Revenue Performance - Revenue for the six months ended September 30, 2022, was HK$82,919,000, an increase of 68.9% compared to HK$49,035,000 for the same period in 2021[10]. - Revenue for the six months ended 30 September 2022 was HK$80,535,000, compared to HK$44,352,000 for the same period in 2021, representing an increase of approximately 81.5%[51]. - Revenue from hotel operations in Japan reached HK$36,321,000, up from HK$7,860,000 in the previous year, reflecting a growth of 361.5%[55]. - Revenue from property management services generated revenue of HK$17,549,000, an increase of 22.8% from HK$14,353,000 in the prior year[55]. - Revenue from external customers in Chongqing property development was HK$22,852,000, showing a notable increase from HK$21,770,000 in the same period last year[65]. - Revenue from the Chongqing Property was approximately HK$22,852,000, up from HK$21,770,000 in the same period last year[164]. - Renovation and decoration revenue was approximately HK$36,321,000 for the six months ended 30 September 2021, compared to HK$7,860,000 for the same period in the previous year, indicating significant growth[180]. Financial Performance - Gross profit for the same period was HK$2,397,000, up from HK$1,837,000, reflecting a gross margin improvement[10]. - Loss for the period was HK$146,089,000, compared to a loss of HK$200,147,000 in the previous year, indicating a reduction in losses[10]. - Basic and diluted loss per share was HK(22.69 cents), an improvement from HK(45.20 cents) in the same period last year[10]. - The segment loss before tax for the group was HK$142,871,000, compared to a loss of HK$215,784,000 for the same period in 2021, indicating an improvement in financial performance[65]. - For the six months ended September 30, 2022, the loss attributable to equity holders of the Company was HK$146,860,000, compared to a loss of HK$199,856,000 for the same period in 2021, representing a 26.5% improvement[82]. - Total comprehensive expenses for the current period were approximately HK$259,870,000, an increase from HK$143,696,000 in the previous year[160]. Expenses and Costs - Selling expenses increased to HK$8,342,000 from HK$7,136,000, reflecting higher marketing efforts[10]. - Administrative expenses rose slightly to HK$45,251,000 from HK$44,752,000, indicating stable operational costs[10]. - Finance costs decreased to HK$88,998,000 from HK$96,849,000, reflecting improved debt management[10]. - The company reported unallocated expenses of HK$37,595,000 for the period, which contributed to the overall loss before tax[65]. - Interest on bank and other borrowings amounted to HK$52,649,000, slightly down from HK$53,543,000 in the previous year[72]. - Interest expense on unsecured borrowings was HK$20,443,000, a decrease from the previous year's figure[160]. Assets and Liabilities - As of September 30, 2022, total non-current assets decreased to HK$2,482,184, down from HK$2,808,254 as of March 31, 2022, representing a decline of approximately 11.6%[14]. - Current assets totaled HK$487,177, a decrease from HK$544,014, reflecting a reduction of about 10.5%[14]. - The company reported a net current liabilities of HK$1,133,908, compared to net current assets of HK$179,466 as of March 31, 2022, indicating a significant shift in financial position[14]. - Total liabilities increased to HK$1,621,085 from HK$364,548, marking a substantial rise in obligations[17]. - The company's total equity attributable to owners decreased to HK$ (69,711) as of September 30, 2022, from HK$190,159, indicating a negative equity position[17]. - Cash and cash equivalents stood at HK$28,697, down from HK$31,770, a decrease of approximately 8.7%[14]. - Trade and other receivables increased to HK$28,759 from HK$26,363, reflecting a growth of about 9.1%[14]. - The carrying amount of the investment properties as of September 30, 2022, was approximately HK$1,748,450,000, down from HK$1,957,299,000 as of March 31, 2022, indicating a decrease in value[86]. Cash Flow and Financing - For the six months ended September 30, 2022, the net cash used in operating activities was HK$14,452,000, compared to HK$52,478,000 for the same period in 2021, indicating a significant improvement[29]. - The net cash from financing activities for the six months ended September 30, 2022, was HK$21,044,000, a recovery from a net cash used of HK$70,304,000 in the previous year[32]. - The total cash and cash equivalents at the end of the period were HK$28,697,000, down from HK$37,837,000 at the end of the same period in 2021[32]. - The company reported a payment for property, plant, and equipment of HK$2,710,000 for the six months ended September 30, 2022, compared to HK$1,422,000 in the prior year[29]. - The company experienced a net cash used in investing activities of HK$3,911,000 for the six months ended September 30, 2022, compared to a net cash generated of HK$3,248,000 in the previous year[29]. - The Group's cash flow projection indicates sufficient working capital to meet financial obligations over the next twelve months[39]. Strategic Developments - The Group's strategic plan focuses on multi-business development and regional growth, aiming to strengthen brand influence and diversify customer services[179]. - The Group anticipates that the tourism industry in Japan will gradually recover, leading to improved performance for the Hokkaido hotel in the long run[195]. - The Group is committed to monitoring financial performance, reducing operating expenses, and improving asset profitability to generate stable income and cash flows[196]. - The Group is exploring ways to adjust its business model to increase revenue due to the impacts of the COVID-19 pandemic[170]. - The shopping mall operation in Chongqing is still in its nurturing stage and has been impacted by the pandemic resurgence, but is expected to return to normal as the market recovers[194]. Management and Governance - Key management personnel compensation for the six months ended September 30, 2022, totaled HK$4,178,000, a decrease of 16.3% from HK$4,990,000 in the same period of 2021[142]. - The company’s short-term benefits for key management were HK$4,121,000 for the six months ended September 30, 2022, compared to HK$4,922,000 in the previous year[142]. - The Group has implemented financial risk management policies to ensure that all payables are settled within the credit timeframe, enhancing operational efficiency[98].
民生国际(00938) - 2023 - 中期财报