九龙仓置业(01997.HK)上半年基础净盈利稳健，投资物业收入和营业盈利下滑

Core Viewpoint - The company reported stable underlying net profit for the first half of 2025, with a slight decrease in revenue and operating profit compared to the previous year [1] Financial Performance - Underlying net profit for the first half of 2025 was HKD 3.119 billion, compared to HKD 3.123 billion in 2024, translating to earnings per share of HKD 1.03 [1] - Total revenue decreased by 1% to HKD 6.407 billion, while operating profit fell by 5% to HKD 4.684 billion [1] - Investment property revenue decreased by 3% to HKD 5.371 billion, with operating profit down 4% to HKD 4.528 billion [1] - Hotel revenue increased by 2% to HKD 766 million, with operating profit rising to HKD 47 million [1] - Development property revenue was HKD 58 million, resulting in an operating loss of HKD 1 million [1] Dividend Announcement - The first interim dividend declared is HKD 0.66 per share, an increase from HKD 0.64 in 2024, with a total payout of HKD 2.004 billion, representing 65% of the underlying net profit from investment properties and hotels [1] Impairment and Losses - The company recorded a net impairment loss on investment properties of HKD 5.118 billion, leading to a shareholder loss of HKD 2.406 billion for the first half of 2025, compared to a loss of HKD 1.052 billion in 2024 [1] - Basic loss per share was HKD 0.79 [1] Investment Income - Investment operating profit, primarily from dividend income, increased by 2% to HKD 143 million [1]