Wang On Properties Limited (Stock Code: 1243) released unaudited interim results for the six months ended 30 September 2025, reporting revenue of approximately HK$607.5 million, marking a 37.5% rise from HK$441.7 million in the same period last year. Contracted sales, including joint ventures, reached around HK$1,637.2 million, up 31% year on year.

Despite higher property sales, a gross loss of about HK$16.6 million was recorded, shifting from a gross profit of around HK$92.7 million in the previous year. Loss attributable to owners amounted to approximately HK$384.2 million, contrasting with a profit of HK$96.9 million a year earlier. Basic and diluted loss per share stood at HK(2.53) cents, compared with earnings of HK0.64 cent in the same period last year.

Net asset value as of 30 September 2025 was around HK$2,956 million, down from HK$3,423 million at 31 March 2025. Net asset value per share dropped from HK$0.225 to HK$0.194. The board did not recommend any interim dividend for the period under review.

Property development remained the core revenue driver, with sales buoyed by projects in both wholly owned and joint venture portfolios. Meanwhile, property investment covered several commercial units in Hong Kong—some held through partnerships with international investors—contributing rental income and asset management fees. The Group also expanded its student accommodation business, reflecting continued demand in that sector.

Management maintained stricter cost controls and lower average borrowings compared with the prior year, although project loan interest costs were no longer capitalized for certain developments. The Group continues to monitor market conditions, focus on strategic projects, and manage capital prudently to support its operations and development pipeline. No material acquisitions or disposals, other than a partial stake disposal in its student accommodation project, were noted during the reporting period.