Wang On Properties (宏安地產有限公司, Stock Code: 1243) announced a profit warning for the six months ended 30 September 2025. According to the preliminary assessment of its draft unaudited consolidated management accounts, the Group expects to incur a consolidated loss attributable to owners of not more than HK$390.0 million, compared to a profit of approximately HK$96.9 million for the corresponding period in 2024.

The loss is primarily attributed to several factors: a disposal loss of around HK$207.7 million from the sale of a 20% interest in a joint venture for a hospitality project, a shift from a gross profit of HK$92.7 million to a gross loss of about HK$16.6 million reflecting reduced profitability from property sales, and a decrease in share of profits from joint ventures from HK$248.8 million to approximately HK$63.6 million.

The Group stated that asset disposals, including the sale of certain properties and joint venture interests, were undertaken in response to challenging market conditions. These transactions bolstered liquidity, resulting in a reduction of net debt by about HK$1,202.0 million (approximately 30.1%) between 1 April 2024 and 30 September 2025.

Despite the interim loss, total contracted sales reached a record high of approximately HK$1,637.0 million during the Period, up around 31.3% from HK$1,247.0 million for the same period in 2024. As of 30 September 2025, there were approximately HK$2,674.2 million in unrecognised contracted sales, which are expected to be recognised as revenue upon completion and delivery of the related property projects.

Finalised interim results are expected to be formally announced on or before the end of November 2025. Shareholders and potential investors are advised to exercise caution when dealing in the Company’s shares.