Financial Performance - The group reported a revenue of HKD 17.8 million for the six months ended September 30, 2022, compared to HKD 90.1 million for the same period in 2021, representing a decrease of approximately 80.3%[3] - The net loss attributable to equity holders for the period was HKD 33.1 million, a significant decline from a profit of HKD 39.3 million in the previous year[3] - The total comprehensive loss for the period was HKD 32.4 million, compared to a comprehensive income of HKD 39.7 million in the prior year[4] - Revenue for the six months ended September 30, 2022, was HKD 17.8 million, a decrease of 80.3% compared to HKD 90.1 million for the same period in 2021[10] - Gross income from property sales was HKD 12.6 million, down 84.9% from HKD 83.3 million in the previous year[10] - The company reported a loss attributable to equity holders of HKD 33.1 million for the six months ended September 30, 2022, compared to a profit of HKD 39.3 million in the same period last year[22] Assets and Liabilities - The group's total assets decreased to HKD 6,516.5 million as of September 30, 2022, down from HKD 6,700.7 million as of March 31, 2022, reflecting a decline of approximately 2.7%[5] - The group's non-current assets amounted to HKD 354.8 million, a slight increase from HKD 274.2 million in the previous year[5] - The total equity as of September 30, 2022, was HKD 6,569.8 million, down from HKD 6,676.3 million as of March 31, 2022, reflecting a decrease of approximately 1.6%[5] - Total assets as of September 30, 2022, amounted to HKD 6,871.3 million, a slight decrease from HKD 6,974.9 million as of March 31, 2022[16] - The net asset value as of September 30, 2022, was HKD 6,569.8 million, compared to HKD 6,676.3 million as of March 31, 2022[16] - Total assets less current liabilities and non-current liabilities were HKD 9,782 million as of September 30, 2022, compared to HKD 10,038 million as of March 31, 2022[45] Cash Flow and Financial Position - Cash and cash equivalents decreased to HKD 1,425.0 million from HKD 1,839.2 million, indicating a reduction of about 22.5%[7] - The net cash outflow from operating activities was HKD 106.0 million, compared to HKD 6.5 million in the same period last year, indicating a significant increase in cash outflow[7] - The group experienced a net cash outflow from financing activities of HKD 59.2 million, compared to HKD 139.4 million in the previous year, showing an improvement in cash flow management[7] - The group has a net cash position of HKD 1.39 billion as of September 30, 2022, down from HKD 1.63 billion on March 31, 2022[49] - The capital debt ratio as of September 30, 2022, is 1.7%, an increase from 1.4% on March 31, 2022[49] - The cash position remains strong, with a low debt-to-equity ratio, indicating overall financial stability[42] Dividends and Shareholder Returns - The group proposed an interim dividend of HKD 0.12 per share, consistent with the previous year's dividend[4] - The company declared an interim dividend of HKD 0.12 per share, consistent with the same period last year[40] - The company did not repurchase any shares during the first half of the year[57] Market and Project Developments - The group is preparing for the sale of the new luxury residential project "Repulse Bay 108," with marketing activities progressing well[46] - The French Valley Airport Center project in California has sold most units in the first and second phases, with the third phase expected to complete construction by October 2022[46] - The group anticipates that the luxury residential market in Hong Kong will remain supported due to tight supply and pent-up demand[48] - The Sheraton Hotel, in which the group holds a 35% interest, has seen improved occupancy rates since June 2022 due to the easing of social distancing measures[47] - The group is undergoing renovations at the Sheraton Hotel to enhance competitiveness and revenue potential, expected to complete in January 2023[47] Governance and Management - The audit committee reviewed the group's accounting principles and internal controls, including the unaudited interim financial statements[58] - The company has adhered to the corporate governance code, with the exception of the roles of Chairman and CEO not being separated[59] - The board believes that having the same person serve as both Chairman and CEO enhances decision-making efficiency[59] - Each director is required to retire at least once every three years, but the current arrangement is deemed beneficial for the company's long-term strategy[61] - The company has adopted the standard code for regulating directors' securities transactions, confirming compliance from all directors during the period[62] Employee and Operational Insights - The group employs 157 staff members, with employee expenses reaching HKD 28.4 million for the first half of the fiscal year[50] - The company incurred a cost of property sales amounting to HKD 8.2 million, down from HKD 67.5 million in the previous year[19] - Interest income increased to HKD 10.4 million from HKD 3.6 million year-on-year[18] - Accounts receivable and other receivables increased to HKD 16.5 million as of September 30, 2022, from HKD 9.7 million as of March 31, 2022[23] - Accounts payable and other payables decreased slightly to HKD 152.5 million as of September 30, 2022, from HKD 154.9 million as of March 31, 2022[26] - The group has pledged properties worth approximately HKD 425 million as collateral for bank loans totaling HKD 131.8 million[49] - The company recognized a tax expense of HKD 0.3 million for the current period, compared to HKD 0.1 million in the previous year[21] - The fair value loss on financial investments was HKD 18.5 million, while the previous year's fair value gain was HKD 55 million[42] - The fair value of financial investments at the end of the period was HKD 38.4 million, down from HKD 77.9 million a year earlier[38]
TAI CHEUNG HOLD(00088) - 2023 - 中期财报