CSI Properties (497) H2 2024 earnings summary

Executive summary

• Revenue for the year ended 31 March 2024 rose 96.3% to HK$1,579.1 million, mainly from property sales, but the Group recorded a consolidated loss attributable to owners of HK$425.6 million, compared to a profit of HK$335.7 million last year, due to an impairment loss on a joint venture project in Kwu Tung North/Fanling North.

• Total revenue including joint ventures and associates reached HK$3,128.2 million, up from HK$1,996.7 million year-over-year.

• The Group maintained a healthy liquidity position with HK$2,523.9 million in cash and bank balances, and reduced total external borrowings to HK$10,184.5 million.

Financial highlights

• Revenue: HK$1,579 million (2024) vs HK$804 million (2023).

• Loss attributable to owners: HK$426 million (2024) vs profit of HK$336 million (2023).

• Basic loss per share: HK4.59 cents (2024) vs earnings per share of HK3.58 cents (2023).

• Net assets attributable to owners: HK$13,733 million.

• No final dividend proposed for the year.

Outlook and guidance

• Real estate markets in Hong Kong and Mainland China expected to remain subdued in the near term due to high interest rates and slow economic recovery.

• The Group will maintain a cautious outlook, focus on liquidity, and manage capital conservatively.

• Potential interest rate cuts in Hong Kong could support a future market revival.