Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 6.244 billion, a decrease from HKD 7.114 billion in the same period last year [5]. - Profit attributable to equity holders was HKD 474 million, compared to HKD 286 million in the previous year [4]. - Basic earnings per share increased to HKD 0.077 from HKD 0.046 year-on-year [6]. - Gross profit for the period was HKD 2.030 billion, up from HKD 1.717 billion in the prior year [5]. - The company's profit attributable to shareholders for the first half of 2023 was HKD 474.5 million, representing a 65.8% increase compared to HKD 286.1 million in the same period of 2022 [28]. - Revenue for the first half of 2023 was HKD 6.244 billion, a decrease of 12.2% from HKD 7.114 billion in the first half of 2022 [31]. - The group's profit before tax for the six months ended June 30, 2023, was HKD 1,336,594 thousand, compared to HKD 1,005,982 thousand for the same period in 2022, indicating an increase of approximately 32.7% [14][16]. - Other income for the six months ended June 30, 2023, totaled HKD 88,920 thousand, down from HKD 140,367 thousand in the same period of 2022, reflecting a decrease of about 36.7% [17]. - The financial expenses for the six months ended June 30, 2023, were HKD 149,999 thousand, a decrease from HKD 200,743 thousand in the same period of 2022, representing a reduction of about 25.1% [19]. - The group reported a net profit from associates and joint ventures of HKD 219,129 thousand for the six months ended June 30, 2023, compared to HKD 219,620 thousand in the same period of 2022, showing a slight decrease of approximately 0.2% [14][18]. Assets and Liabilities - Total assets as of June 30, 2023, were HKD 39.486 billion, down from HKD 42.211 billion at the end of 2022 [8]. - Total liabilities decreased to HKD 10.203 billion from HKD 12.557 billion at the end of 2022 [8]. - Non-current assets amounted to HKD 30.559 billion, a decrease from HKD 31.983 billion [7]. - Cash and cash equivalents were HKD 6.421 billion, down from HKD 7.955 billion at the end of 2022 [7]. - Trade receivables as of June 30, 2023, amounted to HKD 1.586 billion, compared to HKD 1.540 billion as of December 31, 2022 [25]. - Trade payables as of June 30, 2023, were HKD 1.277 billion, down from HKD 1.653 billion as of December 31, 2022 [26]. - The debt ratio as of June 30, 2023, was 20.4%, down from 28.0% as of December 31, 2022 [49]. - As of June 30, 2023, the total borrowings of the group amounted to HKD 5.96 billion, primarily at floating interest rates [51]. Operational Performance - Total cargo throughput reached 224 million tons, with container throughput at 10.27 million TEUs [3]. - For the first half of 2023, the total cargo throughput was 22.4 million tons, a 1.0% increase from 22.2 million tons in the same period of 2022 [28]. - The cargo handling segment's performance for the six months ended June 30, 2023, was HKD 1,339,558 thousand, an increase from HKD 1,040,374 thousand in the same period of 2022, reflecting a growth of approximately 28.8% [15][16]. - The group's handling business revenue was HKD 3.624 billion, an increase of 1.6% year-on-year, and an increase of 8.6% in RMB terms, mainly due to the rise in container handling throughput [34]. - The total throughput of bulk cargo was 11.778 million tons, a decrease of 2.3% year-on-year, with a 5.2% decline in the throughput of owned terminals and a 6.7% increase in joint and associated terminals [35]. - The total throughput of container handling was 10.27 million TEUs, an increase of 2.3% year-on-year, with a 26.0% increase in owned terminals and a 20.6% decrease in joint and associated terminals [37]. - Container handling revenue was HKD 1.07 billion, an increase of 14.8% year-on-year, and a 22.8% increase in RMB terms, primarily due to increased throughput [38]. Expenses and Costs - The cost of sales for the first half of 2023 was HKD 4.211 billion, down 21.9% from HKD 5.390 billion in the same period of 2022 [33]. - The group's gross profit for the first half of 2023 was HKD 2.03 billion, an increase of 18.3% year-on-year, with a gross margin of 32.5%, up 8.4 percentage points from the previous year [41]. - Administrative expenses increased by 1.9% year-on-year to HKD 898 million, mainly due to rising R&D costs [42]. Corporate Governance and Compliance - The group has adhered to all provisions of the corporate governance code during the six-month period ending June 30, 2023 [55]. - The independent auditor reviewed the interim financial statements for the six months ending June 30, 2023 [54]. - The group did not purchase, sell, or redeem any of its listed securities during the six-month period ending June 30, 2023 [55]. - There were no significant events affecting the group that required disclosure after the six-month period ending June 30, 2023 [53]. Future Outlook - The company aims to enhance port infrastructure and promote smart upgrades and low-carbon development in the second half of 2023 [30]. - The group has adopted new accounting policies effective from January 1, 2022, which did not have a significant impact on the financial statements [12]. - The group continues to assess the impact of the revised Hong Kong Accounting Standards on its financial position and performance, with no significant effects reported for the current period [12]. - The group will continue to closely monitor exchange and interest rate risks, adjusting its funding strategy as necessary [51].
天津港发展(03382) - 2023 - 中期业绩