Asia Orient Holdings Limited (Stock Code: 214) reported its unaudited consolidated results for the six months ended 30 September 2025. According to the announcement, revenue climbed 230% year-on-year to HK$5,384 million, lifted primarily by property sales in Hong Kong. Statutory loss attributable to shareholders narrowed to HK$219 million from last year’s HK$239 million, reflecting an 8% improvement. Underlying profit attributable to shareholders, excluding fair value changes and related tax effects, stood at HK$68 million compared to a loss of HK$81 million a year earlier.
Total assets decreased 10% to HK$31,027 million, while net debt declined 14% to HK$12,222 million. Net assets and shareholders’ equity both dipped 0.7% to HK$14,776 million and HK$7,715 million, respectively. With hotel properties revalued, total assets became HK$39,341 million and net assets reached HK$23,559 million. The gearing ratio, measured by net debt to revalued net assets, dropped from 61% to 52%.
Management highlighted that the surge in revenue was led by strong sales recognition from the High Park project in Hung Shui Kiu, where almost all residential units have been sold and delivered. Additional revenue contributions came from various joint-venture luxury residential developments in Hong Kong, continued sales in Beijing’s Capital Cove project, and continuous activities in Vancouver. Property leasing revenue rose 20% to HK$70 million, although investment properties recorded a net fair value loss. Hotel operations benefited from increased visitor arrivals, achieving an average occupancy rate of around 98% across five hotels and showing a 16% boost in segment revenue.
The financial investment portfolio measured approximately HK$1,969 million at period-end and included listed debt securities, listed equities, and unlisted investments. Segment income from this portfolio totaled HK$261 million, partly impacted by debt restructuring and disposals. In terms of capital structure, gross borrowings stood at HK$14,744 million, while efforts to lower debt resulted in significantly reduced net debt and improved liquidity ratios.
The announcement noted that Hong Kong’s tourism momentum and downward projections for interest rates may support continued recovery, although management also cited broader geopolitical uncertainties. No interim dividend was declared. The company reaffirmed its adherence to corporate governance rules, including the Model Code for Securities Transactions by Directors and the Corporate Governance Code contained in the Listing Rules. The Audit Committee reviewed and approved these interim results, and the board composition now meets regulatory requirements following recent appointments to the role of independent non-executive director.