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New World Development Company H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary2 Oct, 2025
Executive summary
Revenues declined 23% year-on-year to HK$27,681 million, mainly due to lower construction revenue, fewer property bookings in Mainland China, and loss of disposed business income.
Focused on sustainable business, cash flow improvement, and operational efficiency, with progress in deleveraging and cost controls.
Completed HK$88.2 billion bank refinancing and secured an additional HK$3.95 billion loan facility, enhancing liquidity and extending earliest loan maturity to June 2028.
Achieved FY2025 property sales target of HK$26 billion, with strong performance in both Hong Kong and Mainland China.
Reported a full-year net loss attributable to shareholders of HK$16.3 billion, mainly due to one-off impairment provisions and non-cash losses.
Financial highlights
Core operating profit for FY2025 decreased by 13% year-on-year to HK$6.0 billion; segment results declined 4% year-on-year.
G&A expenses fell 16% year-on-year to HK$3.5 billion; CAPEX dropped 15% to HK$12.6 billion, below guidance.
Total debt reduced by HK$5.7 billion to HK$146 billion; net debt down by HK$3.5 billion to HK$120.1 billion.
Net gearing ratio at 58.1% as of June 2025, up from 55.0% last year.
Average interest rate on borrowings declined to 4.8% in FY2025, saving HK$1.3 billion in financing costs.
Outlook and guidance
FY2026 property sales target raised to HK$27 billion, with focus on cash flow and debt reduction.
CAPEX guidance for FY2026 is below HK$12 billion, prioritizing projects with short cash conversion cycles.
Continued suspension of dividend and perpetual bond coupon payments to preserve cash.
No short- to medium-term net gearing targets set due to market and asset disposal uncertainties.
Mainland China policies expected to support market stabilization; group confident in leveraging core city opportunities.
Quantify the shift in short-term debt maturity
Assess 11 SKIES project's future financial impact
Evaluate agricultural land conversion value creation
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Next New World Development Company earnings date
H1 202627 Feb, 2026
Next New World Development Company earnings date
H1 202627 Feb, 2026
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Frequently asked questions
New World Development Company Limited is a conglomerate based in Hong Kong, primarily involved in property development, infrastructure, and services. The company operates through several business segments, including property development, property investment, hotel operations, and department stores. Its property development segment focuses on the development and sale of residential, commercial, and industrial properties, while the property investment segment deals with leasing out office and retail spaces. The hotel operations segment manages and operates hotels and serviced apartments, and the department stores segment operates department stores and retail outlets. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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