STOCK CODE: 277
2 0 2 2 / 2 0 2 3 I N T E R I M R E P O RT
CORPORATE INFORMATION | |
BOARD OF DIRECTORS | REGISTERED OFFICE |
Executive Directors | 26th Floor, Tern Centre, Tower I |
Chan Hoi Sow | 237 Queen's Road Central |
(Chairman and Managing Director) | Hong Kong |
Chan Yan Tin, Andrew | SHARE REGISTRAR AND TRANSFER OFFICE |
Chan Yan Wai, Emily | |
(Vice Chairman) | Computershare Hong Kong Investor |
Chan Yan Lam, Alan | Services Limited |
Shops 1712-1716, 17th Floor | |
Independent Non-Executive Directors | Hopewell Centre, 183 Queen's Road East |
Chan Kwok Wai | Wan Chai, Hong Kong |
Cheung Chong Wai, Janet | COMPANY SECRETARY |
Tse Lai Han, Henry | |
AUDIT COMMITTEE | Lee Ka Man ACG, ACS |
AUDITOR | |
Chan Kwok Wai | |
(Chairman) | HLM CPA Limited |
Cheung Chong Wai, Janet | Rooms 1501-8, 15/F, Tai Yau Building, |
Tse Lai Han, Henry | 181 Johnston Road, |
REMUNERATION COMMITTEE | Wanchai, Hong Kong |
SOLICITORS | |
Chan Kwok Wai | |
(Chairman) | Woo, Kwan, Lee & Lo |
Chan Yan Tin, Andrew | WEBSITE |
Tse Lai Han, Henry | |
NOMINATION COMMITTEE | www.tern.hk |
STOCK CODE | |
Chan Kwok Wai | |
(Chairman) | 277 |
Chan Yan Wai, Emily | |
Tse Lai Han, Henry | |
PRINCIPAL BANKERS | |
Credit Suisse Group AG | |
Hang Seng Bank Limited | |
Nanyang Commercial Bank, Ltd. | |
The Bank of East Asia, Limited |
- 1 -
The Board of Directors of Tern Properties Company Limited (the "Company") announces that the unaudited condensed consolidated financial results for the Company and its subsidiaries (the "Group") for the six months ended 30 September 2022, together with the comparative figures for the corresponding period in the previous year are as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 September 2022
Six months ended | |||||
30 September | |||||
2022 | 2021 | ||||
Notes | HK$'000 | HK$'000 | |||
(Unaudited) | (Unaudited) | ||||
Turnover | 4 | 25,669 | 30,865 | ||
Property expenses | (939) | (641) | |||
Gross profit | 24,730 | 30,224 | |||
Fair value loss on investment properties | (24,130) | (9,200) | |||
Loss on derecognition of debt instruments at | |||||
fair value through other comprehensive income | (8) | (9,657) | |||
Loss on disposal of financial assets at | |||||
fair value through profit or loss | (2,060) | (1,026) | |||
Unrealised loss on revaluation of financial assets | |||||
at fair value though profit or loss | (5,662) | (3,757) | |||
Reversal of impairment loss on debt instruments at | |||||
fair value through other comprehensive income | 4,269 | - | |||
Reversal of allowance for expected credit losses | 233 | - | |||
Dividend income | 467 | 723 | |||
Interest income | 8,935 | 17,300 | |||
Other income, gains and losses, net | 1,286 | 2,471 | |||
Administrative expenses | (15,703) | (14,865) | |||
(Loss) profit from operations | 5 | (7,643) | 12,213 | ||
Finance costs | 6 | (461) | (1,537) | ||
Share of results of associates | 13 | (3,703) | (3,860) | ||
(Loss) profit before taxation | (11,807) | 6,816 | |||
Taxation | 7 | (2,721) | (2,805) | ||
(Loss) profit for the period attributable to owners | |||||
of the Company | (14,528) | 4,011 | |||
Other comprehensive income (expense): | |||||
Items that may be reclassified subsequently to profit or loss: | |||||
Net loss arising on revaluation of debt instruments at fair | |||||
value through other comprehensive income | (39,270) | (47,754) | |||
Release of cumulative gain or loss on fair value change | |||||
on derecognition of debt instruments at | |||||
fair value through other comprehensive income | 612 | 46 | |||
Reversal of impairment loss on debt instruments | |||||
at fair value through other comprehensive income | (4,269) | - | |||
Exchange differences arising on translation of | |||||
foreign operations | (510) | (57) | |||
Other comprehensive expense for the period, | |||||
net of tax | (43,437) | (47,765) | |||
Total comprehensive expense for the period attributable | |||||
to owners of the Company | (57,965) | (43,754) | |||
(Loss) earnings per share | |||||
9 | HK1.45 cents | ||||
Basic and diluted | (HK5.24 cents) | ||||
- 2 -
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2022
Non-current assets Investment properties Property, plant and equipment Right-of-useassets
Interests in associates
Debt instruments at fair value through other comprehensive income
Financial assets at fair value through profit or loss Deferred rental income
Deferred tax assets
Current assets
Trade and other receivables
Debt instruments at fair value through other comprehensive income redeemable within one year
Financial assets at fair value through profit or loss Deferred rental income - current portion
Tax recoverable Pledged bank deposits Bank balances and cash
Current liabilities
Other payables and receipts in advance Deposits received from tenants
Tax payable Lease liabilities
Secured bank borrowings - due within one year
Net current assets
Total assets less current liabilities
Non-current liabilities Deposits received from tenants Lease liabilities
Secured bank borrowings - due after one year Deferred tax liabilities
Net assets
Capital and reserves
Share capital
Reserves
Total equity
- 3 -
30 September | 31 March | ||
2022 | 2022 | ||
Notes | HK$'000 | HK$'000 | |
(Unaudited) | (Audited) | ||
10 | 2,139,428 | 2,163,826 | |
11 | 1,107 | 1,625 | |
12 | 15,256 | 15,584 | |
13 | 262,567 | 267,101 | |
14 | 178,347 | 183,531 | |
14 | 430 | 430 | |
407 | 977 | ||
119 | 109 | ||
2,597,661 | 2,633,183 | ||
15 | 11,079 | 9,885 | |
14 | 1,430 | 1,341 | |
14 | 16,911 | 33,069 | |
924 | 381 | ||
2,092 | 3,404 | ||
42,014 | 20,417 | ||
102,404 | 134,713 | ||
176,854 | 203,210 | ||
6,611 | 6,322 | ||
9,282 | 8,861 | ||
1,727 | 474 | ||
16 | 569 | 562 | |
17 | 2,827 | 3,006 | |
21,016 | 19,225 | ||
155,838 | 183,985 | ||
2,753,499 | 2,817,168 | ||
9,200 | 9,994 | ||
16 | - | 286 | |
17 | 45,861 | 47,150 | |
33,752 | 32,929 | ||
88,813 | 90,359 | ||
2,664,686 | 2,726,809 | ||
18 | 229,386 | 229,386 | |
2,435,300 | 2,497,423 | ||
2,664,686 | 2,726,809 | ||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2022
Fair value | ||||||||||||
through | ||||||||||||
other | ||||||||||||
comprehensive | ||||||||||||
income | ||||||||||||
Share | Exchange | ("FVTOCI") | Dividend | Retained | ||||||||
capital | reserve | reserve | reserve | profits | Total | |||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |||||||
At 1 April 2022 (Audited) | 229,386 | 1,048 | (93,366) | 4,158 | 2,585,583 | 2,726,809 | ||||||
Loss for the period | ||||||||||||
- | - | - | - | (14,528) | (14,528) | |||||||
Other comprehensive income (expense): | ||||||||||||
Net loss arising on revaluation of debt | ||||||||||||
instruments at FVTOCI | - | - | (39,270) | - | - | (39,270) | ||||||
Release of cumulative gain or loss on | ||||||||||||
fair value change on derecognition of | ||||||||||||
debt instruments at FVTOCI | - | - | 612 | - | - | 612 | ||||||
Reversal of impairment loss on debt instruments at | ||||||||||||
fair value through other comprehensive income | - | - | (4,269) | - | - | (4,269) | ||||||
Exchange differences arising on | ||||||||||||
translation of foreign operations | - | (510) | - | - | - | (510) | ||||||
Total comprehensive expense for the period | ||||||||||||
- | (510) | (42,927) | - | (14,528) | (57,965) | |||||||
Dividends declared (note 8) | ||||||||||||
- | - | - | 1,386 | (1,386) | - | |||||||
Dividends paid | - | - | - | (4,158) | - | (4,158) | ||||||
At 30 September 2022 (Unaudited) | 229,386 | 538 | (136,293) | 1,386 | 2,569,669 | 2,664,686 | ||||||
At 1 April 2021 (Audited) | 229,386 | 1,016 | (2,021) | 5,822 | 2,648,151 | 2,882,354 | ||||||
Profit for the period | - | - | - | - | 4,011 | 4,011 | ||||||
Other comprehensive income (expense): | ||||||||||||
Net loss arising on revaluation of debt | ||||||||||||
instruments at FVTOCI | - | - | (47,754) | - | - | (47,754) | ||||||
Release of cumulative gain or loss on | ||||||||||||
fair value change on derecognition | ||||||||||||
of debt instruments at FVTOCI | - | - | 46 | - | - | 46 | ||||||
Exchange differences arising on | ||||||||||||
translation of foreign operations | - | (57) | - | - | - | (57) | ||||||
Total comprehensive income (expense) | ||||||||||||
for the period | - | (57) | (47,708) | - | 4,011 | (43,754) | ||||||
Dividends declared | - | - | - | 3,327 | (3,327) | - | ||||||
Dividends paid | - | - | - | (5,822) | - | (5,822) | ||||||
At 30 September 2021 (Unaudited) | 229,386 | 959 | (49,729) | 3,327 | 2,648,835 | 2,832,778 | ||||||
- 4 -
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tern Properties Company Limited published this content on 23 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2022 08:15:08 UTC.