SHIN HWA WORLD LIMITED reported unaudited results for the six months ended 30 June 2026 with consolidated revenue up 17.8% year on year to HK$483.45 million. The improvement was driven mainly by its Jeju Shinhwa World (“JSW”) integrated resort, which contributed HK$362.59 million, a 20.9% rise from the prior-year period.
\n\nNon-gaming activities—covering hotels, food & beverage, theme and water parks, merchandise and retail leases—generated HK$412.49 million, up 18.4% from HK$348.42 million a year earlier. Gaming revenue increased 14.6% to HK$70.97 million.
\n\nGroup loss attributable to shareholders narrowed sharply to HK$68.29 million from HK$244.40 million. Key factors included higher operating revenue, a HK$40.26 million net fair-value gain on investment properties versus a HK$22.07 million loss last year, and a HK$57.06 million income-tax credit stemming mainly from a withholding-tax refund linked to a 2021 cash loss incident.
\n\nSegment results showed the Integrated Resort Development cutting its loss to HK$15.89 million (2025: HK$129.98 million loss). Property Development delivered HK$22.05 million profit, up from HK$12.35 million, supported by stable condominium and villa sales plus higher rental income. Gaming segment loss widened modestly to HK$66.43 million (2025: HK$59.64 million).
\n\nThe balance sheet recorded total assets of HK$7.29 billion and total liabilities of HK$1.30 billion, producing a gearing ratio of 17.8%. Net asset value stood at HK$6.01 billion, or HK$1.65 per share, versus HK$6.44 billion at end-2025. Cash and bank balances were HK$156.82 million, and current ratio was 1.70.
\n\nCapital structure remained unchanged at 3.65 billion issued shares. All HK$178.75 million net proceeds from the November 2025 rights issue have been fully deployed, mainly for debt repayment, interest expenses, resort upgrades and marketing. Outstanding interest-bearing borrowings totalled HK$972.30 million, of which HK$768.12 million carry floating rates linked to the Korea Certificate of Deposit rate. Capital commitments contracted but not provided for amounted to HK$49.16 million, primarily for properties under development. No interim dividend was declared.
\n\nJSW continues to expand its event calendar with attractions such as Sky Pool Party, “Gui-Mong” Horror Festival and weekend “Wonder Light” fireworks. Management targets further operational improvements through facility enhancements, lifestyle offerings and marketing initiatives while monitoring opportunities to develop remaining land bank.
\n\nThe Audit Committee, comprising all three independent non-executive directors, has reviewed the interim results. The Board confirms ongoing compliance with the Corporate Governance Code, with one deviation due to director attendance. No share options were granted or exercised during the period, and no purchases, sales or redemptions of the Company’s listed securities occurred.