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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amtd Digital Inc | NYSE:HKD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.15 | 4.13% | 3.78 | 3.85 | 3.64 | 3.65 | 234,461 | 00:50:04 |
AMTD Digital Inc. (“AMTD Digital” or the “Company”, NYSE: HKD), a NYSE-listed company and also a comprehensive digital solutions and global hospitality and VIP services platform headquartered in France, today announced its unaudited financial results for the six months ended October 31, 2023.
Highlights of Half Year Financial Results
Statements from the Board Members:
Dr. Timothy Tong, the Chairman of the board of directors and an independent director of AMTD Digital, commented, “Similar to the year before, the six-month period that ended on October 31, 2023 was filled with challenges. Although the COVID pandemic has officially ended, the global economy in the post-COVID period has yet to fully recover. Geopolitical tensions around the world continue to post serious uncertainties about investments in all sectors of the economy. I thank the management team and continue to be cautiously optimistic about the prospect for future performance growth of AMTD Digital.”
Ms. Joanne Shoveller, the Co-Chair of the board of directors and an independent director of AMTD Digital, commented, “The AMTD Digital strategy in diversifying assets and timing of strategic decisions has resulted in these strong interim results and a resilient, innovative and exciting foundation for future growth. The AMTD Digital board of directors expresses their appreciation to the leadership team for their hard work and impressive results.”
Financial Results for the Six Months Ended October 31, 2023 Revenue
Our revenue for the six months ended October 31, 2023 was US$8.7 million as compared to US$13.9 million for the six months ended October 31, 2022. Hotel operations, hospitality and VIP services income was US$6.9 million and has become a new revenue driver for us after the successful acquisition of AMTD Assets Group, the real estate arm of AMTD Group Inc., focusing on and specializing in hospitality and lifestyle concepts globally.
Employee benefits expenses
Staff costs for the six months ended October 31, 2023 decreased by 18.2% as compared to the same period in prior year to US$3.1 million. This was due to the tightened cost control in connection with the global economic slowdown and rising geopolitical uncertainties.
Premises and office expenses
Premises and office expenses for the six months ended October 31, 2023 increased by 208.5% as compared to the same period in prior year to US$1.5 million. This was due to the incremental costs attributable to the post-acquisition operations of AMTD Assets Group.
Depreciation and amortization
Depreciation and amortization for the six months ended October 31, 2023 increased by 407.6% as compared to the same period in prior year to US$2.1 million, primarily attributable to the hotel properties of AMTD Assets Group.
Finance costs
Finance costs for the six months ended October 31, 2023 increased by US$3.4 million as compared to the same period in prior year, primarily attributable to the incremental borrowings by the Company, and due to the consolidation of AMTD Assets Group which had outstanding bank loans to finance the underlying real estate properties.
Other expenses
Other expenses for the six months ended October 31, 2023 increased by 821.5% as compared to the same period in prior year to US$4.6 million, primarily attributable to (i) the addition of hotel operation expenses of US$2.8 million incurred by AMTD Assets Group, and (ii) the share of losses of joint ventures of US$1.4 million.
Change in fair value on financial assets measured at fair value through profit or loss (“FVTPL”)
Change in fair value on financial assets measured at FVTPL for the six months ended October 31, 2023 was US$16.3 million, primarily attributable to the realisation from gain of entertainment projects during the period.
Other Income
Other income increased by 85.3% as compared to the same period in prior year to US$9.0 million, primarily due to (i) an increase in bank interest income as the Company had generated additional interest income from deposits with banks, and (ii) an increase in the net average outstanding balance due from our ultimate holding company, which was interest bearing.
Income Tax Expense
Income tax expense for the six months ended October 31, 2023 increased by 15.1% as compared to the same period in prior year to US$2.0 million, primarily due to an increase in tax assessable income.
Profit For The Period
Profit for the six months ended October 31, 2023 increased to US$30.1 million.
About AMTD Digital Inc.
AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform headquartered in France. Its one-stop digital solutions platform operates four main business lines including digital solutions services, digital media, content and marketing services, digital investments as well as hospitality and VIP services. It is the fusion reactor at the core of the AMTD SpiderNet ecosystem and empowers and integrates the various digital businesses within its ecosystem. For AMTD Digital’s announcements, please visit https://ir.amtdigital.net/investor-news.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of AMTD Digital Inc. are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD Digital Inc. with the SEC. All information provided in this press release is as of the date of this press release, and AMTD Digital Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
AMTD DIGITAL INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
FOR THE SIX MONTHS ENDED OCTOBER 31, 2022 AND 2023
Six months ended October 31,
2022
2023
US$’000
US$’000
(Unaudited)
(Unaudited)
Revenue from contracts with customers
13,918
8,677
Employee benefits expenses
(3,761
)
(3,075
)
Advertising and promotion expense
(318
)
(177
)
Premises and office expenses
(482
)
(1,487
)
Legal and professional fee
(1,199
)
(1,339
)
Depreciation and amortization
(421
)
(2,137
)
Finance costs
-
(3,404
)
Other expenses
(498
)
(4,589
)
Changes in fair value on financial assets measured at fair value through profit or loss (“FVTPL”)
351
16,287
Other income
4,852
8,992
Other gains and losses, net
(42
)
14,349
Profit before tax
12,400
32,097
Income tax expense
(1,731
)
(1,992
)
Profit for the period
10,669
30,105
Profit (loss) for the period attributable to:
- Owners of the Company
11,086
31,889
- Non-controlling interests
(417
)
(1,784
)
10,669
30,105
Earnings per share
- Basic (US$)
0.15
0.41
- Diluted (US$)
0.15
0.41
AMTD DIGITAL INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT APRIL 30, 2023 AND OCTOBER 31, 2023
As of April 30,
As of October 31,
2023
2023
US$’000
US$’000
(Audited)
(Unaudited)
ASSETS
Non-current assets:
Property, plant and equipment
238,600
175,112
Intangible assets
311
279
Financial assets at FVTPL
5,170
288
Interests in joint ventures
98,092
90,652
Total non-current assets
342,173
266,331
Current assets:
Accounts receivable
9,803
934
Prepayments, deposits and other receivables
7,678
35,827
Amount due from AMTD Group
126,444
195,278
Amount due from a non-controlling shareholder
539
-
Financial assets at FVTPL
9,243
5,723
Fiduciary bank balances
785
913
Cash and cash equivalents
152,930
134,843
307,422
373,518
Assets classified as held for sale
12,081
79,947
Total current assets
319,503
453,465
Total assets
661,676
719,796
EQUITY AND LIABILITIES
Current liabilities:
Clients’ monies held on trust
428
814
Accounts payable
493
69
Other payables and accruals
3,253
18,913
Bank borrowings
15,000
15,000
Amount due to a non-controlling shareholder
53,803
53,389
Contract liabilities
10,162
-
Income tax payable
4,571
2,638
87,710
90,823
Liabilities associated with assets classified as held for sale
1,030
17,912
Total current liabilities
88,740
108,735
Non-current liabilities:
Bank borrowings
50,803
50,565
Contract liabilities
1,031
-
Total non-current liabilities
51,834
50,565
Total liabilities
140,574
159,300
Capital and reserves:
Share capital
8
8
Treasury shares
(52,235
)
(52,235
)
Reserves
510,174
562,859
Equity attributable to owners of the Company
457,947
510,632
Non-controlling interests
63,155
49,864
Total equity
521,102
560,496
Total equity and liabilities
661,676
719,796
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430271195/en/
For AMTD Digital Inc.: IR Office EMAIL: ir@amtdigital.com
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