Financial Performance - The group reported a loss attributable to equity holders of HKD 484,845,000 for the six months ended September 30, 2023, compared to a loss of HKD 429,379,000 in the same period of 2022[3]. - The group recorded a gross loss of HKD 20.3 million due to impairment provisions for properties held for sale, compared to a gross profit of HKD 110.3 million in 2022[39]. - The operating loss increased to HKD 532,759,000 from HKD 449,791,000 year-over-year, indicating a worsening financial performance[194]. - The company incurred a net loss of HKD 566,568,000 for the period, compared to a net loss of HKD 503,501,000 in the prior year[194]. - Basic and diluted loss per share was HKD 28.99, compared to HKD 25.67 in the previous year, reflecting a decline in shareholder value[194]. Revenue and Sales - The group's revenue for the six months ended September 30, 2023, increased to HKD 215.7 million, up from HKD 148.7 million in 2022, primarily due to increased property sales[39]. - Property sales revenue amounted to HKD 121.9 million, a significant increase from HKD 1.4 million in 2022[39]. - Revenue for the same period was HKD 70.6 million, up from HKD 38.8 million in 2022, driven by property sales revenue of HKD 49.7 million, significantly higher than HKD 1.4 million in the previous year[111]. Expenses and Costs - The group incurred finance costs of HKD 112,021,000 for bank borrowings, an increase from HKD 69,096,000 in 2022[13]. - Sales and marketing expenses increased to HKD 12,700,000 (2022: HKD 7,300,000) due to increased sales activities[59]. - Administrative and other operating expenses decreased to HKD 117,300,000 (2022: HKD 148,600,000) primarily due to reduced business activities and cost savings[59]. - Financing costs rose to HKD 78,800,000 (2022: HKD 65,300,000) mainly due to increased interest rates[59]. Dividends and Shareholder Returns - The group did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[2]. - The group did not declare an interim dividend for the six months ended September 30, 2023, maintaining a conservative approach in the current uncertain business environment[40]. Assets and Liabilities - Total cash reserves, including bonds and securities investments, amounted to HKD 2,600,000,000, with cash and bank balances totaling approximately HKD 2,500,000,000[37]. - The total borrowings as of September 30, 2023, were HKD 3,954,051,000, down from HKD 4,227,715,000 as of March 31, 2023[9]. - The net asset value attributable to equity holders of the company is HKD 8.6733 billion[57]. - The company's net asset value attributable to equity holders is HKD 8,673,300,000, with a net asset value per share of HKD 5.19 as of September 30, 2023[177]. Market and Investment Strategy - The group anticipates recognizing approximately HKD 20,000,000 in revenue from property sales contracted in the previous fiscal year, expected to complete in the second half of the current fiscal year[71]. - The group is strategically reviewing the business development and operational model of New Nylon post-sale[131]. - The group anticipates a recovery in the Hong Kong property market due to expected interest rate stabilization and government incentives[136]. Property Development and Sales - The group successfully sold 18 residential units in Kowloon for HKD 70.3 million, completed on May 3, 2023, and a commercial unit for HKD 33.8 million, completed on June 8, 2023[54]. - The group has sold 183 out of 322 residential units in the ONE SOHO project, generating total revenue of approximately HKD 1.3 billion, with an additional 17 units sold post-reporting period for HKD 114.6 million[56]. - The overall construction of a development project is expected to be completed in Q1 2024, with occupancy permits anticipated in Q2 2024[74]. Impairments and Fair Value Losses - The fair value loss on investment properties was HKD 206,300,000 (2022: HKD 112,800,000), primarily due to a decrease in market value[81]. - The company recorded an impairment provision of approximately HKD 40,400,000 due to declining property market conditions and rising interest rates[91]. Investment Portfolio - The company holds investments totaling HKD 233,700,000, including HKD 102,300,000 in listed bonds and HKD 800,000 in listed securities[155]. - The investment in Beihai Group Limited and Zhongqi Group Limited has a total book value of approximately HKD 116 million as of September 30, 2023, down from HKD 142 million as of March 31, 2023[131]. Operational Updates - The company completed the sale of a retail property in Kowloon for HKD 33,800,000, reinforcing its strategy to divest non-core assets[60]. - The company is actively seeking suitable opportunities to expand its investment property portfolio to increase stable income[121]. - The company is in the process of negotiating with local authorities regarding land use rights for future development projects[124].
庄士机构国际(00367) - 2024 - 中期财报