Financial Performance - The unaudited consolidated revenue for the three months ended March 31, 2022, was HKD 5,506.57 million, a decrease of 13.2% compared to HKD 6,343.48 million in the same period of 2021[2] - The unaudited consolidated profit before tax increased by 1.6% to HKD 2,306.56 million, up from HKD 2,270.29 million in the previous year[4] - The unaudited profit attributable to owners of the company rose by 8.5% to HKD 1,487.43 million, compared to HKD 1,371.29 million in the same period of 2021[2] - The net financial costs for the period were HKD 127.00 million, down from HKD 31.00 million in the previous year[4] Asset and Equity Growth - The total assets as of March 31, 2022, amounted to HKD 132,827.50 million, reflecting a 2.2% increase from HKD 130,030.82 million[2] - The equity attributable to owners of the company increased to HKD 48,067.31 million, up 4.0% from HKD 46,210.70 million as of December 31, 2021[2] Water Supply Projects - The total water supply for the Dongshen Water Supply Project was 55.8 million tons, a decrease of 11.4% from 63.0 million tons in 2021, generating revenue of HKD 1,733.30 million[5] - The pre-tax profit from the Dongshen Water Supply Project was HKD 1,121.00 million, down 5.8% from HKD 1,190.00 million in the previous year[5] - The total designed water supply capacity of the company's water supply plants increased to 14,193,200 tons per day as of March 31, 2022, compared to 13,783,200 tons per day as of December 31, 2021[6] - The total water supply capacity of the group's subsidiaries and joint ventures reached 5,047,200 tons per day as of March 31, 2022, compared to 3,625,500 tons per day in 2021, representing an increase of 39.2%[7] - The total wastewater treatment capacity of the group was 1,623,200 tons per day as of March 31, 2022, up from 1,091,300 tons per day in 2021, marking a growth of 48.7%[7] Revenue from Other Projects - Revenue from other water resource projects increased by 96.6% to HKD 2,183,905,000 in the reporting period, compared to HKD 1,110,810,000 in 2021[9] - The pre-tax profit from other water resource projects rose by 145.6% to HKD 502,503,000, up from HKD 204,605,000 in the previous year[9] Real Estate and Investment Properties - Guangdong Yuehai Tianhe City reported a revenue increase of 22.4% to HKD 298,938,000, compared to HKD 244,185,000 in 2021[10] - The average occupancy rate of the Tianhe City shopping center remained at 99.9%, while the office building's average occupancy rate was 94.5%[10] - The pre-tax profit from the investment properties of Guangdong Yuehai Tianhe City increased by 22.6% to HKD 218,889,000, compared to HKD 178,597,000 in 2021[10] - The construction services revenue for the group was HKD 785,731,000, significantly up from HKD 365,566,000 in the previous year[9] Ongoing Projects and Developments - The group has ongoing water supply projects with a total capacity of 2,744,600 tons per day and wastewater treatment capacity of 318,500 tons per day as of March 31, 2022[9] - The Shenzhen Yuehai City project has a total floor area of approximately 146,551 square meters, with the main structure completed and renovation ongoing, expected to be completed in the second half of 2022[15] - The total floor area of the Zhuhai Jinwan project is approximately 166,692 square meters, with the first phase structure completed and expected to be finished in 2024[16] - The total floor area of the Foshan Shigui Mansion project is approximately 151,493 square meters, with the main structure under construction and expected to be completed in 2023[17] Property Sales and Revenue - Revenue for the period decreased by 72.9% to HKD 386,718,000, down from HKD 1,424,922,000 in 2021, with property sales contributing HKD 381,265,000[18] - Average occupancy rate for Yuehai Investment Building increased to 100%, up from 87.9% in 2021, with total revenue rising by 3.9% to HKD 13,284,000[19] - Total rental area for six department stores operated by the group was approximately 222,400 square meters, an increase from 123,900 square meters in December 2021[20] - Revenue from department stores decreased by 5.2% to HKD 194,927,000, compared to HKD 205,531,000 in 2021, while pre-tax profit increased by 71.2% to HKD 136,652,000[20] Hotel Operations - Average room rate for Yuehai Sheraton Hotel was HKD 835, down from HKD 874 in 2021, with an average occupancy rate of 70.3%[22] - Revenue from hotel operations decreased by 19.8% to HKD 73,019,000, with a pre-tax loss of HKD 28,956,000 compared to a loss of HKD 15,479,000 in 2021[22] Infrastructure and Energy - Electricity sales volume for Yuehai Energy decreased by 10.8% to 572 million kWh, while revenue increased by 7.7% to HKD 433,466,000 due to rising electricity prices[23] - Daily average traffic for Xingliu Expressway increased by 82.7% to 26,303 vehicles, although revenue decreased by 79.8% to HKD 180,755,000 due to the absence of construction service income[23] - Pre-tax profit for the expressway operations increased by 82.9% to HKD 98,495,000, compared to HKD 53,854,000 in 2021[23] Project Financing and Costs - Total construction costs for the Yinping PPP project are capped at RMB 4.754 billion (approximately HKD 5.862 billion) with an 8% annual interest rate on the amounts paid during the construction period[24] - As of March 31, 2022, approximately RMB 1.769 billion (equivalent to about HKD 2.179 billion) has been paid for construction costs, reflecting an increase from RMB 1.724 billion (approximately HKD 2.109 billion) as of December 31, 2021[24] - The accrued interest, management fees, and maintenance fees for the period decreased by 14.9% to HKD 32.176 million from HKD 37.828 million in the previous year[25] - The pre-tax profit for the period decreased by 18.7% to HKD 28.332 million compared to HKD 34.837 million in the previous year, primarily due to the completion of two additional project roads[25] Strategic Outlook - The company aims to maintain a stable development strategy amidst economic uncertainties, focusing on risk management and long-term value creation for stakeholders[26] - The company plans to enhance its business development in water resource management, property, and infrastructure sectors while optimizing asset allocation[26] - The company will actively pursue opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area development strategy and seek quality public-private partnership projects and related market acquisition opportunities[26] - The company emphasizes the importance of cautious investment decisions, advising shareholders and potential investors to consult professional advisors regarding their investment situations[27]
粤海投资(00270) - 2022 Q1 - 季度财报