HKR International Limited (“the Company”) announced today the interim results of the Company and its subsidiaries (“the Group”) for the six months ended 30 September 2023 (the “Period”).

 

The Group recorded consolidated revenue of HK$3,157.1 million, increased by 296.5% from HK$796.3 million in the corresponding period. Underlying profit excluding net unrealised losses on fair value change of investment properties (‘‘Underlying Profit’’) of HK$74.5 million, was HK$192.2 million, up by 576.8%.

 

The surge in consolidated revenue and Underlying Profit was mainly attributed to the comparative low revenue and profit bases in the last corresponding period during which there was no completion of new development project in Hong Kong and mainland China. During the Period, the sale launch of Starlight One, a residential project in mainland China, provided the main driver for the Group’s consolidated revenue and Underlying Profit. Together with robust revenue and profit contribution from the Group’s property investments, the Group’s segment result was HK$504.5 million, up 138.5% over that of the last corresponding period.

 

At the same time, the Underlying Profit of the Group has been impacted by interest rate hikes, continuous depreciation of Renminbi, Thai Baht and Japanese Yen and recorded increases in both finance costs and net exchange losses for the Period.

 

After taking into account the net unrealised losses on fair value change of investment properties, the profit attributable to owners of the Company amounted to HK$117.7 million, increased by 568.8% from HK$17.6 million in the last corresponding period.

 

Basic earnings per share were HK7.9 cents for the Period, compared to HK1.2 cents for the

last corresponding period.

 

The Board has resolved not to declare any interim dividend to its shareholders for the Period.  

 

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

 

Ends

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: https://www.hkri.com

 

This press release is issued by HKR International Limited.