Sky Blue 11 Company Limited released audited results for the 18-month period ended 30 June 2026 (FY2025/26), the first set of accounts since the change of fiscal year-end from 31 December to 30 June.
Revenue and Profitability • Group revenue increased 36.86 % year on year to HK$49.32 million, driven solely by the design and sales of integrated circuits and semiconductor parts; no sales were recorded from executive jet management or yacht businesses during the period. • Gross profit rose to HK$35.05 million from HK$21.63 million. • Loss before tax narrowed to HK$65.55 million versus HK$164.57 million in the 2024 financial year. • Net loss attributable to shareholders declined 60.2 % to HK$65.74 million. Basic and diluted loss per share improved to HK14.80 cents from HK37.45 cents.
Cost and Expense Dynamics • General and administrative expenses increased to HK$54.02 million (FY2024: HK$39.45 million), reflecting the extended 18-month reporting period and higher professional and office costs. • Finance costs climbed to HK$24.56 million from HK$16.02 million, linked to higher borrowings. • Impairment charges dropped sharply: financial-asset impairments fell to HK$0.40 million (FY2024: HK$69.62 million) and non-financial-asset impairments to HK$3.26 million (FY2024: HK$59.72 million). • Fair-value losses on Saipan investment properties widened to HK$19.79 million (FY2024: HK$1.73 million) amid continued tourism weakness.
Segment Performance • Integrated circuits and semiconductor parts contributed HK$49.32 million revenue and a segment loss of HK0.64 million. • Executive jet management and yacht businesses posted no revenue; the yacht segment incurred a HK$10.35 million loss, while property investment recorded a HK$19.79 million loss from valuation adjustments. • Total segment assets stood at HK$208.97 million, with HK$129.73 million tied to yacht operations and HK$7.38 million in Saipan investment properties.
Balance Sheet and Liquidity • Cash and bank balances were HK$28.61 million, including HK$6.46 million frozen in mainland China pending court proceedings. • Interest-bearing borrowings expanded to HK$153.95 million (31 Dec 2024: HK$124.72 million); amounts due to a shareholder totalled HK$92.71 million. • Net current liabilities widened to HK$197.86 million, and total net liabilities increased to HK$182.87 million. • The gearing ratio (interest-bearing liabilities/total assets) rose to 73.7 % from 54.8 %.
Going-Concern Assessment Auditors drew attention to material uncertainty over going concern given continuing losses and a net liability position. Management plans include tight cost control, refinancing of short-term debt, and shareholder financial support to cover obligations for at least the next 15 months.
Capital Management and Dividends No dividends were declared for the period. The issued share capital remained unchanged at 444.29 million shares. No shares were purchased, sold or redeemed. The group reported no material commitments, pledges or contingent liabilities.
Outlook Management intends to streamline operations, explore divestment of underperforming assets—particularly the executive jet management and Saipan property segments—and pursue an asset-light, service-oriented model for the yacht business, while continuing cost optimisation across the integrated circuit unit.
The annual general meeting date will be announced separately, and the FY2025/26 annual report will be available on the company’s and Hong Kong Stock Exchange websites in due course.