Grand Ming Group Holdings Limited (1271) released its unaudited interim results for the six months ended 30 September 2025. Revenue declined by 62.9% to HK$253.5 million, compared with HK$683.7 million for the same period in 2024. The Group recorded a net loss of HK$26.1 million, in contrast to the prior period's profit of HK$52.6 million. Basic loss per share was 1.8 cents, compared with basic earnings per share of 3.7 cents a year earlier. The Board resolved not to declare any interim dividend. As at 30 September 2025, net assets stood at HK$2,693.1 million.
According to the announcement, the property development division in Hong Kong reported lower property sales revenue partly due to fewer residential units delivered during the period. Residential projects currently include Nexus Grand, The Grands, The Grand Marine, a North Point development project, and Cristallo. Most new properties are expected for handover in the coming months or around 2026.
For the data centre premises leasing segment, revenue from leasing dropped to HK$115.2 million, partly reflecting the expiry of a data centre lease. Construction works for two new data centres, iTech Tower 3.1 and 3.2 in Fanling, are advancing, with phased delivery to begin later in 2025 for iTech Tower 3.1. Meanwhile, the Group entered into a non-legally binding indicative term sheet with an intended purchaser regarding a potential sale of its portfolio of four data centre projects.
The construction segment, which covers building services and renovation works, registered HK$2.9 million in revenue from external customers, reflecting a decrease compared to the previous period.
Management highlighted its focus on cash flow and financial position through steady property sales and exploration of refinancing opportunities. Additionally, the Group reported that, as of 30 September 2025, total interest-bearing borrowings stood at approximately HK$5,526 million, and the net gearing ratio was around 221.4%. The Group continues to monitor market conditions and adhere to its strategy of completing and delivering existing projects while seeking to strengthen working capital.