NWD (17) released its unaudited interim results for the six months ended 31 December 2025. Revenue stood at HK$8.39 billion, representing a year-on-year decrease of 50%. Gross profit reached HK$5.04 billion, down 25% year-on-year. Core operating profit slid 18% to HK$3.64 billion.

Loss attributable to shareholders was HK$3.73 billion, narrowing by 44% from the previous year. The loss included a revaluation deficit of investment properties of HK$1.15 billion, impairment of development properties of HK$2.13 billion, and other impairments of HK$0.61 billion. Total contracted sales amounted to HK$13.80 billion, of which Hong Kong contributed HK$10.30 billion.

Net debt was HK$122.72 billion, up from HK$120.11 billion as at 30 June 2025. Net gearing ratio came in at 59.7%, compared to 58.1% at the end of June 2025. Total debt was about HK$144.30 billion. The company completed a debt exchange exercise in December 2025 involving perpetual securities and guaranteed notes amounting to about HK$20.00 billion. The board resolved not to declare an interim dividend for the financial year ending 30 June 2026.