HKR International (480) H2 2025 earnings summary

Executive summary

• Revenue for FY2025 was HK$1,753.4 million, down 56% year-over-year due to delayed property project completions and a high base from a major PRC project last year.

• Underlying profit fell to HK$70.0 million from HK$172.6 million, while loss attributable to owners widened to HK$786.0 million, mainly from unrealised fair value losses on investment properties.

• No final or interim dividend was declared for FY2025.

Financial highlights

• Gross profit was HK$961.9 million, down from HK$1,390.4 million year-over-year.

• Net unrealised losses on fair value change of investment properties increased to HK$763.6 million (2024: HK$336.4 million).

• Asset impairment provisions reduced to HK$185.2 million from HK$376.7 million.

• Basic and diluted loss per share was HK52.9 cents (2024: HK31.5 cents).

• Shareholders’ fund decreased to HK$22,475.9 million; gearing ratio rose to 45.1%.

Outlook and guidance

• The group expects continued external challenges but remains focused on cost management, operational efficiency, and leveraging AI technologies.

• Plans to pursue sustainable growth and long-term opportunities despite near-term headwinds.