HK FERRY (HOLD)(HK:00050)2022-09-09 10:37Financial Performance - The group's unaudited consolidated net profit after tax for the six months ended June 30, 2022, was HKD 65 million, a decrease of 4% compared to the same period last year. Earnings per share were HKD 0.18, down from HKD 0.19 in the previous year[6]. - The group's revenue for the six months ended June 30, 2022, was HKD 139 million, an increase of 22% compared to the same period last year, primarily due to the sale of parking spaces[18]. - The company reported revenue of HKD 138,947,000 for the six months ended June 30, 2022, representing an increase of 21.6% compared to HKD 114,289,000 in the same period of 2021[52]. - Total revenue for the six months ended June 30, 2022, was HKD 206,766,000, an increase from HKD 194,585,000 in the same period of 2021, representing a growth of approximately 6.0%[84]. - The operating profit for the same period was HKD 76,766,000, down 24.4% from HKD 101,539,000 year-on-year[52]. - The net profit attributable to equity shareholders was HKD 65,073,000, a decrease of 4.2% from HKD 68,037,000 in the previous year[56]. - The company reported a pre-tax profit of HKD 77,155,000, compared to HKD 76,780,000 in the previous year[93]. - The company incurred administrative expenses of HKD 26,452,000, an increase from HKD 24,672,000 in the previous year[52]. - The company recorded other income of HKD 39,683,000, down 17.0% from HKD 47,816,000 in the previous year[52]. - The valuation gain on investment properties was HKD 11,570,000, significantly lower than HKD 35,502,000 in the same period last year[52]. - Total comprehensive income attributable to equity shareholders was HKD 69,485,000, slightly up from HKD 68,823,000 in the previous year[56]. Revenue Segments - The group recorded a loss of HKD 400,000 from ferry and related businesses, a significant decline from a profit of HKD 16.9 million in the same period last year[11]. - Real estate development segment generated revenue of HKD 27,617,000 for the six months ended June 30, 2022, compared to HKD 19,000 in the same period of 2021, indicating a significant increase[84]. - Real estate investment segment reported revenue of HKD 77,911,000, up from HKD 73,708,000 year-on-year, reflecting a growth of about 5.9%[84]. - The ferry, shipyard, and related businesses segment earned HKD 57,638,000, down from HKD 77,471,000 in the previous year, showing a decline of approximately 25.6%[84]. - Securities investment segment revenue decreased to HKD 1,189,000 from HKD 3,813,000, a decline of about 68.9%[84]. - Other income for the six months ended June 30, 2022, was HKD 42,411,000, compared to HKD 39,574,000 in the same period of 2021, representing an increase of approximately 4.6%[84]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.10 per share, consistent with the previous year[6]. - The interim dividend declared was HKD 35,627,000, unchanged from the previous year[103]. - As of June 30, 2022, the total equity held by directors included 150,000 shares by Dr. Lin, representing approximately 0.04% of the total issued shares[41]. - Major shareholders include 恒基兆業地產有限公司 and its subsidiaries, holding approximately 33.41% of the total issued shares[48]. - The group’s major shareholder, 恒地, holds approximately 33.41% of the issued share capital as of June 30, 2022[164]. Assets and Liabilities - The group's total equity as of June 30, 2022, was HKD 6.021 billion, a slight increase of 0.3% compared to December 31, 2021[19]. - The group's non-current assets amounted to HKD 95,499,000, while current assets were HKD 8,110,003,000, resulting in total assets less current liabilities of HKD 1,096,788,000[38]. - The group's total liabilities included non-current liabilities of HKD 1,209,052,000, leading to a net liability position of HKD (112,264,000) as of June 30, 2022[38]. - The company's cash and cash equivalents decreased to HKD 329,819 thousand as of June 30, 2022, down from HKD 690,026 thousand at the beginning of the year, representing a decline of about 52.2%[67]. - The company's total liabilities included trade and other payables of HKD 17,639,000 (unaudited) as of June 30, 2022, up from HKD 16,527,000 (audited) as of December 31, 2021[127]. - The company's inventory increased to HKD 1,460,105 thousand from HKD 1,340,088 thousand, marking a rise of approximately 9%[62]. Corporate Governance - The board confirmed compliance with the Corporate Governance Code as of June 30, 2022, ensuring high standards of corporate governance[29]. - The company has adopted written guidelines for employees regarding the trading of the company's securities, ensuring compliance with the standards set forth in the Corporate Governance Code[30]. - The company did not engage in any purchase, sale, or redemption of its listed securities during the review period[27]. - The company has not participated in any arrangements allowing directors or senior executives to benefit from purchasing shares or bonds of the company or any other entity[28]. - The audit committee reviewed the interim financial report for the six months ended June 30, 2022, with no differing opinions noted[32]. - The company's financial report is prepared in accordance with the Hong Kong Financial Reporting Standards and has been reviewed by KPMG[70]. Future Outlook - The group expects a favorable performance for the full year, with residential units from the "Imperial Residence" project to be delivered in the second half of the year, contributing to revenue recognition[17]. - The group plans to diversify into the medical beauty business, with a new clinic opening in Tsim Sha Tsui in mid-August, offering various beauty and light medical services[14]. - The group is collaborating with an international oncology care medical group to provide cancer treatment services, aiming to increase market share[17].