Future World Holdings Limited (FW Holdings) released its audited results for the year ended 31 December 2025.
Financial Highlights 1. Revenue climbed 35.7% year on year to HK$114.60 million, driven by stronger contributions from hotel operations and property-related services. 2. The Group recorded a net loss attributable to shareholders of HK$52.47 million, reversing from a HK$13.49 million profit in 2024. Basic loss per share was HK$0.18 (2024: earnings per share HK$0.06). 3. Gross profit edged up 2.6% to HK$42.86 million, but a sharp fall in “other income and gains” to HK$7.19 million (2024: HK$67.88 million) and a 67.7% surge in finance costs to HK$40.19 million pressured the bottom line. 4. Total equity stood at HK$821.62 million (-3.1% YoY), while total borrowings amounted to HK$706.99 million, leaving a gearing ratio of 86.05%.
Segment Performance • Hotel operation and ancillary business: revenue HK$70.18 million (+61.1% YoY); segment loss widened to HK$15.30 million (2024: loss HK$5.38 million). • Property investment, management and agency: revenue HK$35.15 million (+12.8%); segment loss HK$46.68 million (2024: profit HK$2.26 million) after a HK$34.56 million fair-value drop in investment properties. • Financing services: interest income fell to HK$5.59 million (-40.6%); segment profit HK$2.86 million (2024: HK$33.17 million) after HK$1.35 million credit-loss provision. Gross loan and interest receivables contracted to HK$53.14 million (2024: HK$170.86 million). • Securities trading and investment: fair-value gains of HK$5.21 million (2024: HK$28.53 million). Listed portfolio marked at HK$68.16 million as at 31 December 2025. • Newly launched asset-management arm (acquired January 2025) generated HK$3.37 million revenue and a HK$0.63 million segment loss. • Securities brokerage business reported HK$1.22 million segment loss on zero revenue.
Cash Flow & Balance Sheet • Cash and bank balances rose to HK$212.32 million (31 December 2024: HK$99.28 million). • Net current assets totalled HK$20.94 million; current ratio stood at 1.07 (2024: 1.14). • Bank borrowings were HK$199.62 million; other borrowings HK$332.77 million; loans from a director HK$158.42 million; promissory note HK$16.17 million. • Finance costs increased to HK$40.19 million (2024: HK$23.97 million) as borrowing levels remained high.
Corporate Moves • Completed acquisition of Excelerate Holding for HK$2.66 million, adding a Type 9 (asset management) SFC licence. • Acquired Aspire Holding and its two Shenzhen properties for HK$25.44 million (partly via promissory note). • Finalised purchase of a luxury residential unit at Broadview Villa, Hong Kong, for HK$88.00 million and assigned receivables of HK$23.39 million from Executive Director Mr Lai Long Wai. • Disposed of SDHG shares for HK$30.88 million, booking a HK$10.07 million loss; sold most Smart Fish holdings for HK$7.04 million, realising HK$2.37 million gain. • Settled HK$46.25 million bond payable; early redemption of a HK$13.91 million promissory note resulted in a HK$2.32 million gain. • Post-year-end, agreed to transfer remaining listed securities and certain loan receivables to Mr Lai for HK$119.18 million, to be settled partly by debt set-off.
Investment Properties Portfolio expanded to 24 assets with a combined fair value of HK$1.11 billion. Rental income was HK$8.62 million (-2.9% YoY). Properties with a carrying value of HK$574.00 million are pledged for bank facilities.
Outlook Management will focus on asset optimisation, cost control and selective investment, leveraging the new asset-management platform to diversify revenue streams. The Board does not recommend a final dividend for FY2025.
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