Pacific Century Premium Developments Limited (“PCPD”, Stock Code: 00432) has announced its audited results for the year ended December 31, 2025, highlighting a 51% increase in consolidated revenue to HK$1.05 billion (2024: HK$695 million). The net loss attributable to equity holders narrowed to HK$69.00 million, compared to HK$230.00 million in the previous year. No final dividend was recommended for the reporting period.
Operational Performance and Segment Highlights During 2025, PCPD’s property investments, premium-grade developments, and hospitality operations across key Asian markets drove the overall revenue growth. In Japan, Park Hyatt Niseko recorded higher occupancy and year-round recreational income, contributing to the improved top-line figures. In Indonesia, the Jakarta commercial property achieved an 87% committed occupancy rate, compared to 85% in 2024, generating HK$208.00 million in gross rental income. In Thailand, 40% of Phase 1A villas in Phang Nga were sold or reserved, while foreign arrivals reached 33 million, supporting stable local performance. In Hong Kong, development work on the luxury residential project Central Residence by the Park progressed according to schedule, with completion targeted for the first half of 2026.
Financial Overview Cost of sales amounted to HK$308.00 million (2024: HK$274.00 million), leading to a gross profit of HK$738.00 million (2024: HK$421.00 million). General and administrative expenses rose to HK$640.00 million (2024: HK$568.00 million), mainly reflecting increased project publicity and depreciation of sales facilities. Finance costs were HK$296.00 million (2024: HK$238.00 million), influenced by exchange losses on guaranteed notes and higher interest expenses.
Balance Sheet and Capital Structure Total assets stood at HK$11.35 billion as at December 31, 2025 (2024: HK$10.87 billion). Non-current assets amounted to HK$2.83 billion (2024: HK$6.33 billion), reflecting the reclassification of certain investment properties to assets of disposal group held for sale, which were reported at HK$3.37 billion. Current liabilities totaled HK$8.75 billion (2024: HK$1.54 billion), mainly comprising borrowings. With additional liabilities of disposal group held for sale at HK$1.29 billion, overall liabilities reached HK$11.31 billion (2024: HK$10.80 billion). Net assets stood at HK$36.00 million (2024: HK$66.00 million).
Industry Environment and Strategic Developments Market conditions in the Asia-Pacific region favored premium and hospitality-oriented properties. PCPD continued to invest in high-end real estate projects, supported by rising inbound tourism in Japan, sustained property demand in Hong Kong, and the expanding leisure market in Thailand. The Group focuses on diversifying its premium property pipeline and seeking selective development opportunities. Core initiatives include continued advancement of the Central Residence by the Park in Hong Kong, expansion of the Park Hyatt Niseko business in Japan, and further progression of the Phang Nga resort community in Thailand.
Risk Management and Corporate Governance PCPD’s Board of Directors and specialized committees (Audit Committee, Remuneration Committee, Nomination Committee, and Executive Committee) maintain oversight of corporate governance and risk management. Independent non-executive directors, led by the Independent Non-Executive Chairman, oversee strategic direction, internal controls, and regulatory compliance. Key risk factors disclosed include foreign exchange exposure, project execution, cost management, and cybersecurity measures, each addressed through dedicated policies, professional reviews, and contingency planning.
Looking Ahead PCPD aims to balance its property portfolio by focusing on high-quality developments and hospitality assets in Hong Kong, Japan, Thailand, and Indonesia. The Group continues to emphasize value generation through disciplined execution, prudent financial management, and sustained investment in premium-grade projects. Management remains committed to delivering long-term returns to shareholders and stakeholders by leveraging market demand for upscale real estate and hospitality offerings in core Asian markets.