Revenue Performance - The hotel and serviced apartment business generated revenue of HKD 623 million for the six months ended January 31, 2024, a significant increase of approximately 47.8% compared to HKD 421.5 million in the same period last year[1]. - The cinema operations recorded revenue of HKD 188.9 million for the six months ended January 31, 2024, down from HKD 263.1 million in the previous year, resulting in a loss of HKD 55.9 million[10]. - The media and entertainment segment reported revenue of HKD 179.3 million, a slight increase from HKD 176.0 million in the previous year, with profit rising from HKD 17.4 million to HKD 25.0 million[13]. - For the six months ending January 31, 2024, the total revenue was HKD 3,086.9 million, an increase of 22.8% compared to HKD 2,512.9 million in the same period last year[35]. - The property investment segment generated revenue of HKD 673.3 million, up 10.7% from HKD 608.4 million year-on-year[35]. - The property development and sales segment saw a significant increase in revenue to HKD 924.6 million, a 54.0% rise from HKD 600.2 million[35]. - The restaurant and catering sales business achieved revenue of HKD 285,840,000, compared to HKD 262,619,000, indicating a growth of 8.5% year-over-year[52]. - The total rental income from joint venture projects in Hong Kong for the six months ending January 31, 2024, is reported at HKD 69 million, compared to HKD 67.8 million for the same period in 2023[86]. Hotel and Apartment Operations - The Ocean Park Marriott Hotel in Hong Kong recorded revenue of HKD 226.7 million with an occupancy rate of 67.2%[2]. - The Caravelle Hotel in Ho Chi Minh City achieved revenue of HKD 246.3 million and an occupancy rate of 86.0%[2]. - The Zhuhai Hengqin Hyatt Hotel reported revenue of HKD 82.0 million with an occupancy rate of 78.3%[2]. - The Shanghai Ascott Huaihai Road serviced apartments generated revenue of HKD 52.8 million with an occupancy rate of 85.8%[2]. - The total number of hotel rooms across the group is 1,848, with a total built-up area of approximately 1,856,594 square feet[2]. Losses and Financial Challenges - The net loss attributable to shareholders for the six months was approximately HKD 1,116.6 million, compared to HKD 818.6 million in the previous year[35]. - The company reported a loss before tax of HKD 2,002,539, compared to a loss of HKD 1,572,512 in the previous year, indicating a 27.2% increase in losses[40]. - The total comprehensive loss for the period was HKD 2,265,822, compared to HKD 1,725,264 in the prior year, reflecting a 31.4% increase[42]. - The company’s loss attributable to shareholders was HKD 1,116,646, compared to HKD 818,604 in the previous year, marking a 36.5% increase[40]. Property Development and Sales - The company produced and invested in a total of 1 film and 1 television program during the review period, compared to 2 films in 2023[17]. - The company anticipates continued growth in property sales and revenue in the upcoming quarters, driven by strategic market expansions and new developments[137]. - The total confirmed sales from properties in Hong Kong reached HKD 924.6 million, with significant contributions from various residential and parking unit sales[125]. - The total sales area for the completed project "Blue Tang Ao" was approximately 405,831 square feet, with an average price of HKD 18,000 per square foot[141]. Financial Position and Assets - The company held cash and bank balances of approximately HKD 4.5 billion and undrawn financing of HKD 5.6 billion as of January 31, 2024[21]. - The total assets as of January 31, 2024, were HKD 60,952,834,000, compared to HKD 62,861,465,000 as of July 31, 2023, indicating a decrease of approximately 3.0%[54]. - The total liabilities decreased to HKD 37,893,418,000 from HKD 38,202,239,000, a reduction of about 0.8%[54]. - The company reported a fair value loss on investment properties of HKD 1,116,797,000 for the current period, compared to HKD 916,052,000 in the previous year[52]. Market Outlook and Strategic Initiatives - The global GDP growth for 2023 is expected to be stronger than anticipated, primarily due to the post-COVID-19 recovery, but geopolitical tensions and high interest rates are hindering recovery[76]. - The Hong Kong market is projected to see GDP growth between 2.5% and 3.5% in 2024, despite facing challenges such as high interest rates and low consumer confidence[77]. - The company is actively optimizing its tenant mix and has completed several renovations to enhance the competitiveness of its leasing properties in Hong Kong[80]. - The company has established a strategic alliance with Alibaba's Youku and Alibaba Pictures Group for joint production and investment in films and TV series, enhancing its market presence[155]. Restaurant and Catering Business - The restaurant and catering sales business generated revenue of HKD 285.8 million for the six months ending January 31, 2024, an increase of approximately 8.8% compared to HKD 262.6 million in the same period last year, primarily due to the easing of COVID-19 restrictions[197]. - The group opened two new restaurants during the review period: Plaisance by Mauro Colagreco and KiKi Noodle Shop at Hysan Place[197]. - The group currently operates 27 restaurants in Hong Kong and mainland China, along with one managed restaurant in Macau[197]. - The group holds a 38% stake in the Michelin three-star restaurant 8½ Otto e Mezzo BOMBANA in Hong Kong, which has maintained its rating from 2012 to 2024[197].
丽新国际(00191) - 2024 - 中期业绩