CSI Properties (497) H2 2025 earnings summary

Executive summary

• Revenue for the year ended 31 March 2025 was HK$520.6 million, down 67% year-over-year, mainly due to lower property sales.

• Loss attributable to owners was HK$1,691.5 million, compared to a loss of HK$425.6 million last year, driven by adverse fair value changes, write-downs, and impairments.

• Major capital raising included a HK$1,492 million rights issue and HK$500 million senior unsecured note, plus a US$150 million guaranteed note to refinance maturing debt.

• The group is focused on asset disposals, liquidity management, and strategic project execution amid challenging market conditions.

Financial highlights

• Revenue: HK$520.6 million (2025) vs HK$1,579.1 million (2024), a 67% decrease.

• Loss attributable to owners: HK$1,691.5 million (2025) vs HK$425.6 million (2024).

• Loss per share: HK36.73 cents (2025) vs HK9.18 cents (2024, restated).

• Equity attributable to owners: HK$11,980.8 million (2025) vs HK$13,732.6 million (2024).

• Net assets per share (open market value basis): HK$3.11.

Outlook and guidance

• Management expects gradual recovery in Hong Kong and Mainland China property markets, supported by easing measures, lower interest rates, and economic stimulus.

• Focus remains on asset disposals, prudent financial management, and strategic refinancing.

• Ongoing development pipeline includes major residential and commercial projects targeting market upturn.