HKR International (480) H2 2025 earnings summary

Executive summary

• Revenue for FY2025 was HK$1,753.4 million, down 56% year-over-year due to fewer property completions and a high base from the prior year’s Jiaxing project sales.

• Underlying profit was HK$70.0 million, compared to HK$172.6 million last year; loss attributable to owners widened to HK$786.0 million, mainly due to higher unrealised fair value losses on investment properties.

• No final or interim dividend was declared for FY2025.

Financial highlights

• Gross profit was HK$961.9 million, with a basic loss per share of HK52.9 cents.

• Net asset value per share decreased to HK$15.1 from HK$15.7.

• Total assets stood at HK$43,192.8 million; shareholders’ equity was HK$22,475.9 million.

• Gearing ratio increased to 45.1% from 38.6%.

• Average financing cost was 5.6% per annum.

Outlook and guidance

• The Group expects continued market challenges in 2025, with cautious optimism for Hong Kong’s 2–3% GDP growth and ongoing policy support in mainland China.

• Focus remains on cost control, operational efficiency, and prudent capital allocation.

• No dividend is planned until financial performance improves.