Revenue: HKD 848,683,000 in Q4 2025; YoY change: -3.1% vs HKD 874,484,000 in Q4 2024; QoQ data not available for a precise Q3-to-Q4 comparison in the provided dataset. Gross Profit: HKD 536,447,000; Gross Margin: 63.21% (0.6321). YoY gross profit change: approximately -5.6% (from HKD 568,246,000 in Q4 2024). Operating Income: HKD 524,266,000; Operating Margin: 61.77% (0.6177). Net Income: HKD -503,851,000; Net Margin: -59.37% (adjusted for the quarter’s size) with year-over-year net income deterioration despite a positive operating backdrop. EPS (diluted): HKD -0.25; QoQ/EPS specifics not fully corroborated due to data constraints.
EBITDA: HKD -247,162,000; EBITDA Margin: -29.12% (EBITDA / Revenue basis). EBITDARatio: -0.2912. Interest Expense: HKD 187,401,000. EBIT/Interest Coverage: approximately 2.80x (EBIT 524,266,000 / Interest 187,401,000).
Balance Sheet highlights: Total Assets HKD 36,745,682,000; Total Liabilities HKD 11,606,051,000; Total Stockholders’ Equity HKD 25,139,631,000. Short-term debt: HKD 4,115,812,000; Long-term debt: HKD 5,744,990,000; Total Debt: HKD 9,860,802,000; Net Debt: HKD 9,795,064,000. Cash and cash equivalents: HKD 65,738,000. Current liabilities appear markedly higher than current assets (Current Assets HKD 141,966,000 vs Current Liabilities HKD 4,115,812,000), indicating tight near-term liquidity. Long-term investments: HKD 36,592,950,000.
Notes on performance quality: Core operating metrics (gross margin, operating margin) remain solid for a property-heavy portfolio, suggesting the revenue-generating engines of the portfolio are intact. The stark negative net income is driven by other income/expenses (HKD -958.83m) rather than core operations, and would be a focal point for management commentary in coming quarters to determine if these are non-recurring or indicative of ongoing impairment/fair-value adjustments.