HKR International (480) H2 2024 earnings summary

Executive summary

• Revenue surged 132.7% year-over-year to HK$3,940.7 million, mainly from Starlight One project in Jiaxing, PRC.

• Underlying profit rose 35% to HK$172.6 million, but a net loss attributable to owners of HK$468.0 million was recorded due to fair value losses, asset impairments, and absence of prior year disposal gains.

• No final or interim dividend declared for FY2024.

• Operations were impacted by currency depreciation and higher finance costs.

Financial highlights

• Gross profit increased to HK$1,390.4 million from HK$787.7 million year-over-year.

• Net loss for the year was HK$547.1 million, compared to a profit of HK$478.2 million last year.

• Basic and diluted loss per share was HK31.5 cents, versus earnings per share of HK30.7 cents last year.

• Bank balances and cash fell to HK$1,605.8 million from HK$6,212.6 million; net debt rose to HK$9,021.4 million.

• Gearing ratio increased to 38.6% from 22.0%.

Outlook and guidance

• Cautiously optimistic outlook amid global economic uncertainty and monetary tightening.

• Focus on cost control, project reprioritization, and operational streamlining to sustain efficiency.

• Continued pursuit of investment opportunities in property and hospitality sectors.