Asia Standard International
Group Limited
Interim Report 2022
HKSE Stock Code: 129
Contents
- Corporate Information
- Financial Highlights
- Management Discussion and Analysis
- Report on Review of Interim Financial Information
- Condensed Consolidated Profit and Loss Account - Unaudited
- Condensed Consolidated Statement of Comprehensive Income - Unaudited
- Condensed Consolidated Balance Sheet - Unaudited
- Condensed Consolidated Statement of Cash Flows - Unaudited
- Condensed Consolidated Statement of Changes in Equity - Unaudited
- Notes to the Interim Financial Information
45 Other Information
Corporate Information
Directors | Registered Office | Legal Advisers |
Executive
Mr. Fung Siu To, Clement (Chairman) Mr. Poon Jing (Managing Director
- and Chief Executive) Mr. Poon Hai
Mr. Poon Yeung, Roderick Mr. Lun Pui Kan
Mr. Kwan Po Lam, Phileas
Independent non-executive
Mr. Koon Bok Ming, Alan
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Audit Committee
Mr. Koon Bok Ming, Alan (Chairman)
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Remuneration
Committee
Mr. Wong Chi Keung (Chairman)
Mr. Fung Siu To, Clement
Mr. Poon Hai
Mr. Koon Bok Ming, Alan
Mr. Leung Wai Keung, JP
Nomination
Committee
Mr. Fung Siu To, Clement (Chairman)
Mr. Leung Wai Keung, JP
Mr. Wong Chi Keung
Authorised
Representatives
Mr. Fung Siu To, Clement
Mr. Lun Pui Kan
Company Secretary
Mr. Tung Kwok Lui
Victoria Place, | Stephenson Harwood | |
5th Floor, | 18th Floor, United Centre, | |
31 Victoria Street, | 95 Queensway, | |
Hamilton HM 10, | Hong Kong | |
Bermuda | ||
Appleby | ||
Principal Office in | Suites 4201-03 & 12, | |
Hong Kong | 42/F, One Island East, | |
Taikoo Place, | ||
30th Floor, YF Life Tower, | 18 Westlands Road, | |
33 Lockhart Road, | Quarry Bay, Hong Kong | |
Wanchai, Hong Kong | ||
Telephone | 2866 3336 | Independent Auditor |
Facsimile | 2866 3772 | |
Website http://www.asiastandard.com | PricewaterhouseCoopers | |
E-mail asinfo@asiastandard.com | Certified Public Accountants | |
Registered Public Interest | ||
Principal Bankers | Entity Auditor | |
22nd Floor, Prince's Building, | ||
HSBC | Central, Hong Kong | |
Bank of China (Hong Kong) | ||
Hang Seng Bank | Share Registrar in | |
United Overseas Bank | Bermuda | |
Industrial and Commercial Bank of | ||
China (Asia) | MUFG Fund Services (Bermuda) | |
DBS (Hong Kong) Bank | Limited | |
The Bank of East Asia | 4th Floor North, | |
Shanghai Commercial Bank | Cedar House, | |
Chiyu Banking Corporation | 41 Cedar Avenue, | |
Fubon Bank (Hong Kong) | Hamilton HM 12, | |
Chong Hing Bank | Bermuda | |
CMB Wing Lung Bank | ||
UBS | Hong Kong Branch | |
Bank of Singapore | Share Registrar and | |
Bank Morgan Stanley | Transfer Office | |
Credit Suisse AG | ||
Bank Julius Baer | Computershare Hong Kong Investor | |
Services Limited | ||
Shops 1712-1716, 17th Floor, | ||
Hopewell Centre, | ||
183 Queen's Road East, | ||
Wanchai, Hong Kong |
2 ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2022
Financial Highlights
Six months ended | |||
30th September | |||
2022 | 2021 | Change | |
(in HK$ million, except otherwise indicated) | |||
Consolidated profit and loss account | |||
Revenue | 1,083 | 1,278 | -15% |
Profit attributable to shareholders of the Company | 39 | 147 | -73% |
Earnings per share - basic (HK$) | 0.03 | 0.11 | -73% |
30th September | 31st March | ||
2022 | 2022 | Change | |
Consolidated balance sheet | |||
Total assets | 33,842 | 35,022 | -3% |
Net assets | 14,789 | 16,410 | -10% |
Equity attributable to shareholders of the Company | 14,559 | 16,014 | -9% |
Net debt | 16,749 | 16,188 | +3% |
Supplementary information with hotel properties at valuation (note): | |||
Revalued total assets | 43,335 | 43,831 | -1% |
Revalued net assets | 24,282 | 25,219 | -4% |
Equity attributable to shareholders of the Company | 22,409 | 23,299 | -4% |
Net gearing - net debt to revalued net assets | 69% | 64% | +5% |
Note: According to the Group's accounting policies, hotel properties were carried at cost less accumulated depreciation. To give further information on the economic substance of its hotel properties investments, the Group hereby presents supplementary unaudited financial information taking into account the fair market value of these hotel properties.
The hotel properties were revalued by Vigers Appraisal & Consulting Limited, independent professional valuers, on an open market value basis as at 30th September 2022 and 31st March 2022.
ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2022 | 3 |
Management Discussion and Analysis
Development project "Capital Cove" in Tongzhou, Beijing
RESULTS
The Group recorded a revenue of HK$1,083 million (2021: HK$1,278 million) for the first half of the financial year with profit attributable to shareholders of the Company at HK$39 million (2021: HK$147 million). The Group's joint venture in Beijing commenced to recognise profit following the handover of completed residential units to homebuyers during the period. Although continued to be disrupted by the COVID-19 pandemic, our hotel operation has improved and produced positive contribution to our Group. However, the decrease in investment revenue from our investment portfolio together with the net unrealised losses generated from mark down to market price and further provisions on expected credit loss, rendered the Group to record a decrease in profit compared to corresponding interim period last year.
PROPERTIES SALES, DEVELOPMENT AND LEASING
SALES AND DEVELOPMENT
Mainland China
In Tongzhou, Beijing, the construction of the residential portion of our 50% owned joint venture development was completed during this interim period. This 2,360,000 sq. ft. development comprises 964 residential units in 6 towers, and 2 commercial office towers. As at 30th September 2022, about 75% of the residential units were sold and achieved a total contracted sales of approximately RMB4.7 billion. Residential units handover to home buyers had commenced and about 45% were delivered during the interim period. It is expected that the rest of the handover will be completed during the second half of the financial year. Sub-structure works for the two commercial towers are in progress.
4 ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2022
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Asia Standard International Group Ltd. published this content on 24 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2022 12:53:04 UTC.