丽新发展(00488) - 2023 - 中期业绩

Financial Performance - For the six months ended January 31, 2023, the company reported a loss of HKD 77.4 million compared to a profit of HKD 5.4 million in the same period of 2022[1]. - Operating profit decreased to HKD 46.7 million from HKD 81.9 million year-on-year[1]. - The share of losses from joint ventures was HKD 30.7 million, down from a profit of HKD 87.3 million in the previous year[1]. - The company reported a revenue of HKD 2,467,443,000 for the six months ended January 31, 2023, a decrease of 9.3% compared to HKD 2,719,500,000 for the same period last year[23]. - Gross profit for the same period was HKD 918,256,000, down from HKD 967,059,000, reflecting a decline of 5.0%[23]. - The operating loss increased significantly to HKD 883,290,000 from HKD 118,992,000, indicating a substantial deterioration in operational performance[23]. - The net loss attributable to the company's owners was HKD 1,360,823,000, compared to HKD 479,936,000 in the previous year, representing an increase of 184.5%[23]. - Basic and diluted loss per share was HKD 1.397, compared to HKD 0.548 for the same period last year[23]. - The company reported a total loss before tax of HKD 1,475,670,000, compared to HKD 514,378,000 in the previous year[23]. - The company reported a significant decrease in total comprehensive income, with a loss of HKD 1,525,869,000 compared to a loss of HKD 643,361,000 in 2022[30]. Assets and Liabilities - As of January 31, 2023, the company held cash and bank balances of approximately HKD 5,617.2 million, with unutilized financing of HKD 3,416.4 million[3]. - The company's total bank loans amounted to HKD 21,746.1 million, with a capital-to-debt ratio of approximately 64%[4]. - Total liabilities decreased from HKD 12,498,726,000 as of July 31, 2022, to HKD 10,520,964,000 as of January 31, 2023, representing a reduction of approximately 15.9%[43]. - The company's bank loans increased significantly from HKD 1,525,333,000 to HKD 5,658,623,000, marking an increase of 271.5%[43]. - The net value of current assets was HKD 8,144,468,000, slightly down from HKD 8,262,131,000 in the previous year[43]. - The company's equity attributable to owners increased from HKD 32,794,297,000 to HKD 32,183,381,000, a decrease of approximately 1.9%[43]. Revenue Streams - Property development and sales revenue was HKD 615,404,000, down 29.3% from HKD 874,091,000 in the previous year[30]. - Hotel business revenue increased to HKD 422,948,000 from HKD 335,993,000, representing a growth of 25.8%[30]. - Media and entertainment revenue rose to HKD 178,037,000, up 19.5% from HKD 148,877,000 in 2022[30]. - The company’s restaurant and dining product sales reached HKD 263,127,000, an increase from HKD 223,940,000 in 2022[30]. - The cinema operations generated revenue of HKD 100,133,000, up from HKD 115,130,000 in the previous year[30]. Market Conditions and Future Outlook - The retail leasing market has shown signs of recovery since early 2023, benefiting from the resurgence of tourism, although rental prices are still under pressure due to economic instability and rising interest rates[61]. - The group anticipates that the leasing market will continue to face challenges, with expected increases in vacancy rates and suppressed rental prices in the short term[61]. - The Hong Kong residential property market shows resilience with strong demand, and two projects, Bal Residence and Tai Keng Ling, are expected to add approximately 71,800 sq ft and 42,200 sq ft to the group's development portfolio upon completion in the first half of 2024[62]. - The group maintains a cautious and flexible approach to seize new development opportunities amid economic uncertainties, with China's GDP growth target set at around 5% for 2023[65]. - The group anticipates Hong Kong's GDP growth to be between 3.5% and 5.5% for 2023, following a contraction of 3.5% in 2022[89]. Shareholder and Investment Activities - The group completed a rights issue in January 2023, issuing 484,442,943 shares at a subscription price of HKD 1.64 per share, raising approximately HKD 776,600,000[57]. - The privatization plan for Media Asia Group was approved, with 264,022,268 new shares issued and cash consideration of approximately HKD 194.3 million paid to shareholders[73]. - The company completed a rights issue in January 2023, raising approximately HKD 776.6 million, which has been fully utilized to repay outstanding bank loans[102]. Operational Efficiency - The company employed around 4,200 employees as of January 31, 2023, maintaining competitive salary levels and performance-based promotions[12]. - The management actively engages in investor relations, conducting virtual meetings and presentations to communicate financial performance and business strategies[14]. - The group maintains strict control over its accounts receivable, with a focus on reducing credit risk through credit management policies[55]. Foreign Exchange and Interest Rates - Approximately 83% of the company's loans are floating rate, while 16% are fixed rate[4]. - The group recorded a net foreign exchange loss of HKD 50,473,000 for the six months ended January 31, 2023, compared to a gain of HKD 53,378,000 in the same period of 2022[52]. - Interest expenses on bank loans rose significantly to HKD 476,753,000, an increase of 85.0% from HKD 257,614,000[80].