Financial Performance - The unaudited consolidated profit after tax and non-controlling interests for the six months ended March 31, 2023, was approximately HKD 17.3 million, compared to HKD 12.6 million in 2022, representing an increase of 37.7%[11]. - The company reported a profit of HKD 17,296,000 for the period, which is a significant increase from the previous period's loss of HKD 477,000[70]. - The company reported a net profit attributable to shareholders of approximately HKD 17,296,000, an increase of 36.5% compared to HKD 12,639,000 for the same period last year[167]. - The company reported a total comprehensive income of HKD 22,505,000 for the six months ended March 31, 2023, compared to HKD 16,472,000 for the same period in 2022, representing a year-over-year increase of approximately 36.5%[66]. - Basic earnings per share increased to HKD 0.16 for the six months ended March 31, 2023, up from HKD 0.11 in the previous year, reflecting a growth of approximately 45.5%[66]. - The group reported a profit before tax of HKD 20,945,000, an increase of 16.8% from HKD 17,996,000 in the prior year[88]. - Net profit for the period was HKD 16,819,000, up 41.5% from HKD 11,903,000 year-on-year[88]. - The company reported a total comprehensive income of HKD 16,472,000 for the period, compared to HKD 11,903,000 in the previous year[104]. Revenue and Sales - Revenue for the six months ended March 31, 2023, was HKD 78,071,000, a decrease of 5.5% from HKD 82,768,000 for the same period in 2022[88]. - Total revenue for the group was HKD 78,071,000 for the six months ended March 31, 2023, compared to HKD 79,112,000 in the same period of 2022, showing a slight decline of about 1.3%[116]. - Sales revenue for the company decreased by 31% compared to the same period in the previous fiscal year, mainly due to delays in the delivery dates of major public user capital projects caused by the fifth wave of the COVID-19 pandemic[37]. - Sales of goods generated HKD 15,124,000, down 31.1% from HKD 21,964,000 year-on-year[160]. - Revenue from other sources decreased to HKD 20,821,000, down 23.7% from HKD 27,345,000 in the previous year[160]. Assets and Liabilities - The group's total liabilities as of March 31, 2023, amounted to HKD 364.1 million, an increase from HKD 314.0 million as of September 30, 2022[23]. - The group's shareholder equity as of March 31, 2023, was HKD 5.465 billion, slightly down from HKD 5.481 billion as of September 30, 2022[22]. - The company's total assets less current liabilities amounted to HKD 5,521,714,000 as of March 31, 2023, compared to HKD 5,534,643,000 as of September 30, 2022, indicating a slight decrease[67]. - The total liabilities as of March 31, 2023, were HKD 430,431,000, compared to HKD 373,382,000 as of September 30, 2022, reflecting an increase in financial obligations[67]. - The group has a net current liability of approximately HKD 279,804,000 as of March 31, 2023, with bank borrowings amounting to HKD 361,371,000[111]. - The group reported a total bank loan liability of HKD 361,371,000 as of March 31, 2023, compared to HKD 313,956,000 as of September 30, 2022, reflecting an increase of 15.1%[199]. Investments - The group has invested HKD 34.9 million in the TKO Fund, with an investment valuation of HKD 43.8 million as of March 31, 2023[7]. - The group has made a total investment of USD 7.5 million in the Adams Street Private Income Fund LP, with an investment valuation of USD 5.9 million as of March 31, 2023[15]. - The group's investment properties had a book value of approximately HKD 5.181 billion as of March 31, 2023, up from HKD 3.697 billion as of September 30, 2022[27]. - The fair value of investment properties decreased by approximately HKD 2,285,000 during the period, compared to a decrease of HKD 17,472,000 in the same period last year[169]. - The group recognized a fair value loss of approximately HKD 5,924,000 in its securities investment business during the reporting period[116]. - The group’s non-current financial assets at fair value included listed debt securities valued at HKD 7,827,000 as of March 31, 2023[150]. Cash Flow and Liquidity - As of March 31, 2023, the group's bank balance and cash totalled HKD 78.1 million, an increase from HKD 35.8 million on September 30, 2022[45]. - The net cash generated from operating activities for the six months ended March 31, 2023, was HKD 45,253,000, an increase from HKD 31,591,000 in the same period of 2022, representing a growth of approximately 43.3%[106]. - The net cash used in investing activities was HKD (36,889,000) for the six months ended March 31, 2023, compared to HKD (279,568,000) in the previous year, indicating a significant reduction in cash outflow by approximately 86.8%[106]. - The total cash and cash equivalents at the end of the period were HKD 38,538,000, down from HKD 64,763,000 year-over-year, representing a decrease of approximately 40.5%[106]. - The company’s cash and bank balances increased to HKD 38,538,000 as of March 31, 2023, from HKD 28,008,000 as of September 30, 2022, indicating improved liquidity[67]. Debt and Financing - The group's bank loans totaled HKD 252.5 million, classified as current liabilities[24]. - The debt-to-equity ratio is 6.6% as of March 31, 2023, up from 5.7% on September 30, 2022[48]. - The group has not utilized bank credit facilities amounting to HKD 1.475 billion, which will provide sufficient funds for operations and capital expenditures[47]. - The company secured additional bank loans of HKD 180,000,000 in April 2023, with an interest rate of HIBOR plus 1.1%[180]. - The group’s bank loans are calculated based on the Hong Kong Interbank Offered Rate (HIBOR) plus a certain basis point margin, indicating a reliance on variable interest rates for financing[200]. Employee Compensation - The group’s employee compensation, including directors' remuneration, amounted to approximately HKD 16.7 million for the period, compared to HKD 15 million in 2022[29]. - Short-term employee benefits amounted to HKD 4,032,000 for the six months ended March 31, 2023, slightly decreasing from HKD 4,064,000 for the same period in 2022[194]. Market Outlook - The economic recovery in Hong Kong is expected to depend on factors such as the increase in tourist numbers and the impact of geopolitical tensions[19]. - The company is optimistic about Hong Kong's recovery as a major business hub in Asia, expecting an increase in occupancy rates and stable rental income in the second half of the fiscal year 2023[43].
博富临置业(00225) - 2023 - 中期财报