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Lai Fung Holdings (1125) investor relations material
Lai Fung Holdings H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Demonstrated resilience amid challenging market conditions, focusing on cost control, asset disposals, and refinancing to strengthen financial position.
Net loss attributable to owners increased to HK$419.4 million from HK$267.7 million year-over-year, mainly due to reduced property sales and fair value losses, partially offset by lower expenses and finance costs.
Turnover dropped 41.1% to HK$1,291.3 million, driven by a 75.5% decline in property sales and lower theme park revenue, while rental income remained resilient.
Non-property businesses, including F&B and cinema, showed improved results through consolidation and streamlining.
No final dividend was declared for the year.
Financial highlights
Revenue down 41.1% year-over-year to HK$1,291.3m; net loss widened to HK$419.4m from HK$267.7m.
Adjusted EBITDA fell 46.8% to HK$416.3m; gross profit decreased 41.0% to HK$525.2m.
Loss per share widened to HK$1.267 from HK$0.809.
Net asset value per share decreased to HK$36.34 from HK$37.21.
Net debt to equity ratio rose to 70% from 65%.
Outlook and guidance
Asset disposal target of HK$2,000 million over two years is progressing, with advanced discussions for certain assets.
Focus on concluding sales of existing projects and launching new developments, such as 79 Broadcast Drive and 1 Kotewall Road.
Continued cost control, refinancing, and asset sales expected to support liquidity and financial stability.
No new projects unless financially feasible; current developments fully funded.
Management remains confident in the Greater Bay Area and continues a rental-led strategy.
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