Hang Lung Properties underlying net falls to HK$2.2bBusiness | 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.