Pacific Century Regional Developments (PCRD) reported a net loss attributable to shareholders of S$22.4 million for the year ended 31 Dec 2025, widening 42.6 per cent from the S$15.7 million loss a year earlier, as lower dividend income and a reduced share of profit from its key associate PCCW weighed on performance.

Revenue dropped 75.6 per cent year-on-year (YoY) to S$3.0 million, reflecting the absence of the S$9.2 million of fund distributions booked in FY24 and leaving the group reliant on S$3.0 million of distributions from HKT. Basic and diluted loss per share stood at 0.847 Singapore cent, versus a 0.594-cent loss previously. The board has proposed a one-tier tax-exempt final dividend of 3.50 Singapore cents per share, down from 5.96 cents a year earlier; together with the 2.20-cent interim payout, the full-year dividend totals 5.70 cents, versus 7.08 cents for FY24. Payment details will be announced later.

Total expenses slipped 2.9 per cent to S$17.3 million as lower finance costs ‑ chiefly a S$1.2 million reduction in facility fees and a S$0.9 million fall in interest charges – partly offset higher depreciation and staff costs. Finance expenses nevertheless remained the largest cost item at S$11.4 million. The group’s share of loss from associates narrowed to S$7.9 million (FY24: S$10.5 million) on smaller losses at 22.6 per cent-owned PCCW (S$9.6 million loss, vs S$11.6 million) and a stronger S$1.6 million contribution from India-based logistics associate KSH (FY24: S$1.1 million). Loss before tax came in at S$22.2 million, compared with a S$16.0 million loss in the prior year.

By geography, Hong Kong remained the principal revenue source, generating S$3.0 million, flat YoY, while the Cayman Islands contributed nil following the wind-up and full redemption of the group’s investment in Exoduspoint Partners International Fund in 2024. Non-current assets fell to S$243.1 million from S$389.5 million after the receipt of S$109.9 million in PCCW dividends and the S$18.8 million proceeds from the final Exoduspoint redemption.

On the liability side, net borrowings increased by S$92.3 million to S$285.6 million as dividend payments to shareholders of S$216.0 million and operating outflows outweighed disposal proceeds and associate distributions. Gearing is secured against holdings in PCCW and HKT; the pledged shares had a market value of S$679.0 million at year-end.

PCRD’s outlook remains closely tied to PCCW, whose 2025 results showed a 7 per cent rise in revenue to HK$40.25 billion and a 56 per cent surge in OTT EBITDA, though the Hong Kong telecom and media group still posted a HK$253 million attributable loss. PCCW signalled expectations of renewed growth at ViuTV in 2026 and reaffirmed a “disciplined dividend policy”.

PCRD noted that the fair value of its PCCW stake exceeded carrying value by S$592.7 million, underpinning the group’s going-concern assumption despite accumulated losses of S$440.3 million. Management indicated that future dividends and equity-accounted results from PCCW will continue to be the primary determinants of PCRD’s earnings over the next 12 months, while external borrowing costs and currency movements remain key variables.