CSI Properties (497) H2 2026 earnings summary

Executive summary

• Revenue increased to HK$1,429.6 million for the year ended 31 March 2026, up from HK$520.6 million year-over-year.

• Achieved over HKD 7 billion in sales and presales, progressing toward a HKD 9 billion four-year sales target announced in April 2025.

• Consolidated loss narrowed to HK$843.3 million from HK$1,710.9 million in the prior year, mainly due to non-cash fair value losses, write-downs, and impairments.

• Continued deleveraging, with net debt reduced by HKD 2.7 billion year-over-year.

• Major capital raising and refinancing activities enhanced liquidity and extended debt maturity.

Financial highlights

• Total revenue from property sales (including JVs and associates) was HK$3,534.5 million (2025: HK$1,573.3 million).

• Gross profit rose to HK$340.4 million from HK$15.7 million year-over-year.

• Loss attributable to owners was HK$825.3 million (2025: HK$1,691.5 million); loss per share was HK6.56 cents (2025: HK36.73 cents).

• Finance costs decreased to HK$489.8 million from HK$577.4 million.

• No dividends declared for the year.

Outlook and guidance

• Plans to continue the HKD 9 billion asset sales program to raise liquidity and further deleverage.

• Management expects the residential development pipeline to drive sustainable revenue and cash flow.

• Positive outlook for Hong Kong property market, with strong residential sentiment and signs of commercial recovery.

• Focus on prudent financial management, strengthening the balance sheet, and optimizing the asset portfolio.

• Focus on luxury and mass-residential projects, with several new developments in progress.