Financial Performance - The company reported a profit attributable to shareholders of HKD 312,911,000 for the six months ended December 31, 2023, compared to a loss of HKD 17,980,000 in the same period of 2022, marking a significant turnaround [25]. - The group reported total comprehensive income of HKD 318,438,000 for the period, compared to a total comprehensive loss of HKD 49,965,000 in the previous year [33]. - The group’s profit before tax for the six months ended December 31, 2023, was a loss of HKD 13,485,000, an improvement from a loss of HKD 18,383,000 in the same period of 2022 [125]. - The company reported a net profit of HKD 312.9 million for the six months ended December 31, 2023, compared to a net loss of HKD 18 million for the same period in 2022 [145]. - For the six months ending December 31, 2023, the company reported a profit of HKD 312,900 thousand, a significant recovery from a loss of HKD 18,000 thousand in the previous year [191]. Revenue and Income - The group's revenue for the six months ended December 31, 2023, was HKD 78,471,000, representing a 211.4% increase compared to HKD 25,199,000 for the same period in 2022, primarily due to increased sales from Shenzhen properties by HKD 60,902,000 [65]. - Property sales generated HKD 60,902,000 in revenue, while property leasing and management contributed HKD 16,993,000 and HKD 576,000, respectively [123]. - Other income for the period decreased by 10.8% to HKD 10,654,000 compared to the previous period [90]. - Rental income for the period decreased by 23.4% to HKD 16,993,000, down from HKD 22,182,000 in the previous period [110]. - The total revenue for the six months ending December 31, 2023, was HKD 78,471 thousand, with a direct cost of HKD 18,754 thousand, resulting in a gross profit of HKD 59,717 thousand [191]. Assets and Liabilities - Non-current assets totaled HKD 6,933,992,000, a slight decrease from HKD 6,998,481,000 as of June 30, 2023 [15]. - Current assets increased to HKD 2,685,908,000 from HKD 2,302,632,000, reflecting a growth in cash and bank balances [15]. - The total liabilities for the current period were HKD 982,388,000, compared to HKD 961,773,000 previously [15]. - The group's total assets as of December 31, 2023, amounted to HKD 8,908,979,000, with total liabilities of HKD 518,982,000 [136]. - Non-current liabilities included interest-bearing loans of HKD 630,000 thousand and deferred tax liabilities of HKD 926,194 thousand [193]. Cash Flow and Financial Position - The net cash generated from operating activities was HKD 338,354,000, a recovery from a net cash outflow of HKD 60,982,000 in the same period last year [35]. - The company’s cash and cash equivalents increased to HKD 682,479,000 as of December 31, 2023, up from HKD 329,526,000 at the end of the previous year [35]. - The group has a total bank borrowing of HKD 870,000,000 as of December 31, 2023, slightly up from HKD 863,000,000 as of June 30, 2023 [82]. - The total debt to equity ratio increased, while cash and bank deposits to equity ratio decreased due to increased bank loans and director loans [93]. Dividends - The company declared a final dividend of HKD 0.03 per share and an interim dividend of HKD 0.0225 per share, an increase from HKD 0.02 and HKD 0.0175 per share respectively in 2022 [24]. - The group declared a final dividend of HKD 0.03 per share for the year ended June 30, 2023, compared to HKD 0.02 per share for the previous year [66]. - The company declared an interim dividend of HKD 0.0225 per share, an increase from HKD 0.0175 per share in 2022 [163]. Investment Activities - As of December 31, 2023, the market value of investment securities was HKD 46,819,000, with no sales or purchases during the period [10]. - The fair value loss on investment properties for the period was HKD 41,366,000, compared to a fair value gain of HKD 7,452,000 in the previous year [26]. - The fair value of financial assets measured at fair value through profit or loss was HKD 46,819 thousand as of December 31, 2023, compared to HKD 48,216 thousand as of June 30, 2023 [190]. - The company’s investment activities generated a net cash inflow of HKD 4,596,000, down from HKD 11,454,000 in the previous year [35]. - The company has recognized an impairment loss of HKD 14,210,000 on bonds due to significant deterioration in credit quality, with approximately HKD 33,703,000 of bonds showing credit issues as of June 30, 2023 [45]. Operational Developments - The company has successfully rented out over 40% of the villas in the first phase of its project [7]. - The company received approval for land lease renewal in Macau, with conditions to be met for optimal outcomes [8]. - The company is in the process of submitting new building plans for a site in Kuala Lumpur, Malaysia, following the approval of revised development orders [9]. - The company plans to continue renovations on serviced apartments to improve occupancy rates, which are currently unsatisfactory [169]. - The group plans to continue expanding its property development and management services in key markets, including China and Hong Kong [134]. Staffing and Administration - The company employed 51 staff as of December 31, 2023, down from 54 as of June 30, 2023 [117]. - The company reported administrative expenses of HKD 28,360 thousand for the six months ending December 31, 2023 [191]. - The company is actively seeking suitable candidates for new independent non-executive directors to comply with listing rules [11]. Taxation - The group reported a tax expense of HKD 326,385,000 for the six months ended December 31, 2023, compared to HKD 383,000 in the same period of 2022 [130]. - The group received a tax refund of approximately HKD 351,700,000 related to land value-added tax, which positively impacted cash flow [131].
卓能(集团)(00131) - 2024 - 中期财报