Financial Performance - The unaudited consolidated profit after tax and non-controlling interests for the six months ended March 31, 2022, was approximately HKD 12.6 million, compared to HKD 6.5 million in 2021, representing an increase of 93.8%[10]. - Revenue for the six months ended March 31, 2022, was HKD 82,768,000, a decrease of 4.3% compared to HKD 76,613,000 for the same period in 2021[53]. - The total comprehensive income for the period was HKD 16,472,000, an increase of 36.5% from HKD 12,083,000 in the prior year[55]. - The net profit for the period was HKD 11,903,000, compared to HKD 6,538,000 in the same period last year, reflecting an increase of 82.5%[53]. - Basic earnings per share rose to HKD 0.11, compared to HKD 0.06 for the same period in 2021, marking an increase of 83.3%[55]. - The company reported a significant increase in bank borrowings, which rose to HKD 348,385,000 from HKD 65,000,000, reflecting a substantial increase in leverage[57]. - The company's equity attributable to owners decreased to HKD 5,503,679,000 from HKD 5,523,932,000, a decline of 0.4%[59]. - The total liabilities increased to HKD 412,681,000, compared to HKD 129,587,000 in the previous period, indicating a rise in financial obligations[57]. Revenue Sources - Rental income from residential properties increased by 25.5% year-on-year, primarily due to the completion of renovation works at 4 Heilan Road in Q4 2020[14]. - Revenue from property investment and management was HKD 58,788,000, while goods trading generated HKD 21,964,000, and securities investment contributed HKD 2,016,000[88]. - The profit from property investment and management was HKD 24,320,000, while the loss from securities investment was HKD 5,862,000, resulting in a total segment profit of HKD 19,673,000[88]. - Rental income increased to HKD 53,407,000 from HKD 45,209,000 year-on-year, reflecting a growth of approximately 18.4%[88]. - The sales revenue of Elephant Holdings decreased by 17.3% year-on-year, accounting for approximately 26.5% of the group's total revenue during the review period[16]. Investments and Acquisitions - The acquisition of the Mong Kok Industrial Property was completed on February 28, 2022, with a total gross floor area of approximately 59,900 square feet[15]. - The investment in the TKO Fund amounted to HKD 34.9 million, with an investment valuation of HKD 45.2 million as of March 31, 2022[17]. - The group has invested USD 7.5 million in the Adams Street Private Income Fund LP, with an investment valuation of USD 6.1 million as of March 31, 2022[20]. - The company incurred a loss of HKD 887,000 from foreign exchange on long-term loans from a joint venture[64]. - The investment activities resulted in a net cash outflow of HKD 279,568,000, primarily due to the acquisition of investment properties[66]. Financial Position - As of March 31, 2022, the group's total equity was HKD 5.5037 billion, compared to HKD 5.5239 billion on September 30, 2021[28]. - The group's total cash and bank balances reached HKD 64.8 million as of March 31, 2022, down from HKD 68.4 million on September 30, 2021, with over 71% in HKD[28]. - The total debt of the group was HKD 348.4 million as of March 31, 2022, significantly increased from HKD 65 million on September 30, 2021[29]. - The debt-to-equity ratio as of March 31, 2022, was 6.3%, up from 1.2% on September 30, 2021[33]. - The group's net current liabilities as of March 31, 2022, amounted to approximately HKD 285,958,000[72]. Dividends and Shareholder Information - The group declared an interim dividend of HKD 0.04 per share for the first six months of the fiscal year, consistent with the previous year[12]. - The company will suspend the transfer of shares from June 21, 2022, to June 23, 2022, to ensure shareholders receive the interim dividend[50]. - As of March 31, 2022, the total shareholding of the executive directors and the CEO accounted for approximately 73.6% of the issued shares[43]. Employee Compensation and Management - As of March 31, 2022, the group had 120 employees, an increase from 117 employees as of September 30, 2021. Employee compensation for the period amounted to approximately HKD 15 million, compared to HKD 14.9 million in the previous year[35]. - The group maintained a competitive level of employee compensation, with promotions and salary increases assessed based on performance criteria[35]. - Total remuneration for key management personnel increased to HKD 4,104 thousand for the six months ended March 31, 2022, up from HKD 3,892 thousand in the same period last year[143]. Compliance and Governance - The company complied with the relevant provisions under the Listing Rules regarding connected transactions, with no non-exempt one-off or continuing connected transactions disclosed[37]. - The board of directors has adhered to the corporate governance code, with a majority of independent non-executive directors ensuring effective oversight of management[39]. - The independent auditor's report on the audited financial statements for the year ended September 30, 2021, was unqualified, with no emphasis of matter[72]. Market Conditions and Future Plans - The group plans to maintain a stable occupancy rate for its properties despite the uncertain macroeconomic conditions in Hong Kong[25]. - The group is actively seeking attractive investment opportunities in financial markets, including listed securities and private equity funds[25]. - The group intends to reassess its property development plans based on strict risk evaluations[25]. - The group is preparing for a re-tendering process for the Guangzhou Dongyin Plaza project around mid-2022, after the previous tender expired without any bids[22].
博富临置业(00225) - 2022 - 中期财报