Tai Sang Land Development Income Statement

Financials in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	471.3	481.55	487.06	439.86	407.02
Total Revenue	471.3	481.55	487.06	439.86	407.02
Revenue Growth (YoY	-2.13%	-1.13%	10.73%	8.07%	15.75%
Property Expenses	177.3	182.95	183.45	148.15	136.44
Selling, General & Administrative	191.02	181.54	184.73	176.28	149.45
Other Operating Expenses	-0.21	-	-	-	19.41
Total Operating Expenses	368.11	364.49	368.17	324.44	305.3
Operating Income	103.19	117.07	118.89	115.42	101.73
Interest Expense	-112.87	-151.86	-145.74	-71.23	-36.61
Interest & Investment Income	-	3.85	3.07	1.98	1.33
Other Non-Operating Income	2.04	-	-	-	-
EBT Excluding Unusual Items	-7.64	-30.93	-23.78	46.18	66.45
Gain (Loss) on Sale of Assets	-	0.39	3.21	-0.1	-0.13
Asset Writedown	-245	-329.25	-190.02	286.18	617.13
Pretax Income	-252.64	-359.8	-210.59	332.25	683.44
Income Tax Expense	6.94	-19.61	-46.23	-53.26	29.02
Earnings From Continuing Operations	-259.58	-340.19	-164.37	385.51	654.43
Minority Interest in Earnings	1.98	6.78	-21.29	-25.4	-20.81
Net Income	-257.61	-333.41	-185.66	360.12	633.62
Net Income to Common	-257.61	-333.41	-185.66	360.12	633.62
Net Income Growth	-	-	-	-43.16%	-
Basic Shares Outstanding	286	288	288	288	288
Diluted Shares Outstanding	286	288	288	288	288
Shares Change (YoY)	-0.50%	-	-	-	-
EPS (Basic)	-0.90	-1.16	-0.65	1.25	2.20
EPS (Diluted)	-0.90	-1.16	-0.65	1.25	2.20
EPS Growth	-	-	-	-43.16%	-
Dividend Per Share	-	0.090	0.120	0.200	0.220
Dividend Growth	-	-25.00%	-40.00%	-9.09%	-
Operating Margin	21.89%	24.31%	24.41%	26.24%	24.99%
Profit Margin	-54.66%	-69.24%	-38.12%	81.87%	155.67%
EBITDA	142.65	156.53	161.29	164.46	142.69
EBITDA Margin	30.27%	32.50%	33.12%	37.39%	35.06%
D&A For Ebitda	39.46	39.46	42.41	49.04	40.96
EBIT	103.19	117.07	118.89	115.42	101.73
EBIT Margin	21.89%	24.31%	24.41%	26.24%	24.99%
Effective Tax Rate	-	-	-	-	4.25%

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.