Revenue (Q1 2025): HK$427.23 million; Gross Profit: HK$282.96 million; Gross Margin: 66.23%; Operating Income: HK$276.63 million; Operating Margin: 64.75%; Net Income: HK$-326.68 million; Net Margin: -76.46%; EPS: HK$-0.16; Weighted Avg Shares: 2,044,449,242.
YoY and QoQ trend highlights:
- Revenue: -1.99% YoY; -51.14% QoQ.
- Gross Profit: -3.03% YoY; -50.21% QoQ.
- Operating Income: -3.14% YoY; -50.50% QoQ.
- Net Income: -1,695.24% YoY; +32.31% QoQ (net loss narrowed versus the prior quarter).
- EPS: -1,677.78% YoY; +33.33% QoQ.
Key margin observations:
- Gross Margin: ~66.2% reflects the sustained rent-related revenue quality.
- Operating Margin: ~64.7% indicates efficient control of operating costs within the property portfolio.
- Net Margin turned negative primarily due to a substantial other income/expense charge in the quarter (HK$-577.68 million), which eclipsed the solid operating performance.
Notes on accounting presentation:
- Depreciation and amortization are shown as a negative line item (-HK$276.63 million), which, in conjunction with reported operating income, suggests the quarter’s operating result is presented net of a sizable non-cash adjustment. Excluding the other income/expenses, the operating result points to a healthier core earnings basis; investors should review the accompanying notes for classification and potential non-cash components.