Harbour Centre loss narrows to $70m

Staff reporter

Harbour Centre Development (0051) reported a narrowed net loss of HK$70 million last year, down 34.6 percent year-on-year, mainly due to a lower impairment provision for development properties.

The company said it will pay an interim dividend of 5 HK cents per share on April 23 in lieu of a final dividend.

Its revenue fell 14.25 percent year-on-year to HK$1.35 billion in 2024, while its operating profit declined 1 percent to HK$404 million.

The hotel business generated a revenue of HK$874 million, down 8 percent from the previous year, and reported an operating loss of HK$55 million, compared to an operating profit of HK$26 million in 2023.

Among them, Hong Kong hotels saw revenue decline by 7 percent to HK$766 million due to lower room rates, while mainland hotel revenue fell 14 percent to HK$108 million.

Investment property revenue declined by 18 percent to HK$199 million, mainly due to lower retail rental income amid a weakening retail market. Development property revenue tumbled by 36 percent to HK$152 million.

The company expects geopolitical and economic uncertainties to continue affecting growth and consumer confidence in Hong Kong and the mainland in 2025, but the central government's new stimulus measures provide hope for a gradual market recovery.