HKR International (480) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 September 2025 surged 125.9% year-over-year to HK$1,925.5 million, mainly due to the completion of the River One project in Mainland China, contributing HK$1,125.8 million in sales revenue.

• Underlying profit reached HK$45.4 million, reversing from an underlying loss of HK$24.8 million in the prior year period.

• Loss attributable to owners was HK$478.6 million, slightly higher than the HK$474.3 million loss in the same period last year, impacted by HK$352.7 million in unrealised fair value losses and HK$171.3 million in asset impairment provisions.

• No interim dividend was declared for the period.

Financial highlights

• Revenue: HK$1,925.5 million (up from HK$852.5 million year-over-year).

• Gross profit increased to HK$364.3 million from HK$299.4 million year-over-year.

• Basic and diluted loss per share: HK cents (32.2) (vs. HK cents (31.9) year-over-year).

• Net asset value per share: HK$15.0 (down from HK$15.6 as of 31 March 2025).

• Total assets: HK$43,264.0 million; total liabilities: HK$18,290.1 million; equity attributable to owners: HK$22,210.9 million.

Outlook and guidance

• The group is advancing the DB 2.0 Blueprint, focusing on sustainable, long-term growth and community development, with the first phase of Toscana, a luxury residential project, set to launch soon.

• Hong Kong property market faces macroeconomic headwinds, but policy adjustments and easing rates offer some relief.

• Mainland China property market shows signs of recovery, supported by targeted government policies and a focus on the Yangtze River Delta.

• The group will continue to pursue value-driven opportunities, maintain rigorous cost control, and reprioritise projects for operational efficiency.