Financial Performance - For the six months ended September 30, 2023, the company reported revenue of HKD 147,109,000, a decrease of 4.3% compared to HKD 153,351,000 for the same period in 2022[13] - The gross profit for the same period was HKD 99,579,000, down from HKD 110,146,000, reflecting a decline in gross margin[13] - The company recorded a net profit attributable to equity shareholders of HKD 457,088,000, compared to a loss of HKD 1,123,516,000 in the previous year[13] - The basic and diluted earnings per share for the period were HKD 1.27, a significant improvement from a loss of HKD 3.12 per share in the prior year[13] - For the half-year period ending September 30, 2023, the group's operating profit before investment property valuation changes was HKD 93,000,000, a decrease of approximately 3.1% compared to the same period last year[21] - The net profit attributable to equity shareholders for the same period was HKD 457,100,000, recovering from a loss of HKD 1,123,500,000 in the previous year[21] Assets and Equity - The total assets as of September 30, 2023, amounted to HKD 8,312,940,000, an increase from HKD 7,934,538,000 as of March 31, 2023[6] - As of September 30, 2023, the total equity attributable to shareholders was HKD 7,994,200,000, an increase from HKD 7,619,900,000 on March 31, 2023[21] - Cash and cash equivalents increased to HKD 557,929,000 as of September 30, 2023, compared to HKD 452,423,000 at the beginning of the period[15] Dividends and Income - The company declared an interim dividend of HKD 0.16 per share, up from HKD 0.11 per share in the previous year, to be paid on January 5, 2024[20] - The interim dividend declared after the mid-term period is HKD 0.16 per share, an increase of 45% from HKD 0.11 per share in 2022, totaling HKD 57,600,000[81] - Rental income from the International Plaza for the half-year period was approximately HKD 145,900,000, down about 4.1% year-on-year, with an occupancy rate of 80.0% as of September 30, 2023, compared to 77.3% a year earlier[21] - The company reported rental income of approximately HKD 19,416,000 for the period, compared to HKD 19,141,000 in the previous year, indicating a growth of 1.4%[69] - Other income for the period totaled HKD 11,209,000, a significant increase from HKD 3,654,000 in the previous year, reflecting a growth of 206%[72] Cash Flow and Financing - Operating cash flow for the period was HKD 104,726,000, compared to HKD 76,604,000 in the prior year, indicating improved cash generation[15] - The group has utilized bank credit facilities amounting to HKD 200,000,000 as of September 30, 2023, maintaining a capital debt ratio of 2.5%[21] - The company has secured bank financing totaling HKD 300,000,000, with outstanding loans of HKD 200,000,000 as of September 30, 2023[89] - Financing costs increased to HKD 5,363,000 from HKD 1,787,000, representing a rise of 200%[75] Employee and Management Information - The number of employees as of September 30, 2023, was 35, with related expenses of approximately HKD 12,500,000, down from 37 employees and HKD 13,600,000 in the previous year[23] - The remuneration for Mr. Zhong Qionglin was HKD 1,185,000, an increase of HKD 8,000 compared to the same period last year[36] Risk Management and Compliance - The company has not established an internal audit function, but it conducts biannual risk assessments to enhance its risk management and internal control systems[41] - The board will review the necessity of establishing an internal audit function annually, considering the current operational structure and costs[46] - All directors confirmed compliance with the standard code of conduct regarding securities trading during the six months ended September 30, 2023[48] - The board believes that the risk of legal actions against directors is low, and thus, the company does not have insurance arrangements for such risks[39] Property and Investment - The company’s primary business remains property investment, with all rental income generated from properties located in Hong Kong[70] - The company has not made any investments in properties during the period, maintaining a focus on existing assets[85] - The company has contracted HKD 686,000 for future projects as of September 30, 2023, indicating ongoing commitments[18] - The independent review report by KPMG confirmed that there were no significant issues identified in the interim financial report[53] Accounting and Financial Reporting - The company has adopted the same accounting policies as the previous fiscal year, with no significant impact from new accounting standards[66] - The interim financial report was prepared in accordance with HKAS 34, ensuring compliance with relevant regulations[56] - The company has not adopted any new standards or interpretations that have not yet come into effect during the current accounting period[67] - The company's estimated assessable profits for Hong Kong profits tax are calculated at a rate of 16.5%, with the first HKD 2,000,000 taxed at 8.25%[78] Depreciation and Receivables - Depreciation expenses rose to HKD 2,296,000 from HKD 2,121,000, marking an increase of 8.3%[76] - Total accounts receivable, including deposits and prepayments, amounts to HKD 130,391,000, down from HKD 144,539,000 as of March 31, 2023[90] - The overdue accounts receivable amount to HKD 24,223,000, a decrease from HKD 26,819,000 in the previous period[90]
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