Link: https://links.sgx.com/1.0.0/corporate-announcements/Z4L20LJPCQKO7ZKT/abcf0a03f2d49d78afecbc6fdce87d041cf522f00797fbea29024c28cdcca572

Summary:

• Consolidated revenue: USD 1,056.1 million (up 0.7%)

  • Hotel properties: USD 929.2m (-0.7%)

  • Investment properties: USD 68.0m (+13.9%)

  • Hotel management & related services: USD 45.9m (+1.1%, after eliminations)

• Profit attributable to owners: USD 57.9 million (down 38.7%)

  • Before non-operating items: USD 50.9m (-13.9%)

  • Decrease driven by fewer fair value gains, increased FX losses

• EPS: 1.63 US cents (down from 2.66 cents)

• EBITDA: USD 251.5m (-0.3%)

• Net assets per share: USD 1.48 (up 1.4%)

• Dividends: Interim dividend of HK5 cents/share (unchanged), payable 10 October 2025

• Cash and bank: USD 2,506.8m (up strongly)

• Balance sheet: Total assets USD 14.4b; equity USD 5.52b

Operating Highlights:

• Hotel occupancy overall 62% (up 1pp), with global RevPAR up 1% to USD 105. Excluding China, occupancy 64% (up 2pp), RevPAR up 6%.

• Robust performance in Hong Kong, Japan, France, Australia, UK (strong occupancy, RevPAR growth).

• Mainland China and Singapore hotel revenue declined due to price pressure and increased competition, despite stable occupancy.

• Investment property segment growth driven by Mongolia, Sri Lanka, and new contributions from Fuzhou.

Outlook: Management foresees continued cost control and cautious disposition, focusing on sustained recovery, asset efficiency, and revenue resilience through 2025, as hotel demand in key markets recovers but cost/FX pressures and competition persist.