Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 153,351,000, a decrease of 4.4% compared to HKD 159,743,000 for the same period in 2021[2] - Gross profit for the period was HKD 110,146,000, down from HKD 115,028,000, reflecting a decline of 4.0%[2] - The company reported a loss attributable to equity shareholders of HKD 1,123,516,000, compared to a loss of HKD 491,358,000 in the previous year, representing an increase in loss of 128.5%[2] - Basic and diluted loss per share was HKD 3.12, compared to HKD 1.36 in the same period last year, indicating a significant increase in loss per share[2] - The group reported a revenue of approximately HKD 19,141,000 from a single customer, which accounted for over 10% of total revenue for the six months ended September 30, 2022, compared to HKD 19,660,000 in the previous year[12] - The group experienced a pre-tax loss of HKD 1,787,000 for the six months ended September 30, 2022, compared to HKD 1,038,000 in the previous year[15] - The interim dividend declared was HKD 0.11 per share, totaling HKD 39,600,000, down from HKD 68,400,000 (HKD 0.19 per share) in the previous year[17] - The loss attributable to equity shareholders for the half-year period was HKD 1,123.5 million, compared to a loss of HKD 491.4 million in the same period last year[27] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2022, were HKD 513,718,000, an increase from HKD 500,303,000 at the end of the previous year[6] - The net cash generated from operating activities was HKD 76,604,000, down from HKD 115,046,000 in the prior year, a decrease of 33.4%[6] - The company’s total bank deposits and cash increased to 513,718,000 HKD as of September 30, 2022, reflecting improved liquidity[23] Assets and Liabilities - Total assets less current liabilities amounted to HKD 8,431,011,000, a decrease from HKD 9,625,932,000 as of March 31, 2022[4] - The company’s non-current assets, primarily investment properties, were valued at HKD 7,941,950,000 as of September 30, 2022, down from HKD 9,143,380,000[4] - The company had outstanding bank loans of 200,000,000 HKD as of September 30, 2022, unchanged from March 31, 2022[20] - The company reported a total of 115,153,000 HKD in overdue accounts as of September 30, 2022, compared to 107,145,000 HKD as of March 31, 2022[21] Operational Performance - The company is focused on improving operational efficiency and exploring new market opportunities to enhance future performance[2] - The group has a diversified customer base, with only one customer contributing over 10% of total revenue, indicating a reduction in customer concentration risk[12] - The group’s main business is property investment, focusing on rental income from investment properties[12] - The management anticipates that rental income and operating performance for the second half of the year will continue to be negatively impacted due to challenges in the rental market[29] - Rental income from the International Plaza for the half-year period was approximately HKD 152.1 million, a decrease of about 4.8% year-on-year, with an occupancy rate of 77.3% as of September 30, 2022, compared to 76.2% a year earlier[27] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[39] - The company believes that the risk of legal actions against directors is low, thus not opting for insurance arrangements[39] - The roles of Chairman and CEO are held by the same individual, which the board believes does not negatively impact the company[39] - The company has not established an internal audit function, and the board believes that maintaining such a function is not cost-effective at this time[41] - The company secretary did not report to the chairman as required but directly to the vice-chairman, which the board deemed appropriate for efficient management[40] - The company has adopted the standard code of conduct for directors trading in the company's securities, confirming compliance within the last six months[43] Remuneration and Shareholding - The major shareholders include Tiande Limited and Tiande Real Estate Limited, each holding 180,030,681 shares, representing 50.01% of the total voting shares[34] - Mr. Zhong Qionglin and Ms. Lin Yuxun each hold 25,589,715 shares, accounting for 7.11% of the total voting shares[34] - Mr. Zhong Huihuang's remuneration increased by 64.5% to HKD 2,640,000 compared to the previous year[37] - Mr. Zhong Qionglin's remuneration decreased by 1.1% to HKD 1,177,000[37] - Mr. Zhong Jiongfei's remuneration decreased by 41.3% to HKD 1,058,000[37] Financial Reporting - The interim financial report for the period ending September 30, 2022, was reviewed, including the consolidated financial position and comprehensive income statement[46] - The company confirmed compliance with the Hong Kong Accounting Standards No. 34 for interim financial reporting[49] - No significant issues were noted that would lead to a belief that the interim financial report was not prepared in accordance with the relevant standards[49]
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