HKR International Reports 56% Drop in FY2025 Revenue to HK$1.753 Billion Due to Delayed Property Project Completions

Reuters
14 Jul
HKR International Reports 56% Drop in FY2025 Revenue to HK$1.753 Billion Due to Delayed Property Project Completions

HKR International Limited has released its annual report for the fiscal year 2025, reporting a significant decrease in revenue. The Group's revenue for FY2025 amounted to HK$1,753.4 million, marking a 56% decline from the previous year's HK$3,940.7 million. This reduction is primarily attributed to a decrease in revenue from property development, as the completion of scheduled projects is anticipated to occur after FY2025. The previous fiscal year saw substantial revenue from the recognition of Starlight One, a project in Jiaxing, China, which contributed HK$2.1 billion. The Group also recorded a rise in net unrealised losses on the fair value change of investment properties from HK$263.9 million to HK$670.8 million. Despite a reduction in asset impairment provisions on property development projects and other assets from HK$376.7 million to HK$185.2 million, the Board of Directors has decided not to recommend any dividend for FY2025 due to the current financial performance. In terms of market outlook, the global economy showed resilience in 2024 with a growth of 3.3%, while Hong Kong's economy grew by 2.5%, driven largely by the external sector. However, the company has not provided specific guidance for the upcoming fiscal year.

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