Financial Performance - For the six months ended June 30, 2023, the group reported a loss attributable to equity holders of HKD 122,319,000 compared to a profit of HKD 160,333,000 for the same period in 2022[15]. - Revenue for the six months ended June 30, 2023, was HKD 32,058,000, a decrease from HKD 414,786,000 in the same period of 2022[15]. - The group's gross profit for the period was HKD 11,039,000, down from HKD 23,788,000 in the previous year[15]. - The total comprehensive loss for the period was HKD 129,743,000, compared to a comprehensive income of HKD 161,790,000 in the same period last year[17]. - The basic loss per share for the period was HKD (1.63), compared to earnings of HKD 2.39 per share in the previous year[16]. - The overall loss before tax for the group was HKD (121,479,000) in 2023 (unaudited), compared to a profit of HKD 160,483,000 in 2022 (unaudited)[22]. - The group reported a loss before tax of approximately HKD 121,500,000, compared to a profit of HKD 160,500,000 in the same period of 2022[65]. Revenue Breakdown - The total revenue for the property development segment in 2023 (unaudited) was HKD 26,109,000, compared to HKD 412,328,000 in 2022 (unaudited), indicating a significant decline[22]. - The hotel segment reported a loss of HKD (13,898,000) in 2023 (unaudited), while the previous year showed a loss of HKD (12,233,000) in 2022 (unaudited)[22]. - The total income from property agency services was HKD 4,213,000 in 2023 (unaudited), slightly up from HKD 4,177,000 in 2022 (unaudited)[22]. - The revenue from sales of properties was HKD 21,896,000 in 2023 (unaudited), a drastic decrease from HKD 408,151,000 in 2022 (unaudited)[28]. - The hotel business segment recorded revenue of HKD 300,000, down from HKD 2,500,000 in the same period of 2022, with losses of HKD 13,900,000 compared to HKD 12,200,000 in the previous year[73]. Expenses and Costs - Administrative and other expenses increased to HKD 62,794,000 from HKD 48,170,000 year-on-year[15]. - Financial costs rose significantly to HKD 70,526,000 compared to HKD 38,709,000 in the prior period[15]. - Interest expenses for loans and borrowings increased to HKD 69,131,000 for the six months ended June 30, 2023, compared to HKD 36,978,000 for the same period in 2022, representing an increase of 87%[30]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 3,358,025,000, compared to HKD 3,330,776,000 as of December 31, 2022, showing a slight increase[38]. - The company reported a total liability of HKD 148,906,000 related to the sold subsidiary group[33]. - The company’s total liabilities decreased to HKD 868,466 million in June 2023 from HKD 966,040 million in December 2022, reflecting a decline of approximately 10.1%[54]. - The total non-current liabilities rose to HKD 1,255,819 thousand from HKD 1,022,520 thousand, marking an increase of approximately 22.8%[40]. - The debt-to-equity ratio increased significantly to 8,752.0% as of June 30, 2023, compared to 991.4% as of December 31, 2022, primarily due to substantial borrowing for property development projects[80]. Development Projects - The group has three ongoing development projects, including the German Town project in Hengqin, Chengdu's Fuyuan Junting project, and Doumen's Fuyuan Plaza project[67]. - The German Town project has achieved a sales contract amount representing 54.8% of its saleable area as of June 30, 2023, with construction expected to be completed by the end of 2023[68]. - The Fuyuan Junting project has achieved 100% and 61.9% sales contract amounts for its first and second phases, respectively, with the second phase expected to be completed in 2023[70]. - The Fuyuan Plaza project has achieved a sales contract amount representing 59.4% of its saleable area, with construction expected to be completed in 2024[71]. Corporate Governance and Future Outlook - The group continues to adopt the going concern basis in preparing its financial statements, expecting sufficient resources to continue operations in the foreseeable future[7]. - The company has adhered to corporate governance principles and maintained high standards of accountability and transparency as of June 30, 2023[98]. - The board of directors believes that the current structure provides sufficient checks and balances for effective business decision-making[99]. - The economic recovery in Hong Kong and mainland China is expected to gradually improve, but the recovery in the first half of 2023 was below expectations[97]. - Recent defaults by large real estate developers in mainland China have negatively impacted buyer sentiment[97]. - The company anticipates increased market liquidity due to recent central government interest rate cuts, which may boost buyer sentiment and benefit real estate sales[97].
富元国际集团(00542) - 2023 - 中期业绩