Financial Performance - Property sales revenue reached RMB 15.687 billion, an increase of 6.8% compared to RMB 14.787 billion in the same period last year[2] - Property delivery amount was RMB 18.644 billion, significantly up from RMB 8.699 billion, marking a 114.5% increase year-on-year[2] - The company reported a loss of HKD 8.813 billion for the period, compared to a profit of HKD 4.689 billion in the previous year[4] - Revenue for the six months ended June 30, 2023, was HKD 6.277 billion, up from HKD 4.973 billion, representing a 26% increase[4] - Gross profit decreased to HKD 694.1 million from HKD 1.807 billion, a decline of 61.5%[4] - The basic loss per share was HKD 1.63, compared to earnings of HKD 0.11 per share in the previous year[4] - Total revenue for the six months ended June 30, 2023, was HKD 6,276,976 thousand, an increase of 26.1% compared to HKD 4,972,900 thousand for the same period in 2022[22] - Property sales and service income reached HKD 6,176,557 thousand, up from HKD 4,899,761 thousand, reflecting a growth of 25.9% year-over-year[22] - The total segment loss for the six months ended June 30, 2023, was HKD (816,993,000), a significant decline from a profit of HKD 538,449,000 in the same period of 2022[28] - The company reported a pre-tax loss of HKD (5,161,455,000) for the six months ended June 30, 2023, compared to a loss of HKD (2,881,818,000) in the same period of 2022[34] Assets and Liabilities - Total assets decreased to HKD 82.089 billion from HKD 90.002 billion, reflecting an 8.8% decline[7] - The company’s equity attributable to owners decreased to HKD 18.856 billion from HKD 20.246 billion, a decline of 6.5%[2] - Total equity attributable to owners was HKD 30,959,767 thousand, down from HKD 32,760,483 thousand, a decrease of 5.5%[10] - Non-current liabilities decreased to HKD 22,566,415 thousand from HKD 23,356,011 thousand, a reduction of 3.4%[10] - Current liabilities decreased to HKD 28,562,935 thousand from HKD 33,885,879 thousand, a decline of 15.7%[10] - The total assets and liabilities amounted to HKD 82,089,117 thousand, down from HKD 90,002,373 thousand, reflecting a decrease of 8.8%[10] - The company’s total liabilities as of June 30, 2023, were HKD 6.846 billion, down from HKD 8.174 billion at the end of 2022[47] Cash Flow and Debt Management - The company’s cash and bank deposits stood at HKD 7.137 billion, down from HKD 8.262 billion, a decrease of 13.6%[7] - The net debt-to-equity ratio improved to 61% from 73% year-on-year[2] - The group repaid loans totaling HKD 7.259 billion in the first half of 2023, significantly reducing short-term debt pressure[62] - The net debt-to-equity ratio and net debt-to-total capital ratio were 61% and 38%, respectively, as of June 30, 2023[62] Revenue Sources - The group's share of revenue from real estate joint ventures and associates was HKD 7,631,095 thousand, significantly higher than HKD 2,680,611 thousand in the previous year, marking an increase of 184.5%[22] - The group's share of revenue from infrastructure cooperation/joint ventures was HKD 961,179 thousand, slightly up from HKD 936,331 thousand, indicating a growth of 2.7%[22] - The group reported total revenue of HKD 6,276,976,000 for the six months ended June 30, 2023, compared to HKD 4,972,900,000 for the same period in 2022, representing an increase of approximately 26%[83] - Revenue from customer contracts in the real estate development and investment segment was HKD 6,147,620,000, up from HKD 4,846,329,000 in the previous year, indicating a growth of about 27%[83] - The group’s total income from commercial rent and other sources was HKD 100,419,000, compared to HKD 73,139,000 in the previous year, reflecting a growth of approximately 37%[83] Market Outlook and Strategy - The outlook for the second half of 2023 anticipates continued bottoming out of the domestic real estate market, with expectations for stronger supportive policies from the government[69] - The group plans to continue focusing on the development of its real estate business while maintaining a prudent outlook due to challenges in the domestic economy and insufficient demand[71] - The group aims to enhance cash flow and ensure project delivery through its experienced management team and established operational model in the real estate sector[71] - In the toll road business, the group will prioritize increasing toll rates for its Indonesian highway projects to optimize revenue streams[71] - The group will continue to develop and market products that align with market demands to strengthen its brand recognition as a reliable developer[71] - The group has a well-recognized market position and a well-trained operational team in the real estate sector, which supports its future growth strategies[71] Other Financial Metrics - The company recognized a fair value loss of HKD (136,711,000) on properties transferred to investment properties for the six months ended June 30, 2023[30] - The income tax expense for the six months ended June 30, 2023, was HKD 232,532,000, compared to HKD 336,381,000 for the same period in 2022, indicating a reduction of about 30.9%[36] - Finance costs for the six months ended June 30, 2023, totaled HKD 1,008,566,000, down from HKD 1,131,913,000 in the same period of 2022, representing a decrease of approximately 10.9%[33] - The net foreign exchange loss for the six months ended June 30, 2023, was HKD (504,136,000), compared to HKD (490,034,000) for the same period in 2022[30] - The group recorded a foreign exchange loss of approximately HKD 504 million due to the depreciation of the RMB in the first half of 2023[64] Employee and Governance - The total number of employees as of June 30, 2023, was 4,210, with employee expenses amounting to HKD 473 million[68] - The group remains committed to adhering to corporate governance codes and has complied with all applicable rules during the reporting period[75]
路劲(01098) - 2023 - 中期业绩