GD Land Posts Interim Results with 60.6% Drop in Profit Attributable to Shareholders

Stock News08-27

GD Land (00124) has released its interim results for the 2026 fiscal year, reporting a 38.6% year-on-year decline in revenue to HK$3.532 billion. Profit attributable to holders of the company fell by 60.6% to HK$111 million, with basic earnings per share at 6.49 HK cents.

The company attributed the revenue decrease primarily to a reduction in the total gross floor area delivered from properties held for sale. Key factors affecting the group's performance for the six months ended June 30, 2026, include: (a) The properties delivered during the review period were mainly the Foshan Yuehai Yigui Mansion and the Guangzhou Yuehai Yungang City projects. Notably, the Guangzhou Yuehai Yungang City project carries a higher gross margin; however, the reduced gross floor area delivered during the period led to a decline in property sales profit compared to the same period in 2025. (b) Reflecting the latest real estate market conditions, the group recognized an inventory impairment provision of approximately HK$121 million for the review period, based on indications of impairment for certain property projects (compared to HK$768 million for the six months ended June 30, 2025). (c) The group recorded a fair value loss on investment properties (net of related deferred tax expenses) of approximately HK$10.91 million for the period (compared to HK$98.81 million for the six months ended June 30, 2025).

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