Playmates (HKG:0635) recorded a revenue of HK$123 million in the first quarter, down from HK$261 million in the year-ago period, a Wednesday Hong Kong bourse filing said.

The real estate investor's pre-tax and property revaluation profit also fell to HK$14 million from HK$91 million a year prior.

The firm attributed the lower profit to the weak performance of its unit, Playmates Toys (HKG:0869).

In a separate filing. Playmates Toys said it recorded a pre-tax loss of HK$12 million in the three months, compared with a pre-tax profit of HK$65 million a year prior.

The toy company's revenue for the quarter also fell to HK$85 million from HK$221 million in the first quarter of 2025.

The muted performance by Playmates Toys was mainly due to a lower revenue; higher product development, tooling, and media production expenses; and a swing to net unrealized and realized loss from the company's treasury investment in listed equity securities.