Hang Lung Properties underlying net falls to HK$2.2b

Business | 30 Jul 2019 1:49 pm

Hang Lung Properties (0101) reported first-half underlying net profit declined by 4 percent year-on-year to HK$2.23 billion.

Net profit including changes in fair value of properties fell by 25 percent from a year ago to HK$3.52 billion.

As no property sales were recognized during the period, total revenue fell by 18 percent to HK$4.2 billion. Operating profit fell by 13 percent to HK$3.22 billion.

The company declared an interim dividend of 17 HK cents per share.

Hang Lung Group (0010), parent of Hang Lung Properties, said underlying net profit grew by 59 percent from a year ago to HK$2.32 billion for the six months ended June 30.

Earnings per share increased to HK$2.72. The group declared an interim dividend of 19 HK cents.

Net profit including the effects of property revaluation gain increased by 22 percent year-on-year to HK$3.71 billion, mainly attributable to the gain on disposal of non-core assets.

Revenue fell by 18 percent to HK$4.2 billion.

 

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