海港企业(00051) - 2023 - 中期业绩

Financial Performance - The group reported a basic net loss of HKD 75 million for the first half of 2023, an improvement from a loss of HKD 86 million in the same period of 2022 [3]. - Revenue increased by 25% to HKD 673 million, compared to HKD 538 million in the previous year [11]. - The attributable loss to shareholders was HKD 12 million, a significant improvement from a loss of HKD 136 million in the previous year [15]. - The group reported a loss attributable to shareholders of HKD 12 million for the period, compared to a loss of HKD 136 million in 2022 [31]. - Operating profit for the group was HKD 183 million, compared to HKD 30 million in the prior year, indicating a substantial improvement [43]. - The operating profit before depreciation, interest, and tax for the period was HKD 286 million, significantly up from HKD 85 million in the previous year [31]. - The group recorded a net cash inflow from operating activities of HKD 132 million for the period, compared to a cash outflow of HKD 200 million in 2022 [28]. Revenue Breakdown - Hotel revenue surged by 106% to HKD 454 million, with operating profit rising to HKD 15 million from a loss of HKD 164 million [11]. - The hotel segment in Hong Kong saw room rates return to pre-pandemic levels, although occupancy rates have not fully recovered [6]. - The investment property segment generated revenue of HKD 121 million, up from HKD 102 million in the previous year, marking an 18.6% increase [40]. - The development property segment reported a revenue decline to HKD 22 million from HKD 135 million, a decrease of 83.7% [42]. - Revenue for the six months ended June 30, 2023, was HKD 673 million, an increase of 25% from HKD 538 million in 2022 [31]. - Hotel segment revenue increased to HKD 454 million in 2023 from HKD 220 million in 2022, reflecting a significant growth of 106% [42]. Expenses and Provisions - The group recorded a significant impairment provision of HKD 349 million for development properties due to market weakness [10]. - Other net expenses amounted to HKD 90 million, primarily due to an impairment provision of HKD 88 million for mainland development properties [13]. - The group incurred net other expenses of HKD 90 million, compared to HKD 75 million in the previous year, reflecting a 20% increase in expenses [40]. - Employee costs increased to HKD 80 million from HKD 60 million year-on-year, which includes contributions to defined contribution retirement plans [44]. - The total tax expense for the six months ended June 30, 2023, was HKD 22 million, compared to a tax benefit of HKD 16 million in 2022 [48]. Assets and Liabilities - Total assets decreased to HKD 17.86 billion from HKD 18.84 billion as of December 31, 2022 [18]. - The equity attributable to shareholders decreased by 3% to HKD 14.71 billion, equivalent to HKD 20.76 per share [17]. - The total liabilities decreased to HKD 2.96 billion as of June 30, 2023, from HKD 3.52 billion at the end of 2022 [35]. - Total liabilities decreased to HKD 1,440 million as of June 30, 2023, from HKD 1,668 million at the end of 2022, representing a reduction of 13.7% [51]. - The remaining development property assets totaled approximately RMB 2.4 billion (equivalent to HKD 2.6 billion), representing about 15% of the group's total assets [9]. Investment Properties - The group's investment properties benefited from tenant sales growth, leading to a 19% increase in revenue and a 20% increase in operating profit [7]. - The group's investment properties generated a revaluation surplus of HKD 63 million for the period ending June 30, 2023, compared to a loss of HKD 50 million in 2022 [12]. - The total investment properties reached HKD 50.67 billion, up from HKD 50.05 billion at the end of 2022 [21]. - For the six months ended June 30, 2023, the gross rental income from investment properties was HKD 121 million, an increase of 18.6% compared to HKD 102 million in 2022 [45]. Market Conditions - The number of visitors to Hong Kong only recovered to 37% of pre-pandemic levels, while retail sales reached 85% [5]. - The group did not declare any interim dividend for the first half of 2023, consistent with the previous year [4]. Corporate Governance and Compliance - The company has adhered to the Corporate Governance Code throughout the financial period, with the exception of the separation of roles between the Chairman and CEO [53]. - The company did not purchase, sell, or redeem any of its listed securities during the financial period [54]. - The group has not adopted any new accounting standards that are not yet effective during the current accounting period [37]. Credit Facilities and Financing - As of June 30, 2023, the group had available credit facilities amounting to HKD 2.32 billion, with HKD 740 million already utilized [27]. - The net finance costs were HKD 21 million, slightly up from HKD 20 million in 2022 [14]. - The group maintained a liquid listed equity investment portfolio valued at HKD 2.84 billion, down from HKD 3.19 billion at the end of 2022 [27]. - The group's equity investments, valued at market price, decreased to HKD 28.43 billion from HKD 31.92 billion, representing 16% of total assets [23]. Staffing - The group employed approximately 1,200 staff as of June 30, 2023, with compensation structured based on job responsibilities and market trends [30].