丽新发展(00488) - 2024 - 中期业绩

Financial Performance - The company reported a revenue of HKD 3,038,925, an increase of 23.1% compared to HKD 2,467,443 in the same period last year[9]. - Gross profit for the period was HKD 1,071,579, up 16.7% from HKD 918,256 year-on-year[9]. - The operating loss for the six months ended January 31, 2024, was HKD 900,443, slightly higher than the loss of HKD 883,290 in the previous year[9]. - The pre-tax loss increased to HKD 1,913,639 from HKD 1,475,670, representing a year-on-year increase of 29.7%[9]. - The total comprehensive loss for the period was HKD 2,176,007, compared to HKD 1,629,141 in the previous year, reflecting a 33.6% increase[10]. - The company reported a loss attributable to owners of the company of HKD 1,853,019, compared to HKD 1,360,823 in the previous year, marking a 36.2% increase[9]. - The basic and diluted loss per share was HKD 1.275, compared to HKD 1.397 in the previous year[9]. - The company reported a significant increase in bank loans, totaling HKD 19,681,227,000, up from HKD 15,343,543,000, reflecting a growth of 28.5%[12]. - The company’s financing costs were reported at HKD 679,337,000, compared to HKD 560,889,000 in the previous year, reflecting an increase of 21.1%[17]. - The company reported a net loss attributable to shareholders of approximately HKD 1,853.0 million, compared to HKD 1,360.8 million in 2023, primarily due to a decrease in the fair value of investment properties[71]. Assets and Liabilities - Non-current assets totaled HKD 55,998,787, down from HKD 57,559,922 as of July 31, 2023[11]. - Current assets decreased to HKD 15,494,156 from HKD 16,410,094, indicating a decline of 5.6%[11]. - Non-current liabilities rose to HKD 30,054,635,000 from HKD 25,987,416,000, indicating a growth of approximately 15.9%[12]. - The total assets minus current liabilities amounted to HKD 64,744,180,000, compared to HKD 62,849,242,000 in the previous year[12]. - The equity attributable to the owners of the company decreased to HKD 27,801,266,000 from HKD 29,783,594,000, a decline of approximately 6.6%[12]. - The total liabilities increased to HKD 64,744,180,000 from HKD 62,849,242,000, indicating a rise of approximately 3%[12]. Revenue Streams - The total revenue for the period ending January 31, 2024, was HKD 3,139,814,000, an increase from HKD 2,559,065,000 in the previous year[17]. - Property sales revenue reached HKD 924,597,000, up from HKD 600,158,000, marking a significant increase of 54%[45]. - Hotel business revenue increased to HKD 622,996,000 from HKD 421,473,000, reflecting a growth of 47.7%[45]. - The revenue from property management fees rose to HKD 112,809,000, compared to HKD 97,664,000, indicating an increase of 15.4%[45]. - The revenue from restaurant and catering sales was HKD 285,840,000, compared to HKD 262,619,000, showing an increase of 8.8%[45]. - The company reported an increase in revenue from theme park operations to HKD 9,878,000, up from HKD 8,781,000, a growth of 12.5%[45]. Development Projects - The company is developing two residential projects, with one project expected to provide approximately 85 residential units and another expected to provide about 27 units[34]. - The construction of the Wong Chuk Hang Station Phase 5 residential project is ongoing, with completion expected in Q4 2025[34]. - The company anticipates the completion of the Yuen Long project in the second quarter of 2024, adding approximately 42,200 square feet to its development portfolio[57]. - The luxury residential development at Wong Chuk Hang Station is projected to cost approximately HKD 18 billion and provide around 825 units, with completion expected in Q4 2025[182]. - The project at 79 Broadcast Drive is planned to offer about 46 units with a total investment of approximately HKD 2.3 billion, expected to complete in the first half of 2026[184]. Market Outlook and Strategy - The company anticipates that the local GDP growth in Hong Kong for 2024 will be between 2.5% and 3.5%[32]. - The company plans to maintain a prudent and flexible approach to seize new development opportunities[35]. - The company is actively expanding its land reserves, considering macroeconomic conditions and existing business risks in first-tier cities and the Greater Bay Area[62]. - The company aims to expand its land reserves and manage its financial situation prudently amid a challenging economic environment[95]. - The global economic outlook remains challenging due to inflation and geopolitical tensions, leading to a gradual slowdown in GDP growth[81]. Operational Highlights - The company has implemented rigorous credit control measures for its accounts receivable, ensuring low credit risk exposure[50]. - The company’s office and retail leasing business in Hong Kong has shown significant growth due to ongoing tenant mix optimization and property renovations[56]. - The company has formed a strategic alliance with Alibaba's Youku for joint production and investment in films and TV series, enhancing its content creation capabilities[92]. - The company opened two new cinemas in Hong Kong, enhancing its cinema network and market position[64]. - The company is investing in original high-quality film productions, including the action film "Kowloon Walled City: Siege" directed by Zheng Baorui[65]. Sales and Contracts - The company has sold all 209 residential units and 7 commercial units at the Happy Build project, with parking space sales generating approximately HKD 10,200,000[58]. - The company has sold all 605 units of the Blue Tongue project, generating total sales proceeds of approximately HKD 204.1 million from 75 parking spaces sold as of March 22, 2024[84]. - The "Blue Tang Ao" project has sold all 605 units with a total saleable area of approximately 405,831 square feet, achieving an average selling price of HKD 18,000 per square foot[150]. - The "Bal Residence" project has sold 47 units with a saleable area of approximately 16,024 square feet, at an average price of HKD 15,454 per square foot, with renovations expected to complete by the end of March 2024[156]. - The group has 100% ownership of the "Yixing" project, which has sold all 144 units with a total saleable area of approximately 45,822 square feet, at an average price of HKD 21,300 per square foot[154].