China Motor Bus Company, Limited (stock code: 00026) reported interim results for the six months ended 31 December 2025.

Turnover dropped 41.34% to HK$19.52 million, reflecting the December 2024 disposal of Albany House and softer leasing income. Finance income slipped 17.08% to HK$18.08 million amid lower interest rates, while operating profit declined 52.03% to HK$16.88 million.

After recognising HK$101.78 million in non-cash valuation losses from investment properties (including joint ventures), the Group posted a net loss after tax of HK$64.40 million, an 88.24% widening from the HK$34.21 million loss a year earlier. Loss per share rose to HK$1.42 from HK$0.76.

Segmentally, property development & investment produced HK$19.52 million in revenue and HK$14.05 million operating profit, while treasury management contributed HK$18.08 million in finance income. Share of losses from joint ventures and associates totalled HK$65.61 million (2024: HK$88.57 million).

The balance sheet remained strong with net assets of HK$6.62 billion and cash & cash equivalents of HK$1.31 billion. Total assets were HK$6.79 billion against HK$0.17 billion in total liabilities (current and non-current).

The Board declared an interim dividend of HK$0.10 and a special dividend of HK$1.00 per share (aggregate HK$1.10), to shareholders on record as of 3 June 2026. Dividend warrants are scheduled for dispatch on or about 23 June 2026. The proposed payout of HK$49.74 million is significantly lower than the HK$226.09 million distributed in the prior-year interim period that benefited from the Albany House disposal.

Key projects advanced during the period: • The Headland Residences in Chai Wan obtained occupation permits for two towers, launched presales in September 2025 and has sold over 130 units, exceeding HK$1.10 billion in contracted sales. • South Island Place in Wong Chuk Hang maintained a 93% occupancy rate. • Scorpio House in Central London achieved a 31% rent increase on review, with full occupancy through October 2030.

Looking forward, management expects rental income to remain under pressure in Hong Kong’s office and retail segments and notes a reduction in UK income following the Albany House sale. Residential sentiment has improved, supporting ongoing unit sales at The Headland Residences. The Group will continue to monitor opportunities to enhance shareholder value.