CK Asset profit drops 26.2% on $503m revaluation loss

Despite the sharp drop in headline profit, the Group's core earnings showed resilience. 

CK Asset Holdings Limited reported a 26.2% drop in profit attributable to shareholders for the first half of 2025, falling to $6.3b from $8.6b a year earlier.

Earnings per share declined to $1.80 from $2.44. The company attributed the fall primarily to a negative revaluation of investment properties, which resulted in a loss of $503m, compared to a gain of $1.88b in the same period last year.

Despite the sharp drop in headline profit, the Group's core earnings showed resilience. Profit before investment property revaluation rose 1.6% YoY to $6.81b, with earnings per share up slightly to $1.94. Group revenue also climbed to $25.39b, compared with $22.01b in 2024, driven by higher property sales and solid contributions from overseas operations.

Revenue from property sales jumped to $7.37b from $4.64b a year earlier. However, profit contribution from this segment slipped to $1.77b due to lower margins amid sales promotions in a challenging Hong Kong and Mainland property market.

Pub operations, primarily through UK-based Greene King, recorded a 5.4% increase in profit contribution to $629m. Revenue rose to $12.52b.

Infrastructure and utility assets continued to be a key source of recurring income. Profit contribution from joint ventures in this segment reached $4.58b, up from $4.10b.

The Group maintained its interim dividend at $0.39 per share, unchanged from 2024.