CSI Properties (497) H1 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 September 2025 was HK$124.1 million, down from HK$143.0 million year-over-year, mainly due to lower property sales.

• Consolidated loss attributable to owners was HK$556.7 million, a significant improvement from HK$904.1 million loss in the prior year period.

• Loss per share was HK4.54 cents, compared to HK19.63 cents (restated) in the previous interim period.

• No interim dividend was declared for the period.

• Losses were mainly due to non-cash write-downs and impairment provisions totaling HK$287.4 million.

Financial highlights

• Gross profit was HK$36.4 million, slightly up from HK$35.5 million year-over-year.

• Administrative expenses increased to HK$146.6 million from HK$95.6 million.

• Finance costs decreased to HK$238.8 million from HK$298.5 million.

• Net cash from operating activities was HK$205.7 million, up from HK$88.0 million.

• Cash and cash equivalents at period end were HK$2,437.1 million, up from HK$1,411.9 million at 31 March 2025.

Outlook and guidance

• Management is optimistic about the Hong Kong property market, expecting residential sentiment to improve as interest rates are forecasted to trend lower in 2026.

• The Group is on track to achieve HK$9 billion in sales by March 2029, with over HK$5 billion in attributable contracted sales commitments by October 2025.

• High-quality development pipeline expected to generate sustainable revenue and cash flow.