Harbour Centre Development Limited Reports Improved Financial Results for 2024

Harbour Centre Development Limited ( (HK:0051) ) just unveiled an update.

Harbour Centre Development Limited reported a group loss of HK$70 million for 2024, an improvement from the previous year’s HK$107 million loss. The underlying net profit was HK$83 million, showing a positive turnaround from a HK$201 million loss in 2023. The company announced a 5 HK cents interim dividend per share for 2024, marking a return to shareholder distributions. The hospitality sector faced challenges with declining room rates and rising operational costs, while the retail portfolio saw decreased revenue due to a softening market. In Mainland China, the Suzhou hospitality market struggled with competition and cautious consumer spending, impacting Niccolo Suzhou’s revenue. The company remains cautious about 2025, acknowledging geopolitical and economic uncertainties but hopeful for recovery due to new government stimulus measures.

More about Harbour Centre Development Limited

Harbour Centre Development Limited operates in the hospitality and real estate sectors, focusing on hotel management and investment properties. The company is involved in managing luxury hotels like The Murray in Hong Kong and Niccolo Suzhou in Mainland China, as well as developing properties such as the Suzhou International Finance Square.

YTD Price Performance: -7.52%

Average Trading Volume: 10,041

Technical Sentiment Consensus Rating: Buy

Current Market Cap: HK$3.31B

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