Uni-Asia reports $15.4m net profit loss in H1 2024

They also had an operating loss of US$9.8m. 

Uni-Asia Group Limited reported a net loss of US$11.7m ($15.4m) in H1 2024, attributable to the deteriorating Hong Kong commercial property market, driven by high interest rates, subdued sales, and debt issues amongst large Mainland China developers.

In 2010, Uni-Asia partnered with a private developer in Hong Kong for its first property project. Following its success, they continued this partnership, investing in eight projects. For the first three, Uni-Asia invested $17.5m and earned $42.7m, resulting in a $25.2m cash profit.

Uni-Asia's total income decreased by 62% to US$11.2m ($14.7) due to a fair valuation loss of US$12.8m ($16.9m) from Hong Kong property projects, reducing investment returns to a negative US$12.3m ($16.2m).

The group also reported an operating loss of US$9.8m ($12.9m) in H1 2024, from US$6.5m ($8.5m) in H1 2023. 

Net cash flows from operations was at US$6.2m ($8.2m) in H1 2024. 

Net investing cash inflows was at US$ 3.4m ($4.5m), attributed from the proceeds from ship disposed in H1 2024 offsetting investments into new properties in Japan. 

Meanwhile, cash outflows from financing activities were at US$10.6m ($14m) due to net payment borrowings and interests. 

(US$1 = $1.32)