Financial Performance - The net profit attributable to the owners for the year ended December 31, 2023, was HKD 97 million, a decrease of HKD 128 million from HKD 225 million in 2022[2]. - Total revenue for the year was HKD 488,325 thousand, an increase from HKD 462,692 thousand in the previous year, representing a growth of approximately 5.8%[2]. - The gross profit margin decreased to HKD 193,789 thousand from HKD 279,912 thousand, indicating a decline of about 30.8% year-over-year[2]. - The company reported a loss before tax of HKD 11,822 thousand compared to a profit before tax of HKD 692,561 thousand in 2022[2]. - The basic loss per share for the year was HKD 14.26, a significant drop from earnings per share of HKD 94.24 in the previous year[3]. - The company experienced a total comprehensive loss of HKD 44,121 thousand for the year, compared to a comprehensive income of HKD 516,961 thousand in 2022[10]. - Total revenue for the year 2023 was HKD 606,035,000, a decrease of 1.1% from HKD 612,687,000 in 2022[15]. - The group reported a loss before tax of HKD 60,043,000 in 2023, compared to a profit of HKD 266,588,000 in 2022[19]. - Basic loss per share for 2023 was HKD 72,968,000, compared to a profit of HKD 482,146,000 in 2022[29]. - The group did not declare or propose any dividends for the years 2023 and 2022[29]. Revenue Sources - Hotel operating revenue increased to HKD 488,325,000 in 2023, up 5.5% from HKD 462,692,000 in 2022[15]. - Property rental income decreased to HKD 117,665,000 in 2023, down 21.5% from HKD 149,953,000 in 2022[15]. - The hotel operations generated revenue of HKD 488 million for the year, an increase of 5% from HKD 463 million in 2022[44]. - The total revenue of the Huada Hotel Group increased by 3% to HKD 452 million, driven by higher room rates and occupancy rates[46]. - The commercial property rental income totaled HKD 118,000,000, down from HKD 150,000,000 in 2022[47]. Expenses and Costs - The company reported a significant increase in administrative expenses by 47% to HKD 85.98 million from HKD 58.36 million in 2022[42]. - Financial costs surged by 142% to HKD 60.04 million compared to HKD 24.8 million in the previous year[42]. - The group’s total expenses, including administrative costs and financial costs, amounted to HKD 34,112,000 in 2023[19]. - Administrative expenses (excluding depreciation) increased to HKD 82,000,000 from HKD 54,000,000 in 2022, primarily due to opening costs and maintenance for new hotels[47]. Asset and Equity Changes - Total assets decreased to HKD 9,652,856 thousand from HKD 9,777,904 thousand, reflecting a decline of approximately 1.3%[5]. - The company's equity attributable to owners decreased to HKD 7,336,798 thousand from HKD 7,380,802 thousand, a reduction of about 0.6%[5]. - Total debt as of December 31, 2023, was HKD 1,036,000,000, a decrease from HKD 1,068,000,000 in 2022, with a debt ratio of 7%[48]. Future Outlook and Strategic Initiatives - The company has not provided specific guidance for future performance or strategic initiatives in the conference call[2]. - The group plans to continue efforts to increase revenue and control costs amid challenges in the hotel and rental income sectors[60]. - The outlook for the hotel business remains challenging, but there is optimism for increased overnight visitors to Hong Kong in 2024[59]. Acquisitions and Investments - The group acquired the Glamorous Bay Hotel, which has 435 rooms and began operations on August 1, 2023, contributing to a 6% increase in hotel revenue compared to the previous year[51]. - The group is set to acquire Jessville Manor for a total price of HKD 207,000,000, which is expected to provide stable income growth and capital appreciation potential[56][57]. Operational Performance - The average occupancy rate for the group's hotels exceeded 90% during the year, despite increased operational costs due to labor shortages[51]. - The net profit from hotel operations decreased by 39% to HKD 80.9 million from HKD 132.4 million in the previous year[42]. - The net profit from property investments plummeted by 86% to HKD 19.14 million from HKD 134.13 million in 2022[42]. - The valuation of the Royal Scot Hotel in London remained stable at GBP 88.5 million, with rental income for the year at GBP 3.546 million[46]. - The rental income from the Royal Scot Hotel in London is expected to rise, linked to the UK retail price index, which has seen double-digit growth[52]. Governance and Compliance - The group applied new and revised Hong Kong Financial Reporting Standards starting January 1, 2023, with no significant impact on financial statements[13]. - The group’s consolidated financial statements for the year ending December 31, 2023, have been agreed upon by Deloitte, but no assurance has been provided regarding the preliminary performance announcement[67]. - The board of directors consists of five executive directors, one non-executive director, and three independent non-executive directors as of the announcement date[68].
顺豪物业(00219) - 2023 - 年度业绩