New World Development $(00017)$ reported results for the six months ended 31 December 2025 (H1 FY2026), with core operating profit of HKD3.6 billion (-18.0% YoY) and segment results of HKD3.2 billion (-24.0% YoY). Loss attributable to shareholders was HKD3.7 billion, which the company said included one-off losses from investment property revaluation (HKD1.1 billion), development property impairment (HKD2.1 billion) and other impairments (HKD0.6 billion). The group said it is prioritizing cash flow and reducing indebtedness. Gross debt reduction was HKD1.7 billion (-1.0% vs Jun 2025) and net debt was HKD122.7 billion at 31 December 2025 (up from HKD120.1 billion at 30 June 2025), which it attributed mainly to timing of cash collection and joint-venture accounting. Total borrowing costs were HKD3.1 billion in H1 FY2026 and the average interest rate was 3.9%. On operations, H1 FY2026 group total attributable contracted sales were HKD13.8 billion, with Hong Kong attributable contracted sales of HKD10.3 billion, and Chinese mainland attributable contracted sales of RMB3.2 billion. Investment properties $(IP)$ revenue was HKD2.6 billion (+2.3% YoY) and IP segment results were HKD1.8 billion (+3.9% YoY). Development properties (DP) revenue was HKD3.9 billion (-53.5% YoY) and DP segment results were HKD2.0 billion (-42.6% YoY). New World Development also highlighted completion of a HKD20.0 billion debt exchange (closing date 5 December 2025) and said it completed HKD88.2 billion of loan refinancing and alignment, alongside an additional HKD3.95 billion banking credit line. The company noted lower capex and opex, with capex of HKD3.5 billion (-29.0% YoY) and G&A of HKD1.5 billion (-18.0% YoY) in H1 FY2026, and referenced a temporary dividend and group PCS distribution halt as part of prudent capital management.

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