HKR INT'L(HK:00480)2025-06-18 11:38Financial Performance - The group's revenue for the fiscal year 2025 was HKD 1,753.4 million, a decrease of 56% compared to HKD 3,940.7 million in the previous year[3]. - The underlying profit for the fiscal year 2025 was HKD 70.0 million, down from HKD 172.6 million in the previous year[3]. - The loss attributable to the company's owners was HKD 786.0 million, an increase of 318.0 million from HKD 468.0 million in the previous year[3]. - Total comprehensive loss for the year amounted to HKD 874.0 million, compared to HKD 1,108.9 million in the previous year[7]. - The group recorded a pre-tax loss of HKD 677.4 million, compared to a loss of HKD 173.2 million in the previous year[6]. - The company reported a net loss of HKD 770.6 million for the fiscal year ending March 31, 2025, which includes a non-controlling interest loss of HKD 15.4 million[20]. - The company reported a basic loss of HKD 786.0 million for fiscal year 2025, compared to a loss of HKD 468.0 million in the previous year[64]. Revenue Breakdown - Revenue from property development was HKD 303.1 million, down from HKD 2,554.8 million in the previous year, indicating a significant decrease of about 88.1%[18][19]. - Rental income for the year was HKD 440.2 million, compared to HKD 459.2 million in the previous year, reflecting a slight decline of approximately 4.1%[18][19]. - The revenue from hotel operations was HKD 248.4 million, slightly down from HKD 252.3 million in the previous year, a decrease of about 1.5%[18][19]. - For the fiscal year ending March 31, 2025, total revenue from property sales was HKD 277.1 million, a significant decrease from HKD 2,521.9 million in 2024, representing a decline of approximately 89%[26]. - The investment property segment recorded revenue of HKD 526.0 million in fiscal year 2025, slightly down from HKD 551.0 million in fiscal year 2024, with a profit of HKD 581.9 million[66]. - The transportation services and property management segment achieved revenue of HKD 306.3 million in fiscal year 2025, an increase from HKD 285.8 million in fiscal year 2024, with a profit of HKD 50.0 million[67]. - The leisure business generated revenue of HKD 369.6 million in fiscal year 2025, up from HKD 296.8 million in fiscal year 2024, with a profit of HKD 42.8 million[69]. Asset and Liability Management - Non-current assets decreased from HKD 30,695.3 million in 2024 to HKD 30,452.4 million in 2025[8]. - The company's total assets less current liabilities amounted to HKD 38,370.2 million in 2025, up from HKD 36,465.9 million in 2024, indicating a growth of about 5.2%[9]. - The equity attributable to owners of the company decreased to HKD 22,475.9 million in 2025 from HKD 23,358.3 million in 2024, a decline of approximately 3.8%[9]. - Non-current liabilities rose to HKD 13,090.3 million in 2025 from HKD 10,319.0 million in 2024, representing an increase of approximately 27.3%[9]. - The capital debt ratio as of March 31, 2025, was 45.1%, up from 38.6% in 2024, with shareholders' equity decreasing by HKD 882.4 million to HKD 22,475.9 million[72]. - The group’s total available credit facilities amounted to HKD 18,715.0 million as of March 31, 2025, with unutilized credit of approximately HKD 6,484.2 million[73]. Cash Flow and Financial Position - Cash and cash equivalents increased to HKD 2,049.5 million from HKD 1,605.8 million in the previous year[8]. - As of March 31, 2025, the group held total bank balances and cash of HKD 2,049.5 million, an increase from HKD 1,605.8 million in 2024, with net debt amounting to HKD 10,141.3 million compared to HKD 9,021.4 million in 2024[70]. - The average financing cost for the fiscal year 2025 was 5.6%, down from 5.9% in the previous year[74]. - The total financial expenses for 2025 amounted to HKD 802.0 million, up from HKD 769.2 million in 2024, reflecting a 4.0% increase[4]. Operational Highlights - The company operates through five segments: property development, property investment, transportation services, property management, and hotel and leisure business[17]. - The group plans to launch over 1,400 residential units in the new development project at Discovery Bay, with the first batch of approximately 320 units expected to be available for sale by the end of 2025 or early 2026[45]. - The group is upgrading facilities at the Discovery Bay Golf Club and renovating the waterfront clubhouse to enhance the community experience[46]. - The group has received approval for residential development projects in areas 6f and 10b of Discovery Bay, paving the way for future expansion[46]. - The group is exploring light-asset management opportunities to expand its business amid the current global economic environment[49]. Market and Economic Conditions - Revenue from mainland China plummeted to HKD 191.7 million in 2025 from HKD 2,194.7 million in 2024, representing a decline of approximately 91%[28]. - Revenue from Southeast Asia decreased to HKD 105.4 million in 2025 from HKD 233.5 million in 2024, a decline of about 55%[28]. - The group plans to focus on high-spending core markets, including the US, UK, and Europe, while expanding into emerging luxury travel markets in India and the Middle East[60]. - The group continues to implement strict cost control measures, resulting in a 9.6% reduction in sales, administrative, and other operating expenses[64]. Dividends and Share Capital - The group did not declare a final dividend for the fiscal year 2025, consistent with the previous year[4]. - The group’s total issued and paid-up share capital as of March 31, 2025, is HKD 371.3 million, with 1,485,301,803 shares issued[12].