Pacific Century Premium Developments (432) H2 2024 earnings summary

Executive summary

• Revenue rose 10% year-over-year to HK$901 million, driven by strong hotel and recreational operations in Japan.

• Net loss attributable to equity holders narrowed to HK$230 million from HK$466 million in 2023.

• No final dividend was recommended for the year.

Financial highlights

• Gross profit increased 13% to HK$620 million, with gross margin improving to 69% from 67%.

• General and administrative expenses decreased 2% to HK$654 million due to better cost control.

• Finance costs fell to HK$313 million, mainly due to exchange gains on guaranteed notes.

• Basic loss per share improved to 11.29 HK cents from 22.89 HK cents year-over-year.

Outlook and guidance

• Expects global economic uncertainty in 2025 but anticipates stable growth and continued tourism momentum.

• Plans to optimise occupancy and expand ski business in Japan, while launching new sales and marketing initiatives across all markets.

• Remains cautiously optimistic about property sectors in Hong Kong, Japan, Thailand, and Indonesia.