Financial Performance - Segment profit for the six months ended September 30, 2023, was HK$192,047,000, an increase from HK$175,063,000 in 2022, representing a growth of approximately 9.4%[7] - Profit before taxation for the same period was HK$129,756,000, slightly down from HK$135,560,000 in 2022, indicating a decrease of about 4.0%[7] - The Group's net assets attributable to shareholders decreased by HK$247 million to HK$10,180 million as of 30 September 2023, primarily due to an exchange difference of HK$217 million and dividend payments of HK$85 million[32] - The consolidated profit for the period was HK$68 million, representing a drop of 28% from HK$95 million in 2022, primarily due to provisions for properties for sale in Hong Kong[80] - Profit attributable to the Company's shareholders decreased to HK$59 million, resulting in earnings per share of HK$0.19, down from HK$0.32 in 2022[80] - For the six months ended September 30, 2023, the profit attributable to shareholders was HK$58,596,000, a decrease of 38.7% compared to HK$95,537,000 in 2022[9] - Earnings per share for the period was HK$0.19, down from HK$0.32 in the previous year[187] Revenue and Growth - For the six months ended September 30, 2023, the Group reported a consolidated revenue of HK$3,927 million, an increase of 18% compared to HK$3,339 million in 2022[80] - Revenue from property investment increased by 2% to HK$95 million, with a 10% rise in profit before net finance costs to HK$69 million[50] - Revenue from property development and operations rose by 27% to HK$371 million, driven by increased sales in Changchun and Hong Kong[51] - Revenue from the Healthcare Investment segment increased by 4% from HK$451 million to HK$467 million compared to the same period last year, with segment loss decreasing by 8% from HK$63 million to HK$58 million[54] - Revenue from the Car Dealership segment increased by 14% from HK$895 million to HK$1,016 million, with losses narrowing from HK$30 million to HK$17 million[54] - The Group's total revenue, including contributions from associates and joint ventures, was HK$5,032 million, an 11% increase from HK$4,523 million in 2022[80] Assets and Liabilities - Total assets as of September 30, 2023, amounted to HK$20,598,448,000, compared to HK$20,129,189,000 in 2022, reflecting an increase of approximately 2.3%[14] - Total liabilities increased to HK$9,877,951,000 as of September 30, 2023, from HK$9,095,427,000 in 2022, marking a rise of about 8.6%[14] - The Group's total financial assets as of September 30, 2023, were HK$1,955,479,000, reflecting a diverse investment portfolio[86] - The total debt increased to HK$4,484,522,000 as of September 30, 2023, compared to HK$3,881,128,000 as of March 31, 2023, representing a 15.5% increase[103] - Current liabilities increased to HK$5,728,181,000 as of September 30, 2023, up from HK$5,344,213,000 as of March 31, 2023, representing a growth of 7.2%[195] - Total liabilities amounted to HK$3,014,011,000 as of September 30, 2023, an increase from HK$2,968,571,000 as of March 31, 2023[119] Expenses and Costs - Unallocated corporate expenses for the period were HK$28,944,000, up from HK$22,809,000 in 2022, representing an increase of approximately 27.5%[7] - Unallocated finance costs were HK$40,627,000, compared to HK$21,170,000 in 2022, reflecting an increase of about 91.5%[7] - Interest expenses on bank overdrafts and other borrowings increased to HK$84.25 million from HK$56.73 million year-over-year[74] - The Group's net finance costs were impacted by derivative financial instruments, which reported a liability of HK$1,267,000[86] Shareholder Information - As of September 30, 2023, Dr. Chow Yei Ching (deceased) holds 189,490,248 shares, representing 62.76% of the company's total shares[113] - Ms. Miyakawa Michiko, as the spouse of the late Dr. Chow, is deemed to have an interest in the same 189,490,248 shares, also representing 62.76%[113] - The interim dividend declared is HK$0.06 per share, down from HK$0.10 per share in 2022[105] - The company has not identified any other substantial shareholders with 5% or more of the nominal value of any class of share capital as of September 30, 2023[114] Market Conditions and Future Outlook - The annual total construction output in Hong Kong is forecast to reach approximately HK$300 billion annually over the next ten years, driven by government policies to increase housing supply[60] - The residential property market in Hong Kong has seen a decline in prices and low transaction volumes due to high interest rates, but government initiatives like the Top Talent Pass Scheme are expected to stimulate demand[162] - The 2023 Policy Address reduced the Buyers' Stamp Duty and New Residential Stamp Duty rates from 15% to 7.5%, aiming to encourage property market transactions[163] - The Group's commitment to sound financial practices has allowed it to maintain a healthy financial position, building resilience against economic fluctuations[162] - The Group will closely monitor the performance of its senior housing facilities in the USA, considering the elimination of underperforming facilities when appropriate[162] Employee and Operational Insights - The Group employed approximately 3,500 full-time staff globally as of September 30, 2023, with total staff costs of HK$726 million for the period[148] - The company is closely monitoring the impact of labor shortages in the healthcare sector on its operations, particularly in the U.S. senior care facilities[164] - Management is committed to maintaining a prudent financial policy to ensure resilience amid economic fluctuations[164]
CHEVALIER INT'L(00025) - 2024 - 中期财报