Financial Performance - The company reported revenue of HKD 1,083 million for the six months ended September 30, 2022, a decrease of 15% compared to HKD 1,278 million in the same period last year[20]. - Profit attributable to shareholders was HKD 39 million, down 73% from HKD 147 million in the previous year[20]. - Basic earnings per share decreased to HKD 0.03, a 73% decline from HKD 0.11 in the prior year[20]. - Total revenue for the six months ended September 30, 2022, was HKD 1,083,353,000, a decrease of 15.2% from HKD 1,277,931 in 2021[52]. - The net profit for the period was HKD 23,252, down 80.8% from HKD 121,279 in 2021[54]. - The company reported a net loss of HKD (1,514,948,000) for the period, compared to a net loss of HKD (1,620,958,000) in the previous year, indicating an improvement in financial performance[69]. - The company reported a total comprehensive expense of HKD (4,576,461,000) for the period, compared to HKD (4,959,510,000) in the previous year, showing a decrease in overall expenses[65]. Assets and Liabilities - Total assets amounted to HKD 33,842 million, reflecting a 3% decrease from HKD 35,022 million[20]. - The group's total assets were approximately HKD 33.8 billion as of September 30, 2022, compared to HKD 35 billion on March 31, 2022[35]. - The group's net asset value decreased by 10% to HKD 14,789 million from HKD 16,410 million[20]. - The company's net assets decreased to HKD 14,789,151 from HKD 16,410,109 at the end of March 2022[59]. - The company's total liabilities increased to HKD 30,692,753,000 as of September 30, 2022, from HKD 29,626,172,000 as of March 31, 2022, indicating a growth of 3.6%[177]. - The company's total borrowings as of September 30, 2022, were HKD 17,741,315,000, slightly up from HKD 17,311,375,000 as of March 31, 2022[177]. Cash Flow and Financing - The net cash used in operating activities was HKD (217,339,000), a significant improvement from HKD (1,058,758,000) in the previous year[62]. - The net cash generated from financing activities was HKD 466,599,000, compared to HKD 912,902,000 in the prior year, reflecting a decrease in financing inflows[62]. - The company's interest paid decreased slightly to HKD (251,714,000) from HKD (256,980,000) in the previous year, indicating stable interest expenses[62]. - The net interest expense for the six months ended September 30, 2022, was HKD 160,677,000, an increase from HKD 149,086,000 in the previous year, reflecting higher long-term bank loan interest expenses of HKD 205,577,000 compared to HKD 149,171,000[139]. Investments and Financial Assets - The group's financial investments amounted to HKD 4,499 million as of September 30, 2022, down from HKD 6,811 million on March 31, 2022[33]. - The total financial investments at fair value as of September 30, 2022, were HKD 4,328,155,000, compared to HKD 5,760,392,000 as of March 31, 2022, representing a decrease of about 25%[100]. - The company reported a total credit loss of HKD 933,566,000 for the period[91]. - The company recognized expected credit losses for financial instruments based on three stages, with significant increases in credit risk leading to full expected credit loss recognition[84]. - The company’s total expected credit loss recognized in profit or loss for the period was HKD 615,590,000[92]. Real Estate and Development - The company has sold approximately 75% of residential units in its Beijing project, with total sales reaching RMB 4.7 billion[23]. - The company is progressing with the construction of two commercial buildings, with foundation work currently underway[23]. - The project located in Yuen Long has a floor area of 520,000 square feet, with foundation works completed and superstructure construction underway[28]. - The company plans to launch sales for a new residential project in the first quarter of 2023[27]. Market Conditions and Management Outlook - The management anticipates challenges ahead due to inflationary pressures triggered by the Ukraine war and the subsequent interest rate hikes in the U.S. and Hong Kong[43]. - The hotel business is beginning to recover as inbound quarantine requirements are relaxed, with the government working to restore full border access[44]. - The group maintains a prudent financial approach to mitigate any negative impacts in the current uncertain economic environment[44]. Shareholder Information - The major shareholder, Pan Zheng, holds 684,865,276 shares, accounting for 51.89% of the issued shares[191]. - Pan Zheng's control over Huihan Holdings Limited (60.61%) influences the equity held in the company[191]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2022, consistent with the previous year[142].
泛海集团(00129) - 2023 - 中期财报