Link: https://links.sgx.com/1.0.0/corporate-announcements/M8A90CC2V8V0FE49/0d59d5d291383d53b660ff65bd4e46074fa89a09fe8c8c993b2cd3faa8c9a6ad

Summary:

• Group revenue fell 21% to HK$442 million (from HK$560 million 1H 2024), driven by fewer unit sales at OMA by the Sea.

• Interim loss attributable to shareholders was HK$1,187 million, narrowing from HK$1,337 million loss the prior period; mainly due to large non-cash net valuation losses (HK$1,295 million), reflecting the continued decline in Hong Kong property values.

• Excluding valuation losses, core profit climbed to HK$108 million (vs. HK$32 million), supported by a HK$38 million gain on London property disposal, better hotel results, and lower finance costs.

• Property development segment saw HK$90 million in revenue (down from HK$221 million), as most OMA by the Sea and OMA OMA units are already sold/recognized.

• Average occupancy at flagship Landmark East office towers was 86%, above Kowloon East market average. London office portfolio remained stable, with a major asset disposed in June 2025 for GBP43 million.

• Hotel arm’s revenue more than doubled to HK$67 million, with smaller losses post-renovation at Lanson Place Causeway Bay.

• Bank and cash balances rose to HK$2.79 billion; gearing ratio improved to 18.3%.

• Interim dividend of HK3.0 cents per share declared; outlook remains "cautiously optimistic" on gradual recovery in HK property and hospitality sectors with ongoing focus on financial prudence and new project launches.