HKR INT'L(HK:00480)2023-12-07 08:48Financial Performance - The group recorded a consolidated revenue of HKD 3,157.1 million for the six months ended September 30, 2023, representing a 296.5% increase compared to HKD 796.3 million for the same period last year[10]. - The profit attributable to the company's owners was HKD 117.7 million, up 568.8% from HKD 17.6 million in the previous year[10]. - Basic earnings per share for the period were HKD 0.079, compared to HKD 0.012 for the same period last year[11]. - The property development segment recorded a profit of HKD 214.5 million, a significant improvement from a loss of HKD 111.5 million in the same period last year[46]. - The property investment segment's performance increased by 8.5% to HKD 302.2 million, compared to HKD 278.6 million for the same period last year[47]. - The hotel business segment reported a loss of HKD 15.2 million, worsening from a loss of HKD 4.9 million in the same period last year[49]. - The leisure business segment recorded a loss of HKD 12.0 million, compared to a profit of HKD 17.1 million in the same period last year[50]. - The group reported a net profit for the period of HKD 115.6 million, compared to HKD 38.9 million in 2022, marking an increase of 196.1%[102]. - The group reported a pre-tax profit of HKD 189.9 million for the six months ended September 30, 2023, compared to HKD 85.3 million in the previous year[130]. Assets and Liabilities - The group's total assets amounted to HKD 42,126.8 million, while total liabilities were HKD 15,508.0 million as of September 30, 2023[7]. - As of September 30, 2023, the group's total cash and bank balances amounted to HKD 2,992.2 million, down from HKD 6,212.6 million as of March 31, 2023[51]. - The net debt as of September 30, 2023, was HKD 7,729.2 million, an increase from HKD 5,366.5 million as of March 31, 2023[51]. - The capital debt ratio increased to 32.5% as of September 30, 2023, compared to 22.0% as of March 31, 2023[54]. - The company's equity attributable to owners decreased to HKD 23,753.5 million from HKD 24,397.9 million, reflecting a decline of about 2.6%[106]. - Total assets as of September 30, 2023, were HKD 26,618.8 million, down from HKD 27,270.9 million, indicating a decrease of approximately 2.4%[106]. - Current liabilities decreased to HKD 3,970.5 million from HKD 7,202.2 million, indicating improved liquidity management[104]. - The group's net asset value as of September 30, 2023, is HKD 6,893.5 million, down from HKD 7,341.9 million as of March 31, 2023, indicating a decline of about 6.1%[150]. Property Development and Investment - The group’s property development and investment business generated revenue of HKD 3,357 million, including HKD 589 million from joint ventures and associates[13]. - The group has ongoing residential redevelopment projects in Hollywood Road and Moro Street, expected to be completed by the end of 2025[18]. - The group sold 1 unit in the Yuejing Bay Yiti project during the period, generating sales revenue of HKD 52.3 million[19]. - The luxury residential project Xingyi Garden in Jiaxing City has sold 99% of its 392 units since its launch in March 2023, with most units delivered by July 2023[21]. - The group acquired a residential land parcel in Jiaxing City with a total floor area of 1,415,000 square feet, with construction expected to start in March 2024[21]. - The average occupancy rate for the group's property investment project in Discovery Bay is 82%, with plans to optimize facilities and environment[24]. - The average occupancy rate for Tsuen Wan's main retail and office tenants reached 92%, with improved consumer sentiment leading to increased retail sales and foot traffic[24]. - The average occupancy rate for the Hong Kong Xingye Center in Shanghai reached 98%, with retail sales increasing by over 50% as social activities resumed[26]. Market Outlook and Strategy - The group anticipates continued downward trends in the Hong Kong residential property market due to rising interest rates and overall economic weakness[14]. - The group is actively promoting the "Yuejing Bay 2.0" blueprint, which includes the construction of a multi-purpose activity center to enhance facilities and services in the area[16]. - The group plans to launch a series of brand activities in early 2024 to revitalize the Yuejing Bay brand and position it as an international community and destination[16]. - The group aims to expand its business in the Yangtze River Delta region and is cautiously seeking new investment opportunities[43]. - The group plans to enhance services and products through innovative marketing strategies, including flagship events and international competitions[44]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2023, was HKD (1,700.8) million, compared to HKD (346.9) million for the same period in 2022[113]. - The net cash used in investing activities was HKD (224.8) million, a decrease from HKD (362.8) million year-over-year[113]. - New bank and other loans amounted to HKD 4,300.0 million, an increase from HKD 2,900.0 million in the previous year[113]. - The total cash and cash equivalents at the end of the period were HKD 2,992.2 million, up from HKD 1,920.4 million at the end of the previous year[113]. - The average financing cost for the period was 5.5%, significantly higher than the previous year's rate of 1.8%[55]. Shareholder Information - Major shareholders as of September 30, 2023, include CCM Trust (Cayman) Limited with 715,617,969 shares (48.17%), and LBJ Regents (PTC) Limited with 101,084,280 shares (6.81%)[76]. - The total number of share options granted under the 2021 plan is 148,530,180 shares, representing 10% of the issued share capital at the time of adoption[69]. - The company did not purchase, sell, or redeem any of its listed securities during the period[79]. - The company has a total of HKD 8,160.3 million in loans and guarantees provided to associated companies, representing 19.4% of the group's total assets of HKD 42,126.8 million as of September 30, 2023[89]. Corporate Governance and Compliance - The company has confirmed compliance with the standard code for securities trading by all directors during the reporting period[82]. - The company has adopted the corporate governance code as per the listing rules, ensuring adherence to applicable provisions and best practices[80]. - The company has seen changes in its board of directors, with recent resignations and appointments effective from August 2023[83][84].