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ASIA STANDARD INTERNATIONAL GROUP LIMITED
(Incorporated in Bermuda with limited liability)
(Stock Code: 129)
ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2020
FINANCIAL HIGHLIGHTS | |||
(In HK$ million, except otherwise indicated) | Six months ended | ||
30th September | |||
2020 | 2019 | Change | |
Revenue | 1,262 | 1,260 | - |
Operating profit | 884 | 1,036 | -15% |
Profit attributable to shareholders of the Company | 652 | 635 | +3% |
Earnings per share - basic (HK$) | 0.49 | 0.48 | +2% |
30th | 31st | ||
September | March | ||
2020 | 2020 | ||
Total assets | 40,804 | 38,235 | +7% |
Net assets | 21,371 | 18,851 | +13% |
Equity attributable to shareholders of the Company | 20,574 | 18,228 | +13% |
Net debt | 16,603 | 17,269 | -4% |
Supplementary information with hotel properties in operation at valuation: | |||
Revalued total assets | 49,482 | 47,118 | +5% |
Revalued net assets | 30,049 | 27,734 | +8% |
Equity attributable to shareholders of the Company | 27,750 | 25,574 | +9% |
Gearing - net debt to revalued net assets | 55% | 62% | -7% |
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The Board of Directors (the "Board") of Asia Standard International Group Limited (the "Company") announces that the unaudited condensed consolidated results of the Company and its subsidiaries (together the "Group") for the six months ended 30th September 2020 together with the comparative figures for the six months ended 30th September 2019 were as follows:
CONDENSED CONSOLIDATED PROFIT AND LOSS ACCOUNT - UNAUDITED For the six months ended 30th September
Note | 2020 | 2019 | ||||
HK$'000 | HK$'000 | |||||
Interest revenue | 1,135,840 | 887,477 | ||||
Sales of goods and services, leasing and other revenue | 126,597 | 372,810 | ||||
Total revenue | 2 | |||||
1,262,437 | 1,260,287 | |||||
Cost of sales | (33,202) | (150,827) | ||||
Gross profit | ||||||
1,229,235 | 1,109,460 | |||||
Selling and administrative expenses | (110,231) | (133,020) | ||||
Depreciation | (61,504) | (72,107) | ||||
Net investment gain | 3 | 38,215 | ||||
Net realised and unrealised gain | 25,862 | |||||
Changes in expected credit losses | 5,349 | 10,687 | ||||
Fair value (loss)/gain of investment properties | (216,831) | 95,341 | ||||
Operating profit | ||||||
884,233 | 1,036,223 | |||||
Net finance costs | 5 | (219,988) | (306,665) | |||
Share of profits less losses of | 110,780 | |||||
Joint ventures | (1,491) | |||||
Associated companies | (58,392) | (34,998) | ||||
Profit before income tax | ||||||
716,633 | 693,069 | |||||
Income tax expense | 6 | (12,200) | (13,693) | |||
Profit for the period | ||||||
704,433 | 679,376 | |||||
Attributable to: | ||||||
Shareholders of the Company | 651,886 | 635,149 | ||||
Non-controlling interests | 52,547 | 44,227 | ||||
704,433 | 679,376 | |||||
Earnings per share (HK$) | ||||||
Basic | 8 | 0.49 | 0.48 | |||
Diluted | ||||||
8 | 0.49 | 0.48 | ||||
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - UNAUDITED
For the six months ended 30th September
2020 | 2019 | |
HK$'000 | HK$'000 | |
Profit for the period | 704,433 | 679,376 |
Other comprehensive income/(charge) | ||
Items that have been reclassified or may be reclassified | ||
subsequently to profit or loss: | ||
Net fair value gain/(loss) on debt securities at fair value | 1,808,603 | (544,683) |
through other comprehensive income | ||
Cash flow hedges | (144,742) | - |
- net fair value loss | ||
- deferred tax on derivative financial instruments | 29,667 | - |
Currency translation differences | 25,891 | 2,263 |
Share of currency translation differences of joint ventures | 99,439 | (84,163) |
Items that will not be reclassified to profit or loss: | ||
Equity securities at fair value through other comprehensive | ||
income | (2,506) | (85,694) |
- net fair value loss | ||
- realised gain | - | 186 |
1,816,352 | (712,091) | |
Total comprehensive income/(charge) for the period | 2,520,785 | (32,715) |
Attributable to: | ||
Shareholders of the Company | 2,345,817 | (32,376) |
Non-controlling interests | 174,968 | (339) |
2,520,785 | (32,715) |
3
CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED | ||||
30th | 31st | |||
September | March | |||
Note | 2020 | 2020 | ||
HK$'000 | HK$'000 | |||
Non-current assets | 9,555,505 | |||
Investment properties | 9,769,964 | |||
Property, plant and equipment | 4,619,580 | 4,647,644 | ||
Investment in joint ventures and associated companies | 4,794,405 | 4,615,336 | ||
Amount due from joint ventures and associated companies | 2,096,603 | 1,981,167 | ||
Loan receivables | 1,144 | 1,235 | ||
Financial investments | 425,654 | 415,305 | ||
Deferred income tax assets | 142,849 | 97,562 | ||
21,635,740 | 21,528,213 | |||
Current assets | 1,322,508 | |||
Properties under development for sale | 969,177 | |||
Completed properties held for sale | 3,481 | 3,481 | ||
Hotel and restaurant inventories | 19,213 | 20,144 | ||
Trade and other receivables | 9 | 889,588 | 670,092 | |
Income tax recoverable | 132 | 5,545 | ||
Financial investments | 15,931,153 | 14,020,231 | ||
Bank balances and cash | 1,002,292 | 1,018,279 | ||
19,168,367 | 16,706,949 | |||
Current liabilities | 10 | 578,769 | ||
Trade and other payables | 162,586 | |||
Contract liabilities | 210,473 | 197,582 | ||
Amount due to joint ventures | 328,961 | 213,951 | ||
Amount due to an associated company | 224,400 | 224,400 | ||
Amount due to non-controlling interests | 45,366 | 44,511 | ||
Income tax payable | 104,345 | 86,693 | ||
Borrowings | 6,825,002 | 5,644,992 | ||
Medium term notes | - | 249,940 | ||
8,317,316 | 6,824,655 | |||
Net current assets | 10,851,051 | 9,882,294 |
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Asia Standard International Group Ltd. published this content on 26 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 November 2020 12:16:01 UTC