FE CONSORT INTL(HK:00035)2025-11-27 15:07Financial Data and Key Metrics Changes - Adjusted revenue reached HKD 4.9 billion, with cash profits of HKD 203 million, primarily driven by property development revenue of HKD 3.2 billion [3][5] - Net loss attributable to shareholders was HKD 988 million, influenced by non-cash adjustments including impairment losses totaling HKD 281 million [5][6] - The adjusted net gearing ratio improved to 64.9%, down 2.7 points compared to the end of March [6][13] Business Line Data and Key Metrics Changes - Property development revenue decreased to HKD 3.2 billion from HKD 3.6 billion year-on-year, but profit margin increased from 31.3% to 34.9% [25][26] - Hotel revenue increased by 10% to nearly HKD 1 billion, with significant contributions from Dorsett Kai Tak [4][35] - Car park revenue decreased by 10% to HKD 343 million, while gaming revenue increased by 11% to HKD 2,018 million [43][45] Market Data and Key Metrics Changes - The company reported strong sales momentum in Manchester, with prices increasing from GBP 380 to over GBP 580 per sq ft, reflecting over 50% growth [27] - In Hong Kong, the Pavilion Forest project has seen strong sales, with over 700 units sold out of 1,300 [32] - The hotel market in Hong Kong is showing improvement, with occupancy rates trending upwards [35] Company Strategy and Development Direction - The company aims to accelerate project completions to optimize cash flow and reduce debt levels, maintaining a robust development pipeline of approximately HKD 62 billion [25][28] - Focus on divesting non-core assets and transitioning towards an asset-light business model [49] - The company is restructuring investments in Queensland and expects to increase its stake in the Queens Wharf Brisbane project to 50% [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the Hong Kong property market stabilization and anticipated no further material impairments [51][52] - The company expects to further reduce its gearing ratio and improve cash flow visibility from pre-sales and completed projects [47][48] - Future hotel revenue is projected to grow with the stabilization of new hotels and ongoing operational improvements [49] Other Important Information - The company has entered into agreements to dispose of non-core assets, including a car park in Chatswood, Sydney, for AUD 3.7 million [8][43] - The company is actively involved in community support efforts following a recent fire incident in Hong Kong [1][24] Q&A Session Summary Question: Any plans for the Yaru project and potential impairments? - Management hopes for no further impairments, citing recent sales performance in the Pavilion Forest project [51] Question: What is the company's strategy regarding perpetual bonds? - The priority is on reducing bank loans, with a focus on leveraging the HKD 61 billion development pipeline [59]