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Public company info - Polytec Asset Holdings Ltd. , 00208.HK
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Polytec Asset Holdings Ltd., 00208.HK - Company Profile
Chairman Or Wai Sheun
Share Issued (share) 4,439,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are properties investment and development, oil exploration and production, manufacturing of ice and provision of cold storage services. Performance for the year: For the year ended 31 December 2019, the net profit attributable to equity shareholders of the Group fell to HK$707 million from HK$1,619 million in 2018, a decrease of 56%. The earnings per share for 2019 amounted to 15.93 HK cents compared to 36.46 HK cents in 2018. Business Review： Excluding revaluation gains from the joint venture’s investment properties net of tax and fair value changes on its interests in the property development projects, the Group’s underlying net profit attributable to equity shareholders of the Company for 2019 fell to HK$447 million from HK$1,403 million in 2018. The decline in the Group’s underlying net profit for the year under review was mainly due to the decrease in the net income distributions from its interests in the La Marina development project and an impairment loss made for the Group’s oil production and exploitation assets in Kazakhstan. Property Development Macau In respect of the La Marina development project, the Group received net income distributions of HK$720 million for its interest in this development project for the year ended 31 December 2019. Mainland China In regards to the Zhongshan property development project, site clearance work was completed and drainage work is in progress. The overall planning and design for the project by a professional design house is well underway. As announced on 6 January 2020, the acquisition of the Zhuhai property development project was terminated as one of the conditions precedent to its sale and purchase agreement was not satisfied. Property Investment For the year ended 31 December 2019, the Group’s share of gross rental income generated from the joint venture’s investment properties rose to approximately HK$84 million, an increase of 2.4% over 2018. The rental income was mainly generated from The Macau Square, the Group’s 50%-owned investment property, with its share of total rental income of the property rising by HK$1 million to approximately HK$77 million in 2019. Oil The oil segment recorded a loss after tax of HK$285 million for the year ended 31 December 2019 compared to a loss of HK$15.9 million in 2018. The increase in the loss was mainly due to an impairment loss of HK$270 million made for the Group’s oil production and exploitation assets in Kazakhstan (with the change in its related tax being included) for the year under review. Management is of the view that the above impairment is based on the assessment of the prevailing oil market and its development plan. Ice Manufacturing and Cold Storage Total operating profit for the combined ice manufacturing and cold storage segment amounted to HK$25.2 million in 2019, a decrease of 1% over 2018 due to weakening demand. Financial Investments The Group commenced its engagement in financial investment activities in August 2019, with total net income of HK$7.6 million from its fixed-income (bonds) and equity (blue-chip stocks) investments being recorded for the year ended 31 December 2019. Prospects: Looking ahead to the rest of 2020, the on-going coronavirus outbreak across the globe as a pandemic has caused extraordinarily high volatility in the world financial markets and the adverse impacts of the outbreak on the global economy are yet to be assessed. The Brent crude oil price has recently plummeted having reached a level below US$25 per barrel. If the Brent oil price does not rebound significantly, the Group will have to fully write off its oil assets in Kazakhstan in 2020 and will consider closing down the business. The current net book value of Group’s oil assets is approximately HK$66.7 million, representing only less than 0.5% of the Group’s net asset value and hence the impact of the write-off on the Group will be limited. The Group’s rental income from the investment properties in Macau and its ice manufacturing and cold storage business in Hong Kong are also expected to be adversely affected by the coronavirus pandemic. The basic infrastructure works for the Zhongshan property development project have commenced. While the Group has terminated the acquisition of the Zhuhai property development project, we will still assess the related company’s other potential property development projects in the Greater Bay Area and will not rule out re-starting the negotiation process when the relevant condition precedent for the acquisition of the Zhuhai project is satisfied, for strengthening the Group’s property business. While the activity in the property market in Macau slowed in 2019, the Group’s La Marina development project was still well received by the market and the sales of its residential units for the year under review remained satisfactory due to its excellent quality and design. The income to be received from the Group’s interest in this development project is expected to make an important contribution to the Group’s results in the coming one to two years. The Group commenced its engagement in financial investment activities in August 2019. This would allow more flexibility in utilising the Group’s existing resources and by taking a prudent approach, we would mainly focus on fixed income investment (bonds), aiming to generate stable income for the Group. As of 31 December 2019, the Group’s gearing ratio remained at a healthy and low level of only 12%, which would provide a favourable condition for the Group to accelerate its development going forward. The Group will closely monitor the coronavirus pandemic situation and will adjust the business strategy accordingly. We will also actively explore investment opportunities aiming to build a solid foundation gradually for future sustainable development and growth.

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