Company (Stock Code: 88) reported unaudited consolidated revenue of HK$18.9 million for the six months ended 30 September 2025, up from HK$11.8 million during the same period in 2024. Profit attributable to equity holders was HK$25.8 million compared with HK$36.6 million a year earlier, primarily reflecting reduced interest income.
Gross profit stood at HK$0.4 million following cost of sales of HK$18.5 million. Other income reached HK$8.7 million, while other gains rose to HK$11.7 million, driven by fair value changes on financial assets. Administrative expenses totaled HK$29.2 million, leading to an operating loss of HK$8.4 million. After including share of results of associates (net of tax) of HK$34.7 million, profit before income tax amounted to HK$26.0 million. Earnings per share stood at HK4.2 cents, down from HK5.9 cents. An interim dividend of HK12 cents per share has been proposed, maintaining the same level as last year.
As at 30 September 2025, the Group’s net assets were reported at HK$6,304.9 million, supported by strong liquidity with a cash balance of HK$706.7 million and outstanding borrowings of HK$73.9 million. The gearing ratio remained at 1.2%. HK$434.5 million of properties for sale and under development served as pledged security for bank facilities.
In property development, the Ap Lei Chau project “VELE” has obtained its occupation permit, while completion preparations continue. Another premium project, “PULSA” in Repulse Bay, is positioned for high-end demand with eight luxury houses. In the United States, construction for Phase 4 of the French Valley Airport Center in California concluded in the third quarter of 2025, while Phase 3 sales proceeded steadily.
Within the hotel segment, the 35%-owned Sheraton-Hong Kong Hotel recorded steady business performance amid a tourism rebound, benefiting from renovated guestrooms and increased visitor arrivals. Management noted that local policy initiatives, such as the “New Capital Investment Entrant Scheme” and the 2025 Policy Address, could further stimulate market activity in Hong Kong’s high-end residential and hospitality segments.
As of the announcement date, the Board remains cautious of ongoing global uncertainties and maintains a focus on prudent resource allocation to navigate the evolving environment. The interim dividend is payable on 7 January 2026, with the record date set for 18 December 2025.