Milan Station Holdings 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
Revenue	125.27	111.86	172.53	233.28	245.02
Revenue Growth (YoY)	11.99%	-35.17%	-26.04%	-4.79%	39.24%
Cost of Revenue	113.34	103.55	147.39	178.51	174.1
Gross Profit	11.93	8.31	25.14	54.77	70.92
Selling, General & Admin	27.32	35.41	46	77.73	71.01
Operating Expenses	27.13	40.28	51.33	86.65	71.1
Operating Income	-15.2	-31.98	-26.19	-31.88	-0.18
Interest Expense	-1.64	-1.63	-1.26	-0.97	-1
Interest & Investment Income	1.01	1.24	3.04	1.1	1.13
Currency Exchange Gain (Loss)	-	-	0	0.72	-
Other Non Operating Income (Expenses)	0.33	0.35	0.79	1.46	1.61
EBT Excluding Unusual Items	-15.5	-32.01	-23.62	-29.57	1.56
Gain (Loss) on Sale of Investments	17.44	10.29	-2.05	-21.48	17.34
Gain (Loss) on Sale of Assets	0.73	2.93	-0.04	4.26	2.9
Asset Writedown	-1.01	-7.56	-2.37	-	-
Other Unusual Items	-	-	-	1.94	0.49
Pretax Income	1.66	-26.36	-28.08	-44.85	22.3
Income Tax Expense	0.17	-	-0.2	0.32	0.14
Earnings From Continuing Operations	1.5	-26.36	-27.88	-45.17	22.16
Minority Interest in Earnings	-	-	-	-0.69	-1.63
Net Income	1.5	-26.36	-27.88	-45.86	20.53
Net Income to Common	1.5	-26.36	-27.88	-45.86	20.53
Shares Outstanding (Basic)	1,057	962	881	755	712
Shares Outstanding (Diluted)	1,057	962	881	755	712
Shares Change (YoY)	9.86%	9.23%	16.61%	6.10%	172.28%
EPS (Basic)	0.00	-0.03	-0.03	-0.06	0.03
EPS (Diluted)	0.00	-0.03	-0.03	-0.06	0.03
Free Cash Flow	-	-2.11	-5.65	-15.04	-25.59
Free Cash Flow Per Share	-	-0.00	-0.01	-0.02	-0.04
Gross Margin	9.53%	7.43%	14.57%	23.48%	28.95%
Operating Margin	-12.13%	-28.59%	-15.18%	-13.66%	-0.07%
Profit Margin	1.20%	-23.57%	-16.16%	-19.66%	8.38%
Free Cash Flow Margin	-	-1.89%	-3.28%	-6.45%	-10.44%
EBITDA	-14.39	-31.17	-23.99	-27.94	2.81
EBITDA Margin	-11.48%	-27.86%	-13.90%	-11.97%	1.15%
D&A For EBITDA	0.81	0.81	2.2	3.94	2.99
EBIT	-15.2	-31.98	-26.19	-31.88	-0.18
EBIT Margin	-12.13%	-28.59%	-15.18%	-13.66%	-0.07%
Effective Tax Rate	10.04%	-	-	-	0.63%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.