Project Developments - For the North Point project, foundation works are completed, and it is expected to be completed in the second half of 2027, covering an aggregate gross floor area of approximately 30,000 square feet[17]. - The Nexus Grand project has achieved pre-sales of approximately 95% of its 90 residential units, with hand-over to buyers expected in Q1 2026[9]. - The Grands project, completed in August 2023, has sold all 76 residential units, with around 22% handed over to buyers during the review period[10]. - The Grand Marine project, completed in March 2022, has sold all typical units, with only a few special units remaining; one special unit was sold during the review period[11]. - The Mainland China project in Guangxi Province is expected to be completed in the second half of 2026, with a gross floor area of approximately 1,435,000 square feet[19]. - The Group's total gross floor area for the Nexus Grand project is approximately 36,000 square feet, with superstructure and internal fitting-out works completed[9]. - Construction works for iTech Tower 3.1 are scheduled for phased delivery starting in Q4 2025, while iTech Tower 3.2 is expected to be completed in phases starting from mid-2026[25]. Financial Performance - The Group's consolidated revenue for FH 2025/26 was $253.5 million, a decrease of 62.9% compared to FH 2024/25, which was $683.7 million[35]. - The consolidated gross profit fell by 71.3% to $87.9 million in FH 2025/26, down from $305.9 million in FH 2024/25[35]. - Operating expenses decreased by 70.5% to $65.1 million in FH 2025/26, compared to $221.0 million in FH 2024/25, primarily due to reduced property agency commissions[36]. - The Group recorded a net loss of $26.1 million for FH 2025/26, compared to a net profit of $52.6 million for FH 2024/25, mainly due to a significant decrease in residential property deliveries and the expiry of a data center lease[40]. - Revenue for the six months ended September 30, 2025, was HK$253,504,000, a decrease of 63.0% compared to HK$683,747,000 for the same period in 2024[68]. - Gross profit for the period was HK$87,884,000, down 71.3% from HK$305,908,000 year-over-year[68]. - Loss for the period was HK$26,052,000, compared to a profit of HK$52,600,000 in the previous year, representing a significant decline[69]. - The company reported a loss before taxation of $43,675,000, compared to a profit of $50,743,000 in the prior year[115]. Data Centre Operations - The Group's data centre leasing revenue decreased by 17.1% year-on-year to $115.2 million, primarily due to the expiry of a data centre lease during the review period[20]. - The Group's data centre premises leasing business faced challenges, impacting overall revenue performance[20]. - Rental income from data center properties decreased by 17.1% to $115.2 million due to the expiration of a lease during the review period[24]. Liquidity and Financial Position - As of 30 September 2025, the Group held contracts with an aggregate value of approximately $2.05 billion[27]. - The Group's outstanding bank and other borrowings amounted to approximately $5,526 million as of 30 September 2025, up from approximately $5,229 million on 31 March 2025[41]. - The current ratio as of September 30, 2025, was 0.30 times, slightly down from 0.32 times as of March 31, 2025[46]. - The Group had cash and bank balances of approximately $154.2 million as of September 30, 2025, compared to $180.2 million as of March 31, 2025[47]. - Net current liabilities increased to HK$4,095,689,000 from HK$3,771,071,000, indicating a worsening liquidity position[71]. - The Group incurred a net loss of $26,052,000 for the period ended 30 September 2025[82]. - The outstanding bank loans amounted to $5,382,890,000, with $4,724,268,000 drawn down under banking facilities[82]. - The Group was not in compliance with certain financial covenants, which could result in the entire bank borrowings becoming immediately due[82]. Shareholder Information - As of September 30, 2025, Mr. Chan Hung Ming holds 921,642,940 shares, representing approximately 64.89% of the Company's total shareholding[167]. - Mr. Lau Chi Wah holds 106,293,660 shares, representing approximately 7.48% of the Company's total shareholding[167]. - The total number of shares held by substantial shareholders indicates a strong concentration of ownership within a few entities[174]. - The Group did not declare any interim dividend for the first half of 2025/26[163]. Share Option Schemes - The Old Share Option Scheme, adopted on July 23, 2013, expired on July 23, 2023, and no further options can be granted under this scheme[178]. - The New Share Option Scheme, approved on August 4, 2023, allows for a maximum of 142,012,234 shares to be issued upon exercise of all options, representing 10% of the issued shares of the Company (excluding treasury shares) at its adoption date[190]. - No share options have been granted under the New Share Option Scheme since its adoption until the date of this report[191]. - The total number of shares available for issue under all share schemes is 157,292,234, which is approximately 11.08% of the issued shares of the Company[199].
佳明集团控股(01271) - 2026 - 中期财报