Far East Consortium International Ltd
HKEX:35
Far East Consortium International Ltd
Far East Consortium International Ltd. is an investment holding company, which engages in property development and investment, hotel operations and management, as well as car park and facilities management. The company employs 3,500 full-time employees The firm operates its business through seven segments. The Property Development segment is engaged in the residential property developments. Hotel Operations and Management segment is engaged in the owning and operation of hotels. Car Park Operations and Facilities management is engaged in the operation of car parks. Securities and Financial Product investments segment is engaged in the securities and financial product investments. Property Investment segment is engaged in the investments in retail and office buildings. Gaming Operations segment is engaged in the owning and operation of casinos. Provision of Mortgage Services segment is engaged in the provision of residential mortgages.
Far East Consortium International Ltd. is an investment holding company, which engages in property development and investment, hotel operations and management, as well as car park and facilities management. The company employs 3,500 full-time employees The firm operates its business through seven segments. The Property Development segment is engaged in the residential property developments. Hotel Operations and Management segment is engaged in the owning and operation of hotels. Car Park Operations and Facilities management is engaged in the operation of car parks. Securities and Financial Product investments segment is engaged in the securities and financial product investments. Property Investment segment is engaged in the investments in retail and office buildings. Gaming Operations segment is engaged in the owning and operation of casinos. Provision of Mortgage Services segment is engaged in the provision of residential mortgages.
Adjusted Revenue: Adjusted revenue reached HKD 4.9 billion, mainly from property development project completions in the UK and Australia.
Profitability: Adjusted cash profit was HKD 203 million, but the company reported a net loss of HKD 988 million due to large non-cash impairment charges.
Gross Margin: Adjusted gross profit margin increased by 3.6 percentage points, with overall gross margin at 34.8%, mainly driven by higher-margin property sales.
Hotel Growth: Hotel revenue rose 9.5% to hit almost HKD 1 billion, helped by new hotel openings and improving occupancy and room rates, especially in Hong Kong.
Debt Reduction: Net gearing ratio fell to 64.9%, down about 2.7 points versus March, as the company paid down over HKD 1.2 billion in debt.
Presales Pipeline: Presales and contracted sales stand at HKD 9.3 billion, giving strong visibility for future revenue.
Asset Sales: About HKD 1 billion of noncore assets were monetized, including mortgage portfolios and car parks; more disposals are planned.
Project Pipeline: A robust HKD 62 billion property development pipeline is supporting growth and future cash flow.
