Financial Performance - The basic loss per share is HKD 0.004, compared to a profit of HKD 0.081 per share in the previous year[13]. - Revenue for the six months ended September 30, 2023, was HKD 650,752,000, an increase of 2% from HKD 637,578,000 in the same period of 2022[121]. - The net profit for the period was HKD 26,821,000, a significant decrease of 68% compared to HKD 82,952,000 in the previous year[123]. - The company reported a pre-tax profit of HKD 157,393,000 for the six months ended September 30, 2023, compared to HKD 179,059,000 in the same period last year[155]. - The company recorded a loss of HKD 2,231,000 during the period, compared to a profit in the previous year[153]. - The company’s financial expenses increased to HKD 182,652,000 from HKD 109,078,000 year-on-year[155]. - The company did not declare any dividends during the period, which may suggest a focus on reinvestment and cash preservation[157]. Revenue Breakdown - Revenue from the property business for the period was HKD 386,000,000, slightly down from HKD 394,000,000 in the previous year, with a corresponding profit before tax of HKD 181,000,000, up from HKD 149,000,000[16]. - The total revenue for the six months ended September 30, 2023, was HKD 650,752,000, a slight increase from HKD 637,578,000 in the same period last year, representing a growth of approximately 2%[187]. - Property sales contributed HKD 386,441,000 to total revenue, while property management income was HKD 21,076,000, leading to a total revenue from customer contracts of HKD 407,517,000[188]. - The total rental income for the six months ended September 30, 2023, was HKD 243,235,000, which includes HKD 214,302,000 from property investments[188]. - Interest income from bank loans for the six months ended September 30, 2023, was HKD 223,429,000, compared to HKD 124,274,000 in the previous year, indicating a significant increase of approximately 80%[192]. Asset and Equity Management - As of September 30, 2023, total equity was HKD 7,704,000,000, down from HKD 7,994,000,000 as of March 31, 2023, primarily due to currency depreciation of assets denominated in RMB[13]. - The net asset value as of September 30, 2023, was HKD 11,492,650,000, a decrease from HKD 11,929,229,000 as of March 31, 2023[152]. - Total assets as of September 30, 2023, amounted to HKD 21,098,220,000, with property development assets at HKD 1,745,897,000 and investment properties at HKD 15,737,108,000[144]. - The group managed 24 parking lots with approximately 1,820 parking spaces (March 31, 2023: 25 parking lots with 2,090 spaces)[43]. - The net asset value of current assets was HKD 1,421,574,000, compared to HKD 722,666,000 in the previous period, showing improved asset management[124]. Debt and Financing - The net interest-bearing debt as of September 30, 2023, was approximately HKD 5,578,000,000, compared to HKD 5,412,000,000 as of March 31, 2023, resulting in a debt-to-equity ratio of 49%, up from 45%[93]. - Total interest-bearing debt amounted to approximately HKD 7,422,000,000 as of September 30, 2023, with about 17% classified as current liabilities[114]. - The group has committed but undrawn bank credit facilities totaling approximately HKD 856,000,000 available for operational funding[92]. - The group has adopted a prudent financing and financial policy, managing its funding needs primarily on a medium to short-term basis[117]. - New bank loans amounted to HKD 1,707,380,000, an increase from HKD 1,481,848,000 in the previous year, indicating a strategy to leverage financing for growth[157]. Operational Highlights - The average occupancy rate for the Han Guo City Commercial Center in Shenzhen improved to 70%, up from 63% in the previous year[38]. - The renovation of the Bauhinia Hotel in Central is progressing well, with completion expected in mid-2024, aiming for LEED certification[22]. - The construction of the Hong Kong Plaza project in Guangzhou is on track for completion in 2024, with pre-sale approvals obtained for residential units[35]. - The construction segment in Hong Kong and Macau generated revenue of HKD 376,000,000, down from HKD 410,000,000 in the previous year, with an operating loss of HKD 21,100,000[27]. - The company continues to develop green plastic products and new healthcare products to enhance profitability[46]. Market Conditions - The real estate market in mainland China is experiencing a downturn, leading to a collapse in consumer confidence and a high youth unemployment rate[48]. - The vacancy rate for Grade A office space in Hong Kong is close to 12%, reaching levels not seen since the 1980s[49]. - The company is preparing for another challenging year, with inflationary pressures expected to arise from reconstruction efforts following conflicts[50]. - Despite facing pressure, China's consumer spending remains strong, cross-border trade barriers are being lifted, and the tourism industry is gradually recovering[70]. - The government has taken measures to lower interest rates and relax home purchase restrictions to stimulate economic growth, with new incentives focusing on green sustainable infrastructure[69].
建业实业(00216) - 2024 - 中期财报