Hanfort Development Holdings Limited reported unaudited revenue of HK$148.02 million for the six months ended 30 June 2026, up 66.4% year-on-year. The return to profitability—net earnings of HK$2.88 million against a HK$14.61 million loss a year earlier—was chiefly driven by a sharp rebound in golf-equipment demand after production was expanded to Vietnam.
Revenue breakdown and margins • Golf equipment contributed HK$138.19 million, a 74.2% increase and 93.4% of group turnover. • Golf bags added HK$9.83 million, up 2.0%; the hospitality segment generated no revenue. • Group gross profit rose 81.7% to HK$39.18 million, lifting gross margin to 26.5% (2025: 24.2%). • Segment profit from golf equipment jumped to HK$13.92 million (2025: HK$0.76 million), while golf bags delivered HK$0.89 million profit versus a prior-period loss.
Expense and finance items • Administrative expenses increased 11.0% to HK$35.31 million, mainly on higher staff costs. • Finance costs fell 41.4% to HK$3.00 million after full conversion of a convertible bond in November 2025. • No income tax was recognised, reflecting utilisation of brought-forward losses and tax exemptions for the Vietnam subsidiary.
Earnings per share Basic and diluted earnings per share were HK$0.05 cent, compared with a loss per share of HK$0.28 cent in the prior-year period.
Balance-sheet highlights (30 June 2026) • Cash and bank balances: HK$72.43 million (31 Dec 2025: HK$41.96 million). • Short-term bank borrowings: HK$17.24 million; fixed-rate at 3.0% and secured by HK$22.72 million of property, plant, and right-of-use assets. • Payable to former director: HK$61.36 million, unsecured, interest-bearing at 9.75% p.a. • Net assets: HK$278.75 million (31 Dec 2025: HK$272.82 million). • Current ratio improved to 1.22 (31 Dec 2025: 1.19); gearing stood at 2.2%.
Operational developments • The group’s Vietnamese manufacturing facility, acquired late-2025, mitigated U.S. tariff pressures on products originating from China, aiding order recovery. • A 12-year factory lease in Hai Phong, Vietnam, signed in March 2026, will add 10,244 m² of production space, with right-of-use assets estimated at HK$43.36 million upon handover (expected by 31 October 2026). • Hospitality project in the Commonwealth of the Northern Mariana Islands remains deferred due to external constraints.
Outlook Management anticipates continued order momentum in golf equipment during 2H 2026, supported by Vietnam production capacity and ongoing cost-optimisation initiatives. The board maintains a cautious stance amid macroeconomic uncertainties and declared no interim dividend.
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