Lai Fung Holdings Limited released its annual results for the year ended 31 July 2025. The Group reported a net loss attributable to owners of HK$419.4 million, compared with a net loss of HK$267.7 million in the previous financial year. Turnover stood at HK$1,291.3 million, markedly lower than the HK$2,192.8 million recorded a year earlier. The decrease in turnover was primarily driven by the conclusion of sales at key residential projects and fewer sales of cultural units, alongside fair value losses on investment properties as opposed to gains in the prior year.
Administrative expenses and finance costs both improved. Administrative expenses fell 10.5% year-on-year, and finance costs dropped 17.7% to HK$521.9 million, supported by refinancing at lower interest rates and a reduction in HIBOR. The Group reported adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) of HK$416.3 million, down from HK$782.0 million a year ago.
Rental income remained relatively stable at HK$721.8 million despite a challenging market, showing a small increase from HK$715.7 million in the prior year. The Group’s hotel and serviced apartment operations generated HK$273.0 million in turnover. Meanwhile, sales of properties recorded HK$289.1 million, significantly below HK$1,182.3 million in the last financial year, largely because projects had largely sold out.
Total capital resources amounted to HK$4,432.6 million as of 31 July 2025, comprising around HK$1,840.8 million in cash and bank balances and HK$2,591.8 million in undrawn bank facilities, against short-term borrowings of HK$4,882.1 million. Overall borrowings rose 4.6% to HK$10,309.2 million. The Group reaffirmed its target to dispose of around HK$2,000 million in assets over the coming two years, noting advanced discussions with potential buyers.
No final dividend was declared for the reporting period. The Board highlighted the ongoing focus on refinancing discussions and further execution of asset sales to strengthen the Group’s liquidity and financial position.