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永泰地产(00369) - 2023 - 中期业绩
WING TAI PPTWING TAI PPT(HK:00369)2023-08-24 13:01

Financial Performance - For the six months ended June 30, 2023, the group recorded a consolidated loss attributable to shareholders of HKD 374 million, compared to a profit of HKD 374 million in the same period last year[1]. - The group reported a core consolidated profit attributable to shareholders of HKD 63 million, with a core earnings per share of HKD 0.05[1]. - The operating loss for the six months ended June 30, 2023, was HKD 179.0 million, compared to an operating profit of HKD 279.5 million in the same period of 2022[20]. - The company reported a net loss of HKD 334.0 million for the six months ended June 30, 2023, compared to a profit of HKD 404.8 million in the same period of 2022[18]. - The basic and diluted loss per share for 2023 was HKD 0.28, while in 2022, it was a profit of HKD 0.28 per share[31]. - The total operating expenses, including employee costs, were HKD 132.7 million for the six months ended June 30, 2023, down from HKD 137.9 million in the same period of 2022[21]. - The company recognized a tax expense of HKD 26.3 million for the six months ended June 30, 2023, compared to HKD 51.8 million in the same period of 2022[23]. - The fair value change of investment properties and financial instruments resulted in a loss of HKD 290.1 million for the six months ended June 30, 2023[17]. Revenue and Sales - Total revenue for the six months ended June 30, 2023, was HKD 477.3 million, a decrease from HKD 859.8 million in the same period of 2022[17]. - Revenue from property sales and project management was HKD 130.9 million, significantly lower than HKD 454.1 million for the same period in 2022, reflecting a decline of approximately 71.2%[15]. - Rental income and property management revenue decreased to HKD 306.9 million from HKD 355.4 million, a reduction of about 13.6%[15]. - Revenue from the Hong Kong market decreased to HKD 429.4 million for the six months ended June 30, 2023, down from HKD 805.2 million in the same period of 2022[18]. - The property development segment's revenue for the first half of 2023 was HKD 143 million, down from HKD 475 million in 2022, a decline of approximately 69.9%[32]. - The property investment and management segment reported revenue of HKD 288 million in the first half of 2023, down from HKD 295 million in 2022, with a pre-tax loss of HKD 221 million compared to a profit of HKD 302 million in 2022[35]. - The serviced apartment investment and management segment generated revenue of HKD 19 million in the first half of 2023, a significant decrease from HKD 60 million in 2022, with a pre-tax loss of HKD 50 million compared to a loss of HKD 32 million in 2022[38]. - The revenue for the other business segment in the first half of 2023 was HKD 27 million, down from HKD 30 million in 2022[40]. Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 26,977.0 million, a decrease from HKD 27,715.8 million as of December 31, 2022, representing a decline of approximately 2.67%[7]. - The company reported a total equity of HKD 26,665.3 million, down from HKD 27,327.3 million, indicating a decrease of about 2.42%[9]. - The company's accounts receivable as of June 30, 2023, amounted to HKD 175.1 million, down from HKD 193.7 million as of December 31, 2022, a decrease of approximately 9.5%[26]. - The company's accounts payable as of June 30, 2023, was HKD 916.1 million, an increase from HKD 883.1 million as of December 31, 2022, representing an increase of approximately 3.2%[28]. - Non-current liabilities rose to HKD 5,362.8 million from HKD 4,567.0 million, an increase of about 17.4%[9]. - The group's total bank and other borrowings amounted to HKD 6,843 million as of June 30, 2023, compared to HKD 6,728 million at the end of 2022[43]. - The debt ratio as of June 30, 2023, was 15.9%, slightly down from 16.4% at the end of 2022[44]. - The group had cash and bank deposits of HKD 2,595 million as of June 30, 2023, up from HKD 2,241 million at the end of 2022[45]. Market Conditions and Outlook - The residential property market showed slight recovery in Q1 2023, but weakened from April due to ongoing interest rate hikes and lack of confidence in economic recovery[2]. - The group expects the overall economy in Hong Kong to continue recovering throughout the year, although the residential and office markets will take longer to rebound[51]. - The group plans to continue selling remaining units of the "Upper Gold Coast" series in Tuen Mun, anticipating a gradual recovery in the residential property market[51]. - The group expects stable occupancy rates for office properties for the remainder of the year, with rental declines manageable[52]. - The reopening of the E-Lan Hotel in December 2023 is anticipated to coincide with a market recovery, enhancing its position as a premier boutique hotel in Hong Kong[2]. Dividends and Shareholder Returns - The board proposed an interim dividend of HKD 0.06 per share, totaling HKD 81 million, maintaining a stable financial position with net assets of HKD 26.67 billion[1]. - The overall economic recovery and property market rebound will be considered when proposing the final dividend for 2023[1]. - The interim dividend declared for 2023 was HKD 0.06 per share, consistent with the interim dividend of HKD 0.06 per share in 2022, totaling HKD 81.4 million[25]. Development Projects - The new residential development projects are progressing on schedule, including a 27-story residential building approved in February[2]. - The company has sold approximately 95% of the residential units in the "OMA OMA" project, which consists of 466 units with a usable area of about 234,000 square feet, as of June 30, 2023[33]. - In the "OMA by the Sea" project, the company has sold about 91% of the 517 residential units, with only 1% sold in the first half of 2023, and 2% delivered to buyers[33]. - The company has commenced foundation works for a residential project in Fanling, with a total floor area of approximately 284,000 square feet, where it holds an 85% interest[33]. - The company has a 50% interest in a mixed-use commercial site in Central, which will provide a total floor area of up to 433,500 square feet, with construction works already underway[34]. - The company’s wholly-owned "Eaton Residences" in Causeway Bay is expected to reopen in December 2023 after renovations, having been closed since October 2022[38]. Accounting and Compliance - The company has not adopted any new accounting standards that would significantly impact its financial results for the current and prior periods[13]. - The company is evaluating the impact of upcoming accounting standards but has not determined any significant effects on its performance and financial position[14]. - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules[55]. - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the six months ended June 30, 2023[56]. - The mid-term report containing all financial data and related information will be published on the Hong Kong Stock Exchange website and the company's website around September 15, 2023[57].