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Hong Kong's Lai Sun Development annual revenue rises, net loss narrows

By Reuters News


Overview

  • Hong Kong property developer's full-yr revenue rose 3.4% yr/yr, driven by entertainment operations

  • Net loss attributable to owners narrowed from previous year

  • Company completed asset disposals and refinancing to improve liquidity


Outlook

  • Lai Sun Development aims to achieve asset disposals of HK$8 bln over next two yrs

  • Company expects to launch new Hong Kong residential sales in coming financial yr


Result Drivers

  • ENTERTAINMENT OPERATIONS - Co said revenue growth was mainly driven by eSun Group’s film, TV, media, entertainment and cinema operations

  • PROPERTY SALES - Revenue from property sales rose due to the sale of two accommodation towers in Hengqin Novotown Phase II, though this was partially offset by lower Hong Kong property sales

  • COMMERCIAL PROPERTY PRESSURE - Commercial real estate markets in Hong Kong and mainland China remained challenged by weak rental demand and subdued corporate spending


Company press release: Full Story


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

FY Revenue

HK$5.07 bln

FY Net Loss Attributable

HK$2.40 bln


Reuters Recommended Reads

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  • Oct 22 - PulteGroup Q3 home sale revenue falls 9% as demand weakens

  • Oct 23 - German home prices stagnate as interest rates pressure market, IW data show


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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