Century City International (355) H2 2024 earnings summary

Executive summary

• Revenue declined by 2.3% year-over-year to HK$2,744.2 million, with gross profit down 15.2% to HK$956.9 million.

• Operating loss before depreciation, finance costs, and tax was HK$357.2 million, reversing from a profit of HK$280.4 million last year.

• Net loss attributable to equity holders widened 53% year-over-year to HK$1,025.6 million.

• Sluggish real estate markets in Hong Kong and China led to slower property sales and lower profit contributions.

• Hotel operations remained steady despite intense competition, with increased net hotel income.

Financial highlights

• Revenue: HK$2,744.2 million (down 2.3% year-over-year).

• Gross profit: HK$956.9 million (down 15.2% year-over-year).

• Operating loss before depreciation, finance costs, and tax: HK$357.2 million (2023: profit of HK$280.4 million).

• Net loss attributable to equity holders: HK$1,025.6 million (2023: HK$670.4 million).

• Basic loss per share: HK(34.71) cents (2023: HK(23.23) cents).

Outlook and guidance

• Business environment expected to remain volatile and challenging.

• Focus will remain on existing asset portfolio and operations, with caution on new investments.