Sino books HK$4.4b profit
(02-27 17:03)
Sino Land (0083), a small property developer controlled by billionaire Robert Ng Chee Siong, said underlying earnings grew 80.5 percent to HK$4.48 billion for the six months ended 31 December, 2012.
The company also has a hotel portfolio including The Conrad in Hong Kong.
Profit attributable to shareholders was HK$8.1 billion, up 75.8 percent from HK$4.6 billion.
Earnings per share was HK$1.372 compared with 0.794 HK cents.
The company booked property sales revenue of HK$10.23 billion as against the HK$3.95 billion in the comparable period in 2011.
Nearly all the apartments in The Coronation and Park Summit have been sold and as for Le Sommet, all units have been sold, Sino Land said.
Contributions from property sales, including property sales of associates was HK$3.8 billion compared with HK$1.7 billion.
Rental revenue increased 9 percent to HK$1.56 billion and net rental income increased 8.8 percent to HK$1.34 billion.
Rental revenue grew mainly due to higher rental rates on renewals as well as improvement in occupancy levels of the existing rental portfolio, Sino Land said.
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