[For Immediate Release]
Announces 2024/25 Interim Results
(Hong Kong, 27 November 2024) Emperor International Holdings Limited ("Emperor International" or "Group"; Stock code: 163) announced its interim results for the six months ended 30 September 2024 ("Period").
Financial Summary
For the six months | ||
ended 30 September | ||
Continuing operations | 2024 | 2023 |
HK'000 | HK'000 | |
Total revenue | 459,378 | 438,448 |
Property development | 81,880 | 12,506 |
Property investment | 377,498 | 425,942 |
Gross profit | 335,116 | 358,963 |
Fair value (loss) on investment properties | (730,858) | (464,181) |
(Loss) attributable to owners of the Company | (1,042,301) | (769,164) |
Underlying profit attributable to the owners of the Company1 | 383,558 | 202,342 |
Basic (loss) per share | HK$(0.28) | HK$(0.21) |
1 Represents profit attributable to owners of the Company before loss on disposal of a subsidiary, fair value changes and impairment loss and the relevant deferred taxes, as well as finance costs
During the Period, the Group's total revenue from continuing operations increased to HK$459.4 million (2023: HK$438.4 million). Revenue from the sales of property development increased significantly by 555.2% to HK$81.9 million (2023: HK$12.5 million), which was mainly contributed by the sales income from Central 8. Rental income was HK$377.5 million (2023: HK$425.9 million).
Gross profit from the continuing operations was HK$335.1 million (2023: HK$359.0 million). Due to a fair value loss on investment properties, the Group recorded a loss attributable to the owners of the Company from the continuing operation of HK$1,042.3 million (2023: HK$769.2 million). Basic loss from continuing operation was HK$0.28 (2023: HK$0.21) per share.
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Emperor International Announces 2024/25 Interim Results
27 November 2024
Property Sales
One Jardine's Lookout is a 27-storey residential tower in Happy Valley, offering 123 units with a project saleable area of approximately 47,400 square feet. It has been launched to the market by means of pre-sale since September 2024. With the catalyst of interest rate cuts, the pre-sale has received an overwhelming market response and recorded over-subscription. Currently, all units were contracted with sales contracts totalling approximately HK$1,000.0 million achieved.
SouthSky is a 23-storey residential and retail building, offering 110 units with a project saleable area of approximately 38,800 square feet. Currently, 80 units were contracted with sales contracts totalling over HK$500.0 million achieved. The project is scheduled for completion in 2025.
Located at No. 8 Mosque Street, Mid-Levels, Central 8 is a 29-storey (including lower ground floor) boutique residential tower, offering 99 units. As at 30 September 2024, 77 units were sold and 8 units were contracted. Subsequent to the Period, the remaining 14 units were all contracted. Total sale amount of the aggregate 22 contracts units mentioned above was over HK$110.0 million.
No. 15 Shouson, located in Southern District, Hong Kong Island, is a signature luxury residential project boasting a project saleable area of approximately 97,100 square feet. The site is near Aberdeen Tunnel and a network of prestigious schools, offering 15 low-density luxury villas and complemented by comprehensive auxiliary facilities. The Group owns a 50% stake in this project. As at 30 September 2024, 5 houses were sold and 1 house was contracted at a selling price of HK$260.0 million. Subsequent to the Period, 1 house was sold at a high price over HK$800.0 million, thanks to the reviving investment sentiment. Currently, 8 houses are available for sale.
Rental Income
The Group possess a geographically balanced property portfolio covering Hong Kong, Mainland China, Macau and London. Hong Kong accounts for nearly 50% of the Group's total gross floor area of investment properties that are currently for lease. As at 30 September 2024, the occupancy rate of the Group's investment properties in Hong Kong was over 90%.
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Emperor International Announces 2024/25 Interim Results
27 November 2024
Mr. Alex Yeung, Vice Chairman and Executive Director of Emperor International, said, "Riding on the positive investment sentiment arising from the Federal Reserve interest rate cut subsequent to the Period and the relaxation of the loan-to-value ratio by the Hong Kong government which has helped lower the cost of house-buying, the Group accelerated the sale of its residential properties - all units of One Jardine's Lookout which were available for pre-sale were contracted, and 1 house of No. 15 Shouson was sold at over HK$800.0 million. The additional interest rate cut in November, plus the New Capital Investment Entrant Scheme introduced by the government allowing investors to purchase high-value residential properties to be counted as part of the aggregate investment amounts, is expected to continue driving local housing demands. The Group will closely observe the market conditions, and adjust its timetable for launching development property projects as appropriate in order to seize opportunities as they arise."
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About Emperor International Holdings Limited
Emperor International is an investment holding company, which is principally engaged in property investment and property development businesses. It owns and manages investment properties in prime locations in the Greater China and overseas that generate solid income, and develops quality residential projects in Hong Kong to drive earnings visibility. With its management execution strengths and market insight, Emperor International aims to be a key property player in the Greater China. For more information, please visit its website: www.EmperorInt.com.
Investor/Press Enquiry | |
Anna Luk, Group IR Director | Janice Au, Group IR Manager |
Tel: +852 2835 6783 | Tel: +852 2835 6799 |
Email:annaluk@emperorgroup.com | Email:janiceau@emperorgroup.com |
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