WING ON CO(HK:00289)2026-03-26 08:34Financial Performance - Total revenue for the year ended December 31, 2025, was HKD 851,969,000, a decrease of 10% compared to HKD 946,232,000 in 2024[2] - Operating profit increased to HKD 682,763,000, up 31% from HKD 520,726,000 in the previous year[2] - The company reported a net loss of HKD 328,299,000 for the year, significantly improved from a loss of HKD 923,336,000 in 2024[2] - The total comprehensive loss for the year was HKD 76,322,000, a significant improvement from a loss of HKD 1,250,135,000 in 2024[3] - The company reported a total comprehensive income of 588 million HKD for the year, a decrease of 32.6% compared to the previous year[7] - The net loss for the year was 91.9 million HKD, reflecting a significant decline from the previous year's performance[7] - The company’s earnings per share (EPS) for the year was reported at 0.49 HKD, compared to 2.19 HKD in the previous year, indicating a substantial drop[8] - The company’s basic loss per share for 2025 was HKD 114.3, compared to HKD 316.9 in 2024, indicating an improvement in per-share performance[32] Assets and Liabilities - Total assets decreased to HKD 17,312,390,000 from HKD 17,663,957,000 in 2024, reflecting a decline of approximately 2%[4] - The company’s non-current assets, including investment properties, decreased to HKD 12,525,195,000 from HKD 13,208,369,000[4] - Total assets decreased to HKD 12,664,104,000 in 2025 from HKD 13,336,147,000 in 2024, reflecting a reduction of approximately 5%[22] - Total liabilities decreased to HKD 303,596,000 in 2025 from HKD 314,945,000 in 2024, a decline of about 4%[23] Income and Dividends - The company declared a dividend of 4.32 HKD per share for the current year, consistent with the previous year[8] - The interim dividend declared for 2025 was HKD 124,378,000, an increase of 34% compared to HKD 92,812,000 in 2024[30] - The proposed final dividend for 2025 is HKD 213,469,000, representing an increase of 39% from HKD 153,474,000 in 2024[30] Investment Properties - The valuation loss on investment properties was HKD 961,998,000, compared to HKD 1,375,504,000 in 2024, indicating a reduction in losses[2] - The group’s investment properties are located in Hong Kong, Australia, and the United States, with total non-current assets valued at HKD 12,668,139,000 in 2025[25] - The net income from property investments decreased to HKD 292.8 million for the year ending December 31, 2025, down from HKD 363.5 million in 2024, reflecting a decline of 19.4%[48] - The net income from commercial properties in Hong Kong decreased by 15.4% to HKD 234.3 million, while the average occupancy rate slightly declined to approximately 89%[48] Operational Challenges - The retail environment in Hong Kong faced challenges in 2025, with department store customer traffic and spending declining due to increased outbound tourism and competition from e-commerce[46] - The group anticipates continued challenges in its department store business in 2026 due to intense competition and changing consumer preferences[53] Workforce and Corporate Actions - The group reduced its workforce to 499 employees as of December 31, 2025, down from 531 employees in 2024[52] - The company repurchased a total of 1,103,000 shares during the year, with a total expenditure of HKD 13.8 million[56] Strategic Focus - The company is focused on maintaining its market position and exploring new strategies for growth despite the current financial challenges[11] - The group aims to enhance its department store business and increase rental income from commercial property investments, which are core revenue contributors[40]