Great Eagle (41) H1 2025 earnings summary

Executive summary

• Core profit attributable to equity holders fell 18.8% to HK$597.3m; statutory loss attributable to equity holders widened to HK$1,056.5m.

• Core revenue rose 5.5% to HK$4,000.0m, while core operating income fell 12.5% to HK$1,194.5m; hotel EBITDA rose 4.0% to HK$408.6m.

Financial highlights

• Statutory revenue increased 2.4% to HK$5,419.3m; statutory loss before tax was HK$1,409.4m, including a HK$2,161.3m investment-property fair-value loss.

• Core profit before tax fell 17.7% to HK$685.5m; lower finance costs and administrative expenses partly offset weaker operating income.

• Interim cash dividend rose to HK$0.41 per share from HK$0.37; a special in-specie distribution of LHI units was declared.

Outlook and guidance

• Global geopolitical, trade-policy and inflation uncertainty may prolong volatility and delay rate cuts; Hong Kong retail, F&B and hospitality face continued pressure from shifting spending patterns.

• Adaptive sales strategies are planned for remaining ONMANTIN and ONTOLO units; hotels will focus on revenue optimisation, operational enhancements and cost control.

• Two Ying'nFlo outlets in Wuhan and Nanjing are scheduled to open in 2H 2025; negative office rental reversions are expected to continue.