Financial Performance - The company reported a loss of HKD 202,037,000 for the six months ended January 31, 2024, compared to a loss of HKD 222,578,000 for the same period in 2023, indicating an improvement in performance [21]. - Total comprehensive expenses for the period amounted to HKD 273,139,000, down from HKD 370,330,000 in the previous year, reflecting a reduction of approximately 26.2% [21]. - The company experienced a foreign exchange loss of HKD 71,102,000 during the reporting period, compared to a loss of HKD 123,966,000 in the previous year [21]. - The company reported a decrease in reserves from HKD 11,122,731 as of July 31, 2023, to HKD 10,896,064 as of January 31, 2024, a decline of about 2.04% [29]. - The company’s total liabilities decreased from HKD 2,268,708 as of July 31, 2023, to HKD 2,992,051 as of January 31, 2024, indicating a reduction of approximately 31.83% [29]. - The company reported a net loss attributable to the company's owners for the six months ended January 31, 2024, was HKD 174.5 million, slightly improved from a loss of HKD 176.9 million in the prior year [112]. - The basic and diluted loss per share for the period was HKD 0.527, compared to HKD 0.535 in the previous year, showing a marginal improvement [49]. Revenue and Profitability - Total revenue for the six months ended January 31, 2024, was HKD 1,409,290,000, representing an increase from HKD 1,002,365,000 in the same period last year, a growth of approximately 40.5% [41]. - Gross profit for the period was HKD 679,747,000, up from HKD 474,844,000, indicating a gross margin improvement [49]. - Operating profit increased significantly to HKD 363,063,000 from HKD 189,902,000, reflecting a growth of approximately 91.1% [49]. - The total revenue from property management operations was HKD 1,129,231,000, an increase from HKD 750,306,000 in the previous period [66]. - Revenue from theme park operations was HKD 71,688,000, up from HKD 9,878,000 in the previous period [66]. - The property development business recorded revenue of HKD 897.9 million for the six months ended January 31, 2024, a significant increase of 57.4% compared to HKD 570.5 million in the same period last year [173]. Cash Flow and Liquidity - The company recorded cash and cash equivalents of HKD 1,193,734 as of January 31, 2024, down from HKD 1,599,442 as of July 31, 2023, indicating a decrease of about 25.38% [37]. - The net cash outflow from operating activities for the six months ended January 31, 2024, was HKD 450,681, compared to HKD 506,991 for the same period in the previous year, reflecting a reduction of approximately 11.09% [36]. - The net cash flow from operating activities for the six months ended January 31, 2024, was HKD 167,392,000, an improvement from a cash outflow of HKD 192,160,000 in the previous period [56]. - The net cash flow used in investing activities was HKD (337,553,000), a decrease from HKD 1,096,250,000 in the previous period [57]. - The net cash flow used in financing activities was HKD (280,520,000), compared to HKD (1,411,081,000) in the previous period [58]. - As of January 31, 2024, the company had cash on hand of approximately HKD 2,151,600,000 and undrawn loan facilities of HKD 3,091,800,000 [130]. Shareholder and Ownership Structure - The company’s major shareholder, Lisheng Development Limited, holds a 55.08% stake, indicating significant control over the company [2]. - The company has not disclosed any other entities or individuals holding 5% or more voting rights in the shareholder register as of January 31, 2024 [4]. - The company’s net asset value attributable to shareholders was HKD 12,551,200,000, with a slight decrease in net asset value per share from HKD 38.60 to HKD 37.92 [134]. Cost Management and Operational Efficiency - The company’s executive directors and management have had their salaries reduced by 5% to 70% effective February 1, 2024, as part of cost management measures [12]. - The company incurred interest income of HKD 20,542 for the six months ended January 31, 2024, down from HKD 30,196 in the prior year, a decrease of about 32.06% [34]. - The company incurred interest expenses of HKD 352,504,000 for bank loans during the six months ended January 31, 2024, compared to HKD 245,026,000 in the previous year [90]. Market and Economic Conditions - The average exchange rate for RMB during the reporting period depreciated by approximately 3.0% compared to the previous year [116]. - The company is facing challenges in the office leasing business due to economic slowdown in China, leading to a slight increase in vacancy rates and a decrease in rental prices [124]. - The company maintains a cautious optimism regarding the long-term sustainability of the business environment in China, particularly in the Greater Bay Area [102]. Future Outlook and Development - The company is optimistic about the ongoing development of the Hengqin-Macau cooperation zone, which is expected to enhance tourism and contribute to long-term performance [83]. - New properties, including the second phase of the Hengqin Innovation Center, are expected to contribute to revenue in the upcoming fiscal year [125]. - The group plans to consider expanding its land reserves based on macroeconomic conditions and existing business in first-tier cities and the Greater Bay Area [104].
丽丰控股(01125) - 2024 - 中期财报