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华星控股(08237) - 2023 - 中期财报
LINK HOLDINGSLINK HOLDINGS(HK:08237)2024-01-05 14:56

Financial Performance - The hotel operating revenue for the group was approximately HKD 26.0 million, an increase of about 179.6% compared to HKD 9.3 million in the same period last year[7]. - The loss attributable to the owners of the company was approximately HKD 57.1 million, compared to HKD 24.9 million in the previous year[7]. - The basic loss per share was approximately HKD 1.425, compared to HKD 0.712 in the previous year[7]. - Total revenue for the six months ended June 30, 2023, was HKD 26,042,379, compared to HKD 9,281,393 for the same period in 2022[8]. - The gross profit for the six months ended June 30, 2023, was HKD 17,880,436, compared to HKD 2,340,351 in the previous year[8]. - The total comprehensive loss for the period was HKD 64,732,182, compared to HKD 38,593,147 in the previous year[8]. - For the three months ended June 30, 2023, the loss attributable to owners of the company was HKD 45,970,623, compared to a loss of HKD 10,249,075 for the same period in 2022, representing an increase of 348%[10]. - For the six months ended June 30, 2023, the loss attributable to owners of the company was HKD 57,056,335, compared to a loss of HKD 24,854,605 for the same period in 2022, indicating a 130% increase[10]. - The total comprehensive loss attributable to owners for the six months ended June 30, 2023, was HKD 64,769,529, compared to HKD 38,452,129 for the same period in 2022, reflecting a 68% increase[10]. Assets and Liabilities - As of June 30, 2023, total non-current assets amounted to HKD 537,870,503, a decrease from HKD 549,555,481 as of December 31, 2022[12]. - Current assets increased to HKD 85,008,462 as of June 30, 2023, compared to HKD 67,730,988 as of December 31, 2022, marking a 25% increase[12]. - Current liabilities rose to HKD 472,126,365 as of June 30, 2023, compared to HKD 422,380,935 as of December 31, 2022, representing a 12% increase[12]. - The net current liabilities as of June 30, 2023, were HKD 387,117,903, compared to HKD 354,649,947 as of December 31, 2022, indicating a 9% increase[13]. - The total equity attributable to owners decreased to HKD 98,393,991 as of June 30, 2023, from HKD 146,578,489 as of December 31, 2022, a decline of 33%[13]. Cash Flow and Financing - The net cash flow used in operating activities for the six months ended June 30, 2023, was HKD (21,742,793), compared to HKD (10,201,048) for the same period in 2022, indicating a significant increase in cash outflow[18]. - The group reported a net cash increase of HKD 31,054,660 for the six months ended June 30, 2023, compared to a decrease of HKD (20,322,679) in the same period of 2022[18]. - The group’s cash flow from financing activities for the six months ended June 30, 2023, was HKD 52,843,301, compared to a cash outflow of HKD (10,114,749) in the same period of 2022[18]. - The company is seeking external debt financing to avoid cash shortfall situations[53]. - The company has entered into a repayment deferral agreement with convertible bondholders, extending the repayment period to February 16, 2024, with a partial repayment of HKD 16,057,191.78 due by that date[67]. Operational Highlights - The average occupancy rate for the group’s main hotel was 66%, a significant increase from 9% in the previous year[45]. - The hotel operations in Singapore have shown gradual improvement, with occupancy rates returning to pre-COVID-19 levels, despite the termination of a government contract for isolation purposes[39]. - The group generated rental income of approximately HKD 3.1 million from hotel tenants, representing 12.1% of total hotel business revenue, compared to 2.4% in the previous year[45]. - The group recorded a rental income from hotel properties of HKD 3,137,323 for the six months ended June 30, 2023, compared to HKD 2,388,866 in the same period of 2022, representing a 31% increase[25]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2023, amounted to HKD 9,729,474, up from HKD 6,526,497 in the same period of 2022, reflecting a 49% increase[29]. - The group’s depreciation expense for property, plant, and equipment for the six months ended June 30, 2023, was HKD 5,475,417, down from HKD 6,215,735 in the same period of 2022[29]. Strategic Initiatives - The company is committed to enhancing its operational strategies to mitigate losses and improve financial performance in the future[6]. - The company continues to seek business partnerships to enhance overall performance in its hotel operations[39]. - The company is actively monitoring its working capital and considering appropriate funding avenues to ensure sufficient financial resources for operational needs[49]. - The company is evaluating the potential sustainability of the Bintan resort development project to meet the growing demand for luxury accommodations[74]. Regulatory and Compliance - The company must comply with the Stock Exchange's resumption guidance by April 2, 2024, or face potential delisting[94]. - The company has received additional resumption guidance regarding the minimum public float requirement under GEM Listing Rule 11.23(7)[95]. - The company is currently seeking to restore compliance with the GEM listing rules regarding public float requirements, with plans for a potential sale of shares by a major shareholder[83]. Shareholder Information - Major shareholders include Ace Kingdom, which holds 2,610,680,001 shares, representing 62.34% of the total shares[99]. - CMI Financial Holding Company Limited holds 690,000,000 shares, accounting for 16.48% of the total shares[100]. - The average number of ordinary shares for calculating basic loss per share increased to 4,002,895,028 for the six months ended June 30, 2023, from 3,490,000,000 in the same period of 2022[32].