HKR International Limited (“the Company”) announced today the annual results of the Company and its subsidiaries (“the Group”) for the financial year ended 31 March 2023 (“FY2023”).

The Group’s revenue for the FY2023 amounted to HK$1,693.7 million, decreased by 59.4% from HK$4,167.9 million in the last year. As a result, the Group’s underlying profit excluding net unrealised losses on fair value change of investment properties of HK$495.6 million accordingly declined by 48.4% from HK$960.4 million in the last year. Such decline is primarily owing to: (i) decrease in the Group’s revenue and profit from sale of properties as the pace of property sales in Hong Kong has slowed down considerably during the year; while property sales launch of Starlight One, a project in Jiaxing, China was rescheduled to March 2023 for capturing the reviving market sentiment leading to the deferment in profit recognition of sales from FY2023 to next financial year; and (ii) rising interest rates leading to increase in the Group’s finance costs.

With the net unrealised losses on fair value change of investment properties included, the profit attributable to owners of the Company amounted to HK$455.6 million, decreased by 58.5% from HK$1,097.3 million in the last year. Basic earnings per share were HK30.7 cents for the FY2023, compared to HK73.9 cents for the last year.

As at 31 March 2023, the net asset value attributable to shareholders of the Company stood at HK$24,397.9 million (HK$16.4 per share), as compared with HK$25,026.9 million (HK$16.8 per share) in the preceding year.

The Board of Directors recommended a final dividend of HK1 cent per share for FY2023 (2022: HK5 cents). The proposed final dividend represents the total dividend payable by the Company for FY2023 (2022: HK8 cents).

The full results announcement is available on the Group’s corporate website (www.hkri.com), under the section of “Investor Relations”, and on the “HKExnews” website (www.hkexnews.hk) of the Hong Kong Exchanges and Clearing Limited.

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About HKR International Limited

HKR International Limited has diversified interests in real estate development and investment, property management, luxury hotels and serviced apartments, and other investments in Hong Kong, mainland China and across Asia.

The Company’s diverse portfolio includes Discovery Bay and CDW Building in Hong Kong, HKRI Taikoo Hui in Shanghai, and a number of premium residential properties under development in Shanghai, Jiaxing and Hangzhou. HKRI has been listed on The Stock Exchange of Hong Kong since 1989, under the Stock Code of 00480.

Website: www.hkri.com