CC Land profit drops, says projects in the works

Business | 25 Mar 2019 4:22 pm

CC Land (1224) said a few development projects are being discussed with potential buyers or partners.

Deputy chairman and managing director Peter Lam How-mun said CC Land prefers to keep cash at a steady level, which could allow investment in some lower-cost projects.

Cash and cash equivalents were at HK$4.7 billion, as of December 31, 2018.

Lam said 10 percent of the units in Nine Elms Square phase one, the property project in London in which CC Land has a 50 percent of interest, will be sold this year.

CC Land also subscribed to Hengda Real Estate (3333) bonds of HK$196 million in October.

Lam said the financial investment would be maintained at 10 percent of total assets.

CC Land net profit and earnings per share decreased by 41.4 percent to HK$171 million and 47.6 percent to HK$4.41 in 2018.

The decline was was due to a one-off gain of HK$186 million in 2017.

The share price of CC Land increased by 0.56 percent to HK$1.81 as at 14:59.

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