[
HK$ Million For the year ended31 December 2021 2020 Change
Revenue 1,247 1,315 -5.1%
Profit attributable to shareholders 330 302 +9.3%
Underlying profit attributable to shareholders 423 454 -6.8%
Basic underlying earnings per share (HK$) 0.61 0.66 -7.6%
Dividend per share (HK Cents)
Final dividend per share 26 20 28
Interim dividend per share 22 7.1% 9.1%
The Group's revenue for the year amounted to
HK22 cents per share) paid on
More than two years have passed since the initial outbreak of covid-19 pandemic. Intermittent surges of the pandemic and emergences of variant strains have destabilized the global economy.
Governments around the world have kept anti-pandemic measures up in response.
Overall, all of the Group's businesses continued to be constrained to varying degrees by the influences of such factors as covid-19 pandemic situation, social-distancing rules and the economic atmosphere. The Group has incessantly kept a close watch on the pandemic and swiftly adjusted its strategies and operations accordingly. Every endeavor has been made to initiate new sales models and product categories, including the launch of the Group's first consumption voucher reward across multiple businesses and pre-sale promotions at eShop. Following a series of marketing initiatives and activities, the hotel & serviced apartments business turned from loss to a surplus and the food & beverage business recorded an increase in revenue. The leasing segment saw a slight drop in overall performance attributed to our continued reliefs to certain tenants seriously affected by the pandemic through rent concession or lease restructuring.
Revaluation of the relevant properties continued to dip slightly.
Hotels and Serviced Apartments Business
During the year, the hotel and serviced apartments business recorded a revenue of
As the pandemic situation continued for more than two years, the hotel sector across the globe was hit to an extent never seen before. With the strictest quarantine measures and cross-border restrictions in place in
The Group made agile adjustments to its strategies, which led to a rapid revenue growth of more than 40% in the hotel and serviced apartments business, and its EBITDA reversed from loss to profit. Faced with the onslaught of the pandemic's fifth wave, the Group continued to strengthen cost control in adequate and enduring preparation for an uncertain future.
Property Rental Business
The revenue of our property rental business decreased to
In the first half of 2021, with the pandemic retreating pandemic and the government releasing a consumption voucher scheme,
Along with increasing public awareness of environmental protection, our shopping malls also infused various green elements into its operational and strategic partnerships, including a rebranded loyalty programme with sustainable living concept; green pop-up markets; and the Gimme LiVe music festival embedded with music and environmental-friendly features. While various efforts were made to promote environmental protection, the Group also encourages shoppers to give back to society by collaborating with charities such as
To further enhance the customers' experience, the mall invited a number of specialty brands and restaurants to join in, including Umegaoka Sushi No Midori Souhonten, Nuttea, and the first image concept store for men RICKYKAZAF.
Change in fair value of investment properties
The Group's investment properties (mainly the
During the year, the fair value of the Group's total investment properties decreased by
Food and Beverage Business
The Group's food and beverage business recorded revenue of
Early last year, the government relaxed social distancing measures when the pandemic situation was under control. Consumption sentiment among citizens began to improve steadily, and dinein business and reservation rate started to recover. With the launch of the 'vaccine bubble' programme in April last year, the Group's restaurants quickly adjusted its operational model to type C or D, and raised the upper limits on the maximum diners per table and the total capacity of the restaurants, as well as extending the operating hours, in order to capture the rising demands for dine-in services and festive celebrations. Meanwhile, the Group continued to stimulate sales through special offers for dine-in and takeaway and advance sales through Mira eShop. The Group also actively sought collaborative business opportunities, including joining hands with liquor wholesalers in launching festive hampers and wine tasting menus. In view of the potential of the local catering market, the Group closed two restaurants during the year, and actively preparing to introduce brand-new dining concepts to extend new markets and demographics.
Thanks to the various agile sales strategies, the year's revenue improved in comparison to last year.
Travel Business
Due to the resurgence in covid-19 cases, cross-border reopening was delayed indefinitely and there was yet no sign of the international tourism market recovering. Just like any other peers in the industry, the Group's travel business stayed in a standstill. Though the government had once announced the resumption of open-sea cruise travel in the middle of last year, it was once again called to a halt by early 2022, in view of the mutated virus widely spreading, overlaying the local tourism market with heavy dark clouds. The Group's travel business recorded revenue of
Operating and other expenses
Despite the discouraging outlook around the globe, the Group continued to strictly control costs and improve its operating efficiency. On the other hand, in accordance with the Hong Kong Accounting Standards, the Group is required to conduct regular assessments of its leased rightto-use assets, other properties, plant and equipment. Due to the enduring pandemic, the operating income derived from these assets is expected to decline, hence an impairment provision of
Corporate Finance
The Group is committed to a stable and healthy financial policy, with more than sufficient funds and credit lines secured, that would enable the Group to cope with any uncertain economic situation forthcoming, and to undertake business development plans of promising prospect. The Group maintained a good liquidity position, with very mild liquidity risk. The Group's gearing ratio (calculated by dividing consolidated total borrowings by the consolidated total shareholders' equity) as of
Business Outlook
Currently,
Meanwhile, the Group earnestly seeks various potential investment opportunities, and getting the team ready for business development.
Mr.
- End -
About
Established in
For further information, please contact:
Marketing Manager -
Tel: (852) 2315 5318
Email: bonny.wang@miramar-group.com
Director of
Tel: (852) 2315 5513
Email: lucy.cheung@miramar-group.com
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