Financial Performance - The company's revenue reached HKD 447,000,000, an increase of 38.4% compared to HKD 322,900,000 in the same period last year[10] - The company achieved a core profit of HKD 15,300,000, reversing a loss of HKD 1,200,000 from the previous year[10] - The company recorded a net revaluation loss of investment properties amounting to HKD 245,300,000, significantly higher than HKD 68,100,000 from the previous year[20] - The net loss attributable to shareholders was HKD 230,000,000, compared to HKD 69,300,000 in the previous year, with a basic loss per share of HKD 0.417[20] - The group reported a total revenue of HKD 447.032 million for the six months ended September 30, 2025, compared to HKD 322.921 million in 2024, reflecting a significant increase[45] - The group incurred a loss before tax of HKD 274.145 million for the six months ended September 30, 2025, compared to a loss of HKD 30.005 million in 2024[45] - The total comprehensive loss for the period was HKD 104.054 million, compared to a comprehensive income of HKD 454.865 million in 2024[46] - The company reported a significant increase in revenue from mainland China, rising to HKD 340,729,000 from HKD 226,192,000, marking a growth of 50.6%[68] Property Development - The residential project "港匯臺" contributed an operating profit of HKD 56,600,000, with total contracted sales amounting to HKD 640,000,000 as of November 25, 2025[19] - Property development revenue surged 258.7% to HKD 188,700,000 for the six months ending September 30, 2025, compared to HKD 52,600,000 in 2024, with operating profit increasing 197.2% to HKD 94,800,000 from HKD 31,900,000[21] - As of November 25, 2025, 68 residential units of the "港匯臺" project have been sold, generating contracted sales of approximately HKD 640,000,000[23] - Revenue from external customers for property development, investment, and management totaled HKD 447,032,000 for the six months ended September 30, 2025, compared to HKD 322,921,000 in 2024, representing a year-over-year increase of approximately 38.5%[61][63] Investment Properties - Rental income from investment properties decreased by 3.3% to HKD 238,000,000 for the six months ending September 30, 2025, down from HKD 246,000,000 in 2024, with an operating loss of HKD 232,200,000 compared to an operating profit of HKD 78,800,000 in 2024[24] - The fair value of the investment property portfolio as of September 30, 2025, was HKD 15,205,000,000, down from HKD 15,391,000,000 on March 31, 2025, reflecting a fair value decrease of HKD 245,300,000 after tax adjustments[30] - The company’s investment properties recorded a loss of HKD 370,010 thousand, compared to a loss of HKD 65,674 thousand in the previous year[52] - The company’s investment properties amounted to HKD 15,870,296,000 as of September 30, 2025[64] Financial Position - As of September 30, 2025, the company's equity attributable to shareholders was HKD 7,006,000,000, with a net asset value per share of HKD 12.71[20] - The total equity attributable to shareholders was approximately HKD 7.006 billion as of September 30, 2025, a decrease from HKD 7.118 billion on March 31, 2025, primarily due to net losses during the period[38] - The total assets of the company as of September 30, 2025, were HKD 19,850,455,000, with liabilities totaling HKD 9,153,754,000[64] - The total liabilities to equity ratio as of September 30, 2025, was approximately 0.85, indicating a stable leverage position[49] Debt and Cash Flow - As of September 30, 2025, the total interest-bearing debt was approximately HKD 7.512 billion, with about 15% classified as current liabilities, including HKD 238 million related to refinancing projects due within the next twelve months[36] - The group's cash and cash equivalents totaled approximately HKD 903 million as of September 30, 2025, down from HKD 1.106 billion on March 31, 2025[36] - Cash flow from operating activities was HKD 51,856 thousand for the six months ended September 30, 2025, a significant decrease from HKD 299,308 thousand in the previous year[52] - The company’s cash and bank balances were HKD 849,983,000, down from HKD 1,152,066,000 in the previous year[55] Employee and Management - The group employed approximately 300 employees as of September 30, 2025, down from 330 employees on March 31, 2025[41] - The group reported a significant increase in short-term employee benefits, totaling HKD 16,015,000 for the six months ended September 30, 2025, compared to HKD 9,986,000 for the same period in 2024, a 60% rise[92] - The company’s management compensation is currently reviewed by the executive directors rather than a remuneration committee, which the board believes is more appropriate[100] Corporate Governance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the six months ending September 30, 2025[99] - The company has established an audit committee that meets at least twice a year to review and monitor the financial reporting process and internal controls[101] - The company’s board believes that the continuity of the chairman and CEO is crucial for consistent leadership and smooth operations, thus they will not rotate out as per governance code[100]
建业实业(00216) - 2026 - 中期财报