Tern Properties Company Limited (Tern Properties) has warned shareholders and potential investors to expect an attributable loss of approximately HK$25.70 million for the six months ended 30 September 2026, reversing the HK$14.60 million profit recorded in the same period of 2025.

Management attributes the swing to three main factors:

1. Investment-property revaluation: Fair-value losses on the Group’s investment properties surged to about HK$54.50 million, compared with HK$1.90 million a year earlier, exerting the most significant pressure on earnings.

2. Associates’ performance: The Group registered a HK$2.10 million share of loss from associates, versus a HK$1.40 million profit in the prior-year period.

3. Financial instruments: Loss on derecognition of debt instruments at fair value through other comprehensive income narrowed markedly to HK$0.20 million, down from HK$14.30 million in the prior period, providing only partial relief.

The interim results are still being finalised and have not yet been reviewed by auditors or the audit committee; figures may be subject to adjustment. The company plans to release its full interim results by end-November 2026 and advises caution in share dealings until then.