Revenue and Financial Performance - The Group recorded total revenue of approximately HK$34,431,000 for the six-month period ended 30 September 2022, representing an increase of 180.5% compared to approximately HK$12,273,000 for the corresponding period[29]. - The increase in revenue was mainly attributed to the completion and delivery of residential units to property owners of the Yinchuan Project[29]. - The profit attributable to equity holders amounted to approximately HK$1,466,942,000, compared to a loss of approximately HK$178,934,000 in the corresponding period, due to a gain on disposal of approximately HK$1.5 billion[34]. - The profit per share for the Reporting Period was HK6.29 cents, compared to a loss of HK0.77 cents per share in the corresponding period[35]. - The financial review indicates a strong performance driven by successful project completions and market demand[29]. - The Group's total comprehensive income for the period was HK$1,365,628,000, compared to a loss of HK$176,739,000 in the same period of 2021, reflecting a strong turnaround[100]. - The gross profit for the same period was HK$3,195,000, compared to HK$928,000 in 2021, indicating a gross profit margin improvement[100]. - The profit before tax for the period was HK$1,465,319,000, a substantial recovery from a loss of HK$184,582,000 in the prior year[100]. - The accumulated losses decreased to HK$(1,999,873,000) as of September 30, 2022, from HK$(3,750,688,000) a year prior, showing improvement in financial performance[110]. Projects and Developments - Key projects include the JeShing European City Project and the Qinhuangdao Venice – City of Water Outlets Project, which are significant developments in the PRC[28]. - The Yinchuan Project includes both commercial and residential components, with a total attributable interest of 100% in various phases[19]. - The residential portion of the Yinchuan Project has completed units available for sale, with a total area of 57,707 sq.m[19]. - The commercial portion of the Yinchuan Project has completed construction and is available for lease, covering an area of 74,350 sq.m[18]. - The Yinchuan Project comprises five parcels of land with a total site area of approximately 133,300 sq.m., featuring a residential and commercial complex[43]. - The Jin Sheng Yue Jing project has a site area of approximately 120 mu and includes 20 mid- to high-rise buildings developed in 3 phases[44]. - The Yinchuan Commercial Properties Project consists of three commercial buildings and two corridors, with a total gross floor area of over 90,000 sq.m.[46]. - The exhibition centre of the Qinhuangdao project has been fully constructed and is now in use for the sale of Phase 1 resort units[40]. - The Qinhuangdao Venice – City of Water Outlets Project covers an area of approximately 1,077 mu and is planned to be developed in three phases[40]. Financial Position and Liquidity - As of September 30, 2022, the Group's cash and bank balances amounted to approximately HK$44,583,000, down from HK$65,981,000 as of March 31, 2022[75]. - The Group's current ratio improved to 0.71 times as of September 30, 2022, compared to 0.62 times as of March 31, 2022[75]. - Total secured and unsecured interest-bearing borrowings were approximately HK$17,437,000 as of September 30, 2022, down from HK$19,444,000 as of March 31, 2022[75]. - The Group's cash and cash equivalents decreased to HK$44,583,000 from HK$65,981,000 as of March 31, 2022, indicating a tighter liquidity position[104]. - The total liabilities decreased to HK$1,561,563,000 from HK$1,722,740,000, suggesting improved financial stability[104]. - Net current liabilities improved to HK$(454,054,000) from HK$(1,955,823,000), indicating better liquidity management[107]. - The Group has unutilized credit facilities of RMB2,000,000,000 from a company controlled by a controlling shareholder, expiring in December 2023, which can be utilized to settle liabilities[125]. Strategic Plans and Market Outlook - The Group's management is optimistic about future growth prospects in the property development sector in the PRC[24]. - The Group plans to strategically roll out diverse product mixes in the real estate market to enhance competitiveness[90]. - The financing environment is expected to remain tight, with a focus on deleveraging and reducing liabilities[91]. - The overall regulation of the property market is expected to remain tight, with housing prices stabilizing, which poses challenges for the Group's revenue sources[96]. - The Group aims to maximize fund utilization and broaden revenue sources to address the challenges posed by high financial costs and a tight financing environment[96]. - The Group is considering the disposal of certain property development projects or seeking other investors to accelerate development and source additional funds[121]. Employee and Operational Changes - The Group employed a total of 85 employees as of September 30, 2022, a decrease from 190 employees as of March 31, 2022[87]. - Staff costs for the six months ended 30 September 2022 amounted to HK$9,588, a decrease of 35.5% from HK$14,935 in 2021[156]. Dividends and Share Capital - The Board did not recommend any interim dividend for the reporting period, consistent with the previous year[89]. - The company has maintained its share capital at HK$1,166,834,000, with no changes reported during the period[110]. Legal and Compliance Issues - A court decision required Ningxia Jinguan to settle a construction payment of approximately RMB21,454,000 and related interest of approximately RMB2,817,000 within 10 days from October 27, 2022[79]. - There are material uncertainties regarding the Group's ability to achieve its plans due to the volatility of the property sector in Mainland China[128].
裕田中国(00313) - 2023 - 中期财报