Kader Holdings reported interim revenue of HK$131.50 million for the six months ended 30 June 2026, slipping 2.00% year-on-year. A steep revaluation deficit on investment properties and an adverse turnaround in foreign-exchange movements pushed the attributable loss to HK$140.31 million, 51.19% wider than the HK$92.80 million loss recorded a year earlier.

Revenue mix • Toys & Model Trains: HK$109.10 million (-0.59% YoY) • Property Investment (rental income): HK$22.40 million (-8.31% YoY)

Key profit drivers • Investment properties revaluation deficit: HK$92.04 million versus HK$61.32 million in 1H 2025. • Foreign-exchange impact: HK$0.53 million loss versus HK$19.34 million gain a year earlier, a HK$19.87 million negative swing. • Finance costs eased to HK$14.97 million (-10.41% YoY).

Earnings and margins • Adjusted EBITDA loss narrowed marginally to HK$15.02 million from HK$15.31 million. • Loss before tax expanded to HK$142.78 million from HK$91.15 million. • Basic and diluted loss per share: HK14.76 cents (1H 2025: HK9.76 cents).

Balance sheet & liquidity • Net assets: HK$1.60 billion (31 Dec 2025: HK$1.74 billion); net asset value per share fell to HK$1.68 from HK$1.83. • Net current liabilities widened to HK$426.83 million (31 Dec 2025: HK$386.02 million). • Total bank borrowings stood at HK$724.17 million; gearing rose to 45.26% from 41.27%. • Cash and cash equivalents: HK$57.64 million (31 Dec 2025: HK$64.85 million). • Operating cash inflow declined to HK$10.64 million from HK$20.79 million.

Property portfolio • Investment property carrying value declined to HK$1.72 billion from HK$1.81 billion at year-end. • Major asset Kader Building reported 65% occupancy, up from 63% a year earlier.

Capital expenditure • HK$12.01 million invested in property, plant and equipment; HK$1.10 million in additional investment property. • Outstanding capex commitments total HK$16.21 million.

Dividend • The board declared no interim dividend, unchanged from the prior-year period.

Outlook Management cited heightened geopolitical tensions and persistent inflation as ongoing challenges. Planned measures include cost control, operational optimization and continuing efforts to revitalize Kader Building to enhance rental income. No forward-looking financial guidance was provided.