Financial Performance - For the six months ended 30 September 2023, the Group recorded a revenue of approximately HK$784.2 million, representing an increase of approximately 50.9% compared to HK$519.6 million for the corresponding period in 2022[4]. - The Group's profit for the same period was approximately HK$100.3 million, up from approximately HK$80.4 million in 2022, primarily due to cost control measures and revenue recognition from property development[4]. - Revenue for the six months ended September 30, 2023, increased to HK$784.2 million, up 50.9% from HK$519.6 million in the same period of 2022[110]. - Profit for the period rose to HK$100.3 million, compared to HK$80.4 million in the previous year, representing a growth of 24.7%[110]. - Basic earnings per share attributable to owners of the Company increased to HK$1.68, up from HK$1.35, reflecting a growth of 24.4%[115]. - For the six months ended September 30, 2023, profit attributable to owners of the Company was HK$57,638,448, compared to HK$34,789,284 for the same period in 2022, representing a growth of approximately 65.7%[192]. Revenue Breakdown - The property development business contributed revenue of approximately HK$763.5 million, an increase from HK$491.3 million in 2022, with a profit of approximately HK$87.6 million compared to HK$113.6 million in the previous year[9]. - Revenue from the sale of completed properties reached HK$763,538,181, up from HK$491,300,031, indicating a growth of 55.5% year-over-year[153]. - Gross rental income from property sub-leasing decreased to HK$15,196,885 from HK$21,994,500, reflecting a decline of 30.5%[153]. - The property sub-leasing and investment business recorded a revenue of approximately HK$20.7 million, down about 26.9% from HK$28.3 million in 2022, resulting in a loss of approximately HK$24.4 million[8]. Assets and Liabilities - Total assets as of September 30, 2023, were HK$3.49 billion, down from HK$4.29 billion as of March 31, 2023, a decrease of 18.6%[118]. - Total liabilities decreased to HK$2.39 billion from HK$3.25 billion, a reduction of 26.5%[122]. - Net assets increased to HK$1.11 billion, compared to HK$1.04 billion, showing a growth of 6.5%[122]. - Reportable segment assets totaled HK$3,466,864,680, compared to HK$4,269,333,407 as of March 31, 2023[160][164]. - Reportable segment liabilities as of September 30, 2023, were HK$2,203,774,303, an increase from HK$3,070,640,359 as of March 31, 2023[160][164]. Cash Flow and Financing - As of 30 September 2023, the Group had no bank borrowings, maintaining a strong liquidity position[23]. - The Group maintained a net cash position with no bank borrowings, consistent with the position as of March 31, 2023[28]. - For the six months ended September 30, 2023, the company reported a net cash outflow from operating activities of HK$129,625,686, compared to a net cash inflow of HK$358,308,723 for the same period in 2022[132]. - The net cash used in financing activities was HK$25,517,169 for the six months ended September 30, 2023, compared to HK$130,709,492 in the previous year[132]. Employee and Management - As of 30 September 2023, the Group employed a total of 34 employees, a decrease from 47 employees as of 31 March 2023[41]. - Employee remuneration for the six months ended 30 September 2023 amounted to approximately HK$5.3 million, compared to approximately HK$4.5 million for the same period in 2022, reflecting an increase of about 17.78%[41]. - The management expects to adopt a more prudent operation strategy in response to the significant changes in the real estate market, focusing on enhancing management efficiency and sales efforts[15]. Corporate Governance and Compliance - The Company complied with all Corporate Governance Code provisions, except for holding only two Board meetings instead of the required four during the reporting period[97]. - The Audit Committee reviewed the accounting principles and practices adopted by the Group, including the unaudited interim results for the six months ended 30 September 2023[103]. - The Company confirmed that all Directors complied with the Model Code for securities transactions during the reporting period[102]. Shareholder Information - As of 30 September 2023, Mr. Chen Weiwu held 1,405,848,000 shares, representing approximately 41.01% of the Company[57]. - Mr. Chen also has an interest in a controlled corporation holding 579,806,977 shares, bringing his total interest to approximately 57.92% of the issued share capital of the Company[57]. - Grand Nice International Limited holds 579,806,977 shares, accounting for approximately 16.91% of the company's shareholding as of September 30, 2023[66]. - Jiang Dingwei and Shenzhen Tangshang Industrial Group Co., Ltd. each have an interest in 585,600,000 shares, representing approximately 17.08% of the company's shareholding[66]. Investment and Acquisitions - The Group completed the acquisition of Reach Glory Holdings Limited, which holds a 70% equity interest in a property development project, enhancing its project portfolio[9]. - There were no significant investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended 30 September 2023[49]. - The Group aims to explore and diversify suitable investment opportunities to enhance overall earning potential and maximize shareholder value[22]. Accounting Policies and Standards - The financial statements are prepared in accordance with HKAS 34 and are presented in Hong Kong dollars (HKD)[139]. - The company continues to apply the same accounting policies as those used in the annual financial statements for the year ended March 31, 2023[148]. - The company has commenced an assessment of the potential impact of new or amended HKFRSs but has not yet determined if they will significantly affect the Group's operations and financial position[147].
中国唐商(00674) - 2024 - 中期财报