2023-08-15 04:00Financial Performance - The group reported a net income of HKD 27,173 thousand from interest income, while financial costs amounted to HKD (108,742) thousand, resulting in a net expense of HKD (81,569) thousand[17]. - Total revenue reached HKD 1,083,189 million, with significant contributions from property development and leasing[18]. - The company reported a core profit attributable to shareholders of HKD 758,060 million, reflecting strong operational performance[18]. - Total revenue for the six months ended June 30, 2023, was HKD 246,900,000, a decrease of 78.7% compared to HKD 1,161,600,000 in the same period last year[32]. - The core loss attributable to the company's owners for the period was HKD 43,144,000, compared to a core profit of HKD 758,100,000 in the previous year, representing a significant decline[44][67]. - The group recorded a net profit attributable to shareholders for the period was HKD 146.6 million, a decrease from HKD 870.5 million in the same period last year[88]. - The company reported a profit before tax of HKD 171,925,000, a decrease from HKD 880,856,000 in the prior year[172]. - The net profit for the period was HKD 146,685,000, significantly lower than HKD 870,566,000 in the same period last year[172]. - Total comprehensive income for the period was HKD 289,552,000, compared to a loss of HKD 451,190,000 in 2022[173]. Asset and Liability Management - As of June 30, 2023, the total non-current assets amounted to HKD 16,949,012 thousand, an increase from HKD 16,355,638 thousand as of December 31, 2022, representing a growth of approximately 3.6%[3]. - The group's total assets less current liabilities stood at HKD 16,453,168 thousand, a slight increase from HKD 16,374,415 thousand[3]. - The total assets of the company were reported at HKD 19,434,515 million, indicating robust asset growth[19]. - The total liabilities stood at HKD 5,431,672 million, with non-current liabilities accounting for a significant portion[19]. - The group's total debt as of June 30, 2023, is HKD 3,944,700,000, a decrease from HKD 4,975,500,000 as of December 31, 2022[108]. - The total liabilities as of June 30, 2023, were HKD 4,376,965,000, reflecting a slight increase from the previous reporting period[187]. - The company's non-current liabilities include borrowings of HKD 1,955,566,000, down from HKD 2,205,781,000 in the previous period[161]. Cash Flow and Liquidity - The group's cash and cash equivalents decreased significantly to HKD 935,969 thousand from HKD 2,038,768 thousand, a decline of approximately 54.0%[3]. - The net current liabilities position worsened to HKD (495,844) thousand compared to HKD 18,777 thousand in the previous period, indicating a significant deterioration in liquidity[3]. - The group's current liabilities exceeded current assets by approximately HKD 495,844,000 as of June 30, 2023[37]. - The company expects to have sufficient financial resources to meet its financial obligations for the next twelve months[177]. Investment and Revenue Streams - The fair value changes of investment properties contributed HKD 190,538 thousand to the income statement, indicating strong performance in property valuation[17]. - The company achieved a profit from equity-accounted investments of HKD 133,114 million, showcasing effective investment strategies[18]. - The company’s financial income from equity-accounted investments was HKD 32 million, contributing to overall profitability[18]. - The company’s total comprehensive income reflected a fair value change of HKD 112,681 million in investment properties[18]. - The group recognized a net profit of HKD 10,300,000 from securities investments and financial products, compared to a net loss of HKD 178,300,000 in the previous year[35]. - The group recorded a realized gain from the sale of listed investments of HKD 61.5 million, compared to HKD 24.2 million in the previous year, with total sales amounting to HKD 484.3 million[84]. Operational Performance - The group continues to manage its operations across different business units, each requiring tailored market strategies[13]. - The company plans to expand its market presence and enhance product offerings in the upcoming fiscal year[18]. - The company is currently undergoing property redevelopment and asset optimization in central London, which is expected to impact rental income but aims to meet high demand from top international commercial tenants[153]. - The company is closely monitoring changes in consumer patterns and plans to enhance customer traffic through various marketing promotions[152]. Risk Management and Compliance - The group has established a comprehensive risk management program to identify, measure, monitor, and control various risks[98]. - The company has adopted a set of guidelines for employee securities trading, ensuring compliance with the standard codes[156]. - The company believes the default risk is low, resulting in no provisions made for financial guarantee contracts and/or indemnity agreements as of June 30, 2023, and December 31, 2022[199]. Employee and Corporate Social Responsibility - The group has 495 employees as of June 30, 2023, a slight decrease from 498 employees as of December 31, 2022[104]. - The company is collaborating with NGOs to convert buildings into youth hostels as part of its corporate social responsibility initiatives[144]. - The company expressed gratitude to shareholders for their continued support and to employees for their contributions[150].