Financial Performance - The unaudited consolidated revenue for the three months ended March 31, 2024, was HKD 6,389,233,000, representing a 19.8% increase from HKD 5,332,649,000 in the same period of 2023[2]. - The unaudited consolidated profit before tax decreased by 6.3% to HKD 1,914,668,000, compared to HKD 2,044,184,000 in the previous year[2]. - The unaudited profit attributable to owners of the company was HKD 1,272,397,000, a slight decrease of 0.9% from HKD 1,284,561,000 in the same period last year[2]. - The company reported a net loss of HKD 20,528,000 from fair value changes in investment properties, compared to a gain of HKD 311,008,000 in the previous year[2]. - The pre-tax loss for the period was HKD 133,852,000, compared to a pre-tax profit of HKD 181,230,000 in 2023, primarily due to increased sales and marketing expenses[17]. Asset and Equity - The total assets as of March 31, 2024, were HKD 138,490,885,000, down 1.1% from HKD 139,965,972,000 as of December 31, 2023[2]. - The equity attributable to owners of the company increased by 3.0% to HKD 43,048,779,000 from HKD 41,802,210,000 as of December 31, 2023[2]. - The company holds completed unsold properties valued at approximately HKD 9.967 billion and development properties valued at HKD 21.502 billion as of March 31, 2024[18]. Water Supply Projects - The total water supply for the Dongshen Water Supply Project was 602 million tons, an increase of 2.2% from 589 million tons in 2023, generating revenue of HKD 1,761,000,000, up 2.4% from HKD 1,720,000,000[5]. - The pre-tax profit for the Dongshen Water Supply Project was HKD 1,178,000,000, reflecting a 5.9% increase from HKD 1,112,000,000 in the previous year[5]. - The total designed water supply capacity and sewage treatment capacity of other water resource projects remained stable at 16,150,200 tons and 3,345,900 tons per day, respectively[6]. - The operational water supply capacity of subsidiaries and joint ventures increased to 10,736,800 tons per day from 8,901,800 tons per day in the previous year[6]. - The total water supply capacity of the group's subsidiaries as of March 31, 2024, is 8,786,800 tons per day, while the wastewater treatment capacity is 2,054,400 tons per day, representing an increase from 6,951,800 tons and 1,925,900 tons respectively in the previous year[8]. - The group is currently constructing water supply plants with a total capacity of 1,237,000 tons per day and wastewater treatment capacity of 50,000 tons per day as of March 31, 2024[9]. - The wastewater treatment capacity of the group's subsidiaries is significantly bolstered by various projects, with notable capacities such as 600,000 tons per day from Jianghe Port Wu Water Co., Ltd.[8]. Property Investment and Development - The property investment and development segment, specifically from Guangdong Tianhe City, saw an 18.3% increase in revenue to HKD 416,509,000, up from HKD 352,100,000 in 2023[10]. - The pre-tax profit from property investment activities rose by 23.2% to HKD 248,632,000, compared to HKD 201,868,000 in the previous year, driven by increased rental income[10]. - The group operates several shopping malls under Guangdong Tianhe City, contributing to the overall increase in property investment revenue[10]. - Tianhe City Plaza reported a 12.6% increase in revenue to HKD 190,717,000 for Q4 2024, with an average occupancy rate of 98.9%[11]. - Tianhe City Shopping Center in Tianjin saw a significant revenue increase of 32.4% to HKD 68,590,000, with an occupancy rate of 97.6%[11]. - Guangzhou Animation Star City achieved a remarkable revenue growth of 79.7% to HKD 18,415,000, maintaining a high occupancy rate of 99.9%[11]. - The newly opened Yuehai Tiandi generated HKD 8,740,000 in revenue, achieving a 100% occupancy rate since its opening in December 2023[11]. - The total leasable area across all properties is approximately 576,900 square meters, with total revenue for Q4 2024 reaching HKD 416,509,000, reflecting an 18.3% increase compared to the previous year[11]. - The total floor area of completed and pending sale properties is approximately 2,000,000 square meters, with several projects expected to complete by 2027[13][14]. - The cumulative signed floor area for the Shenzhen Yuehai City project reached 91.2%, with a total area of 114,986 square meters available for sale[15]. - In Zhongshan, the cumulative signed floor area for Yuehai City reached 33.1%, with a total area of 236,728 square meters[16]. - The cumulative delivered floor area for Jiangmen Yuehai One Gui Fu is 66.5%, with a total area of 158,407 square meters available for sale[16]. - Revenue for the period increased by 303.7% to HKD 1,740,586,000, compared to HKD 431,118,000 in 2023, with property sales contributing HKD 1,727,973,000[17]. - The total area of signed and delivered properties reached approximately 58,000 square meters, up from 71,000 square meters in 2023, while delivered area increased to 79,000 square meters from 35,000 square meters[17]. Hotel and Other Operations - The average occupancy rate for the hotel segment was 95.4%, with an average room rate of HKD 1,248, compared to HKD 1,153 in 2023[22]. - The total revenue from the hotel management business increased by 16.2% to HKD 162,829,000, with a pre-tax profit of HKD 37,266,000, up 67.7% from HKD 22,217,000 in 2023[22]. - The average rental rate for the investment property increased to 97.1%, with total revenue rising by 1.7% to HKD 12,233,000[19]. - The total revenue from the department store operations decreased by 19.7% to HKD 130,933,000, with a pre-tax profit of HKD 28,384,000, down 18.6% from HKD 34,863,000 in 2023[20]. Energy and Infrastructure - Electricity sales volume for the energy project increased by 7.1% to 634 million kWh, while revenue decreased by 3.4% to HKD 390,680,000 due to lower electricity prices[23]. - The average daily traffic for the Xingliu Expressway increased by 2.7% to 29,743 vehicles, but revenue decreased by 4.5% to HKD 167,446,000[24]. Strategic Initiatives - The company aims to maintain a stable development strategy amidst global economic uncertainties, focusing on risk control and long-term value creation for stakeholders[26]. - The company plans to expand its efforts in the water resource industry chain, targeting high value-added businesses while optimizing asset allocation[26]. - The company will actively seek market acquisition opportunities related to the "Guangdong-Hong Kong-Macao Greater Bay Area" development strategy[26]. - The company has established a wholly-owned subsidiary, Dongguan Yuehai Yinpeng Development and Construction Co., Ltd., to fulfill its responsibilities in the Yinpeng project[25]. - As of March 31, 2024, four project roads have been completed, and one road is under construction[25]. - The company emphasizes a development strategy of "seeking progress while maintaining stability" to ensure core business stability[26]. Project Costs and Financial Review - Cumulative construction costs for the Yinpeng project amount to approximately RMB 1.999 billion (equivalent to about HKD 2.205 billion) as of December 31, 2023[25]. - Interest, management, and maintenance costs recognized for the Yinpeng project increased by 16.6% to HKD 39.343 million for the period[25]. - Pre-tax profit for the Yinpeng project rose by 10.1% to HKD 33.896 million for the period[25]. - The financial data for the three months ending March 31, 2024, has been reviewed by the company's audit committee but remains unaudited[27].
粤海投资(00270) - 2024 Q1 - 季度业绩