远东发展(00035) - 2024 - 中期财报

Financial Performance - The company reported a revenue increase of 108% to approximately HKD 6,300,000,000 for the first half of the fiscal year 2024 compared to the same period in fiscal year 2023[18]. - The company's net profit attributable to shareholders for the first half of fiscal year 2024 was HKD 232,000,000, a decrease of 59.3% compared to HKD 571,000,000 in the same period last year[44]. - Adjusted cash profit for the first half of fiscal year 2024 was approximately HKD 507,000,000, down 43.5% from HKD 897,000,000 in the previous year[44]. - The adjusted cash profit margin (non-GAAP) decreased to 8.0% in the first half of fiscal year 2024 from 29.6% in the same period of fiscal year 2023[138]. - The company reported a profit before tax of HKD 537 million, down from HKD 860 million year-on-year, reflecting a decrease of 37.5%[163]. - The total comprehensive income for the period was HKD (1,100,484,000), reflecting a significant decline from the previous total of HKD 2,338,553,000[169]. - The company reported a significant foreign exchange loss of HKD 1,033,433 for the period, compared to a loss of HKD 2,705,156 in the previous year[164]. Property Development - Property development revenue surged by 217.1% to approximately HKD 4,700,000,000, driven by strong settlements and deliveries in Melbourne West Side Place[19]. - The cumulative pre-sold value and contracted sales of properties under development amounted to approximately HKD 14,100,000,000 as of September 30, 2023[20]. - The company anticipates launching a residential project in Kai Tak, Hong Kong, with a total development value of approximately HKD 6,600,000,000 in fiscal year 2025[20]. - The company has several projects expected to complete in the fiscal year 2025, including Queen's Wharf Residences (Fourth Tower) in Brisbane with an attributable pre-sale value of HKD 1,476 million[68]. - The company has ongoing developments in various locations, including Perth Hub with an attributable pre-sale value of HKD 533 million, and Aspen at Consort Place in London with HKD 1,555 million[68]. Hotel Operations - The group's hotel business revenue increased by 3.4% to approximately HKD 942,000,000, driven by the opening of two new hotels and improved demand in mainland China and Hong Kong[21]. - The total hotel operating and management revenue for the group in the first half of fiscal year 2024 was approximately HKD 882 million, stable compared to HKD 854 million in the same period of fiscal year 2023[110]. - Overall occupancy rate increased by 12.6 percentage points to approximately 73.6%, while average room rate decreased by 23% to approximately HKD 747, resulting in a 7% decline in average revenue per room to approximately HKD 550[110]. - In mainland China, hotel performance improved significantly, with occupancy rate rising to 69.7% and average room rate increasing by 52.2% to RMB 376, leading to a 118.3% increase in average revenue per room to RMB 262[114]. Financing and Debt Management - The company successfully issued AUD 507 million RMBS bonds priced in Australian dollars under the Coventry Bond Trust 2023-1[8]. - The company raised HKD 300 million through a sustainable performance-linked loan financing for a three-year term[8]. - The company has secured additional financing of approximately HKD 1.08 billion for ongoing development projects in Australia, Hong Kong, and the UK[55]. - The average interest rate on bank loans increased from 2.74% in the first half of the 2023 fiscal year to 6.74% in the first half of the 2024 fiscal year, with 85.7% of bank loans having floating rates[54]. - The company plans to actively manage its debt levels and financing costs by selling non-core assets and refinancing in the banking market[130]. Awards and Recognition - The company received three awards at the 2023 Hong Kong Investor Relations Awards[8]. - The company won three awards at the inaugural Hong Kong and International Real Estate Awards 2023[12]. Strategic Initiatives - The company obtained approval from the Stock Exchange to potentially spin off its Czech gaming business and hotel operations in Germany and Austria for independent listing[10]. - The company has partnered with THEi to cultivate medicinal herbs at the donated Chinese medicine research farm "De Gen Sheng Yuan" to educate the community about Chinese medicine practices[10]. - The group plans to enhance its property portfolio by introducing new parking facilities while strategically divesting from mature parking lots[25]. Market Expansion - The group has been selected as the preferred bidder for a development partnership with Greater Manchester Combined Authority and Trafford Metropolitan Borough Council[11]. - The group is actively seeking new parking management contracts in Australia, Hungary, Malaysia, the UK, and New Zealand to expand its business portfolio[38]. - The group is planning new developments in various regions, including the Network Rail project in Red Bank with an expected development value of HKD 5,986 million[71].