Henderson Land underlying net climbs to HK$14b, HK flat sales HK$10.8b

Business | 21 Mar 2017 6:51 pm

Henderson Land Development (00012) annual net profit for 2016 increased by 3 percent, or by HK$590 million to HK$21.91 billion, from HK$21.32 billion the year before, the real estate developer reported today.

Earnings per share for the year ended December 31, 2016, were HK$6.03 from HK$5.87 in 2015.

Underlying profit grew by 29 percent to HK$14.16 billion, representing an increase of HK$3.16 billion from HK$11.009 billion for the previous year. Underlying earnings exclude the fair value change of investment properties and investment properties under development. There was a total net gain of HK$3.93 billion arising from the disposal of various non-core investment properties, the company reported.

Underlying earnings per share were HK$3.90 compared with HK$3.03 in 2015.

The company recommended a final dividend of HK$1.13 per share.

Henderson Land said it held New Territories land reserves of 44.8 million square feet, which was the largest holding among all property developers in Hong Kong.

The company said it sold Hong Kong residences worth HK$10.08 billion during the year.

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