Financial Performance - The unaudited consolidated revenue for the nine months ended September 30, 2023, was HKD 16,435.34 million, a decrease of 7.6% compared to HKD 17,783.87 million in the same period of 2022[2] - The unaudited consolidated profit before tax decreased by 15.8% to HKD 5,953.39 million, down from HKD 7,070.93 million in the previous year[2] - The unaudited profit attributable to owners of the company was HKD 3,827.69 million, representing an 18.6% decrease from HKD 4,699.83 million in 2022[2] - The net gain from the fair value adjustment of investment properties was HKD 486.80 million, down from HKD 1,210.81 million in the previous year[2] - The company recorded a pre-tax loss of HKD 58,193,000, excluding the impact of fair value changes and net financial costs[17] Assets and Equity - Total assets as of September 30, 2023, amounted to HKD 142,231.57 million, reflecting a 6.5% increase from HKD 133,514.62 million as of December 31, 2022[2] - The equity attributable to owners of the company decreased to HKD 41,903.77 million from HKD 43,328.64 million, a decline of 3.3%[2] Water Supply and Treatment - The total water supply for the Dongshen Water Supply Project was 1.729 billion tons, an increase of 1.3% from 1.707 billion tons in 2022, generating revenue of HKD 5.136 billion[5] - Revenue from water supply to Hong Kong increased by 1.6% to HKD 4.104 billion, while revenue from Shenzhen and Dongguan decreased by 9.2% to HKD 1.032 billion[5] - The total water supply capacity of the group's subsidiaries as of September 30, 2023, is 8,536,800 tons per day, an increase from 5,481,800 tons per day in the previous year, representing a growth of 55.5%[8] - The total wastewater treatment capacity of the group's subsidiaries is 2,054,400 tons per day, up from 1,888,900 tons per day in the previous year, reflecting an increase of 8.8%[8] - The total designed water supply capacity of other water resource projects increased to 16,090,200 tons per day as of September 30, 2023, compared to 15,893,200 tons per day at the end of 2022[6] Property Investment and Development - The property investment and development revenue from Guangdong Tianhe City decreased by 5.0% to HKD 1,111,978,000, down from HKD 1,170,731,000 in the previous year[10] - The pre-tax profit from property investment business decreased by 18.3% to HKD 603,318,000, compared to HKD 738,852,000 in the previous year[10] - The average occupancy rate for the property investment business declined compared to the previous year, contributing to the decrease in revenue[10] - The total rental area across various properties is approximately 564,700 square meters, with a total revenue of HKD 1,111,978,000 for the nine months ending September 30, 2023, reflecting a decrease of 5.0% compared to HKD 1,170,731,000 in 2022[11] - The rental rate for Tianhe City Plaza – Tianhe City Shopping Center is 99.3%, with revenue of HKD 493,031,000, down 17.1% from HKD 594,877,000 in 2022[11] Market Expansion and Projects - The company signed several investment cooperation agreements for the construction/expansion of water supply and sewage treatment plants in Jiangxi and Jiangsu provinces, with a total estimated investment of approximately HKD 802 million[6] - The group is currently constructing water supply plants with a total supply capacity of 1,260,000 tons per day and wastewater treatment capacity of 50,000 tons per day[9] - The company is actively expanding its market presence through acquisitions and new developments, including the recent opening of Shenzhen Tianhe City[11] - The projected completion for several projects, including Jiangmen Tianhe City, is set for 2026[14] Operational Efficiency and Strategy - The company aims to enhance operational efficiency in water resource management, property investment, and infrastructure while optimizing asset allocation and resource configuration[25] - The company will actively seize potential development opportunities arising from major strategic initiatives such as "Chinese-style modernization" and "carbon peak and carbon neutrality" strategies[25] - The company is focused on identifying quality public-private partnership projects and related market acquisition opportunities to drive profit growth[25] - The company emphasizes the importance of risk management and will continue to seek business expansion opportunities while ensuring the stable development of existing business segments[25] Economic Outlook - The global economic growth is expected to remain under pressure due to inflation, tightening monetary policies, and other uncertainties, impacting overall demand in the short term[25]
粤海投资(00270) - 2023 Q3 - 季度业绩