] - The total income from investment properties was HKD 58,883,000, an increase from HKD 54,321,000, marking a growth of 10.5%[21] - The profit attributable to shareholders for the same period was approximately HKD 23,562,000, up from HKD 21,335,000 in 2024, indicating a growth of about 10.5%[43] Cash Flow and Assets - Cash generated from operating activities was HKD 95,193,000, a recovery from a cash outflow of HKD 180,280,000 in the previous year[11] - Total assets as of September 30, 2025, were HKD 5,550,676,000, slightly down from HKD 5,616,182,000 as of March 31, 2025[7] - Current liabilities decreased to HKD 4,502,427,000 from HKD 5,064,832,000, improving the net current asset position[8] - As of September 30, 2025, the total borrowings of the group were approximately HKD 5,425,000,000, with a capital debt ratio of 0.89, up from 0.69 as of March 31, 2025[46] - The group has a cash and bank balance of approximately HKD 415,000,000 as of September 30, 2025, down from HKD 534,000,000 as of March 31, 2025[46] Investments and Properties - Investment properties' fair value increased by HKD 89,222,000, compared to an increase of HKD 103,196,000 in 2024[4] - As of September 30, 2025, the fair value of the group's investment properties was approximately HKD 3,398,357,000, reflecting an increase from HKD 3,284,050,000 as of March 31, 2025[28][29] - The fair value of investment properties in Hong Kong and the UK was determined using the direct comparison method, while the fair value of properties in China was assessed using the residual method[30] - The group holds 100% interest in several commercial properties, including The Putman and 99 Bonham, all under long-term leases[60] - The group has ongoing development projects, including 10,360 square meters of office space at 88 Queen Street East, expected to be completed in 2025[61] Dividends and Shareholder Returns - The company did not declare any interim dividend for the six months ended September 30, 2025, compared to HKD 10,990,000 in the previous year[25] - The group does not plan to declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[42] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules, with non-executive directors not having a specified term but subject to re-election at the annual general meeting[57] - The Audit and Risk Management Committee, consisting of independent non-executive directors, has reviewed the accounting principles and practices adopted by the group for the six months ending September 30, 2025[58] - The Audit and Risk Management Committee has discussed internal controls and risk management matters, ensuring financial reporting integrity[58] - The company has implemented a standard code for securities trading by directors, confirming compliance during the review period[59] Employee and Management Costs - Employee costs for the period were approximately HKD 40,000,000, down from HKD 46,000,000 for the same period last year[50] - The group reported a management compensation of approximately HKD 11,769,000 for the period, compared to HKD 12,900,000 for the six months ending September 30, 2024[35] Market Conditions and Risks - The group is closely monitoring the negative impacts of tariff disputes between the US, EU, Japan, and other countries on international trade, which may affect its watch manufacturing and trading segment[45]
NATIONAL ELEC H(00213) - 2026 - 中期财报