美丽华酒店(00071) - 2023 - 中期业绩

Financial Performance - The group's revenue increased by 93.3% to HKD 1.142 billion (2022: HKD 0.591 billion) [2] - Shareholders' profit rose by 86.5% to HKD 380 million (2022: HKD 240 million) [2] - Basic earnings attributable to shareholders increased by 90% to approximately HKD 400 million (2022: HKD 211 million) [2] - Basic earnings per share were HKD 0.55 (2022: HKD 0.29), up 89.7%, and HKD 0.58 (2022: HKD 0.30), up 93.3% [2] - The net profit for the period was HKD 393.2 million, compared to HKD 208.2 million in the same period last year [19] - The group’s total comprehensive income for the period was HKD 291.99 million, compared to HKD 165.56 million in the same period last year [20] - The net profit attributable to shareholders for the six months ended June 30, 2023, was HKD 380,132,000, up from HKD 203,802,000 in the same period last year, marking an increase of 86% [38] - Basic earnings per share for the six months ended June 30, 2023, was HKD 0.58, compared to HKD 0.30 for the same period in 2022, reflecting a 93% increase [40] Dividends - The interim dividend declared is HKD 0.23 per share, compared to HKD 0.21 per share in 2022 [5] - The company declared an interim dividend of HKD 0.21 per share for the six months ended June 30, 2023, compared to HKD 0.145 per share for the same period in 2022 [36] Visitor and Hotel Performance - The number of tourists in Hong Kong surged from 76,000 in the first half of last year to 12.88 million, reaching one-third of pre-pandemic levels [6] - Hotel occupancy rates exceeded 90% in the month of border reopening, with revenue from Miramar Hotel increasing by 149.6% compared to the same period last year [7] - The occupancy rates for The Mira Hong Kong and Moon Hotel surpassed 90%, reaching 91.1% and 95.2% respectively, with average room rates increasing by 58.4% and 8.0% [11] - Total revenue from hotel and serviced apartment operations rose to HKD 267.2 million, with EBITDA of HKD 65.5 million, compared to HKD 107.9 million and a loss of HKD 13.7 million in the same period last year [11] Rental and Other Business Segments - The overall rental rate for shopping malls and offices stabilized above 90% compared to the same period last year [7] - Rental business revenue remained stable at HKD 398.9 million, with EBITDA of HKD 349 million, compared to HKD 406.9 million and HKD 349.6 million respectively last year [12] - The group's restaurant business recorded revenue of HKD 138.6 million, with EBITDA of HKD 15.7 million, compared to HKD 65.2 million and a loss of HKD 6 million in the same period last year [14] - The group launched two new restaurant concepts, "Tang Shu" and "JAJA," capitalizing on the post-pandemic rebound in the dining sector [14] - The travel business generated revenue of HKD 337.4 million and EBITDA of HKD 10.5 million, compared to HKD 10.8 million in revenue and a loss of HKD 7.9 million in the same period last year [15] - The group experienced strong revenue growth across several business segments, including a 147.6% increase in hotel and serviced apartment revenue and a 112.6% increase in the restaurant business [16] Cash and Financial Position - The group maintained a strong cash position with total cash of HKD 5.5 billion as of June 30, 2023, compared to HKD 5.4 billion at the end of 2022, with no loans outstanding [17] - The effective annual interest rate on the group's deposits increased to 4.5% in the first half of 2023, up from 0.6% in the same period last year, representing a 6.5-fold increase [17] - The group’s financial policy remains conservative, with a debt-to-equity ratio of zero, ensuring strong solvency and capacity for future investments [17] Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 20,718,089,000, an increase from HKD 20,619,598,000 as of December 31, 2022, representing a growth of approximately 0.48% [22] - The total liabilities increased from HKD 625,412,000 to HKD 902,803,000, marking an increase of approximately 44.24% [21] - The company reported a significant increase in accounts receivable, rising to HKD 233,750,000 from HKD 214,747,000, which is an increase of about 8.66% [21] - Accounts receivable (net of loss provisions) as of June 30, 2023, totaled HKD 87,247,000, compared to HKD 89,337,000 as of December 31, 2022, reflecting a decrease of 2% [42] - The total liabilities, including accounts payable and other payables, increased to HKD 596,651,000 as of June 30, 2023, from HKD 363,974,000 as of December 31, 2022, indicating a growth of 64% [44] Employee and Corporate Governance - The number of full-time employees as of June 30, 2023, was 1,247, with 1,215 in Hong Kong, 22 in Mainland China, and 10 overseas [48] - The company has a defined contribution retirement plan for its employees, with contributions ranging from 5% to 11% of the employees' basic monthly salary [46] - The company has been recognized annually since 2011 for its commitment to employee training and development, receiving awards from the Employee Retraining Board [49] - The company adheres to the corporate governance code as per the Hong Kong Stock Exchange regulations, with no separation of roles between the Chairman and CEO [50] Future Outlook - The company anticipates a 25% increase in flights and international travelers in the second half of the year, with a potential 40% increase in flights next year [8] - The group aims to enhance operational efficiency and service value to meet the challenges of market recovery [8] - The board's forward-looking statements are based on beliefs, assumptions, and expectations regarding the current industry and market conditions [53]