Financial Performance - The group reported a diluted loss per share of (108) HK$'000 for the six months ended June 30, 2023, compared to (6,588) HK$'000 in the same period of 2022[3]. - The total comprehensive expense attributable to owners of the Company for the period was approximately HK$1.0 million, a decrease from approximately HK$11.1 million in 2022[52]. - Loss per share for the six months ended June 30, 2023, was HK cents 0.03, representing a reduction in loss of approximately HK cents 1.67 per share from the previous year[52]. - The Group reported a loss for the period of HK$108,000, a substantial recovery from a loss of HK$6,588,000 in the prior year[102]. - The Group's revenue for the six months ended June 30, 2023, was HK$13,807,000, a decrease of 2.1% compared to HK$14,107,000 for the same period in 2022[102]. - The Group's total rental income from investment properties was approximately HK$13.8 million for the period, reflecting a decrease of about 2.1% compared to approximately HK$14.1 million in the same period of 2022[65]. Dividends and Share Capital - No dividend was paid, declared, or proposed for the six months ended June 30, 2023, consistent with 2022[4]. - No interim dividend was recommended for the six months ended June 30, 2023, compared to no dividend in the same period of 2022[36]. - The company has a total issued and fully paid share capital of HK$3,862,000 as of June 30, 2023[20]. Investment Properties - The fair value of investment properties at the end of the period was 900,910 HK$'000, down from 908,010 HK$'000 at the beginning of the period, reflecting a net decrease in fair value of (7,100) HK$'000[4]. - The total market value of the Group's investment properties was approximately HK$900.9 million, down from approximately HK$908.0 million as of December 31, 2022, reflecting a net decrease in fair value of approximately HK$7.1 million[48]. - The fair value of the Group's investment properties as of June 30, 2023, is HK$900,910,000, compared to HK$908,010,000 as of December 31, 2022, reflecting a slight decrease[156]. - There were no new additions or disposals of investment properties during the six months ended June 30, 2023[49]. Bank Loans and Financial Liabilities - As of June 30, 2023, bank loans amounted to HK$102,167,000, a decrease from HK$113,614,000 as of December 31, 2022[16]. - The interest rates on bank loans ranged from 6.63% to 6.85% per annum as of June 30, 2023, compared to 6.05% to 6.55% as of December 31, 2022[16]. - The total amount due after one year shown under non-current liabilities was HK$8,464,000 as of June 30, 2023, down from HK$58,285,000 as of December 31, 2022[16]. - The amount due within one year from bank loans was HK$93,703,000 as of June 30, 2023[16]. - The Group's total debt to equity ratio was approximately 10.9% as of June 30, 2023, compared to approximately 12.2% as of December 31, 2022[54]. Cash and Liquidity - The Group's cash and cash equivalents were reported at HK$46,664,000, a decrease from HK$53,749,000 in the same period last year[104]. - The cash and cash equivalents at the end of the period decreased to HK$46,664,000 from HK$50,781,000, representing a decline of 8.8% year-over-year[125]. - The Group had available unutilized bank loan facilities of approximately HK$20 million as of June 30, 2023, unchanged from December 31, 2022[54]. - The decrease in bank deposits and cash was mainly due to the full repayment of one bank loan of approximately HK$8.86 million[191]. Operational Costs and Expenses - The Group recorded staff costs of approximately HK$1.1 million for the six months ended June 30, 2023, compared to approximately HK$3.6 million for the same period in 2022, representing a decrease of about 69.4%[35]. - Administrative expenses decreased to HK$2,799,000 from HK$5,037,000, reflecting a reduction in operational costs[102]. - Interest paid on bank loans increased significantly to HK$2,881,000 for the six months ended June 30, 2023, compared to HK$993,000 in the same period of 2022, reflecting a rise of 189.5%[132]. Market Conditions and Future Outlook - The Hong Kong government has continued to relax COVID-19 control measures since January 2023, positively impacting the economy and the recovery of the tourism sector[70]. - Management remains optimistic about the Hong Kong economy's outlook, expecting retail property leasing activities to gradually return to normal at a slow but steady pace[70]. - The Group will continue to monitor economic developments and property market changes to adjust rental policies accordingly[70]. - The Group is optimistic about the potential redevelopment and appreciation in value of the relevant property following the redevelopment[52]. - The Group does not have plans for any material investments or acquisitions of capital assets due to market uncertainties[52]. Tenant and Lease Information - The Group internally assesses the credit quality of potential tenants before accepting new tenants, ensuring no credit period is granted[13]. - The properties held have committed tenants with lease terms ranging from 1 year to 5 years[26]. - As of June 30, 2023, 96.6% of the Group's investment properties were leased[65]. - The Group's portfolio maintains high occupancy rates due to a diverse tenant mix across different industries[70].
永利地产发展(00864) - 2023 - 中期财报