Asia Standard International : Announcement of interim results for the six months ended 30th September 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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)

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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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