Jing Ji Guan Cha Bao·2025-08-12 10:09Core Viewpoint - The company reported a mixed performance for the half-year ending June 30, 2025, with a slight increase in net profit but a significant decline in revenue and operating profit across various segments [1]. Financial Performance Summary - The group's underlying net profit increased by 3% to HKD 2.035 billion, primarily due to reduced interest expenses and taxes [1]. - Total revenue decreased by 19% to HKD 5.669 billion, down from HKD 7.032 billion in 2024 [1]. - Operating profit fell by 14% to HKD 2.657 billion, compared to HKD 3.085 billion in 2024 [1]. Segment Performance Summary - Investment property revenue decreased by 4% to HKD 2.281 billion, with operating profit down 6% to HKD 1.484 billion, attributed to soft rental rates for malls and offices [1]. - Development property revenue plummeted by 64% to HKD 739 million, with operating profit down 82% to HKD 71 million, with only one sale recognized during the period [1]. - Hotel revenue increased by 7% to HKD 312 million, but the segment recorded an operating loss of HKD 11 million, primarily due to the early operational phase of new hotels in Changsha [1]. - Logistics revenue slightly rose to HKD 1.076 billion, with operating profit up 11% to HKD 137 million, driven by increased throughput in mainland China [2]. - Investment operating profit decreased by 2% to HKD 1 billion, due to reduced dividend income [3].