九龙仓置业(01997) - 2025 H1 - 电话会议演示

Financial Performance - Group revenue decreased by 1% YoY to $6407 million[20] - HKIP & Hotel revenue decreased by 3% YoY to $5917 million[20] - Operating profit decreased by 5% YoY to $4684 million[20] - Underlying Net Profit (UNP) remained stable at $3119 million, with HKIP & Hotel UNP increasing by 3% to $3084 million[20] - Net IP Fair Value Change resulted in a deficit of $5118 million[20] - Interim Dividend Per Share (DPS) increased by 3% to $0.66[20] De-Leveraging and Financial Management - Borrowing cost decreased by 27% YoY, a reduction of $292 million[8,22] - Gearing ratio reached a new low of 17.6%[8] - Net debt decreased by 21% since IPO[26] Market Overview - Hong Kong retail sales retreated to 2011 levels, while Harbour City retail revenue was at 2014 levels[11] - HK retail sales showed improved momentum in Q2, increasing by 0.3% compared to a 7% decrease in Q1[14] Harbour City Performance - Harbour City retail revenue remained flat[45] - Harbour City retail occupancy was 93% and office occupancy was 90%[45]